GRAND RAPIDS, MICH. — Commercial Property Advisors has arranged the $6.5 million sale of Lake Forest Apartments, a 199-unit multifamily community in Grand Rapids. The property is located six miles northeast of downtown. Scott Sutphin and Cary Belovicz of Commercial Property Advisors arranged the transaction between the seller, Lake Forest Apartments LLC, and the buyer, SRG LF LLC.
PHILADELPHIA — Meridian Capital Group LLC has arranged a $17.9 million loan for the refinancing of Walnut Place, a luxury multifamily property in Philadelphia, on behalf of PMC Property Group. A local balance sheet lender provided the 10-year loan, which features a fixed interest rate of 3.75 percent. The 77-unit, eight-story Walnut Place features 3,000 square feet of ground-level retail space and is located at 312-320 Walnut St. The property is a remodeled, historic apartment building featuring loft-style apartments with high ceilings, natural light and views of downtown Philadelphia. Amenities at the community include a fitness center, on-site laundry facility and parking. David Fisher, senior vice president at Meridian Capital Group, arranged the loan.
HOUSTON — Meridian Capital Group LLC has arranged a $19.5 million loan for the acquisition of four Houston multifamily properties. The purchased portfolio includes the 228-unit Valencia at Spring Branch Apartments at 9550 Long Point Road, the 192-unit Forest Apartments at 22820 Imperial Valley Drive, the 300-unit Pine Creek Apartments at 470 Maxey Road and the 264-unit Kirkwood Landing Apartments at 9850 South Kirkwood Drive. Michael Brown and Brad Beattie of Meridian arranged the CMBS loan, which includes a five-year term at a fixed rate of 5.1 percent, for an undisclosed borrower.
AMARILLO, TEXAS — Caddis Partners Inc. has broken ground on Heartis Amarillo, an 89-unit, 63,904-square-foot assisted living and memory care community in Amarillo. The facility will include 54 assisted living suites and a 35-bed memory care center, as well as amenities such as a theater, diner, arts and crafts shop, garage and three interior courtyards. Austin-based architects Katus designed the property, MAPP Construction is serving as general contractor, and Eugene, Ore.-based Good Neighbor Care will manage the property. Amegy Bank financed the facility, which Caddis owns under its Heartis brand and will be completed in fall 2014.
LEAWOOD AND SPRING HILL, KAN. — NorthStar Healthcare Income Inc. has acquired two assisted living and memory care facilities in the metro Kansas City area for $15.6 million. The properties include a 70-unit facility in Leawood and a 48-unit property in Spring Hill. An affiliate of Advantage Health Group operates the facilities.
GLENDALE, ARIZ. — The 208-unit Acacia Pointe Apartments in Glendale has sold to Acacia Pointe, LLC for $8.5 million. The community is located at 8344 N. 67th Ave. It was built in 1985. The buyer was represented by Joe Dietz of US Investment Realty. The seller, Paradise Urban Apartments, LLC, dba Bank of America, was represented by Jim Crews and Brett Polachek of Cushman & Wakefield’s Multifamily Advisory Group.
TALLAHASSEE, FLA. — ARA has arranged the sale of Victoria Grand, a 320-unit apartment community located in Tallahassee’s Northeast submarket. The property, which was constructed in 2008, sold for approximately $42.2 million. The apartment community’s average unit size is more than 1,100 square feet and offers a mix of one-, two- and three-bedroom floor plans. Matt Wilcox, Kevin Judd and Patrick Dufour represented the buyer, Ramsey, N.J.-based Raia Properties Corp., in the transaction.
UNION CITY, GA. — NorthMarq Capital has arranged $12.5 million in acquisition financing for Hidden Lake Apartments, a 320-unit multifamily community located in Union City. Bill Matone of NorthMarq Capital’s Charlotte, N.C., office, arranged the 10-year loan with a 30-year amortization schedule through Freddie Mac.
AUDUBON, PA. — NorthMarq Capital has arranged a $9 million loan for the refinancing of Audubon Court Apartments in suburban Philadelphia. Joseph Sweeney, managing director of NorthMarq’s Philadelphia regional office, arranged the 10-year loan with a 30-year amortization schedule through Freddie Mac. The 174-unit, market-rate community is located at 2828 Egypt Road in Audubon.
ARLINGTON, TEXAS — Stonemark Equities and equity partner 29th Street Capital have acquired Southern Hills Apartment Homes, a 250-unit multifamily complex in Arlington. The property, located at 2624 South Hills Boulevard, offers one-, two- and three-bedroom layouts. Stonemark will rebrand the property as The Mark at 2600 and invest $1.3 million in renovations, including improvements to the clubhouse, fitness center, pool, playground and interior appliances. The seller was a group of individual owners/investors.
