OAKLAND, CALIF. – A 42-unit apartment building located at 350 Newton Ave. in Oakland has sold to a private investor for $4.9 million. The community was originally built in 1960 and contains 30,012 square feet of space. David Wolfe of Marcus & Millichap’s Oakland office represented both the buyer and the seller, another private investor, in this transaction.
LAKEWOOD, COLO. – An apartment building located at 1205-1225 Yukon Street in Lakewood has sold to a local investor for $2.25 million. The 33,792-square-foot community was built in 1961. It was 91 percent occupied at the time of closing. Joe Hornstein of Pinnacle Real Estate Advisors represented both the buyer and the seller, another local investor, in this transaction.
SOUTHFIELD, MICH. — Ciena Healthcare, a leading provider of skilled nursing and rehabilitation care facilities in Michigan and Connecticut, has obtained a five-year, $29 million loan from Capital One Bank. The loan proceeds will be used to refinance three skilled nursing facilities in Michigan that were built since 2005. Southfield-based Ciena Healthcare operates 32 skilled nursing communities across the state and four communities in Connecticut. The company provides long-term care and short-term rehabilitative services. Capital One Bank is based in McLean, Virginia.
HOUSTON — LMI Capital has secured $9.2 million in refinancing for three Houston-area multifamily properties. Brandon Brown of LMI Capital arranged all three loans through LMI Capital's Fannie Mae sources. The three properties include the 190-unit Pelican Pointe Apartments in southwest Houston, the 101-unit Park Place Apartments in Pearland and the 113-unit Stoneybrook Apartments in west Houston. Brown arranged a seven-year loan for Pelican Pointe, a 10-year loan for Park Place and a 10-year loan for Stoneybrook.
LOS ANGELES — A21-unit apartment building in the Los Angeles submarket of Toluca Lake has received a $7.4-million refinancing. The community was originally developed as high-end condos in 2007. When the market crashed, the developer converted the units to rentals. The apartment loan is underwritten to $352,380 per unit. The loan features a fixed rate for five years and a minor prepayment penalty for three years. The borrower hopes to sell the units as condos if and when the market recovers. The loan was arranged by Dan Litman of Marcus & Millichap Capital Corporation’s West Los Angeles office.
JACKSONVILLE, FLA., AND RICHMOND, VA. — Denver-based UDR has sold 15 unencumbered multifamily properties, located in Phoenix, Dallas, Jacksonville, Fla., and Richmond, Va., for $477 million. The properties total 4,931 units.
MILWAUKEE — Harbor Pointe, a 596-unit apartment property in Milwaukee, has sold to a Denver-based buyer for $27 million. The 531,186-square-foot property is located at 9200 North 75th St. Units range from 502 square feet to 1,359 square feet and amenities include a clubhouse, indoor pool and tennis courts. Scott Harris and Matthew Whiteside of Marcus & Millichap represented the seller, a private investment group. They also represented the buyer.
FORT WORTH — The UNT Health Science Center and Brookdale Senior Living have been awarded a $7.3 million Health Care Innovation award from the U.S. Department of Health and Human Services for a program to reduce hospital re-admissions of seniors housing residents. The Brookdale Senior Living Transitions of Care Program, a partnership between the UNT Health Science Center, Florida Atlantic University and Brookdale Senior Living, will begin in Brookdale's Texas and Florida facilities. The program could reduce hospital re-admissions by 11.2 percent and save Medicare $9.3 million.
NORTH RICHLAND HILLS — Dallas-based Realty Capital Management has brokered the sale of 13 acres in HomeTown, a mixed-use Traditional Neighborhood Development in North Richland Hills, to Dolce Living Hometown. Dolce plans to build a 315-unit multifamily community on the site.
SAN FRANCISCO — A four-unit apartment building in San Francisco has sold to a partnership for $1.55 million. The community was built in 1900 and is located at 1201 Guerrero Street. John Antonini of Marcus & Millichap’s San Francisco office represented both the buyer and the seller, an individual/personal trust, in this transaction.