MINNEAPOLIS — Marcus & Millichap has brokered the sale of Second Street Lofts, located at 129 N. 2nd St. in the historic North Loop neighborhood of Minneapolis, for $9.1 million. The property consists of 39 apartments and three ground-level office suites. Mox Gunderson, Dan Linnell, Josh Talberg and Chris Collins of Marcus & Millichap’s Minneapolis office represented the buyer, a private investor, and the seller, a limited liability company.
TEANECK, N.J. — HFF has closed the sale of, and secured financing for, Heritage Pointe of Teaneck, a 142-unit independent living facility located at 600 Frank W. Burr Blvd. in Teaneck. The firm marketed the property on behalf of the seller, Lowe Enterprises Investors, to an undisclosed buyer. Additionally, HFF secured a $33.2 million floating-rate loan on behalf of the buyer through Investors Bank and TIAA Direct, a division of TIAA-CREF Trust Co. FSB. Completed in 2004, the four-story property features 45 one-bedroom, 94 two-bedroom and three three-bedroom units, averaging 1,045 square feet. On-site amenities include a restaurant-style dining room, exercise room, wellness room, arts and crafts room, card room, resident lounge with fireplace, business center, recreation room, hair and nail salon, and tennis courts. The property was 97.2 percent occupied at the time of sale. Ryan Maconachy, Chad Lavendar, Jose Cruz, Kevin O’Hearn and Michael Oliver of HFF brokered the transaction, while Steven Klein, also of HFF, arranged the financing.
NEW YORK CITY — Brooklyn Standard Properties (BSP) has acquired a four-story, mixed-use building located at 116 Bedford Ave. in Brooklyn’s Williamsburg neighborhood. FAO Corp. sold the 6,000-square-foot property for $5.2 million. The building features eight apartment units, which BSP plans to convert into four two-bedroom units, one three-bedroom unit and a one-bedroom unit. BSP also plans to extend the rear of the building by 1,000 square feet on the first floor, converting the ground-floor space into a 2,500-square-foot commercial space. Brendan Maddigan of Cushman & Wakefield represented the seller in the transaction.
LONG BEACH, CALIF. — CBRE Group Inc. (NYSE: CBG) has arranged the sale of the Bellagio Manor, a 208-bed assisted living facility located in Long Beach, to Glen Park at Long Beach Inc. for $8.2 million. The two-story property is 51,000 square feet, situated on 1.16 acres. The price per bed was $39,423. The facility was only 53 percent occupied at the time of sale, but the buyer saw opportunity in high demand in the area, according to CBRE. CBRE healthcare team members Bryan Lewitt and Chris Isola represented the seller, Bellagio Manor Inc.
WAXAHACHIE, TEXAS — California-based KD Real Property Investments LLC has acquired a 72-unit, Class A apartment complex in Ellis County from a north Texas investor in an off-market transaction. Arlington-based Mercury Metroplex Real Estate IV LLC was the seller. Sam Pettigrew III of Dallas-based Cantrell Co. & Partners was the deal’s sole broker. The complex is known as Bella Vita Apartments and was 99 percent occupied at the time of sale. The seven-building, gated complex at 380 Solon Road was a purpose-built project for residents aged 55 and over. Units at Bella Vita range from 840 square feet to 1,075 square feet and include either one or two bedrooms. Amenities include a walking trail, club room, business center, library, fitness center and pool.
COLLEGE STATION, TEXAS — VistaPointe Partners has secured a $29.6 million construction loan for a student housing development in College Station. VistaPointe Partners secured the financing on behalf of the project’s developer, Holleman-College Station LP. Located at the southwest corner of Harvey Mitchell South/State Highway 2818 and Holleman Drive, the 432-unit development is 1.9 miles from the Texas A&M University campus and will include 792 beds. Construction has commenced and the project is slated to open in August 2016.
SANFORD, FLA. — New York Life Real Estate Investors has originated a $41.3 million acquisition loan for Elan Towne Center Apartments, a 360-unit, Class A multifamily community in metro Orlando. The property is located at 12500 Solstice Loop in Sanford. The apartment community’s amenity package includes a swimming pool, sundeck with outdoor TVs and a fire pit, a tanning salon, walking trails, dog park, detached garages, cyber café and coffee bar, fitness center, movie theater, business center and an outdoor kitchen. Paul Ahmed of Walker & Dunlop’s Fort Lauderdale office arranged the 15-year loan with five years of interest-only payments.
OAK RIDGE, TENN. — Adobe Properties has purchased Centennial Village Apartments, a 252-unit, Class A apartment community in Oak Ridge, roughly 25 miles northwest of Knoxville. The property sits on the shores of Melton Hill Lake and features a saltwater swimming pool, fitness center and cyber café. The apartment community is also adjacent to the Oak Ridge National Laboratory, which employs more than 4,400 scientists and engineers. Abode Properties is a subsidiary of Transcontinental Realty Investors Inc. (NYSE: TCI), a Dallas-based real estate investment company.
BOYNTON BEACH, FLA. — ARA Newmark has arranged the sale of Advenir at Colony Club, a 214-unit, garden-style apartment community located in Boynton Beach. Constructed in 2004 and 2005, the property’s amenity package includes full-size washers and dryers, complimentary Wi-Fi, alarm systems, balconies and patios, gourmet kitchens, one- and two-car garages, automated gate access, a sauna, swimming pool and spa, fitness center, clubhouse, basketball court, playground, picnic area and tennis courts. Advenir at Colony Club was 94 percent occupied at the time of sale. Hampton Beebe, Avery Klann, Troy Ballard, Marc deBaptiste and Richard Donnellan of ARA Newmark represented the seller, Florida-based Advenir, in the transaction. Greystar purchased the property for an undisclosed price.
KANSAS CITY, MO. — Berkadia has brokered the sale of Northeast View Apartments located at 222 Garfield Ave. in Kansas City. Built in 1972, the 137-unit property features one-, two- and three-bedroom floor plans. Trinity-Northeast View LLC of Chicago sold the property to California-based Kci-Northeast View. The property is less than three miles from LEGOLAND Discovery Center and two miles from downtown Kansas City. Additionally, Berkadia brokered the sale of Arbor Crossings located at 834 Sheridan Road in Muskegon Township, Mich., approximately 46 miles north of Grand Rapids. Built in 1995, the 18-unit property sold for $4.25 million and offers one-, two- and three-bedroom floor plans. Arbor Crossings is less than four miles from downtown Muskegon and less than two miles from Muskegon Community College. Read Property Group of New York bought the property from Sterling Group Inc. of Mishawaka, Indiana.
