FOSTER CITY, CALIF. — Tom Doglio of Marcus & Millichap’s Palo Alto, Calif., office represented both parties in the sale and acquisition of Kula Kai Apartments in Foster City. Located at 808 Comet Dr., the 37,641-square-foot, 42-unit community offers a mix of studio, one- and two-bedroom units. Community amenities include a private, gated swimming pool, on-site laundry facilities, a sauna, a private courtyard and covered parking. Freddie Mac provided acquisition financing for the transaction. Additional details of the transaction were not disclosed.
Multifamily
LA MESA, CALIF. — Tim Mills of Cushman & Wakefield has completed the disposition and acquisition of Colony Mobile Plaza, a 2.25-acre mobile home park located at 7440 Colony Dr. in La Mesa. Robert Bruce Kleege and Brenda F. Kleege acquired the property for approximately $2.5 million. The buyers plan to hold the property as an investment. The property is currently occupied by 54 mobile homes. The seller was Trustees of the Dutzi Family Trust.
HOLLAND, OHIO — Dallas-based Prime Income Asset Management has acquired a 200-unit apartment community located off of Airport Highway in the Toledo, Ohio, suburb of Holland. The company purchased Quail Hollow at the Lakes in April, and is in the process of repositioning the asset. The property consists of one-, two- and three-bedroom units with 9-foot ceilings. Amenities at the property include a swimming pool and a state-of-the-art fitness center. The acquisition price was not disclosed.
BAYONNE AND WEST NEW YORK, N.J. — Woodbridge, N.J.-based The Kislak Company has brokered the sale of two New Jersey multifamily properties. Jonathan Greenberg and Don Baxter of Kislak represented the sellers in both transactions. The first property is located at 548-554 Avenue C in Bayonne. It contains 42 residential units and 6 retail units, and was 95 percent occupied at the time of closing. The property traded at a price of $3.36 million. The second property is a 30-unit building located at 205 66th St. in West New York. Fully occupied at the time of closing, the property traded at a price of $2.7 million. The new owner plans to renovate the property in the near-term in an effort to increase rents. The parties in both transactions were undisclosed.
CICERO, N.Y. — The Upstate New York regional office of NorthMarq Capital has secured approximately $2 million in first-mortgage financing for New Country Village, a 48-unit multifamily property located in Cicero. Michael James of NorthMarq originated the loan, which includes a 10-year fixed term plus 1-year floating and a 30-year amortization schedule. The undisclosed borrower utilized the Streamlined Refinance Program of the lender, Freddie Mac, in completing the transaction.
VISTA, CALIF. — Rita Lancaster-Hannah of Coldwell Banker Commercial (CBC) Almar Group represented Blue LLC and James Robert Purdy in the sale of Townsite Apartments, a 28,176-square-foot apartment building located at 131 Townsite Dr. in Vista. Len and Gwen Winton Enterprises Inc. acquired the 34-unit property for $3.6 million or $105,882 per unit. Built in 1987, the property consists of eight one-bedroom/one-bath units, 24 two-bedroom/two-bath units and two three-bedroom/two-bath units. Amenities include a swimming pool, an on-site laundry facility, garages and carports.
BEAUMONT, TEXAS — Hendricks & Partners (H&P) has arranged the sale of Seville, a 90-unit apartment community located at 4325 Crow Rd. in Beaumont. The Section 8 property caters to elderly and disabled residents. Kevin McCarthy and Jeff Eisenhardt of H&P’s Houston office represented the seller, Keswick, Va.-based Seville Apartments, Ltd. The buyer, Plymouth, Minn.-based Dominium Acquisition, plans to complete substantial improvements to the property over the next 12 months. The acquisition was financed with Section 42 Low-Income Housing Tax Credit equity and tax-exempt bond financing.
BILOXI, MISS. — An affiliate of Dawn Properties has received a $23.86 million loan to refinance the 316-unit Grand Biscayne Apartments, located at 14510 Lemoyne Blvd. in Biloxi. Grand Biscayne encompasses 30 two- and three-story buildings on 18 acres. Complex amenities include a swimming pool, a fitness center and a business center. The 7-year loan comes with 2 years of interest-only payments and a 30-year amortization. The loan to value ratio is 80 percent. Thomas Hagwood of Capmark Finance’s Birmingham, Ala., office arranged the financing through the company’s Freddie Mac program.
HILLSBORO BEACH, FLA. — An affiliate of New York-based Marrano/Marc Equity Corp. has completed the first phase of the 29-unit 1200 Hillsboro Mile development. Located in Hillsboro Beach, the completed phase features 11 luxury condominiums outfitted with high-end appliances and full-size washers and driers. The second phase will include construction of a second building to house the remaining 18 condominiums. The property is being built to hurricane resistant codes and includes steel-reinforced concrete walls and impact-resistant glass. Property amenities include a fitness center, a social room and an outdoor pool and sauna.
MANHATTAN, KAN. — PNC ARCS has provided $4.8 million in financing for Woodway Apartments located in Manhattan. Situated on 5 acres, the 88-unit garden style community includes a swimming pool and laundry room. The loan was based on a 7-year term, with a 30-year amortization schedule at a fixed rate of 6.225 percent. Financing was originated by PNC ARCS’ San Francisco office through Fannie Mae.