EVERGREEN PARK, ILL. — Interra Realty has brokered the sale of Riviera Apartments for $6.6 million. The 84-unit apartment property is located at 9739 S. Kedzie Ave. in Evergreen Park, approximately 15 miles south of Chicago. Built in 1968, the property includes three buildings. James Clough of Interra represented both the buyer and the seller. The buyer plans to make interior renovations, including new kitchens and baths, in order to boost rents to the market rate.
BANDON, ORE. — 1031 Crowdfunding LLC, through its affiliate 1031 CF Properties LLC, has acquired an 84-unit assisted living and memory care facility in Bandon, a coastal city in the southwest portion of Oregon. The purchase price was $19.1 million. The existing operator, Seasons Management, will continue to manage the property following the sale. Although the name of the property was not released, Pacific View Senior Living Community is Seasons’ only community in Bandon. The 72,430-square-foot community has featured an average occupancy of 92 percent under Seasons, which has operated the property since 2013. “Seniors housing has already outperformed other noted real estate sectors in the past and we believe it will continue to be a favorable opportunity due to impressive demographic fundamentals,” says Edward Fernandez, founder and chief executive officer of 1031 Crowdfunding. “The acquisition of this facility is a great way to start off the new year.”
PHILADELPHIA — Hunt Real Estate Capital has secured a $5.85 million loan to refinance Terrace Lofts, a four-story, 32-unit multifamily building in the Manayunk neighborhood of Philadelphia. The property includes both one- and two-bedroom floor plans. Hunt Real Estate Capital secured a 10-year, fixed-rate loan with a 30-year amortization schedule on behalf of the borrower, a local real estate investor. The lender was not disclosed.
SCRANTON, PA. — Blueprint Healthcare Real Estate Advisors has arranged the sale of a three-property skilled nursing portfolio in the Wyoming Valley region of Northeast Pennsylvania. Blueprint represented the sellers, a private investor and regional operator. A REIT, along with an operational partner with an existing presence in the state, acquired the properties for an undisclosed price. Located along a 25-mile stretch in the Scranton/Wilkes-Barre market, the portfolio consists of 416 licensed beds. Ownership recently completed substantial renovations. The facilities were 85 percent occupied and generating over $34 million in total revenue with improving operating margins. Christopher Hyldahl, Michael Segal and Gideon Orion of Blueprint handled the transaction.
WHITMAN, MASS. — Cornerstone Realty Capital has arranged $5.8 million in acquisition financing for a three-story, 45-unit apartment building in Whitman. The property features a unit mix of 15 one-bedroom and 30 two-bedroom units. All units include stainless steel appliances, granite countertops, in-unit laundry and hardwood floors. Patrick Brady of Cornerstone secured financing for the borrower, a private family office, in the transaction. The lender was a local bank. Whitman is located approximately 24 miles south of Boston.
HOUSTON — Houston-based Kalkan Real Estate Investment has acquired a three-property multifamily portfolio totaling 962 units in Houston for $50 million. The properties include Timbers of Cranbrook, Monticello on Cranbrook and Pecan Square Village on Cranbrook. Jerad Rector of Frisco-based Worldwide Commercial represented the undisclosed seller in the transaction.
DALLAS — Marcus & Millichap has arranged the sale of Villa Bonita, a 232-unit multifamily asset in Dallas. The property was built in 1969 and is located near a variety of public transportation outlets, schools and retail centers. Al Silva and Ford Braly of Marcus & Millichap represented the seller, California-based Bellaire Partners, in the transaction. Silva and Braly also procured the buyer, a New York-based investment firm. The new ownership plans to implement capital improvements to the unit interiors and exteriors.
DALLAS — SVN | Investment Sales Group has negotiated the sale of Park Lane Terrace, a 152-unit multifamily community in Dallas. The Class C property was built in the late 1960s. Mark Allen of SVN represented the Dallas-based seller and the California-based buyer in the transaction. The buyer acquired the asset using a 1031 exchange. The sales price was not disclosed.
CHICAGO — Pacific Reach has acquired Linea, a newly constructed 265-unit apartment building in downtown Chicago. The 33-story luxury property, completed in mid-2017, features a mix of studio, one-, two- and three-bedroom floor plans as well as nearly 5,000 square feet of ground-floor retail space. Situated at 215 W. Lake St., the building has a Walk Score of 98 due to its proximity to top employers and retail. Walk Score is a number between 0 and 100 that measures the walkability of any address. The top two floors are dedicated to amenity space, including a sky lounge, pool with hot tub, fitness center and yoga studio, lounge areas, outdoor terraces, conference rooms and a media room. Sean Fogarty, Marty O’Connell, Wick Kirby and Kevin Girard of HFF marketed the property on behalf of the seller, a partnership between LaSalle Investment Management Inc. and Moceri + Roszak LLC. The sales price was not disclosed. Linea is a play off of the word “linear.”
TERRE HAUTE, IND. — Dwight Capital has provided a $38.8 million HUD 223(f) loan for the refinancing of Cobblestone Crossings Apartments in Terre Haute. The 448-unit apartment property was built in multiple phases between 2006 and 2014. The Energy Star-certified property qualified for HUD’s green program and a reduced interest rate. Josh Hoffman and Kevin Lifshitz of Dwight originated the loan on behalf of the borrower, an investment company based in Terre Haute.
