SONOMA, CALIF. — Grandbridge Real Estate Capital has arranged a cash-out refinancing for a manufactured home community in Sonoma. Situated on 39 acres, the age-restricted manufactured housing community features 292 sites. Hunter Curtis and Taylor Curtis of Grandbridge’s Newport Beach, Calif., office originated the transaction for the undisclosed borrower. The non-recourse loan was structured with a fully amortizing term and funded through one of Grandbridge’s insurance company correspondents.
NEW YORK CITY — RDC Development has completed its redevelopment of Ocean Bay Apartments, a project valued at $560 million. Ocean Bay, which houses 1,395 units and nearly 4,000 residents, was damaged in a storm and forced to undergo a two-year rehabilitation project that featured renovated kitchens, bathrooms and bedrooms. The rehab project also saw the replacement of roofs, as well as upgrades to elevators, utility systems and public hallways. RDC financed the redevelopment through HUD’s Rental Assistance Demonstration (RAD) program, which stipulates that the refreshed units remain affordable to low-income households.
CHICAGO — Essex Realty Group Inc. has brokered the sale of The Portage Park Theater Apartments in Chicago’s Portage Park neighborhood for $6.3 million. The property, located at 4044-4060 N. Milwaukee Ave., consists of 34 apartment units. It also features four fully leased commercial spaces totaling 5,460 square feet. All of the apartments and storefronts were fully renovated in 2017. Doug Imber, Kate Varde and Clay Maxfield of Essex brokered the transaction. The buyer and seller information was not disclosed.
NEW YORK CITY — Global asset manager Investcorp, which is based in Bahrain and has its U.S. office in New York City, has acquired 11 multifamily properties totaling 2,615 units across the United States. The sales price was $370 million. The properties are located throughout six primary markets: Orlando, Tampa, Raleigh, Atlanta, Philadelphia and St. Louis. Madison Apartment Group, an affiliate of the seller, Philadelphia-based Equus Capital Partners, will continue to manage the communities after overseeing capital improvement programs at each property. The portfolio was approximately 95 percent leased at the time of sale with an average construction date of 1994 and an average unit size of 1,020 square feet. Equus acquired the properties between 2013 and 2015 and collectively spent about $20 million upgrading them. “The portfolio is positioned to deliver an attractive, stable and predictable cash flow for the new venture with Investcorp, while at the same time the markets continue to support further enhancement opportunities and ability to push rents higher,” says Christopher Locatell, senior vice president and director of dispositions for Equus. Investcorp executives noted that the deal marked the firm’s largest real estate acquisition in the United States in the last decade, and was appealing …
MARIETTA, GA. — Fogelman Properties has sold The Hamptons at East Cobb, a 196-unit apartment complex in Marietta, for $33.6 million. The property is located at 1523 Roswell Road, 18 miles north of downtown Atlanta. The property offers one-, two- and three-bedroom floor plans, as well as lighted tennis courts, a dog park, clothes care center, car care center, swimming pool, 24-hour fitness center and picnic and barbecue areas. Kevin Geiger, Shea Campbell, Malcomb McComb, Paul Berry and Ashish Cholia of CBRE represented the seller in the transaction. Kansas-based Cohen-Esrey acquired the community.
HARRISONBURG, VA. — Berkadia has negotiated the $14.6 million sale of Foxhill Townhomes, a 101-unit multifamily community in Harrisonburg. Foxhill Townhomes is located at 1627 Devon Lane, less than two miles from James Madison University. Community amenities include a playground, business center, swimming pool, clubhouse, picnic and barbecue areas, tanning salon, conference room and a residents’ lounge. The community was built in 1998 and was sold at a rate of $144,950 per unit to DD Foxhill LLC. David Hudgins and Alan Meetze of Berkadia represented the seller, THH II LLC, in the transaction.
SALT LAKE CITY — SALT Development has completed the sale of 4th West, a multifamily property located at 255 N. 400 W in downtown Salt Lake City. Although the acquisition price and buyer were not released, the company claims that the transaction represents the largest total dollar single-asset sale in Utah’s history. Constructed in 2017, 4th West features 493 units, a one-acre rooftop community space with zero-edge pool and private cabanas; exclusive Sky Lounge with fire pits and grilling stations; and a clubhouse with a full-service kitchen and 5,100-square-foot health club, including a spin and yoga studio. Additionally, the community features a gated dog park, pet grooming station, bike wash with storage, business center with conference rooms, and a sports lounge with a TruGolf simulator, pool tables and 16-screen multiplex LED TV. The property is located adjacent to TRAX, offering direct access to Salt Lake City’s light rail system. Eli Mills and Patrick Bodnar of CBRE represented the seller in the deal.
VISTA, CALIF. — Pathfinder Partners, in partnership with Silvergate Development, has completed the construction of Creekside Apartments, a multifamily community located at 215 Vista Village Drive in Vista. Situated on 1.5 acres, the property features 41 units in a mix of studio, one- and two-bedroom layouts ranging from 480 square feet to 1,135 square feet. All units include washers/dryers, wood-style plank flooring, quartz countertops, floor-to-ceiling windows and energy-efficient stainless steel appliances. Community amenities include a high-end clubhouse and lounge, as well as an outdoor area with barbecues, fire pit and complimentary Wi-Fi. San Diego-based Sunrise Management is overseeing all marketing/branding, leasing and day-to-day operations at the property.
BREA, CALIF. — Silverado plans to open Silverado Brea, located approximately 20 miles southeast of Los Angeles, by the end of summer 2019. The nearly 34,000-square-foot, two-story community joins nearby Silverado communities in Tustin, Costa Mesa and San Juan Capistrano. The number of units in the community was not disclosed. The $12 million development sits on 1.15 acres.
AUSTIN, TEXAS — CWS Apartment Homes, a locally based multifamily developer and manager, will open The Clark, a new community located in downtown Austin, on June 15. Situated near an array of dining, shopping and entertainment venues, The Clark offers amenities including a pool, 24-hour fitness center with virtual classes, sky lounge, an outdoor kitchen and grill areas and a dog park with a grooming station. Units feature quartz countertops, marble tile backsplashes and smart front door locks and thermostats that can be controlled via smartphone. Oden Hughes Taylor Construction LLC served as the general contractor.
