TEMPE, ARIZ. – HUB on Campus at Arizona State University (ASU) in Tempe has sold to Inland American Communities Group (IAC) for $103 million. The HUB is located across from Sun Devil Stadium near the Mill Avenue entertainment district. It includes 640 beds, 21,842 square feet of ground-floor retail space and adjacent land for future development. HUB is set to be fully occupied for the 2013-2014 school year. IAC is a wholly owned subsidiary of Inland American Real Estate Trust.
CHARLOTTE AND CARY, N.C. — Peak Capital Partners, a Utah-based multifamily investment company, has purchased two multifamily communities in North Carolina in two separate transactions. The firm purchased The Links at Citiside, a 274-unit complex located at 5005 Community Circle in Charlotte, and Oxford Square, a 184-unit property located at 1000 Village Greenway in Cary. Peak Capital Partners has also made capital improvements to each community, including new landscaping, refinished parking lots, exterior improvements and renovated clubhouses. The company owns and manages more than 6,000 multifamily units in eight states.
SANTA CLARA, CALIF. – The 1,000-unit Mansion Grove in Santa Clara has received $188 million in first-mortgage refinancing. The community is located at 502 Mansion Park Drive. It was 98 percent leased at the time of closing. Financing was based on a 10-year term and a 30-year amortization schedule. Jeffrey Weidell, Nate Prouty and Andrew Slaton of NorthMarq Capital’s San Francisco regional office arranged the financing on behalf of an affiliate of Prometheus Real Estate Group. It was arranged through the firm’s relationship with Teachers Insurance and Annuity Association of America (TIAA-CREF) and Allstate Life Insurance Company.
TEMPE, ARIZ. – HUB on Campus at Arizona State University (ASU) in Tempe has sold to Inland American Communities Group (IAC) for $103 million. The HUB is located across from Sun Devil Stadium near the Mill Avenue entertainment district. It includes 640 beds, 21,842 square feet of ground-floor retail space and adjacent land for future development. HUB is set to be fully occupied for the 2013-2014 school year. IAC is a wholly owned subsidiary of Inland American Real Estate Trust.
TORRANCE, CALIF. – A 44-unit apartment complex located at 3708 Spencer Street in Torrance has sold to a local private investor for $9.9 million. It was built in 1968. Michael DiSimone, Ron Harris and Joseph Smolen of Marcus & Millichap’s Los Angeles office represented both the buyer and the seller, 3708 Spencer Ltd., in this transaction. This was the first time the property had been on the market in about 40 years, according to DiSimone.
WASHINGTON, D.C. — Greeysteel, a Washington, D.C.-based investment real estate services firm, has arranged the approximately $3.6 million sale of the 23-unit Delshah Valery Place, a boutique, walk-up apartment community located in Washington, D.C. The apartment community is situated at 2523 13th St. in northwest D.C.'s Columbia Heights neighborhood. Ari Firoozabadi, Kyle Tangney, John Mullen, Caleb Brown and Lance Ahmadian of Greeysteel arranged the transaction between the seller, Manhattan-based Delshah Capital, and the buyer, New York City-based Aria Investment Group. Delshah Capital purchased the community five years ago and subsequently made renovations. According to Tangney, Delshah's focus has shifted to solely New York City acquisitions.
CRANSTON, R.I. — The Residences at Garden City LLC has acquired Garden City Apartments, a 94-unit community in Cranston, for $6.8 million, or $72,473 per unit. Fenway Residential Properties LP sold the seven-building multifamily property. Constructed in 1948, the property is located adjacent to the Garden City Center plaza, about five miles south of Providence. Richard Robinson, Terence Scott, Jennifer Athas and Philip Lamere of Atlanta-headquartered ARA represented Fenway and procured the buyer in the transaction. Stephen Lewinstein and Paul Griesinger, also of ARA, assisted in representing the buyer.
SAN ANTONIO — ARA has brokered the sale of Vista Ridge, a 271-unit community in the Dominion neighborhood of San Antonio. The garden-style apartment property offers one-, two- and three-bedroom floorplans plus a business center, activity center, swimming pool and fitness center. Located in close proximity to the University of Texas at San Antonio and major area employers NuStar, Medtronic, Valero, USAA and South Texas Medical Center, Vista Ridge was 95 percent occupied at the time of sale. Patton Jones and Casey Fry of ARA represented the seller, Raia Properties of New Jersey. The buyer was an undisclosed private investment firm.
TORRANCE, CALIF. – A 44-unit apartment complex located at 3708 Spencer Street in Torrance has sold to a local private investor for $9.9 million. It was built in 1968. Michael DiSimone, Ron Harris and Joseph Smolen of Marcus & Millichap’s Los Angeles office represented both the buyer and the seller, 3708 Spencer Ltd., in this transaction. This was the first time the property had been on the market in about 40 years, according to DiSimone.
DENVER – The Artisan, a 434-unit apartment community in Denver, has sold to Peak Capital Partners for $33 million. The community is located at 10025 East Girard Ave. It is 98 percent leased. The seller, Prime Residential, was represented by HFF’s Jordan Robbins and Jake Young.