NEW JERSEY — Capital Funding LLC has provided a $13.8 million bridge-to-HUD loan for the acquisition of a skilled nursing facility in New Jersey. Preferred Care operates the property, which features 126 beds. Further details on the name, location and borrower were not disclosed. Craig Casagrande originated the transaction for Capital Funding.
PISCATAWAY AND JAMESBURG, N.J. — CBRE has arranged the $11.3 million sale of two office properties in Piscataway and Jamesburg, both located approximately 40 miles southwest of New York City. Heritage at Piscataway is an income-restricted active adult seniors housing community for residents age 55 and over, which consists of 30 one-bedroom apartments and sold for $3.2 million. Brookside Village is a newly constructed multifamily property that consists of 42-apartments and sold for $8.1 million. Nat Gambuzza and Trevor Fiebel of CBRE represented the sellers and procured the buyers in both sales, which were all undisclosed.
HOUSTON — Berkadia has negotiated the sale of The Everly, a 387-unit multifamily community in Houston. Built in 2018, the property features one- and two-bedroom units with stainless steel appliances, walk-in closets, custom cabinetry and quartz countertops. Community amenities include a fitness center, Wi-Fi lounge, pool, outdoor fire pit, dog park and dog wash, beer garden and an indoor golf simulator. Ryan Epstein, Jennifer Ray and Scott Bray of Berkadia represented the seller, San Antonio-based Embrey Partners Ltd., in the transaction. The buyer was The Praedium Group, a privately held investment firm based in New York.
SIMPSONVILLE, S.C. — Marcus & Millichap has arranged the $29.4 million sale of Garden District, a 223-unit multifamily community in Simpsonville. The property was delivered in 2008 and offers one- through three-bedroom floor plans. Communal amenities include barbecue areas, picnic areas, an internet café, fitness center, swimming pool, business center and a clubhouse. Garden District is located at 100 Garden District Drive, 15 miles southeast of downtown Greenville. Drew Babcock of Marcus & Millichap represented the seller, an undisclosed Florida-based partnership, in the transaction. The buyer was a private investor based in Simpsonville.
DENVER — Bascom Northwest Ventures has acquired 1000 South Broadway Apartments, a multifamily property located at 1000 South Broadway in Denver. An undisclosed seller sold the asset for $90.5 million, or $348,076 per unit. Built in 2015, 1000 South Broadway Apartments features 260 Class A units. Avenue 5 Residential will manage the property. Terry Daly of Cushman & Wakefield arranged a $54.5 million loan with Wells Fargo Bank for the buyer. The property was also purchased with proceeds derived from the sale of a 15-year investment in an urban infill property in Bellevue, Wash.
LOS ANGELES — A joint venture between NNC Apartment Ventures and Bailard Inc. has completed the sale of Cambridge Apartments, a multifamily complex located in the Sherman Oaks neighborhood of Los Angeles. Interstate Equities Corp. acquired the property for $29.3 million, or $333,523 per unit. Constructed in 1962, the asset consists of two contiguous 44-unit buildings on adjoining parcels near Van Nuys and Ventura boulevards. Joe Grabiec, Kevin Green and Greg Harris of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller in the transaction.
MEDFORD, ORE. — Lancaster Pollard, a division of ORIX Real Estate Capital, recently arranged a $15.2 million HUD loan for Sapphire Health Services. The transaction will refinance the loans used to acquire Ridgeview Assisted Living and West Wind Enhanced Care, and provide additional funds to make repairs to the properties. Both assets are located in Medford, in the southwest portion of Oregon near the California border. Jason Dopoulos led the transaction for Lancaster Pollard.
DAVENPORT, IOWA — Berkadia has arranged the sale of a 413-unit, four-property multifamily portfolio in Davenport for an undisclosed price. The properties, built in the late 1970s, include The Racquet Club, Candlelight Commons, Candlelight Village and Candlelight Colony. Parker Stewart, Alex Blagojevich and Michael Sullivan of Berkadia represented the seller, Iowa-based Advance Homes Inc. Colorado-based Monarch Investment and Management Group purchased the portfolio. Peter Benedetto of Berkadia secured an undisclosed amount of acquisition financing on behalf of the buyer.
PHOENIX — CA Residential and Diamond Realty Investments have opened the first phase of The LINK PHX, a 30-story mixed-use development located in downtown Phoenix. Shepley Bulfinch served as architect, and Katerra served as general contractor for the project. Located at 330 E. Pierce St., the first phase of The LINK PHX features 257 apartments in a mix of studio, one- and two-bedroom layouts ranging in size from 450 square feet to 1,450 square feet, as well as 7,000 square feet of retail space. Each apartment features nine-foot ceilings; kitchen with European-style, soft-close cabinetry; quartz countertops; stainless steel appliances and designer fixtures; and full-size washers and dryers. At complete build-out, the three-phase development will bring more than 600 rental residences and 21,000 square feet of retail space to the Roosevelt Row Arts District over the next decade.
RANCHO CUCAMONGA, CALIF. — Blueprint Healthcare Real Estate Advisors has arranged the sale of Sunlit Gardens, an 86-unit assisted living and memory care community in the San Bernardino County city of Rancho Cucamonga. A joint venture between Meridian Senior Living and a Chicago-based private equity firm sold the property to an Orange County-based equity group for an undisclosed price. The Blueprint transaction team consisted of Jacob Gehl, Humair Sabir and Scott Frazier.