OKLAHOMA CITY — Arlington-based investment firm 180 Multifamily Capital has acquired Pheasant Run, a 271-unit apartment community in Oklahoma City. Situated on 12 acres on the city’s northwest side, the property features one- and two-bedroom units and amenities such as a pool, clubhouse and onsite laundry facilities. 180 Multifamily will renovate and rebrand the community, which was acquired from the undisclosed developer.
ALLEN, TEXAS — Florida-based finance firm Churchill Stateside Group LLC (CSG) has provided a $12.9 million HUD construction loan for Springwood at Allen, a 92-unit community in the northeastern Dallas suburb of Allen that will serve seniors aged 62 and above. CSG closed the loan through HUD’s 221(d)(4) program on behalf of an undisclosed borrower. Construction of the community began in December 2018.
VERNON HILLS, ILL. — FPA Multifamily LLC has acquired The Commons at Town Center in the North Shore community of Vernon Hills for an undisclosed price. The property consists of 85 apartment units and more than 10,000 square feet of ground-floor retail space leased to Sam Martirano Salon & Spa, Hawthorn Dental Associates, Design Studio Jewelry, Eight Piece and Giuseppe’s Pizza. Completed in 2010, the six-story property is located just northwest of Highway 45 and North Milwaukee Avenue. Community amenities include a heated parking garage, fitness center, hospitality room and resident lounge. Both the residential and retail components are fully leased. Wick Kirby, Sean Fogarty, Marty O’Connell and Kevin Girard of HFF marketed the property on behalf of the seller, Inland Residential Properties Trust Inc. The team also procured the buyer.
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.
