BOSTON — NAI Hunneman’s Capital Markets Group has arranged the sale of a 10-unit brownstone building in Boston’s South End neighborhood at 665-667 Massachusetts Ave. for $4.3 million. The property is made up of five one-bedroom and five two-bedroom units. Carl Christie and Dan McGee of NAI Hunneman represented the undisclosed seller and procured the buyer, High Street Properties. The property features access to public transportation via the Silver Line stop on Washington Street.
ST. PETERSBURG, FLA. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the $37.5 million sale of Emerald Pointe, a 441-unit multifamily community in the Tampa Bay metro of St. Petersburg. Frank Carriera and Michael Regan of IPA arranged the transaction on behalf of the undisclosed seller and buyer. Constructed in 1974, Emerald Pointe includes studio to three-bedroom units and features a fitness center, pool, pet play area, car wash area, a clubhouse and laundry facilities. The new ownership plans to implement a value-add program to increase revenue over the first two years.
KNOXVILLE, TENN. — Coastal Ridge Real Estate has acquired Crowne at Campus Pointe, a 718-bed student housing community located less than a mile from the University of Tennessee in Knoxville. The sales price was not disclosed. Ryan Lang and Bo Flurry of ARA Newmark arranged the transaction on behalf of the undisclosed seller. Constructed in 2005, Crowne at Campus Pointe offers one- to three-bedroom units with monthly rents ranging from $870 to $1,935 per unit. Community amenities include a resort-style pool and sundeck, fire pit, outdoor cooking area, 24-hour fitness center, clubhouse, study center and a dog park.
DAVIS, CALIF. — Crown Acquisitions Inc. has acquired College Square, a 486-bed student housing community located near the University of California, Davis, for $50.2 million. The acquisition was financed with a new Freddie Mac loan secured by Peter Benedetto and Aaron Moll of Berkadia. The garden-style property offers shared amenities including three resort-style swimming pools with furnished sundecks, a fitness center, business center, study lounge, outdoor grills, picnic areas and two 24-hour laundry facilities. Planned capital improvements for the community include fully furnished and renovated units; an expanded fitness center with state-of-the-art equipment; the addition of a new study lounge, fire pits and pool amenities; and landscaping improvements. The property is also currently being rebranded.
FREMONT, CALIF. — Fremont Hills Development Corp. has received a $65 million construction loan for the development of a mixed-use project in Fremont. Parkview Financial provided the loan. Designed by Hoover Associates Architects and situated on 12.9 acres, the development will feature 158 multifamily units and 53,900 square feet of retail space. Community amenities will include a private second-floor courtyard, and a landscaped playground and park area with trails. Each unit will feature central air, in-unit laundry facilities, stainless appliances, quartz countertops, engineered hardwood floors and a private deck.
KENNEWICK, WASH. — CBRE has arranged $26.4 million in financing for the acquisition of Fieldstone Grandridge and Fieldstone Memory Care, a 138-unit assisted living and memory care community in Kennewick, located in the southeast portion of the state. A joint venture between Bourne Financial Group and Cascadia Senior Living is the borrower. The community is composed of two facilities constructed in separate phases between 2015 and 2016. Cascadia will continue to operate the property following the acquisition. Aron Will of CBRE National Senior Housing arranged the seven-year, fixed-rate loan with 36 months of interest-only payments. A national bank provided the capital. Bourne is a real estate private equity company founded in 2014 in Winter Park, Fla. Cascadia is a Washington-based operator founded in 2013.
EUGENE, ORE. — Horizon Realty Advisors has purchased Chase Crossing, a 179-unit student housing community located near the University of Oregon campus in Eugene. The company purchased the asset from Chase Crossing LLC for an undisclosed price. The property offers studio and one-bedroom units. Phil Oester, Joe Nydahl and Josh McDonald of CBRE brokered the transaction on behalf of the seller. Benjamin Roelke, also with CBRE, arranged $19.1 million in long-term financing on behalf of Horizon Realty Advisors for its HRA Opportunity Fund. The 10-year, fixed rate loan provided by CBRE through Freddie Mac featured an index rate lock at loan application and five years of interest-only payments.
AUSTIN, TEXAS — Hill & Wilkinson has completed the renovation and expansion of Buckner GreenRidge Villas, a seniors housing community in Austin that provides housing and services to 400 seniors each year. O2 Architecture provided design services for the project, which delivered 69 additional one- and two-bedroom units and 70 parking spaces, as well as a central courtyard. The community will now be able to house and serve up to 138 more seniors.
MINNEAPOLIS — CBRE Multifamily has arranged the sale of Minneapolis Grand, a 112-unit apartment community in Minneapolis. The sales price was not disclosed. The property is located at 2401 Chicago Ave. near Abbott Northwestern Hospital. Built in 2005, the community features a mix of studio, one- and two-bedroom units with an average size of 833 square feet. Amenities include a newly renovated clubroom, fitness center, tenant lounge and underground parking. Keith Collins, Abe Appert, Ted Abramson and Ike Hoffman of CBRE represented the seller, CAP/SP Minneapolis Grand Apartments LLC, an entity related to CAPREIT. Trillium Grand Owner LLC, an entity related to Trillium Investments, purchased the asset. Cathy Bronkema of Cohen Financial, a division of SunTrust Bank, arranged a $15.3 million bridge loan for the acquisition. A private real estate investment fund based in New York provided the loan.
RALEIGH, N.C. — Raleigh-based Greystone Affordable Development has closed $38.5 million in financing for the rehabilitation and development of a portfolio of affordable housing properties in Oklahoma. The multifamily portfolio consists of 13 properties totaling 294 units and serving low-income households across eight counties in Oklahoma. The financing was secured on behalf of Oklahoma-based Green Cos. Development Group Inc., which owns and operates the properties. Most of the funds were placed through USDA’s Rural Housing Services and the Oklahoma Housing Finance Agency.
