ONTARIO, CALIF. — The Colony, a 160-unit apartment complex in Ontario, has sold to JH Real Estate Partners for $22.1 million. The Class A community is located within downtown Ontario's revitalization district. Joe Leon, Javier Rivera, Darcy Miramontes and Zach Rivas of Jones Lang LaSalle's capital markets team executed the sale. “[We were able to] locate a buyer who understood that this was an opportunity to acquire a Class A, newly constructed property at the beginning of the real estate cycle,” Leon says.
BRADENTON, FLA. — CBRE Capital Markets has secured a $12.7 million acquisition loan with structured bridge financing on behalf of Beachwold for the purchase of Fountain Lake, a 201-unit apartment community in Bradenton. Charles Foschini, Christian Lee and Christopher Apone of CBRE arranged the financing through Kennesaw, Ga.-based NXT. Fountain Lake is located at 5620 Fountain Lake Circle and was built in 1984. The multifamily property was recently renovated and amenities include a pool, clubhouse, carports, tennis courts, fitness center, business center and car care center.
LAVISTA, NEB. — NorthMarq Capital has arranged $24 million for the refinancing of The Pointe and East Pointe Apartments, a 480-unit, market-rate apartment community in LaVista. John Reed of NorthMarq arranged the 10-year loan, which will amortize over 30 years, through AmeriSphere Multifamily Finance. Green Pointe LLC is the borrower.
NEW YORK CITY — Imperium Capital and Bronstein Properties have acquired 309 West 57th Street, a 102-unit apartment building in Midtown Manhattan, for $42.5 million. The 75,000-square-foot building is adjacent to Columbus Circle and across from Hearst Tower. The property also contains the 13,700-square-foot Providence NYC club, which is leased for another seven years.
PORTLAND, ORE. — A partnership between Wood Partners and Hoyt Street Properties will buid a new $80 million, high-rise residential tower in downtown Portland's Pearl District. The 250-unit, 21-story tower is tentatively scheduled to begin construction in fall 2013. Boora Architects is designing the tower, which will be built by a third-party general contractor.
DENVER — The 420-unit Advenir@Stapleton has sold to Advenir for $49.1 million. The community, formerly called Aero Flats at Stapleton, is located in the Denver submarket of Stapleton. Doug Andrews and Jeff Hawks of ARA represented the seller, Carmel Partners, while Advenir was represented in-house in the transaction.
ONTARIO, CALIF. — The Colony, a 160-unit apartment complex in Ontario, has sold to JH Real Estate Partners for $22.1 million. The Class A community is located within downtown Ontario's revitalization district. Joe Leon, Javier Rivera, Darcy Miramontes and Zach Rivas of Jones Lang LaSalle's capital markets team executed the sale. “[We were able to] locate a buyer who understood that this was an opportunity to acquire a Class A, newly constructed property at the beginning of the real estate cycle,” Leon says.
OAKLAND, CALIF. – The 264-unit Domain Apartments in Oakland has received a $55-million recapitalization. The bridge loan was arranged for Berkshire Property Advisors by Centerline Capital Group. The loan was completed with Centerline’s origination partner, C-III Commercial Mortgage LLC.
LAKELAND, FLA. — The 236-unit Cleveland Heights multifamily community has sold for $8.65 million in Lakeland. It was built in 1975 and underwent capital improvements this year. The property is located at 3520 Cleveland Heights Blvd. and consists of 31 one- and two-story buildings. Michael Regan and Francesco Carriera of Marcus & Millichap’s Tampa, Fla., office represented the seller, a private investor, and the buyer, a limited liability company.
PORTAGE, IND. — Marcus & Millichap has arranged the $25.1 million sale of Willow Creek Estates, a 342-unit apartment complex in Portage, approximately 30 miles southeast of Chicago. The 335,448-square-foot property, located at 5990 Woodland Drive, is 97 percent occupied. Scott Harris and Kyle Shoemaker of Marcus & Millichap represented the seller, an Indiana-based apartment company. They also represented the buyer, an apartment company based in Illinois.