ORLANDO, FLA. — Orlando-based Roger B. Kennedy Inc. has broken ground on Zen Luxury Living Apartments, a four-story, 258-unit apartment community located at 10463 Perrihouse Acres Lane in Orlando. The property will be located near State Road 535 and adjacent to the Hyatt Regency Grand Cypress. Roger B. Kennedy has a $30 million contract with Orlando-based developer Zen Luxury Living LLC to construct the property. Maitland, Fla.-based Slocum Platts Architects designed the apartment community, which is slated for an October 2016 completion.
CHICAGO —Marcus & Millichap brokered the sale of a 4,050-square-foot plot located in Lincoln Park at 738 W. Schubert Ave. in Chicago. The property sold for nearly $1.1 million. The lot is 25 feet wide by 162 feet deep and has RT-4 zoning (three flat, townhouses). The buyer plans on demolishing a vacant building currently on the land. Kyle Stengle of Marcus & Millichap’s Chicago office had the listing to market the property on behalf of the seller, a private investor. Stengle also secured the buyer, a local developer.
FONTANA, CALIF. — The Bascom Group LLC has acquired Courtyard Senior Apartments, a 344-unit independent living community in Fontana, for $31.2 million ($90,552 per unit). Built in 1989, Courtyard Senior Apartments consists of four three-story buildings on 8.5 acres. Gary Mozer and Katie Rodd of George Smith Partners arranged the debt financing, with One West Bank providing the new loan. Stephen Peters of Melody West was the broker for the sale. This marks Bascom’s 14th recent California acquisition and comes on the heels of the closing earlier this month of The Square Apartments, a 112-unit garden style apartment community in Downey, Calif., for $25.5 million. Bascom is a Irvine, Calif.-based private equity firm specializing in multifamily, commercial, and non-performing loans and real estate related investments and operating companies.
NEWCASTLE, WASH. — Seniors housing developer Aegis Living has broken ground on Aegis Gardens in Newcastle near Seattle, marking the Pacific Northwest’s first senior living community for Chinese-Americans. Situated on a 7.5-acre waterfront site with access to Lake Boren, the resort-style, 110-home community is slated to open in 2017. When completed, Aegis Gardens’ activity center will host civic activities and cultural exhibitions. The center will also provide daycare services to promote multigenerational engagement. According to Nielson, 92,000 Chinese-Americans live within a 25-mile radius of the Newcastle location. Aegis Gardens’ community programming will include celebrations of Chinese holidays, traditional cuisine representing major regions of China, mahjong, calligraphy, cribbage, Tai Chi classes, a central Zen garden and a tearoom. Staff fluent in Cantonese, Mandarin and English will provide 24-hour care. The development site in Newcastle, a block from the Bellevue city line, is culturally relevant for Chinese-Americans because immigrants from China mined coal there in the late 1800s, contributing to Seattle’s rise to prominence.
NEW YORK CITY — Cignature Realty Associates has brokered the sale of an apartment building located at 718 W. 171st St. in Manhattan’s Washington Heights neighborhood. Heritage Realty Services acquired the 21,735-square-foot walk-up property for $7 million. The building contains 22 apartments, with an average rent of $1,490 per month. Lazer Sternhell and Peter Vanderpool of Cignature Realty represented the buyer and the seller, Haven Holding LLC, in the transaction.
CARROLLTON, TEXAS — Old Capital has provided a 12-year, non-recourse Fannie Mae loan with 80 percent leverage for the purchase of the Lodge at Timberglen apartments in Carrollton. A local investment group has acquired the property. The new owners plan to add more than $2 million in updated interiors, along with a new swimming pool at the 260-unit, Class B complex.
DALLAS — Jeff Frankel of NorthMarq Capital’s Chicago office has secured acquisition financing of $34.6 million for Aura Wycliff Apartments, a 334-unit class A multifamily property located at 4338 and 4343 Congress Ave. in Dallas. The transaction was structured with a full-term, interest-only loan. NorthMarq arranged financing for the borrower, an Illinois-based multifamily owner/manager, through its correspondent relationship with a life insurance company.
CHULA VISTA, CALIF. — RRE Bonita Glen Holdings has purchased The Villages at Bonita Glen, a 295-unit multifamily community in Chula Vista, for $49.1 million. The community is located at 240, 250, 254 and 260 Bonita Glen Drive and 72 Sandalwood Drive. The Villages was built in two phases in 1970 and 1988. It is fully occupied. Alex Mogharebi of Berkadia executed the transaction. The seller was Granite Investment Group.
TACOMA, WASH. — Hamilton Zanze & Co. has purchased the 450-unit Lakeside Landing in Tacoma for an undisclosed sum. The community is located at 1414 South Mildred St., near Washington State Route 16. Lakeside Landing was built in 1969. It features one- and two-bedroom units. The property was 95 percent occupied at the time of sale. Kenny Dudunakis and Jim Jensen of Berkadia executed the sale. The seller was not named.
NEW YORK CITY — Marcus & Millichap has brokered the sale of a land parcel located at 137 Frost St. in Brooklyn. The 7,500-square-foot parcel sold for $5.3 million. Shaun Riney, Michael Salvatico and James Saros of Marcus & Millichap’s Brooklyn office represented the seller and buyer, both private investors, in the transaction.