AZLE, TEXAS — Marcus & Millichap has brokered the sale of Flat Rock Road RV Park, a 101-site property located in Azle, located northwest of Fort Worth. Robert Denninger of Marcus & Millichap represented the seller and procured the buyer, both of which were private investors that requested anonymity. The deal closed at a sales price that was originally negotiated before the COVID-19 outbreak, according to Denninger.
HOUSTON — Best Personal Care LLC, a behavioral health assisted living operator, has sold its 15,610-square-foot facility located at 7741 Tanglewilde St. in Houston. The property is located on the city’s southwest side and features 46 licensed beds. Elena Bakina of Colliers represented Best Personal Care in the transaction. Richard Copeland of Keller Williams Commercial represented the buyer, Ocean 4 LLC.
REDMOND, WASH. — LMC, a wholly owned subsidiary of Lennar Corp., has broken ground on LMC Marymoor, a 450-unit luxury apartment community in Redmond, a suburb of Seattle. The three-building project will feature 37,000 square feet of retail space. The first move-ins are slated for early 2022. The development is situated on 70th Street, just northeast of the 640-acre Marymoor Park. Residents will be steps from a Whole Foods Market and less than a mile from Redmond Town Center, a retail destination with more than 110 shops and restaurants. Public transportation access will be available through the SE Redmond Link Light Rail Station, which is currently under construction. LMC Marymoor will consist of studio, one-, two- and three-bedroom floor plans ranging from 450 to 1,400 square feet. Amenities will include a pool, hot tub, fitness center, coworking lounge, community gardens and play areas. A sky lounge will open to a large rooftop deck. The project will feature artwork from several local artists, including a mural wrapping the entire northern building. Redmond is known for its tech sector, being the home of Microsoft and Nintendo. Amazon, Google, Facebook and SpaceX also have large presences in the area. “Redmond continues to be …
SOUTH AMBOY, N.J. — Cronheim Mortgage has arranged a $32 acquisition loan for Bayside Cove Apartments, a 127-unit Class A multifamily complex in South Amboy, a southwestern suburb of New York City. The borrower was an undisclosed private investor. A local bank provided the seven-year loan, which carries two years of interest-only payments and a fixed interest rate of 3.3 percent. Located at 100 Celecki Drive, the complex was constructed in 2018 and features one- and two-bedroom floor plans.
NEW YORK CITY — Avison Young has brokered the $4.5 million sale of a four-unit multifamily property in the SoHo neighborhood of Manhattan. Located at 198 Prince St., the 5,000-square-foot property was constructed in 1900 and includes ground-floor space for retail or office uses. Brandon Polakoff of Avison Young represented the seller, a private owner, in the transaction. The buyer was undisclosed.
ORLANDO, FLA. — Westside Capital Group has purchased The Residences at Veranda Park, a 150-unit multifamily community in Orlando, for $45 million. The five-story building was built in 2008. The property offers one-, two- and three-bedroom floor plans averaging 1,239 square feet. Communal amenities include two fitness centers, two spas, a clubhouse, 482 parking spots and 48,385 square feet of commercial leasable space on the ground floor. Westside Capital aims to update common areas and perform targeted management initiatives. Evan Kristol, Jason Hague and Duane Anderson of Marcus & Millichap represented the buyer in the transaction. The seller was not disclosed. Additionally, Charles Foschini of Berkadia originated a $31.5 million Freddie Mac acquisition loan on behalf of the buyer.
SAN DIEGO — Capstone Development Partners has closed on traditional debt and equity financing for the development of VIVA 5750, a new on-campus student housing community at San Diego State University in San Diego. Situated on ground leased by Capstone, the four-story, 80,000-square-foot community will house approximately 182 students in a mix of apartment-style units. Additionally, the project will feature indoor and outdoor amenities. Construction of the $23.5 million project commenced in May, with completion slated for the fall 2021 semester. Capstone, JWDA Architects and Cannon Constructors collaborated with the San Diego State University Research Foundation’s project stakeholders to design the new apartment property to meet the university’s goals and objectives relative to upper-division and graduate student housing options. VIVA 5750 is Capstone’s second P3 partnership with the San Diego States University Research Foundation.
VINEYARD, UTAH — Roundhouse has purchased The Alloy at Geneva, a multifamily property located within Geneva, a master-planned community in Vineyard, within the Provo-Orem metro area. An affiliate of Dekel Capital and an affiliate of Mountain Capital Partners sold the asset for an undisclosed price. Built in 2015 on 15 acres, the 314,562-square-foot apartment complex features 14 three- and four-story residential buildings, offering a total of 324 units, and a clubhouse. The average unit size is 971 square feet. Brock Zylstra, Steve Gebing, Cliff David and Danny Shin of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller in the deal. Phil Brierley of Marcus & Millichap served as the broker of record in Utah.
LUBBOCK, TEXAS — Greystone has provided a $34.4 million Fannie Mae loan for the refinancing of Catalina West, a 266-unit apartment community in Lubbock. Completed in 2019, the garden-style property features one-, two- and three-bedroom units and amenities such as a pool, fitness center, outdoor lounge and a dog park. The loan was structured with a 10-year term, 30-year amortization schedule and five years of interest-only payments. Steven Mumford of Greystone originated the debt on behalf of the borrower, Avalon Estates.
AUSTIN, TEXAS — Locally based investment firm Rastegar Property Co. has acquired Oakview Terrace Apartments, a 70-unit multifamily community located in Austin’s Mueller District. The acquisition follows the company’s purchase of the nearby 58-unit Mueller Square Apartments, a deal that was announced on May 19. Oakview Terrace was built in 1972 and spans more than 48,000 net rentable square feet. Rastegar will implement a value-add program to the unit interiors and utility systems. The seller was not disclosed.