MINNEAPOLIS — Dougherty Mortgage LLC has originated a $12.1 million loan under the HUD 223(a)(7) program for the refinancing of Minnehaha Senior Living, a 77-unit seniors housing facility in Minneapolis. Dougherty's Minneapolis office arranged the 40-year, self-amortizing loan for Covenire Care Nokomis LLC. The Minnehaha Senior Living property targets residents 62 years or older. The property provides affordable housing for 20 percent of the residents at 50 percent of the area median income.
Multifamily
PHILADELPHIA — Treetop Development LLC has acquired Charter Court at East Falls, a 502-unit high-rise apartment complex located in Philadelphia, for $47.3 million. The transaction represents the Teaneck, N.J.-based real estate company’s first foray into the Philadelphia market. Treetop plans to invest more than $7 million into Charter Court. The company will renovate the vacant properties with high-end finishes, including hardwood flooring, espresso cabinetry with blizzard white countertops and fully renovated bathrooms. Charter Court at East Falls consists of two 11-story high-rise buildings featuring a unit mix of studio, one-, two- and three-bedroom apartment homes.
NEW YORK CITY — Marcus & Millichap has arranged the $12 million sale of two five-story apartment buildings totaling 40 units on Manhattan’s Upper East Side. The buildings are located at 234 East 88th St. and 518 East 88th St. The sale price equates to $300,000 per unit. Peter Von Der Ahe, Joseph Koicim and David Lloyd, all in Marcus & Millichap’s Manhattan office, represented the seller, The Orbach Group LLC. Von Der Ahe, Koicim and Lloyd also represented the buyer, Aimco. Of the 40 total apartments, 33 are one-bedroom units, three are two-bedroom apartments and four are studios.
NEW YORK CITY — Besen & Associates has arranged the $7.6 million sale of 1185 Lebanon Street, a 73,000-square-foot, six-story apartment building located in the Morris Park section of The Bronx. The building includes 75 apartments, seven stores and roof antenna. Amit Doshi of Besen & Associates represented the seller in transaction, while Alex Frants also of Besen & Associates represented the buyer, a local private investor. Constructed in 1928, the property is located on the northwest corner of Morris Park Avenue. Average monthly rent per apartment is $914, with layouts that include 12 two-bedrooms, 54 one-bedrooms and nine studios.
SAN DIEGO — Gardena Gardens Apartments in Encinitas has sold to Stanford Descendent Trust for $3 million. The community is located at 1141-1195 Gardena Road in the San Diego submarket. It was fully occupied at the time of closing. The seller was the Rubalcaba Family Trust. The acquisition was executed as part of a 1031 exchange. The sale was executed by Eric Comer, Jim Neil and Merrick Matricardi of CBRE’s San Diego Multi-Housing investment team.
PUEBLO, COLO. — The 80-unit Aberdeen apartment complex in Pueblo has sold to an unnamed buyer for $2.6 million. The community is located at 900 W. Abriendo Ave. near Pueblo Community College. It was built in 1961. Jeff Johnson of Pinnacle Real Estate Advisors’ Johnson Ritter Team represented both the buyer and unnamed seller in this transaction.
MONTGOMERY VILLAGE, MD. — The Donaldson Group and its equity partner Angelo, Gordon & Co. have acquired Cider Mill Apartments, an 864-unit garden-style apartment community in Montgomery Village. The acquisition price was approximately $110 million, and the partnership plans to invest an additional $15 million to renovate the property. The property was delivered in 1973 and is comprised of 72 buildings. The property’s amenity package includes an Olympic-size swimming pool, fitness center, resident services center, playgrounds, laundry facilities, picnic/barbecue areas and a car wash station. Matthew Williams and Maury Zanoff of CBRE Capital Markets arranged acquisition financing on behalf of the buyers through HSBC Bank. Bill Roohan and Brian Margerum of CBRE’s Baltimore office represented the seller, Home Properties, in the transaction.
ROSEVILLE, MINN. — Dougherty Mortgage LLC has originated a $6.7 million loan under the HUD 223(f) program for the refinancing of Roseville Seniors in metro Minneapolis. The 127-unit rental property for residents 62 and older, as well as disabled residents, is located in Roseville. Dougherty's Minneapolis office arranged the 35-year, self-amortizing loan for Good Neighbor Senior Apartments Limited Partnership LLLP.
TERRE HAUTE, IND. — Steadfast Income REIT Inc. has acquired the second phase of Sycamore Terrace Apartments, a multifamily community in Terre Haute, for $6.7 million. The newly constructed phase adds 72 apartment homes, bringing the total project to 250 residences. The first phase of Sycamore Terrace was built in 2011, and the second phase was developed in 2013. The property includes 21 two-story residential buildings with floor plans averaging more than 1,200 square feet. Sycamore Terrace’s mix of one-, two- and three-bedroom apartments currently feature monthly rents of $1,043.
EVERETT, WASH. — Lowe Enterprises Investors (LEI) has purchased the 352-unit Covington Farms apartment complex in Everett for $42.8 million. The community is located at 10115 Holly Drive in the city’s Paine Field area, which is 25 miles north of Seattle. It is situated near the Everett Mall, Port of Everett and Comcast Arena. The community was built in 1989. It is currently 95 percent occupied. Covington Farms will be managed by Greystar. Gail Neuburg of ARA Northwest represented the seller, Heitman Capital Management, in this transaction. LEI purchased the community on behalf of an investment client. The company is focused on multifamily and commercial acquisition and development opportunities nationwide, though it is particularly targeting the West and Pacific Northwest.