KENOSHA, WIS. — The Chicago office of Tremont Realty Capital has secured financing for Oakwood MHC, a manufactured housing community in Kenosha. The $4.5 million loan will be used to refinance the 215-unit community. The 5-year, non-recourse loan provided for approximately 63 percent loan-to-value with a 5.25 percent interest rate. Tremont’s Tom Lorenzini arranged the loan on behalf of the undisclosed borrower.
Multifamily
SAN DIEGO — CB Richard Ellis has negotiated the $22 million sale of Entrada, a 172-unit apartment property located at 453 13th Street in downtown San Diego. Completed by SRM Development in 2004 in the city’s East Village neighborhood, Entrada features 126 studio units; 36 one-bedroom/one-bathroom units; five two-bedroom/two-bathroom units; three three-bedroom/two-bathroom units; one live-work unit and one loft. CBRE’s Kevin Mulhern, Dixie Hall and Rachel Hemingway represented the seller, SRM Development LLC, in the transaction, reportedly the first 100-unit or more apartment sale in downtown San Diego since March 2007. The buyer, Security Properties Inc., represented itself.
BOYNTON BEACH, FLA. — Dizengoff Trading has purchased 106 condominium units in the 160-unit Bermuda Cay complex from an undisclosed party for $8.2 million. The property is located on Woolbright Road in Boynton Beach. CB Richard Ellis represented the buyer.
TAMPA, FLA. — Hillsborough County, Florida, has purchased the 76-unit Cedar Pointe Apartments from Wells Fargo Bank N.A. c/o Berkadia Commercial Mortgage for $1.8 million. The property, which was built in 1986, is located at 5409 Temple Palms Ave. in Tampa. Colliers International Tampa Bay's John Stone and Jason Stanton represented the seller.
NEW YORK CITY — Marcus & Millichap has completed the sale of a six-unit apartment building located at 585 Park Place in Brooklyn for $960,000. Bryan Schellinger and Zachary Felson of the firm's Brooklyn office represented the sellers, private investors. Schellinger, Felson and Shaun Riley, also of Marcus & Millichap's Brooklyn office, represented the buyer, also a private investor. The property traded at a 7.69 percent cap rate.
AUSTIN, TEXAS — The University of Texas System Board of Regents has tapped Education Realty Trust to develop a high-rise student housing community near The University of Texas at Austin campus. The property will be located on 1.43 acres of land at 600 W. 24th St. in Austin that has been leased to Education Realty Trust for 60 years. Hensel Phelps Construction Co. will built the property, which will be designed by Page Southerland Page Architects. Construction will start after a city approval process.
PERRIS, CALIF. — Providence Perris Apartments LLC purchased a 92-unit multifamily apartment complex, located at 650 East Nuevo Road in Perris, for $7.6 million. Cassidy Turley BRE Commercial’s Ray Adams represented the buyer in the transaction, and Pete Scepanovic and Pete Beauchamp of Voit Real Estate Services represented the seller, Pacific Premier Bank.
SPRING, TEXAS — The LaSalle Group will break ground Tuesday on Autumn Leaves of Cypresswood, a 38-unit assisted living facility. The property will be located at 6327 Cypresswood Drive in Spring. Delivery is slated for the spring of 2011.
SANDY SPRINGS, GA. — Wood Partners will soon break ground on the 168-unit Alta Glenridge Springs apartment complex in Sandy Springs. The property, which will be located near the interchange of Glenridge Drive and Interstate 285, will include 20,000 square feet of retail space. Construction plans also call for a pool with an outdoor kitchen, a fitness center and a gaming room. Delivery is expected by next summer. CB Richard Ellis provided funding for the development, and Colliers International's Hank Hall facilitated debt for the construction.
CRYSTAL CITY, VA. — MRP Realty and Angelo Gordon and Co. have purchased the 135-unit Hampton Apartments from an undisclosed party for $33.5 million. The 17-story Crystal City property was built in 1984. Grubb & Ellis represented MRP in the transaction.