GAINESVILLE, FLA. — Pierce Education Properties LP has acquired The Pavilion on 62nd, a 990-bed student housing community located just west of the University of Florida (UF) campus in Gainesville. The 312-unit, garden-style community offers two-, three- and four-bedroom, fully furnished units with bed to bath parity, full-sized appliances, washers and dryers and balconies. Community amenities include two resort-style pools, a 24-hour fitness center, outdoor basketball court, upgraded game room and high-speed internet access. In addition to UF, The Pavilion also serves Santa Fe College students. KeyBank Real Estate provided acquisition financing for the transaction.
JONESBORO, GA. — KeyBank Real Estate Capital has provided a $14 million Fannie Mae loan for Villas by the Lake, a 256-unit apartment community in Jonesboro, a southern suburb of Atlanta. Built in 2003, the property’s amenities include an outdoor swimming pool, fitness center, clubhouse, tennis court, business center, detached garages, controlled access gates, grilling areas and lake views. Caleb Marten of KeyBank Real Estate’s commercial mortgage group arranged the acquisition loan on behalf of the undisclosed borrower.
HOMOSASSA, FLA. — Capital One has provided an $11 million, fixed-rate Fannie Mae loan to refinance Sunflower Springs Assisted Living Community, a 72-unit facility in Homosassa, approximately 60 miles north of Tampa. The property was built in 2009. Allison Holland of Capital One originated the12-year loan on behalf of the undisclosed borrower.
FORT WORTH, TEXAS — CBRE Group, through its FHA lending platform, has refinanced Westpoint at Scenic Vista, a market rate apartment community located in Fort Worth. The $25,164,600 loan was funded through HUD’s Section 223(f), providing a 35-year, fully amortizing, fixed rate and non-recourse loan structure. The loan will finance the rehabilitation of Westpoint at Scenic Vista, a 264-unit garden-style apartment complex with 132 one-bedroom units and 132 two-bedroom units constructed in 2008. The project is located on the east side of West Loop 820 South Frontage Road and Deerbrook Drive, 10 miles west of downtown Fort Worth with access to I-30 and I-820. Chad Ricks of CBRE originated the financing of Westpoint at Scenic Vista. CBRE is a direct FHA lender offering the full array of FHA-insured financing for both multifamily and healthcare.
DALLAS — Old Capital has provided a $10.9 million loan for Sedona Ridge Apartments in Dallas. An out-of-state ownership group purchased the 317-unit, stabilized asset. Old Capital provided a Fannie Mae non-recourse loan with a 30-year amortization schedule.
LOS ANGELES — An undisclosed buyer has purchased the 90-unit Vista Catalina apartment complex in the Los Angeles County submarket of Rancho Palos Verdes for $40.1 million. The community is located at 6507-6510 Ocean Crest Drive. Vista Catalina was built in the early 1970s and renovated between 2010 and 2012. Ron Harris, Paul Darrow and Michael DiSimone of Institutional Property Advisors represented both the buyer and seller in this transaction.
NEWARK, N.J. — Chicago-based Tucker Development has delivered 24 Jones, an apartment complex located adjacent to the new Springfield Avenue Marketplace in the University Heights neighborhood of Newark. The 152-unit property features a mix of studio, one- and two-bedroom apartment layouts. The units feature stainless steel appliances, hardwood floors and in-unit washers/dryers. On-site amenities include a modern fitness center, secured parking lot, 24-hour doorman and WiFi throughout the common areas.
NEWARK, N.J. — Rutgers University-Newark has partnered with RBH Group to develop a 400-bed learning and residence facility with dining, recreational and academic spaces in downtown Newark. The $70 million Honors Living-Learning Community will feature residences, classrooms/work spaces, street-level retail and parking, as well as open space for students and the surrounding community. Designed by Perkins Eastman, the 320,000-square-foot property will include 30,000 square feet of retail space. Construction is slated to begin late this year, with completion scheduled for 2018.
GREENVILLE, S.C. — Elevation Financial Group LLC has sold the 200-unit Serenity Apartments in Greenville for $9.3 million through its Elevation Real Property Fund IV investment fund. The South Carolina office of Berkadia Real Estate Advisors LLC brokered the transaction. Elevation Financial purchased the asset in 2014 for $3.8 million and increased the property’s net operating income by 320 percent after 15 months of ownership. Elevation Financial invested in capital improvements to Serenity Apartments prior to the sale, including replacing all the property’s windows and creating a new leasing office.
DELAND, FLA. — Brookdale Senior Living has announced plans to add 32 memory care units and 42 assisted living units to Brookdale DeLand, the company’s community in DeLand, approximately 40 miles north of Orlando. The cost of the expansion will be $8 million. In addition to the new units, the project will add an onsite therapy gym to the community. Brookdale is the largest owner and operator of seniors housing properties in the United States.