HOUSTON — HFF has closed on the sale of Promenade Jersey Village, a 596-unit apartment community in Houston. HFF represented the seller, PCM Steeplechase LLC, an entity of Cypress Real Estate Advisors. SRA Management, an entity of Olympus Property Company, bought the property for an undisclosed amount. Promenade Jersey Village is located at 11011 Pleasant Colony near the intersection of Highway 290 and Jones Road in northwest Houston. The property is 93 percent leased and includes one-, two-, three- and four-bedroom units and townhomes. Amenities include a swimming pool, hot tub, fitness center, basketball and tennis courts, business center and conference room. The HFF team representing the seller included Tre Banks, Todd Marix, Todd Stewart and Chris Curry.
Multifamily
IRVINE, CALIF. – The 210-room Courtyard by Marriott has opened in Irvine. The $50-million hotel is located at 7955 Irvine Center Drive. It sits across the street from the Irvine Spectrum Center. The new hotel features a 25-meter salt water lap pool, an 1,800-square-foot fitness center, lounge area, bistro, a 5,000-square-foot ballroom, 3,000-square-foot events lawn for outdoor activities and 8,500 square feet of meeting space. The hotel was developed by R.D. Olson Development. It was designed by WATG and built by R.D. Olson Construction. R.D. Olson Development will retain ownership of the hotel, while Marriott International will provide management services. R.D. Olson has plans for an additional 175-room hotel on the parcel adjacent to the Courtyard by Marriott Irvine Spectrum, with a groundbreaking expected in early 2015.
STATE COLLEGE, PA. — Bloomfield, N.J.-based Juniper Communities has acquired Brookline Village in State College for $35.5 million. The five-building, 274-unit property offers a mix of residential units: 116 skilled nursing/rehabilitation, 38 memory care, 87 personal care and 33 independent living. The buyer plans to rename the property Juniper Village at Brookville. Juniper Communities is one of the largest seniors housing providers with a concentration of operations in Pennsylvania, New Jersey, Florida and Colorado. This acquisition will increase Juniper’s size and resident capacity by 25 percent.
NEW YORK CITY — Capital One Specialty Healthcare Real Estate, part of Capital One Bank’s Commercial Real Estate Group, has provided a $24.2 million HUD 232/223(a)(7) loan to refinance an assisted living facility in Queens’ Flushing neighborhood. The 154-unit facility offers 280 beds and a full array of skilling nursing services and amenities, including rehabilitation therapy, hospice and palliative care, as well a beautician/barber and recreational activities. Joshua Rosen of Capital One’s Chicago office originated the financing.
ATLANTA — The Shoptaw Group and its capital advisor Patterson Real Estate Advisory Group have closed a $16 million for Miller Station on Peachtree, a Class A, 192-unit apartment building in Atlanta’s Chamblee submarket. Shoptaw purchased the asset, then known as Battery at Chamblee Station, in late 2012. Patterson Real Estate Advisory Group arranged the refinancing through MetLife.
MIDDLETON, WISC. — ALTUS Commercial Real Estate Inc. has brokered the $525,000 sale of a townhome investment property in Middleton, approximately six miles west of Madison. A private investor purchased the property located at 2162-2168 Parmenter St. Chuck Polenz and Dan Roseliep of ALTUS represented the undisclosed seller.
SANTA MONICA, CALIF. – An eight-unit apartment building in Santa Monica has sold to a local private investor for $2 million. The community is located at 1811 19th Street, near Michigan Avenue. It was built in 1960. The buyer was represented by Wes Wellman of Wellman Realty Company. The sellers, two Los Angeles-based family trusts, were represented by Kimberly Roberts Stepp of Charles Dunn Company.
BOCA RATON, FLA. — Institutional Property Advisors (IPA), a division of Marcus & Millichap serving institutional and major private investors, has arranged the $74.7 million sale of Mizner Court at Broken Sound, a 450-unit multifamily community located at 6503 N. Military Trail in Boca Raton. Still Hunter III of IPA represented the seller, CLP Mizner Court LLC, in the transaction. The buyer was Mizner Court Holdings LLC. The apartment community’s amenity package includes a recently remodeled lakefront clubhouse, two lakefront resort-style pools, two poolside spas, lakefront lounge areas, a fitness center, two lighted tennis courts, lakefront walking paths and a gated entrance with a guardhouse.
ATLANTA — NXT Capital has provided a $17 million acquisition loan for Cityscape at Midtown, a 192-unit apartment community in Atlanta’s Midtown neighborhood. Faron Thompson and John Bray of JLL arranged the loan, which is NXT Capital’s fourth transaction in Midtown Atlanta.
MARIETTA, GA. — CBRE has brokered the sale of Stratford Ridge, a 446-unit apartment community in Marietta, approximately two miles from the site of the new Atlanta Braves stadium opening in 2017. The property recently underwent capital improvements to its pool, clubhouse and fitness center. Brad Simmel of CBRE represented the seller, MESA Capital, in the transaction. Simmel worked closely with the new owner, Bridge Investment Group Partners, as well.