LITTLETON, COLO. — Resource Real Estate Opportunity REIT has purchased two apartment communities in Colorado for $54.9 million. The acquisition includes the 276-unit Camden Centennial in Littleton and the 224-unit Camden Pinnacle in Westminster. The company plans to enhance and upgrade the properties’ units, common areas, exterior, landscape and onsite property management. The REIT is sponsored by Resource Real Estate.
IRVINE, CALIF. — Cornerstone Core Properties REIT has acquired three assisted living facilities in North Carolina for approximately $15.3 million. The three facilities include the 64-bed Carteret House in Newport, the 60-bed Hamlet House in Hamlet and the 64-bed Shelby House in Shelby. Cornerstone purchased the facilities through a sale-leaseback transaction with wholly owned subsidiaries of Meridian Senior Living LLC, which will continue to operate the facilities.
ATLANTA — HFF has arranged the sale of Virginia Highlands, a 270-unit apartment community located at 609 Virginia Ave. in Atlanta’s Virginia Highland district. TA Associates Realty purchased the apartment community for $41 million free and clear of debt. The apartment community has frontage along Atlanta’s Beltline and is close proximity to Piedmont Park and the upcoming Ponce City Market retail development. Jason Nettles and Megan Thompson of HFF represented the seller, Fairfield Residential, in the transaction.
CHAPEL HILL, N.C. — NorthMarq Capital has arranged $28.9 million in acquisition financing for Foxcroft Apartments, a 248-unit community located at 545 Ashley Court in Chapel Hill. Brett Mason of NorthMarq Capital’s Raleigh, N.C., office arranged the three-year, interest-only loan through Latitude Management Real Estate Investors on behalf of the borrower, Eller Capital Partners.
JACKSON, MISS. — Meridian Capital Group LLC has arranged $13.5 million in acquisition financing for The Park at Moss Creek Apartments, located at 5000 Ridgewood Road in Jackson. Noam Kaminetzky of Meridian Capital Group’s Boca Raton, Fla., office arranged the seven-year loan fixed at a 4.55 percent interest rate. An agency lender provided the loan.
EVANSTON, ILL. — Co-developers Fifield Cos. and Carroll Properties have broken ground on E2, a 356-unit luxury apartment project in downtown Evanston. The development will include two buildings located at 1881 Oak Ave. and 1890 Maple Ave., about 19 miles north of Chicago. The property at 1881 Oak will span 16 stories and 1890 Maple will include 14 stories. The buildings will be connected by a four-story structure that will feature three floors of parking and a fourth-floor amenity deck. The majority of the development will be luxury rentals, but the property will also offer 4,000 square feet of ground-floor retail space and 12 street-level, three-bedroom townhomes along Emerson Street. The three-story E2 townhomes range in size from 1,600 square feet to 1,750 square feet and have three bedrooms, two-and-a-half baths and a third-floor outdoor deck. Apartment tower units at E2 will range from 500 to 1,300 square feet and offer studio, one-, two- and three-bedroom layouts. FitzGerald Associates Architects will serve as the principal architect for the project, while Evanston-based Morgante Wilson Architects will be the interiors architect and will design three models for E2.
CLIFTON, N.J. — NorthMarq Capital has arranged $3 million in first-mortgage refinancing for Middle Village Apartments, a 160-unit, market-rate multifamily property in Clifton. Financing was based on a 15-year term with a 15-year amortization schedule. Robert Ranieri, senior vice president and managing director at NorthMarq’s Webstchester, N.Y./Conn. regional office, arranged the financing for the borrower, Middle Village Associates LLC, through a regional bank. The apartment community is located at 24 Day St.
HOUSTON — HFF has brokered the sale of Old Farm, a 734-unit Class A multifamily community located at 2500 Old Farm Road in Houston’s Galleria submarket. The property features one-, two- and three-bedroom units averaging 950 square feet each. Amenities include two fitness centers, two swimming pools and a business center. At the time of the sale, Old Farm was 96.2 percent occupied. Todd Marix, Craig LaFollette, Todd Stewart, Tre Banks and Chris Curry of HFF represented the seller, a client of L&B Realty Advisors. CBRE Global Investors purchased the property free and clear of debt on behalf of the CBRE Strategic Partners Value 6 Fund.
PLACENTIA, CALIF. – The 422-unit Emerald Isle, a Class A, age-restricted apartment community in Placentia, has received a $62.5-million refinancing. The community is located at 661 North Rose Drive in the Orange County suburb. It is leased to seniors ages 55 years and older. Emerald is currently 97 percent leased. The ten-year, fixed-rate loan contains a $56.5-million CMBS first mortgage and a $6-million mezzanine loan. Both loans feature five years of interest-only payments. The owner used the new funds to prepay the existing CMBS and mezzanine loans. The transaction was executed by Seth K. Grossman of Meridian Managing and Greg Reed and Kristen Croxton of Beech Street Capital.
NASHVILLE, TENN. — The Connor Group has entered the Nashville market with the $60.5 million purchase of Ashton Brook, a 390-unit, Class A apartment community located in the Cool Springs submarket of Franklin, a suburb of Nashville. The acquisition has the second highest purchase price in The Connor Group’s history. The gated apartment community features resort-style pools, a fitness center, tennis courts, a pet park and garages. The Connor Group purchased Ashton Brook from Alara Franklin Corp.