SAN JOSE, CALIF. — A joint venture between Community Preservation Partners (CPP) and Jamboree Housing has purchased the 144-unit Monte Vista Gardens apartments in San Jose for $53 million. The affordable housing community is located at 2601 Nuestra Castillo Court. CPP will invest more than $5.5 million to rehabilitate the community. The acquisition secures a series of tax incentives that will keep 80 percent of the units at affordable levels, while the other 20 percent will remain set by the open market. The rehab will commence in August and conclude next April.
LOS ANGELES — MWest Holdings has purchased the Park Wilshire Apartments in Los Angeles for an undisclosed sum. The community is located at 2424 Wilshire Blvd. Park Wilshire originally opened in 1924 as a residential hotel. MWest plans to renovate the space. Greg Harris, Ronald Harris, Paul Darrow and Joseph Grabiec of Marcus & Millichap’s Institutional Property Advisors represented the buyer.
LAKEWOOD, COLO. — An unnamed buyer has acquired the 12-unit Cedar Creek apartments in Lakewood for $2.3 million. The community is located at 8721- 8761 W. Hampden Ave. Cedar Creek was built in 2007 and 2008. The acquisition equates to $193,833 per unit and $135.29 per square foot. Josh Newell and Connor Knutson represented both the buyer and local seller in this transaction.
BEVERLY, MASS. — Barnat Development has been selected by the Massachusetts Bay Transit Authority (MBTA) to develop a mixed-use, transit-oriented project at 112 Rantoul St. in Beverly. Located adjacent to the Beverly Depot Garage, the project will feature 70 apartment units and more than 3,000 square feet of ground-floor retail space. Additionally, the project will utilize the existing parking in the MBTA garage to serve the new residences and retail. The project’s total capital investment is $20 million, and permitting is expected to occur this fall.
NEW YORK CITY — Margules Properties has acquired a multifamily property located at 86-50 77th St. in the Woodhaven section of Queens. Woodhaven Realty sold the 55,000-square-foot building for $12.6 million. Built in 1928, the property features 60 apartment units. Uri Shoshana of Eastern Union arranged acquisition financing for the transaction, while Ronda Rogovin of Eastern Consolidated brokered the deal.
NEW YORK CITY — Alpha Realty has arranged the sale of a mixed-use building located at 243 Troy Ave. in the Crown Heights section of Brooklyn. Witnick Real Estate Group acquired the building from Up Realty LLC for $3.7 million, or $370 per square foot. The 10,135-square-foot building features 12 apartments and five retail stores. Lev Mavashev and Jacob Aronov of Alpha Realty brokered the off-market transaction.
WACO, TEXAS — CBRE Capital Markets’ debt and structured finance team has arranged $38 million in construction financing for the development of a student housing property near Baylor University. Benjamin Roelke of CBRE’s Dallas office arranged the three-year, interest-only loan with extension options on behalf of the developer, Park 7 Group. Financing was provided by three different regional and commercial banks. The property, Park Place at Baylor, will be located at 909 Baylor Ave. and include 724 beds in 261 units. The property will be within a five-minute walk to Baylor’s campus. The five-story, mid-rise property will provide amenities including a swimming pool and hot tub, cabanas, sand volleyball court, outdoor fireside lounge, grilling areas, gaming rooms, fitness studio, study areas and a computer center. Park Place at Baylor is scheduled for completion in summer 2017.
HURST, TEXAS — Marcus & Millichap has arranged the sale of Cavender Manor Townhomes, a 74-unit apartment property located in Hurst. Nick Fluellen, Bard Hoover and Evan Burke of Marcus & Millichap’s Dallas office marketed the property on behalf of the seller, a limited liability company. Hoover and Burke procured the buyer, an individual/personal trust. Cavender Manor Townhomes is located at 1233 Cavender Drive. Built in 1965, the property includes one-, two- and three-bedroom units averaging 857 square feet. Since 2014, more than $210,000 has been spent on capital improvements throughout the property.
PROSPECT, KY. — Passco Cos. LLC has purchased The Veranda, a 236-unit apartment community located at 9506 Civic Way in Prospect, a suburb of Louisville. Passco acquired the property from The Veranda’s developer, Bristol Development, for $50.4 million. Built in 2015, the community is situated within Norton Commons, an upscale master-planned development that features Norton Hospital. The Veranda features 20 different floorplans and unit interiors include wood flooring, gourmet kitchens with granite countertops, stainless steel appliances, ceramic tile backsplashes and custom cabinetry. Craig Collins of Cushman & Wakefield/Commercial Kentucky, along with Mike Kemether of Cushman & Wakefield’s Atlanta office, represented Bristol Development in the transaction.
CHESTERFIELD, VA. — SunTrust Bank has provided $21.2 million in financing to add independent living cottages and home healthcare services to Lucy Corr Village, a continuing care retirement community (CCRC) in the Richmond suburb of Chesterfield. Originally a skilled nursing facility, the nonprofit Lucy Corr Village is now the only seniors housing community south of the James River that offers the full continuum of care, according to the owners. SunTrust structured three separate loans to refinance Lucy Corr’s existing bond debt, resulting in interest cost savings that can be used for the future projects. This is the third time in the last decade that Lucy Corr Village has added new independent living units. The number of units in the expansion and other details were not disclosed.