SAN ANTONIO — ARA has arranged the sale of the 272-unit Bent Tree Apartments, located at 4801 Gus Eckert Road in San Antonio. Casey Fry and Pat Jones of ARA represented the seller, Venterra Realty, a privately held owner/operator of apartment communities in Texas, Georgia, Florida, North Carolina and Tennessee. Venterra Realty sold the community to Salem, Ore.-based Windmill Investments, a privately held real estate investment firm. Bent Tree includes efficiencies, one- and two-bedroom units that average 683 square feet. The community also features two resort-style pools, a business center, resident lounge and views of downtown San Antonio. Occupancy at the time of sale was 96 percent.
GOLETA, CALIF. – The 63-unit New Tahitian Apartments in Goleta has received $9.3 million in acquisition financing. The student housing community is located at 6739 El Colegio Road near the University of California, Santa Barbara (UCSB). The loan features a 30-year term and a 30-year amortization schedule with a five-year fixed interest rate. Financing was arranged by Michael Elmore of NorthMarq Capital’s Los Angeles regional office through the firm’s relationship with a national bank.
ANAHEIM, CALIF. – The 24-unit La Palma Apartments in Anaheim has sold to Safe Harbor Exchange for $4.9 million. The community is located at 2018-2114 East La Palma Ave. It was built in 1963. The transaction was executed by Peter M. Hauser and Steven C. Brombal of Hendricks-Berkadia’s Newport Beach office. The seller was Equity Holdings, LLC.
KELLER, TEXAS — Cadence McShane Construction Co. has completed the 78-unit, 51,000-square-foot Legacy at Bear Creek in Keller. The assisted living and memory care facility is located at 200 Keller Smithfield Road S. in Keller Town Center, a 340-acre mixed-use development. PinPoint Commercial LP and Thrive Senior Living co-developed the project.
HILLSBORO, ORE. — The Springs at Tanasbourne, a 230-unit independent living, assisted living and memory care facility in Hillsboro, has received $36.3 million in financing. The community is located at 1950 NW 192nd Ave. The 10-year loan includes a fixed interest rate and a 30-year amortization schedule. The funds were used to refinance an existing construction loan. Carolyn Nazdin, Charlie Shoop and Doug Checketts of KeyBank Real Estate Capital 's Seniors Housing and Healthcare Groups provided the Fannie Mae loan. The borrower was a joint venture between affiliates of Ventas, Inc. and the Springs Living.
HILLSBORO, ORE. — The Springs at Tanasbourne, a 230-unit independent living, assisted living and memory care facility in Hillsboro, has received $36.3 million in financing. The community is located at 1950 NW 192nd Ave. The 10-year loan includes a fixed interest rate and a 30-year amortization schedule. The funds were used to refinance an existing construction loan. Carolyn Nazdin, Charlie Shoop and Doug Checketts of KeyBank Real Estate Capital 's Seniors Housing and Healthcare Groups provided the Fannie Mae loan. The borrower was a joint venture between affiliates of Ventas, Inc. and the Springs Living.
AURORA, COLO. – The 420-unit Sommerset Gardens in Aurora has received $31.6 million in acquisition financing. The Class B community is located at14304 E. Tennessee Ave. The community was built in two phases between 1981 and 1983. It has undergone minor renovations over the years. Sponsor Kennedy Wilson plans to invest $5 million to further upgrade the property. The loan features a 12-year term with five years interest-only at a fixed rate of 4.27 percent. Financing was provided by Berkeley Point Capital LLC under the Fannie Mae Delegated and Underwriting and Servicing (DUS) program.
ROCKVILLE, MD. — Federal Realty Investment Trust has begun a renovation project at The Crest at Congressional Plaza, a 146-unit apartment community the REIT owns in Rockville. The project will include common area and unit upgrades. A new outdoor café area will be built along with a new swimming pool and lounge area. Units will receive new porcelain flooring, luxury kitchens, hotel-inspired bathrooms and designer lighting packages. Select units will also receive updated patios. The project team includes McInturff Architects, Lohre Interior Consultants, Lila Fendrick Landscape Architecture & Garden Design, and Ross Renovation & Construction Management. Completion is slated for summer 2014.
GRANGER, IND. — The Marquette Cos. has purchased Main Street Village, a 400-unit apartment community in Granger, a northwest suburb of South Bend. The purchase price was undisclosed. Located at 5504 Town Center Drive, about three miles from Notre Dame University, the property represents the second purchase completed in a joint venture with New York-based DRA Advisors. Built in two phases between 2001 and 2003, Main Street Village is a garden-style community that includes one-, two- and three-bedroom apartments, some with attached one- or two-car garages. The apartments measure 653 to 1,389 square feet and include a private entry, washer and dryer and private outdoor space. Amenities at the apartment community include an outdoor swimming pool, fitness center, sauna, tanning bed, gymnasium, business center, movie theater, TV lounge, billiards table and a car wash center. Rents range from $829 to $1,684 per month.
WILLINGTON, CONN. — Chozick Realty Inc. has brokered the sale of Willington Oaks Apartments, a 128-unit student apartment community located near the University of Connecticut, for $8.4 million. The property includes a mix of 64 one-bedroom units and 64 two-bedroom units with a 384-bed capacity. The new owners, Willington Oaks LLC plan to renovate the property. Rick Chozick of Chozick Realty represented the seller, RRE VIP Willington LLC, and procured the buyers in the transaction.