LONG ISLAND, N.Y. — Ripco Real Estate has arranged the sale of an apartment complex located at 26 Stephen Oval in Long Island’s Glen Cove. The 100-unit garden-style property sold for $19.5 million. Mark Kaplan of Ripco represented the undisclosed buyer and seller in the transaction.
LUBBOCK, TEXAS — Nebraska-based investment firm Metonic Real Estate Solutions has acquired Wyndham Apartments, a 144-unit multifamily community in Lubbock. The property offers one-, two- and three-bedroom units and amenities such as a pool, fitness center, business center, a pet park and dry cleaning services. The company plans to upgrade the pool and clubhouse area as well as the unit interiors. The seller was not disclosed.
ARLINGTON, VA. — Erkiletian Development Co. has secured financing and subsequently broken ground on The Sur, a 360-unit apartment development located in Arlington’s Potomac Yard neighborhood, roughly seven miles southwest of Washington, D.C. Walter Coker, Brian Crivella and Susan Carras of HFF arranged $35.9 million in preferred equity through PCCP LLC for the project. U.S. Bank provided a construction loan. Total development costs for The Sur are more than $148 million. The 12-story development will feature 16,503 square feet of retail space, an eighth floor party room, outdoor terrace, rooftop spa, fitness center, dog wash area, conference room and a business center. Units will range in size from 557-square-foot studios to 1,419-square-foot three-bedrooms. The community is located within the National Gateway mixed-use development, a 40-acre portion of Potomac Yard that includes residential, office and retail space. The Sur is slated for completion in April 2020.
NORTH CHARLESTON, S.C. — Berkadia has brokered the $21.8 million sale of Ashley Village Townhomes, a 260-unit multifamily community located at 3311 Mountainbrook Ave. in North Charleston. Mark Boyce and Blake Coffey of Berkadia arranged the transaction on behalf of the seller, PEM Real Estate Group. Lurin Capital acquired the asset. Constructed in 1970, Ashley Village Townhomes includes one- to three-bedroom floor plans and features a renovated clubhouse, business center, fitness center, pool, playground and a laundry room.
HILLSBORO, ORE. — MG Properties Group has purchased the 340-unit Thorncroft Farms Apartments in Hillsboro for $97.5 million. The community is located at 2120 N.W. Thorncroft Drive. Thorncroft Farms was built in 1998. It is situated within three miles of the Intel headquarters campus and within four miles of Nike’s headquarters. HFF’s Ira Virden and Carrie Kahn represented the seller, Berkshire Group. CBRE’s Brian Eisendrath and Cameron Chalfant arranged financing.
NATIONAL CITY, CALIF. — Walker & Dunlop Inc. (NYSE: WD) has structured an $82 million loan for Paradise Village, located just outside of San Diego in National City. Built in 2009, Paradise Village consists of seven four-story buildings and 394 units of independent living, assisted living and memory care. The 10-year loan provided a two-year period of interest-only payments and a 30-year amortization schedule for Generations Senior Living. The financing replaced a previous construction loan and provided cash to enable the financing of an adjacent, newly developed memory care facility. The transaction for the Class A community represents Fannie Mae’s first Green Rewards loan backed by a seniors housing property, according to Walker & Dunlop. Jeff Ringwald and Bill Jackson led the Walker & Dunlop team.
EMERYVILLE, CALIF. — Decron Properties Corp. has acquired the 220-unit Bridgecourt apartment complex in Emeryville for $87.4 million. The community is located at 1325 40th St. Bridgecourt contains a mix of one- and two-bedroom units, ranging from 554 square feet to 1,179 square feet. Common area amenities include a pool, spa, sauna, outdoor barbecue with seating area and a dog park. Decron plans to complete a renovation program started by the seller, which included interior upgrades to 126 of the units, featuring black/stainless steel appliances, quartz countertops, tile backsplash, new cabinet doors and drawers, and upgraded lighting. Decron will also perform additional upgrades to the common areas. Moran & Co. represented both Decron and the seller, a joint venture between Bascom Group and Carlyle Group, in this transaction.
OMAHA — Cushman & Wakefield/The Lund Co. has brokered the sale of Grandridge Apartments in Omaha for an undisclosed price. The 470-unit apartment property is located at 5439 N. 100th Plaza along I-680. Scott Koethe of Cushman & Wakefield/The Lund Co. represented the New York-based seller. Monarch Investment & Management Group purchased the asset.
CLEVELAND — KeyBank Real Estate Capital has provided $14.9 million in Fannie Mae financing for the acquisition of three affordable housing properties located in North Carolina, Texas and Wisconsin. One of the properties, Aspenwood Glen, is a 120-unit property in Milwaukee. The large majority of the one- and two-bedroom units at the property are reserved for tenants earning 30 to 60 percent of the area median income. John Gilmore IV and Jeff Rodman of Cleveland-based KeyBank originated the loans on behalf of the borrower, Harmony Housing, which is a nonprofit organization dedicated to providing safe and clean affordable housing throughout the United States.
WOODBURN, ORE. — Lancaster Pollard has arranged an $8.8 million HUD refinancing for Heartwood Memory Care Community in Woodburn. The 48-bed community offers exclusively memory care services. The owner sought long-term financing after a successful opening in 2014. The new FHA-insured structure allowed the borrower to refinance senior and mezzanine construction financing into a non-recourse, 35-year, fixed-rate loan. Matt Lindsay and Casey Moore led the transaction for Lancaster Pollard.