NEW BRANFELS, TEXAS — San Antonio Commercial Advisors (SACA), an independently owned and operated member of the Cushman & Wakefield Alliance, has brokered the sale of Veranda at Landa, a 61-unit apartment community located near Landa Park in New Braunfels. The property was built in 1964 and renovated in 2013 and 2015. Veranda at Landa sits on 2.8 acres with eight, two-story buildings. Amenities include a swimming pool and dog park. SACA’s Brandon Lo Porto and Scott Weems arranged the transaction on behalf of the seller.
CHATTANOOGA, TENN. — PointOne Holdings has purchased The Springs at Chattanooga, a 260-unit, garden-style apartment community located in Chattanooga. Built in 2015, The Springs will be rebranded as Hunters Point. Community amenities include a resort-style swimming pool, clubhouse with free Wi-Fi, coffee bar, business center, 24-hour fitness center, outdoor kitchens, dog park, pet spa, car care center and garages. Units average 963 square feet and feature garden tubs, washer/dryer connections, patios or balconies, bay windows and walk-in closets. PointOne plans to invest $650,000 in capital improvements to the property.
SANTA ROSA, CALIF. — Bridge Partners has purchased the 180-unit Sonoma Ridge Apartments in Santa Rosa for $44.6 million. The community is located at 2900 St. Paul Drive. Sonoma Ridge was built in 1974. The property is adjacent to the Bennett Valley Golf Course and Annadel State Park. Stan Jones, Philip Saglimbeni and Salvatore Saglimbeni of Institutional Property Advisors represented both the buyer and the seller, CORE Realty Holdings Management, in this transaction.
MOUNTAIN VIEW, CALIF. — ROEM Development Corp. has opened the 116-unit Evelyn Family Apartments in Mountain View. The $64 million affordable housing community is located at the southwest intersection of East Evelyn and South Bernardo avenues. The property was built using 4 percent low-income housing tax credits. Citi Community Capital provided $32 million in tax-exempt construction financing. AEGON provided investment support, with the City of Mountain View providing an additional $22.3 million. The architect is Withee Malcolm Architects. The nonprofit partner is Pacific Housing. The general contractor is ROEM Builders.
LAS VEGAS — Starlight Investments Ltd. has purchased the 320-unit South Blvd apartment community in Las Vegas for $53.6 million. The community is located at 10200 Giles St. South Blvd is situated 15 minutes from the Las Vegas Strip. Its units feature granite countertops, full-size washer and dryer sets, dark wood cabinetry, stainless steel kitchen appliances and private entries. Community amenities include two resort-style pools, a sun bathing pool, spa, e-lounge, executive business center, movie theater with stadium seating, 24-hour fitness center, designated pet area and complimentary coffee café. JLL’s John Cunningham and Charles Steele represented the seller, the Praedium Group, in this transaction.
FORT LEE, N.J. — Tucker Development, in partnership with Kushner Real Estate Group and a fund managed by Ares Management, has opened the first phase of residential apartments and a portion of the retail component at the 1 million-square-foot Hudson Lights project in downtown Fort Lee. Situated at the base of the George Washington Bridge, the 276-unit residential property features a pool, lounge, fitness center, yoga room, kids play area and rooftop terrace and gardens. The developer has also opened an eight-screen, 533-seat iPic movie theater at the project. The theater includes City Perch Kitchen & Bar, an in-theater restaurant that allows guests to order food and drinks from a personal server. Additional signed tenants include Paris Baguette, Gaonnuri Restaurant, Anthony Franco’s Pizza, 16 Handles, CVS/pharmacy, Capital One Bank, CycleBar, SeeSaw, Linwood Wines, European Wax Center, Tutti Nails & Spa and Coldwell Banker.
PHILADELPHIA — HFF has arranged the sale of Lennox Apartments, a mid-rise apartment building located at 232-242 W. Walnut Lane in Philadelphia’s Mount Airy neighborhood. Premier Properties sold the 156-unit property to a New York-based private group for $12.7 million. At the time of sale, the studio, one-, and two-bedroom property was 94 percent leased. Carl Fieberg and Mark Thomson of HFF represented the seller in the deal. Additionally, James Conley of HFF secured $9.5 million in acquisition financing for the buyer, which purchased the property free and clear of existing debt.
GAINESVILLE, GA. — Oak Hall Cos. and Jim Chapman Communities have revealed development plans for a 206-acre, mixed-use, age-restricted community in Gainesville, approximately 55 miles northwest of Atlanta. The developers plan to start construction in spring of 2017. The community will feature a total of 739 residential units, all restricted to residents age 55 and older. The units are composed of 248 single-family detached homes, 32 cottages, 107 terrace homes, 27 stacked flats, 175 independent living units and 150 assisted living/memory care units. The yet-to-be-named community will also feature 1.1 miles of Lake Lanier frontage with 140 boat slip docks, as well as 24,000 square feet of retail, office and restaurant space. A large clubhouse and outdoor swimming pool are part of the master plan, as are paved sidewalks throughout the community. The developers intend to donate land to the city of Gainesville to build a new fire station.
ATLANTA — Grandbridge Real Estate Capital’s Seniors Housing and Healthcare Finance Group has arranged $125 million in financing for the acquisition of four independent living communities in four states. Details on the buyer, seller and specific communities were not disclosed. The financing was arranged as $25 million in supplemental loans and $100 million in assumption loans, which replace existing loans Grandbridge previously arranged for the seller. All the loans are through Fannie Mae. Grandbridge’s Atlanta-based Seniors Housing and Healthcare Finance Group offers construction, non-recourse acquisition/bridge and permanent financing options to seniors housing owners nationwide.
MONTGOMERY COUNTY, MD. — Ibdar Bank, a Bahrain-based wholesale Islamic investment bank, has purchased a 326-unit apartment community in Montgomery County for $78 million. Built in 2001, the garden-style property is situated roughly 25 miles from downtown Washington, D.C. Ibdar Bank will renovate the asset, which is expected to yield a more than 9 percent return on investment. The seller and the name of the property were not disclosed.