DALLAS — New York-based Rockwood Real Estate Advisors has arranged the sale of The Park on Whitehurst, a 232-unit apartment community located in Dallas. Jordan Cortez of Rockwood's Dallas office led the Rockwood team in representing the seller. The Commons at Cliff Creek Ltd. purchased the property.
CORONA, CALIF. – The 203-unit Valencia Terrace seniors housing facility in Corona has received $30.5 million in financing. The community is located at 2300 South Main Street. It is currently 98 percent occupied. It provides both independent and assisted living options for residents. The 10-year, fixed-rate loan was used to refinance an existing construction loan by BBVA Compass. It features a 67 percent loan-to-value and a 30-year amortization schedule. The Fannie Mae loan was originated by Heidi Brunet of Berkadia Commercial Mortgage, LLC on behalf of Kisco Senior Living.
SAN DIEGO – The 60-unit Prospect 400 apartment community in the San Diego submarket of La Jolla has sold to unnamed buyers for $29 million. The community is located at 400 Prospect Street. The site used to serve as the summer home to famous newspaperman and La Jolla Beach and Tennis Clubdeveloper Frederick William Kellogg and his wife Florence Scripps before it was redeveloped in 1970. The seller, The Carolyn M. Holmer Irrevocable Trust, was represented by Jim Neil, Eric Comer and Merrick Matricardi of CBRE San Diego. The buyers represented themselves in this transaction.
LOS ANGELES — The 58-unit Avondale Apartments in Hollywood has sold to Avondale Hollywood LLC for $6 million. The community is located at 1825 North Cahuenga Blvd. The vintage property was built in 1928. Darin Beebower of Madison Partners represented both the buyer and the seller, 1825 N. Cahuenga LLC, in this transaction.
PHOENIX — The Cortina Apartments, a 104-unit multifamily community in Phoenix, has sold to Jupiter Investment Group for an undisclosed sum. The community was 94 percent occupied at the time of sale. It is located at 11 E. Bell Road. Jupiter Investment represented itself in this transaction, while the unnamed seller was represented by Tyler Anderson, Sean Cunningham and Asher Gunter of CBRE’s Phoenix office.
HARTFORD, CONN. — UOB Eagle Rock Multifamily Property Fund LP has acquired Clemens Place Apartments, a 597-unit multifamily complex in Hartford, for $29.5 million. The revitalized 1920s-style community includes 595 apartments and two commercial spaces in 42 renovated buildings, 31 of which are on the National Register of Historic Places. The property is located at 160 Owen St., about one block from I-84. Steve Witten and Victor Nolletti of Institutional Property Advisors represented the seller, Intown West Associates Limited Partnership and Westtown LLC, in the transaction.
BRYAN, TEXAS — Dallas-based Weis Builders has completed the $28 million redevelopment project for Crestview, a 242,000-square-foot seniors housing property in Bryan. Crestview was originally an independent living community but is now considered a continuing care retirement community, which provides independent living, assisted living, memory care and skilled nursing services. The community includes several dining options, libraries, sitting rooms, beauty salons/spas, activity rooms, community kitchens, a chapel, outdoor pool and fitness center.
HOUSTON — Atlanta-based Carroll Organization has acquired two luxury residential communities in Houston's Energy Corridor: the 330-unit Waterford on Westheimer and the 330-unit Villas at Westheimer. Waterford on Westheimer features a swimming pool, outdoor grill, billiard room, coffee bar and sundeck. Villas at Westheimer features a resort-style swimming pool, outdoor gas and charcoal grills, computer lounge, fitness center, auto detailing services and lush landscaping. Carroll Organization now owns seven multifamily communities in Houston totaling 2,476 units. The company has completed more than $400 million of multifamily acquisitions during the past 18 months.
PHOENIX — The Cortina Apartments, a 104-unit multifamily community in Phoenix, has sold to Jupiter Investment Group for an undisclosed sum. The community was 94 percent occupied at the time of sale. It is located at 11 E. Bell Road. Jupiter Investment represented itself in this transaction, while the unnamed seller was represented by Tyler Anderson, Sean Cunningham and Asher Gunter of CBRE’s Phoenix office.
REDLANDS, CALIF. – The 296-unit Barton Vineyard Apartments in Redlands has received a $32.7-million refinance. The Class A community is located at 26630 Barton Road. The 10-year loan features a 2.31 percent adjustable interest rate and a 30-year amortization schedule. It was arranged by Rob Cantizano of Berkeley Point Capital through Fannie Mae’s Structured ARM program.