MANITOWOC, WIS. — MBH Investment Real Estate LLC has arranged the sale of Meadowbrook Apartments in Manitowoc, in eastern Wisconsin, for $3.4 million. The 94-unit apartment property is located at 1704 Meadowbrook Drive. The complex features seven two-story buildings consisting of one- and two-bedroom units. The property was constructed in the late 1970s. Amenities include patios, a picnic pavilion, storage units and 40 garage parking spaces. The property was approximately 85 percent occupied at the time of sale. A private partnership of TW Meadowbrook LLC and CD Meadowbrook LLC purchased the property. Matson Holbrook of MBH brokered the transaction on behalf of the seller, Doneff Asset Co. LLC.
CHERRY HILL, N.J. — Hammond Hanlon Camp LLC, a healthcare-focused investment banking firm, has arranged the sale of Cadbury at Cherry Hill, a continuing care retirement community in the Philadelphia suburb of Cherry Hill. Premier Healthcare Management bought the property, which features 138 independent living units, 64 assisted living units and 108 skilled nursing beds.
BELLPORT, N.Y. — A joint venture between Pantzer Properties Inc. and Savanna has sold Atlantic Point Apartments in Bellport, on Long Island, for $208 million. The 795-unit apartment community is located at 1220 Orchid Circle. The community was built in two phases in 2003 and 2004. Situated on 115 acres, the property comprises 137 two-story buildings totaling 183 one-bedroom, 346 two-bedroom and 266 three-bedroom apartment units. The units average 1,133 square feet. Amenities include outdoor swimming pools, tennis courts, and a two-story clubhouse with a fitness center, locker rooms, half-court basketball court, media room, business center, community room and kitchen/bar area. The property was 96 percent leased at the time of sale. Jose Cruz, Kevin O’Hearn, Michael Oliver and Stephen Simonelli of HFF represented the seller in the deal. The buyer was not disclosed. Pantzer Properties is an East Coast-based apartment owner with nearly $3 billion in real estate assets. Savanna, a real estate investment manager and institutional fiduciary based in New York City, focuses on property investments throughout the city’s five boroughs. Since 2006, the company has invested over $3 billion in properties totaling nearly 14 million square feet. —Kristin Hiller and Amy Works
CHESTERFIELD, MO. — Berkadia has arranged the sale of and financing for Watermark at Chesterfield Village, a 12.7-acre multifamily site located in Chesterfield. Watermark Residential purchased the land site with plans to complete construction in late 2018. The property will be located at the southwest corner of Chesterfield Parkway and Lydia Hill Drive. Sachs Properties was the seller. Kenneth Aston and Andrea Kendrick of Berkadia completed the land sale on behalf of the buyer. Kevin Kozminske and Michael Duggan of Berkadia arranged the financing, securing a $52 million loan through Simmons Bank.
GREENWOOD, IND. — KeyBank Real Estate Capital has provided a $49.7 million loan for the construction of The Gables Apartments in Greenwood, south of Indianapolis. Herman & Kittle Properties Inc. will develop and own the property. The affordable housing complex will consist of 274 units, with 222 set aside for low-income families. Construction is slated for completion in 2018. KeyBank provided a $23.4 million construction loan, a $17 million Freddie Mac tax exempt loan and $9.3 million in the form of Low Income Housing Tax Credit equity. Al Beaumariage, Kyle Kolesar and Victoria O’Brien of KeyBank arranged the financing.
MELBOURNE, FLA. — Cushman & Wakefield has arranged the $42 million sale of Highlands Viera West, a 240-unit, Class A apartment community located at 2185 Judge Fran Jamieson Way in Melbourne, a town along the Atlantic Ocean in Brevard County. Atlanta-based JMG Realty Group purchased the asset from Atlanta-based Branch Properties for roughly $175,000 per unit. Built in 2007 on 14.8 acres, the community includes one-, two- and three-bedroom loft and townhome units averaging 1,265 square feet. Community amenities include a resort-style swimming pool, poolside kitchen and grilling area, a gazebo, fitness club with a cardio room, wine tasting lounge, billiards room with plasma TVs, internet café, media center with surround sound, elevators, covered parking, car care center and a walking trail to The Avenue Viera and Viera Market Center. Jay Ballard and Ken Delvillar of Cushman & Wakefield’s Orlando office represented Branch Properties in the transaction.
BLOOMINGTON, IND. — FM Capital has acquired a 408-bed student housing portfolio near Indiana University. The purchase price was not disclosed. The portfolio consists of five buildings adjacent to campus and downtown Bloomington. FM Capital plans to upgrade the properties with amenities such as advanced roommate matching, high-speed internet, spacious lounge and study areas, business-class printing options, events, job fairs and full concierge services accessed through a mobile app.
PATERSON, ORANGE, EAST ORANGE, METUCHEN, OLD BRIDGE, HAZLET AND EAST WINDSOR, CONN. — Kline Enterprises has completed the disposition of a 1,009-unit affordable housing portfolio of seven properties in Paterson, Orange, East Orange, Metuchen, Old Bridge and East Windsor. A joint venture between Hudson Valley Property Group, Red Stone Cos. and Wheelock Street Capital acquired the portfolio for $180 million. Community Realty Management will act as third-party property manager for the portfolio, while retaining the majority of the existing staff members at each of the properties. Walker & Dunlop and Fannie Mae provided acquisition financing. Goodwin Procter LLP, Nixon Peabody LLP and Berman Indictor LLP served as counsel for the buyer in the transaction. Jamie Renzenbrink and Gene Levental of SVN Affordable | Levental Realty brokered the transaction.
WATERBURY, WOLCOTT AND SOUTHINGTON, CONN. — The NHP Foundation-Urban Atlantic Fund I has acquired a four-property seniors housing portfolio in Connecticut for $43 million. The 404-unit portfolio consists of studio, one- and two-bedroom units, with all units contracted for the Project-based Section 8 Housing Assistance Program. The properties are the 150-unit Exchange Place Tower Apartments, located at 44 Center St. in Waterbury; Countryside Apartments I & II, located at 12 Wolf Hill Road in Wolcott and totaling 109 units; and the 145-unit Flanders West Apartments, located at 1 Darling St. in Southington. The name of the seller was not released. The equity fund is a joint venture between PNC Bank, Urban Atlantic and The NHP Foundation.
SOUTHEAST PENNSYLVANIA — KeyBank Real Estate Capital’s Healthcare platform has arranged an acquisition loan for Baltimore-based Capital Health Group for the acquisition of a three-property seniors housing portfolio in Southeast Pennsylvania. Shortly after acquisition, Capital Health Group refinanced the acquisition/bridge loan through a series of three separate Fannie Mae financings originated by KeyBank’s Commercial Mortgage Group. The properties feature more than 500 units across the three properties. Grant Saunders and Jay Jordan of KeyBank’s Healthcare Group originated the initial acquisition financing, while Charlie Shoop of KeyBank’s Commercial Mortgage Group arranged the Fannie Mae financing.