DALLAS — Dougherty Mortgage LLC has arranged a $5.3 million loan for the acquisition of Woodside Lane Apartments, a 107-unit multifamily community located at 9302 Forest Lane in Dallas. The 12-year Fannie Mae loan features a 30-year amortization schedule and was arranged through a partnership with Old Capital Lending on behalf of the borrower, TFG Woodside LLC.
COLUMBIA, S.C. — Hunt Mortgage Group has provided $22.3 million in financing for the acquisition of a three-property multifamily portfolio in Columbia. Aline Capital LLC arranged the financing utilizing the Fannie Mae Green Rewards Program. In addition to purchasing the portfolio, the undisclosed borrower will use the funds to invest in energy efficient renovations and improve the apartment unit interiors. The portfolio totals 625 units and includes Park Place Apartments, Copperfield Apartments and Hunter’s Ridge Apartments.
SCOTTSDALE, ARIZ. — Bascom Arizona Ventures, a subsidiary of Irvine, Calif.-based private equity firm The Bascom Group, has acquired a two-property multifamily portfolio totaling 724 units in Scottsdale. The sales price was $148 million, or $204,420 per unit. The seller was a fund managed by London-based TH Real Estate. Legend at Kierland and Tradition at Kierland are both Class A properties situated within the Kierland master-planned community in North Scottsdale. Both are located within walking distance of Scottsdale Quarter and Kierland Commons, two shopping and entertainment developments. Both properties were constructed in the late 1990s by luxury apartment builder Mark Taylor. Each property offers a resort-style pool and spa, volleyball and tennis courts, a 24-hour fitness center and attached garages. The purchase follows Bascom’s recent acquisition of an 812-unit portfolio of three multifamily properties located in Tucson and Sierra Vista. The sales price of that transaction was approximately $70.2 million. The new ownership plans to invest in capital improvements to both properties, including upgrades to the leasing offices, pool and other common areas and unit interiors. “The Kierland portfolio provides us with an exceptional opportunity to acquire two Class A properties in an absolutely perfect location,” says Mark Brotherton, portfolio …
DENVER — ColRich Multifamily has acquired The Park at Canyon Ridge, a 272-unit apartment community in Denver, for $44.9 million. The community is located at 9757 E. Colorado Ave. The Park at Canyon Ridge is situated near light rail service, schools and major employment drivers, including the Fitzsimons Medical Campus, the Southeast Business Corridor and Buckley Air Force Base. The 13-acre community features units averaging 785 square feet with washers and dryers, fireplaces and private balconies. Amenities include a large swimming pool, fitness center and dog park. The Park at Canyon Ridge is 94 percent leased. HFF’s Jordan Robbins, Jeff Haag and Anna Stevens executed the transaction.
OXNARD, CALIF. — iBorrow, a private commercial real estate lender, has provided a $12.5 million loan for an assisted living community currently undergoing major renovations in the Los Angeles suburb of Oxnard. Originally built in 1960, the 59,650-square-foot property sits on 2.4 acres. Following completion of the renovations in 2018, the property will feature 102 units. The borrower, Global Premier Development, has already invested $10 million into the property and plans to invest further. Meridian Senior Living will operate the community following the redevelopment project. Although the name of the community was not disclosed, Meridian lists Regency Palms Oxnard as its only community in Oxnard. The company’s website states that the community will open in March 2018.
HOUSTON — Allied Orion Group is nearing completion of Eighteen25, a 242-unit apartment community located in downtown Houston. The property will offer studio, one- and two-bedroom units ranging in size from 525 to 1,751 square feet. Amenities will include a rooftop pool, fitness center, clubroom, valet trash services and a dog park. Meeks + Partners designed the property.
NORTH RICHLAND HILLS, TEXAS — JLL has negotiated the sale of Diamond Loch, a 138-unit multifamily community located in the Fort Worth suburb of North Richland Hills. Scott LaMontagne, Zar Haro, Moses Siller and David Fersing of JLL represented the seller, 6100 Glenview Drive LLC, in the transaction. California Capital Real Estate Advisors Inc. purchased the asset for an undisclosed price.
ST. AUGUSTINE, FLA. — Cushman & Wakefield has arranged the $27.5 million sale of Glenmoor, a 223-unit seniors housing community in St. Augustine. Allen McMurty, Paul Carr, David Kliewer and Megan Fetter of Cushman & Wakefield represented the seller, Life Care St. John’s Inc., an affiliate of Life Care Pastoral Services Inc., in the disposition. Orlando-based Westminster Communities of Florida acquired the asset and will rename the property Westminster of St. Augustine. Constructed in 2001, the community is located at 235 Towerview Drive in St. Augustine’s World Golf Village. Westminster St. Augustine includes a mix of cottage homes, independent living apartments, assisted living units and skilled nursing units. Community amenities include a clubhouse, heated outdoor lap pool, putting green, bocce court, pub and a fitness center. In addition, residents can enjoy benefits at World Golf Village, including access to two golf courses, a swimming pool, fitness center and social areas.
MILWAUKEE — CBRE has arranged the sale of Sunset Ridge in Milwaukee for an undisclosed price. The 144-unit apartment property is located at 8183 N. 107th St. Constructed between 1981 and 1992, the property features a mix of one- and two-bedroom units across seven buildings. The property was 98 percent occupied at the time of sale. Patrick Gallagher, Benjamin Schmitt, Peter Langhoff and Max Schultz of CBRE represented the seller, Mandel Group. Weidner Apartment Homes purchased the property.
DUBLIN, CALIF. — JB Matteson has purchased the 130-unit Tralee Village Apartments in Dublin for an undisclosed sum. The community is located at 6599 Dublin Blvd. in the 680 Corridor. Tralee Village was built in 2011 in the East Bay submarket. It offers a range of units including studios, three-bedrooms, lofts and townhomes. Each residence features nine-foot ceilings, granite kitchen countertops, stainless-steel appliances, full-sized washers and dryers, dual-pane windows and patios with balconies. Shared community amenities include a fitness center, large pool, business center, secured underground parking with elevator access and open green space. Tralee Village Apartments is less than a mile from the Pleasanton and Dublin BART stations, as well as interstates 580 and 680.
