KERRVILLE — Zar Haro and Michael Moffitt Jr. of Marcus & Millichap's San Antonio and Austin offices have represented the seller, a private investor, and secured the buyer, a limited liability company, in the sale of the 55-unit Kerrville Plaza Apartments located at 1000 Paschal Ave. in Kerrville. The property consists of one-, two- and three-bedroom units in several different floorplans that range from 627 to 838 square feet.
POMONA, CALIF. — Institutional Property Advisors has sold the 172,108-square-foot, 220-unit Pine Club Apartment Homes in Pomona to a private investor for an undisclosed sum. IPA is a division of Marcus & Millichap Real Estate Investment Services. IPA's Greg Harris and Kevin Green represented both the buyer and the sellers, MHE Real Estate and Sussex Capital Group, in this off-market transaction.
GRAND FORKS, N.D. — NorthMarq Capital has secured a $7.63 million loan for Carrington Court Townhomes, a 156-unit multifamily poperty located at 2225 S. 34th St. in Grand Forks. The loan, which was provided by Basis Investment Group – CMBS Platform, carries a 10-year term and a 30-year amortization schedule. David Garfinkel of NorthMarq's St. Louis office arranged the funding on behalf of the undisclosed borrower.
LOS ANGELES — NAI Capital has sold Westlake Towers, a 17,000-square-foot multifamily building in Los Angeles, for $1.37 million. Westlake Towers is a four-story, 30-unit apartment complex that was originally constructed as a hotel in 1928. The buyer, 844 S. Westlake LLC, was represented by BRC Advisors' Mike Iryami. Rod Delson of NAI Capital's Westlake Village office represented the seller, MHE Investment Trust.
GEORGIA & VIRGINIA — Strategic Storage Trust has acquired a portfolio of 11 properties for more than $44 million, with five properties in Georgia and two in Virginia. The Georgia properties, totaling 400,600 square feet, include 8337 Tara Blvd. in Jonesboro with 730 units, 201 Fulton Ct. in Peachtree City with 670 units, 4257 Buford Dr. in Buford with 520 units, 2619 Austell Rd. in Marietta with 480 units and 5484 Flakes Mill Rd. in Ellenwood with 300 units. The two properties in Virginia are located at 520 W. Williamsburg Rd. with 680 units in 78,100 square feet and 5219 Plank Rd. in Fredericksburg with 630 units in 59,600 square feet. Also included in the portfolio were four properties in the Northeast.
BALTIMORE — Beech Street Capital has provided $10.4 million to refinance Fairway Ridge Apartments through a Fannie Mae conventional loan. In 2002, Steamboat Holding purchased the 274-unit apartment complex, located in Baltimore, and spent $1.5 million on improvements. The transaction was originated by Jacob Katz of Meridian Capital Group. The fixed-rate, 10-year loan has a 30 year amortization schedule and was financed by Meridian.
JENNINGS, MO. — Construction has commenced for Windfall Trace Apartments, a 46-unit multifamily community located in Jennings. The project will consists of ten apartment buildings and a clubhouse. Construction will include the demolition of existing buildings on the site as well as the installation of new infrastructure. The project is seeking certification from the Enterprise Green Communities program. The general contractor is E.M. Harris Construction Co., and the project architect is Rosemann & Associates. Financing is being provided by an affiliate of The Housing Authority of St. Louis County with a loan from the Missouri Housing Development Commission as well as federal and state low-income housing tax credits.
AUSTIN AND DALLAS — An affiliate of San Antonio-based USAA Real Estate Co. has acquired a significant interest in two of Gables' Class A multifamily and mixed-use properties in Austin and Dallas. USAA Real Estate Co.'s joint venture with Atlanta-based Gables Residential was executed in January 2011 for a portfolio of Gables' existing Class A stabilized communities and select urban infill ground up developments and acquisition cost of more than $400 million for all interests. The joint venture began construction earlier this year on two ground-up developments: the 333-unit Gables Fairmount community in the Uptown submarket in Dallas and the 281-unit Gables Upper Rock community in Rockville, Md.
VENICE & NEW PORT RICHEY, FLA. — Marcus & Millichap has facilitated the sale of two assisted living properties in Florida, totaling 82,112 square feet, for $8.5 million. Summerville of Venice, located at 200 N. Nassau St., has 90 licensed beds and 78 units. Summerville of New Port Richey, located at 5539 Charles St., consists of 100 licensed beds and 70 units. Krone Weidler, of Marcus & Millichap’s Tampa office, represented the Seattle-based seller, Emeritus, and the buyer, Aliso Viejo, Calif.-based Nelson Brothers Professional Real Estate.
KANSAS CITY — A joint venture between Hunt Midwest Real Estate Development and Principal Senior Living Group is developing four senior housing projects in the Kansas City metro area. The total cost for the four projects will be approximately $30 million. One of the communities has already broken ground. Construction began in May for Benton House at Shoal Creek, an 80-bed assisted living facility located within the Benton Place master-planned community in Kansas City, Mo. The second project, which will break ground this summer, will be Benton House of Lee's Summit, an assisted living city to be located at the intersection of U.S. Highway 50 and Todd George Road in Lee's Summit, Mo. Both projects will be complete by next spring. Plans for the other two projects were not disclosed.