HOUSTON — Miami-based investment firm Elandis has acquired Waters at Westchase, a 260-unit apartment community in Houston. Built in 1979, the property features one- and two-bedroom units. Elandis acquired the property in a joint venture with London-based M&G Investments and multinational conglomerate Libra Group. The new ownership will implement a value-add program focused on the unit interiors, amenity spaces and common areas. The seller was not disclosed.
ATLANTA — Walker & Dunlop has brokered the $164.5 million sale of The Mansions Portfolio, a portfolio of four Class A independent living properties in Atlanta. Focus Senior Housing Fund I LP, a discretionary investment vehicle that is managed by an affiliate of Focus Healthcare Partners LLC, bought the portfolio. Joshua Jandris, Mark Myers, Jordyn Berger and Brett Gardner of Walker & Dunlop represented the buyer in the transaction. Additionally, Russell Dey of Walker & Dunlop arranged three acquisitions loans through Freddie Mac. The seller(s) was not disclosed. The Mansions Portfolio includes 559 independent living units across four unnamed properties located within 30 miles of one another. Some communities include restaurant-style dining rooms, fitness centers, landscaped grounds and in-unit washers and dryers. The communities are fairly new as they were constructed between 2016 and 2020. Focus Healthcare Partners is a real estate investment and asset management firm headquartered in Chicago.
WAVERLY, IOWA — Marcus & Millichap Capital Corp. (MMCC) has arranged a $14.7 million loan for the refinancing of Pinnacle Villages in Waverly, located in northeast Iowa. The newly constructed multifamily property features 110 townhouse-style units. Robert Bhat of MMCC arranged the 12-year loan, which features a fixed interest rate of 3.5 percent, a 30-year amortization schedule and four years of interest-only payments.
RICHMOND AND PORTSMOUTH, VA. — A joint venture between Blackfin Real Estate Investors and GMF Capital LLC have acquired three Low Income Housing Tax Credit (LIHTC) communities in Virginia for $48 million. The seller was The Franklin Johnston Group. Drew White and Carter Wood of Berkadia secured the $48 million sale, while Mitch Sinberg and Matt Robbins of Berkadia arranged the $39.1 million financing. The affordable housing portfolio totals 452 units and includes Oaks of Dunlop Farms located at 101 Old Oak Lane Colonial Heights in Richmond. Also, the portfolio includes Crescent Place located at 2804 Turnpike Road and Independence Square located at 5120 George Washington Highway in Portsmouth. The Oaks of Dunlop Farms has 144 units, Crescent Place has 156 units and Independence Square has 152. The transaction represented the venture’s sixth acquisition together.
LOS ANGELES — Suffolk has completed the construction of 1500 Granville, a mixed-use building in West Los Angeles. CIM Group us developer and Lorcan O’Herlihy Architects is designer. The property offers affordable and community-focused housing options for University of California Los Angeles Medical house staff and graduate students. The five-story building features 153 units, 15,000 square feet of retail space and 308 subterranean parking spaces. Units are available in a mix of studio, one-bedroom, two-bedroom and live-work unit floor plans with 16 units set aside as affordable. Community amenities include a clubhouse, co-working space, a gym, pool area, barbecue area and multiple outdoor and courtyard areas for recreation. The ground-floor retail and restaurant spaces feature multifamily outdoor dining and recreation areas that connect the public housing to the surround community. The project is the final phase of the multi-block development that was previously occupied by car dealerships. The area includes the Elevate, a 147-unit apartment community, and three four-story buildings of The Westgate Collection. CIM Group sold 1500 Granville to a joint venture between UCLA Housing and UCLA Medical, as a housing option for UCLA Medical’s house staff (medical residents, fellows and interns), medical graduate students and other graduate students.
RENO, NEV. — Haley Real Estate Group has completed the sale of Sundance West Apartments, a multifamily property located at off Moana Lane in Reno. Priderock Capital Partners acquired the asset for an undisclosed price. Built in 1974 on seven acres, Sundance West Apartments features 350 units, three swimming pools with sundecks, open greenbelts, two gazebo areas with barbecues and picnic areas, a fitness center and five laundry facilities. Kenneth Bloomsterberg, Ryan Rife and Daniel Winrod of Marcus & Millichap represented the seller and procured the buyer in the transaction. The acquisition was financed via a government agency loan.
EMERYVILLE, CALIF. — CIM Group has closed an $89 million construction loan for AMCAL’s development of Bayview, a seven-story multifamily property in Emeryville. Situated on 2.3 acres, Bayview will feature 186 units with studio, one-, two-, three-bedroom and townhome-style floor plans and 257 parking spaces. Community amenities will include a fitness center, co-working spaces, a clubhouse and an indoor/outdoor roof deck. Construction is slated to begin this month. Bryan Gortikov of Gortikov Capital arranged the financing.
TUCSON, ARIZ. — San Diego-based Tower 16 Capital Partners, in partnership with Drake Real Estate Partners, has purchased La Mirada Apartments in Tucson. A private seller sold the asset for an undisclosed price in an off-market transaction. Located at 4415 E. Grant Road, La Mirada Apartments features 201 two- and three-bedroom apartments with a clubhouse and two swimming pools. Tower 16 Capital plans to implement a $4 million upgrade and renovation program to the property, which will include modernized unit upgrades, a new clubhouse, gym and updated pool areas. Additionally, the new owners will add outdoor amenities such as barbecues, seating and outdoor gaming areas.
NORTH HIGHLANDS, CALIF. — Marcus & Millichap has brokered the acquisition of McClellan Court Apartments, a multifamily community located in North Highlands, a suburb of Sacramento. A private investor purchased the asset for $18.5 million, or $129,370 per unit. Eduardo Vergara and Louis Kwok of Marcus & Millichap represented the buyer in the deal. David Campbell, also of Marcus & Millichap, arranged $13.9 million in acquisition financing for the buyer. The 30-year loan was structured with a West Coast-based financial services company at a competitive interest rate and 75 percent loan-to-value ratio. Built in 1960 on five acres, the 84,681-square-foot property features 131 one-bedroom units, nine two-bedroom units and two three-bedroom units, as well as a 150-space parking lot.
CHICAGO — Kiser Group has brokered the $10.2 million sale of Graceway Corners, a three-story multifamily development in Chicago’s Lakeview neighborhood. The property features 24 multifamily units and 13,600 square feet of commercial space. Originally built in 1927 as a hotel, it was later converted into a 117-unit boarding house. The seller, Keen Realty, purchased the development in the early 1980s and renovated it into its current configuration of loft-style flats and duplexes. Andrew Friedman, Jake Parker and Lee Kiser of Kiser represented both the seller and the undisclosed buyer.
