NEWARK, N.J. — Marcus & Millichap has orchestrated the sale of a 43,869-square-foot tract of land in Newark for the development of an 84-unit condominium community. Carlos Zapata represented the seller, a developer in the transaction. The buyer was undisclosed. Located at 73-87 Clay St., the land is approved for 84 residential units and 4,630 square feet of retail space. The city will be adjusting the surrounding landscape and traffic patterns to encourage retail shopping in the area.
SAN DIEGO — Invesco Real Estate has originated an $80 million senior loan for the acquisition and full redevelopment of Bella Posta Apartments, a 344-unit multifamily property located in San Diego’s Mission Valley submarket. The sponsor is Sares Regis Multifamily Value Add Fund II, an affiliate of Sares Regis Group. Loan proceeds will be used to acquire, as well as renovate and upgrade, the property. Planned renovations include the full modernization of exteriors, common areas and amenities.
PHOENIX — L5 Investments, in partnership with MLA Properties and BH Equities, has acquired Cielo Apartments, a multifamily community located at 8222 N. 19th Ave. in Phoenix, for $27.2 million. Built in 1981, Cielo features 360 residences in a mix of studio, one- and two-bedroom units, ranging in size form 455 square feet to 879 square feet. At the time of acquisition, the property was 91 percent occupied. The buyers plan to execute an $4.2 million capital improvement plan to increase occupancy and attract and retain residents. The renovation plan will update unit interiors, including flooring, cabinets, lighting, appliances, and adding in-unit washers and dryers in select units. On-site amenities include two pools, a newly renovated clubhouse and fitness center, a picnic and barbecue area, and covered parking. Brett Polachek and Jim Crews of Cushman & Wakefield represented the buyer and undisclosed seller in the off-market transaction.
SANTA ROSA, CALIF. — The Sonoma County Board of Zoning Adjustments has approved plans by Carlton Senior Living LLC to build a senior living complex in Santa Rosa. The Concord-based Carlton owns and operates 11 Northern California seniors housing communities. The company expects to break ground soon on the 134 rental apartments on the 3.7-acre site. Development costs were estimated at $30 million. The property will offer independent living, assisted living and memory care. Construction is expected to take approximately 14 months.
CELEBRATION, FLA. — Delray Beach, Fla.-based Big Rock Partners has opened Windsor at Celebration, a 239-unit seniors housing community in Celebration, the Disney-originated master-planned community in Central Florida. Windsor at Celebration features a mix of independent living, assisted living and memory care units. Community amenities include dining venues, a theater, rooftop bar, indoor aquatic center, fitness center, salon, spa and entertainment and leisure programs. Life Care Services, an LCS Company, is managing the community. Balfour Beatty was the project’s general contractor, and Gensler was the architect. Walker & Dunlop arranged a $41 million construction loan through Bank of the Ozarks for the project.
CRYSTAL LAKE, ILL. — Essex Realty Group Inc. has brokered the $7.2 million sale of two apartment properties in Crystal Lake, about 45 miles northwest of Chicago. One of the properties, located at 431-455 Brandy Drive, is an 18-unit townhome property that consists of six buildings. The asset sold for $2.4 million. The other, located at 223-265 Uteg St., is a 48-unit garden-style complex comprised of six buildings. The property sold for $4.8 million. Doug Fisher and Brian Kochendorfer of Essex brokered the transaction. Neither the buyers nor the sellers were disclosed.
WESTMONT, ILL. — 29th Street Capital (29SC) has purchased Warwick Apartments in Westmont, a western suburb of Chicago, for an undisclosed price. The company plans to make approximately $500,000 in capital improvements to the 32-unit apartment property. Planned interior upgrades include stainless steel appliances, new paint, countertops and cabinets. Exterior improvements will include roof repairs, window replacement, paint and new lighting. The seller was not disclosed.
CAMBRIDGE, MASS. – Forest City Realty Trust, in a joint venture with Madison International Realty, has closed on the acquisition of the interest of Forest City’s partner in five assets at University Park at MIT in Cambridge. The transaction values the undisclosed partner’s share of the assets at a total of $302 million, including assumption of debt. The assets include three office buildings: 300 Massachusetts Ave., 350 Massachusetts Ave. and 38 Sidney St., comprising a total of 486,000 square feet of life science office space; a 975-space parking facility; and the commercial space adjoining the Le Meridian Cambridge-MIT hotel. Forest City is the 100-percent owner of seven other life science office buildings and four multifamily communities that are also part of the University Park at MIT campus.
NEWARK, N.J. — Arbor Realty Trust has funded a $41.5 million bridge loan for the acquisition of a multifamily property located in Newark’s Forest Hills section. The deal provides a three-year adjustable loan term. Stephen York of Arbor’s New York City office originated the loan. The undisclosed borrower used the loan to acquire 452 units at closing, with the intent to purchase the remaining 28 units over the next three years. The garden-style apartment community features studio, one- and two-bedroom layouts, on-site laundry facilities, parking and landscaped courtyards.
NEW YORK CITY – Monticello Asset Management, through one of its investment vehicles, has provided $31.2 million bridge-to-HUD loan for New Broadview Manor Home For Adults, a 200-bed seniors housing facility on Staten Island. The borrower is The W Group at New Broadview LLC, which will use the funds to acquire the property. New Broadview was built in 1974, with a fifth floor added in 1999. Of the 200 beds, 116 are licensed for the New York State Assisted Living Program (ALP). The remaining 84 beds will be managed by an affiliated home health care agency. The community totals 42,694 square feet on 0.8 acres of land. The facility is located in the residential South Beach section of Staten Island near the Verrazano Bridge and one block from the ocean and boardwalk.