MESA, ARIZ. — Blandford Homes has acquired 19.3 acres in Mesa for $3.2 million. The site is located near the southwest corner of Greenfield Road and McDowell Road. The company plans to develop high-end executive homes on lots containing about 35,000 square feet. Brent Moser, Mike Sutton and Brooks Griffith of Cassidy Turley Arizona’s Land Group represented both the buyer and the seller, Horlacher Foundation, Inc., in this transaction.
Multifamily
ATLANTA — The RADCO Cos. has acquired the 160-unit Les Jardins Apartments, a distressed multifamily community located in Atlanta’s Chamblee submarket, for approximately $9.4 million. The property consists of 60 percent three-bedroom units, 25 percent two-bedroom units and 15 percent four-bedroom units. The asset is located within blocks of an elementary school, middle school and Mercer University’s Atlanta campus. The RADCO Cos. is an Atlanta-based turnaround specialist that currently has more than 5,300 multifamily units in its portfolio. The company will rename the asset Ashford Embry Hills.
BARNEGAT, N.J. — Walters Group has completed construction on Laurel Oaks, an affordable apartment community in Barnegat, a city in southern New Jersey. Comprised of four buildings, the mid-rise apartments include 94 units and features a selection of energy-efficient one-, two- and three-bedroom layouts with rents ranging from $267 to $1,201 a month. Each unit is equipped with Energy Star appliances, including a washing machine, dryer and dishwasher. The project is located on Route 9 between Barnegat Boulevard and Rose Hill Road. Amenities at the community include a playground, basketball court, fully furnished clubhouse with fitness center, computer workstations, bike racks, on-site parking and a 24-hour, on-site management and maintenance. The residential project was recently awarded LEED Platinum certification.
AUSTIN, TEXAS — Muskin Commercial LLC has brokered the sale of the 200-unit Mira Vista Apartments in the North Central submarket of Austin. Located on approximately nine acres at 9601 Middle Fiskville Road, the garden-style community offers one- and two-bedroom layouts plus a swimming pool, clubhouse and management office. Ellen Muskin and Daniel Elam of Muskin Commercial represented the seller, Austin-based Mira Vista-PCF Ltd., in the transaction. Omninet Capital LLC, a private investment firm based in Beverly Hills, Calif., purchased and will manage the property going forward.
GULFPORT, MISS. — Chesterfield Faring Ltd. has arranged $10.5 million in financing for Cambridge Apartments, a Class A, 200-unit apartment community located in Gulfport. Jordan Roeschlaub and Jordan Shrier of Chesterfield Faring arranged the loan on behalf of the borrower, RealSource, a national multifamily real estate investment firm based in Salt Lake City.
ST. CHARLES, ILL. — Sperry Van Ness Chicago Commercial has arranged the $5.6 million sale of a 71-unit apartment complex located in St. Charles. Matthew Pinsky, Jim Sears and Reid Bennett of Sperry Van Ness LLC represented the seller in the transaction. The sales price equates to nearly $80,000 per unit.
NEW YORK CITY — Institutional Property Advisors (IPA) has arranged the sale of a three-property, 186-unit multifamily portfolio in Manhattan’s Inwood neighborhood. The properties are located at 623 and 631 W. 207th St., 222-228 Seaman Ave. and 29-45 Sickles St. The sales price equates to $166,667 per unit. Peter Von Der Ahe, Scott Edelstein, Seth Glasser of Marcus & Millichap represented the seller, The Dermot Co. Inc. The buyer is A&E Real Estate Management LLC.
LEWISVILLE, TEXAS — Westmount Realty Capital LLC has acquired Alta Vista Ridge Apartments, a 270-unit multifamily complex in the Dallas suburb of Lewisville. Constructed in 2006 and 2007, the Class A garden-style community is located at 2241 S. Business Highway 121. The property offers one-, two- and three-bedroom residences plus amenities such as a fitness center, swimming pool and game room. The site is in proximity to Grapevine Mills Mall, Vista Ridge Mall and Lake Grapevine. Westmount will renovate the property over 18 months beginning in the first quarter of this year and rebrand the community as Westmount at Vista Ridge. The brokerage of Moran & Co. represented the seller, while the buyer represented itself in the transaction. NorthMarq Capital provided acquisition financing. Knightvest Management of Dallas will manage the property going forward.
PEACHTREE CITY, GA. — Marcus & Millichap has brokered the $33 million sale of Towne Club at Peachtree City, a 153-unit seniors housing property in Peachtree City. The property, located at 201 Crosstown Drive, provides independent living and assisted living services. The community was 92 percent occupied at the time of sale. The sales price equates to $215,686 per unit. Mike Pardoll and Michael Fasano of Marcus & Millichap represented the seller, Peachtree City Towne Club LLC, in the transaction.
FORT COLLINS, COLORADO SPRINGS, COLO. – A pair of Class A seniors housing communities in Colorado has received $73.8 million in financing. The communities are located in Fort Collins and Colorado Springs. They contain a total of 316 independent, assisted and memory care units. Both properties opened in 2008. They are operated by Leisure Care. The Fannie Mae cross-collateralized Structured Adjustable Rate Mortgage loans feature 10-year terms with two years interest-only. The loans were closed by Red Mortgage Capital, LLC, the mortgage banking arm of RED CAPITAL GROUP, LLC, which worked on behalf of HJ Sims Investments.