NEW YORK CITY — GFI Realty Services has arranged the sale of a development site located at 11 E. 115th St. in East Harlem. The 46,867-square-foot property sold for $10 million in an off-market transaction. Yosef Katz of GFI represented the buyer, Albert Rabizadeh, and the seller, Rubin Schron’s Cammeby’s International, in the transaction. The buyer is currently developing plans for a rental community to be constructed on the site.
FRAMINGHAM, MASS. — Brendon Properties has acquired Marist House Retreat Center at 518 Pleasant St. in Framingham. Marist Fathers of Boston sold the two-building property, which totals 50,077 square feet, for $4 million. The buyer plans to redevelop the 28.7-acre property into a seniors housing townhome community. The property includes a 45,000-square-foot, 70-bed former seminarian residence, a chapel, support space and administration offices. Robert Cronin and Kevin Brawley of Colliers arranged the transaction. Brendon Properties is a builder of age-restricted developments in the MetroWest region.
HEATHROW, FLA. — ARA Newmark has brokered the $44.8 million sale of Pure Living Heathrow, a 252-unit, garden-style apartment community in Heathrow, a suburb of Orlando. The property was 94 percent occupied at the time of sale. Built in 2009, the Class A community features nine- and 10-foot ceilings, granite countertops, stainless steel GE appliances, smoke-glass privacy walls and hardwood flooring in select units. The property’s amenity package includes 24-hour gated entry, on-site dry cleaning, a putting green, sand volleyball court, Zero Edge pool, Infinity Edge Champagne spa, rooftop clubroom, lounge and sun deck. Patrick Dufour, Kevin Judd, Scott Ramey, Marc deBaptiste and Dick Donnellan of ARA Newmark represented the seller, PME Providence LLC, in the transaction. Toronto-based Starlight Investments Ltd. was the buyer.
SMYRNA, GA. — Wood Partners has opened Alta Belmont, a new 274-unit apartment community in Smyrna, a northwest suburb of Atlanta. The luxury apartment community is the multifamily component of Belmont, a 48-acre mixed-use development that Halpern Enterprises is developing in Smyrna. Wood Residential Services, Wood Partners’ property management division, is managing the property. Alta Belmont is located within walking distance of The Shops at Belmont, the new Smyrna Elementary School and the Smyrna Community Center, which features indoor sports courts, a track, fitness area and game rooms. Alta Belmont features a saltwater aqua lounge, sun deck, grilling station, resident lounge and a fitness center. This project is Wood Partners’ 22nd multifamily community in Georgia, where the Atlanta-based national multifamily investment firm has added more than 6,500 units.
CARMICHAEL, CALIF. — CBRE National Senior Housing has arranged a $12 million, fixed-rate loan from Fannie Mae to refinance Winding Commons, a 100-unit independent living community in metro Sacramento. The borrower is Sacramento-based Ray Stone Inc. (RSI), the community’s operator since it opened in 2003. RSI manages six communities in California comprising over 800 units. Aron Will, executive vice president of CBRE National Senior Housing, and Kevin Randles, senior vice president of CBRE’s Debt and Structured Finance office in Sacramento, led the transaction.
PHOENIX — Grandbrige Real Estate Capital’s seniors housing and healthcare finance team has arranged a $10.5 million refinancing for Avista North Mountain, an assisted living, memory care and independent living community in Phoenix. The community comprises 134 units. BB&T Real Estate Funding provided the capital.
AMES, IOWA — Vesper Holdings has acquired a 540-bed student housing community in Ames, which is 35 miles north of Des Moines. University Plains was built in 2001 and is located near Iowa State University. The property is comprised of 12 three-story residential buildings and a clubhouse spread across a 10-acre site. Vesper purchased University Plains from a group of tenant-in-common owners. The property was acquired through an off-market transaction for $18.5 million. Vesper plans to execute $2 million worth of renovations. Amenities include a swimming pool, hot tub, fitness center, computer center, game room, study area, tanning beds, volleyball court, basketball court, and location on the University shuttle route. The property is currently 99 percent occupied. Vesper Holdings is a privately held real estate investment firm based in New York City.
CHICAGO — Essex Realty Group Inc. has brokered the sale of Argyle Street Properties located at 1261-1301 and 1338-1354 W. Argyle St. The properties are located in Chicago’s Uptown neighborhood and sold for $17.1 million. The properties consist of 60 studio, 96 one-bedroom, one two-bedroom/two-bath, and one three-bedroom/one-and-a-half bath units. The buildings have operated at or above 95 percent occupancy for the past five months, according to Essex. Doug Imber and Kate Varde of Essex Realty brokered the transaction. Essex Realty Group Inc. specializes in the sale of investment real estate throughout the Chicago metropolitan area.
HIGGINSVILLE, MO. — Lancaster Pollard has arranged funding for a refinance and renovation of John Knox Village East in Higginsville, which is 50 miles east of Kansas City. John Knox Village East is a senior living facility that features both intermediate care and skilled nursing beds and is managed by Life Care Services. The renovation will increase the number of skilled nursing beds, adding 16 private beds in a new wing. Lancaster Pollard worked with local banks to provide construction financing for the renovation and also obtained permanent financing via a $7.1 million loan insured by the USDA Community Facilities program. Mike Ashley led the transaction for Lancaster Pollard.
ST. LOUIS — Catamount Capital LLC has sold a multi-family property located at 4404 McPherson Ave. in St. Louis to Everest 4400 McPherson LLC for an undisclosed price. Catamount acquired the property, Hampden Hall Apartments, in 2010 for $4.5 million.