TUCSON, ARIZ. — Capital Square 1031 has acquired Galeria del Rio, a 101-unit townhome community in Tucson, for an undisclosed sum. The community is located at 5132 N. Prairie Clover Trail. It was completed in December 2014. Galeria del Rio is currently 94 percent occupied. Notable neighboring employers include Raytheon Missile Systems, Texas Instruments, IBM, Intuit, Honeywell and Universal Avionics.
NASHVILLE, TENN. — Passco Cos. LLC has purchased The Overlook, a 452-unit value-add apartment community located at 727 Bell Road in Nashville, for $51.4 million. The property, which was 95 percent occupied at the time of sale, hasn’t been renovated since its completion in 1998, according to Passco Cos. The buyer plans to upgrade the property and implement a professional management program. The Overlook’s amenities include a fitness center and two swimming pools with cabanas. Russ Oldham of CBRE represented both Passco and the seller, Olympus Properties, in the transaction. Chris Black of KeyBank Real Estate Capital arranged acquisition financing through Fannie Mae on behalf of Passco.
SAN DIEGO — Norm Blumenthal has purchased a seven-unit apartment complex in the San Diego submarket of Pacific Beach for $2.3 million. The community is located at 835-41 Agate St. Gary Urtiaga of Apartment Realty Group and Dylan Wright of ACRE represented Blumenthal. Dennis Leslie of ACI represented the seller, Stevens Family Trust – care of Elizabeth Dunn, in this transaction.
CINCINNATI — CareTrust REIT Inc. has acquired Victory Park Nursing Home, a 55-bed skilled nursing facility, and Victoria Retirement Community, which contains 90 skilled nursing beds and 69 assisted living units. Both facilities are located in Cincinnati. The two communities will be added to CareTrust’s existing master lease with Pristine Senior Living. CareTrust will provide Pristine with $500,000 to perform immediate upgrades to the community. Although the purchase price was not disclosed, CareTrust placed its aggregate investment in the communities at $15.2 million. The Pristine master lease has a remaining initial term of approximately 14.5 years, with two five-year renewal options and CPI-based rent escalators. CareTrust funded the acquisition using proceeds from its follow-on equity offering in March. The publicly traded REIT is based in San Clemente, Calif. Pristine Senior Living currently operates over 1,500 beds across 17 seniors housing properties in Ohio.
WHITE BEAR LAKE, MINN. — Steven Scott Management has sold a 153-unit off-campus student housing complex to a local investor for $5.1 million. Century Commons is located at 3515 Century Ave. North in White Bear Lake, approximately seven miles northwest of St. Paul. The apartment complex is leased primarily by students attending Century College. Lance Steiger and Robert Dulin of Cushman & Wakefield/NorthMarq represented the seller in the transaction.
BROKEN ARROW, OKLA. — The Signorelli Co. has begun construction of The Reserve at Aspen Creek, a 240-unit apartment complex in Broken Arrow expected to open in early 2017. The community will be the residential component of The Shops at Aspen Creek, a 400,000-square-foot shopping, dining and entertainment destination planned to include multiple restaurants and stores in addition to multifamily residences. The entertainment anchor is the 16-screen Warren Theatre, which opened in 2015. Tulsa-based Architects Collective designed the apartments. Trinity Multifamily, which acquired the 13-acre site in 2014, will manage the apartment community. The Reserve at Aspen Creek will consist of 20 buildings with amenities including a saltwater pool, gazebos and fire pits, workout facilities and a business center. The interiors will feature stainless steel appliances and granite countertops.
AUSTIN, TEXAS — Austin-based multifamily developer Oden Hughes has sold two Class A apartment communities in Austin to IMT Capital, a private Los Angeles-based real estate investment and management firm. Oden Hughes developed, built and managed both properties, known as Landmark Southpark and Lenox Parkview, near the southwest corner of South First Street and Slaughter Lane. The 285-unit Landmark Southpark community opened in 2013. Lenox Parkview, which also has 285 units, opened last year immediately south of Landmark Southpark and north of the 344-acre Mary Moore Searight Metropolitan Park. Both properties offer one-, two- and three-bedroom apartments near I-35 and Southpark Meadows. IMT Capital maintains an office in Austin where it owns several properties including the Riata in northwest Austin near Apple Inc.’s new Americas Operations Center.
BEDFORD, TEXAS — NXT Capital has provided a $17.6 million first mortgage loan to finance the acquisition of a 272-unit, Class B apartment community in Bedford. Located 10 miles northeast of the Dallas/Fort Worth International Airport, amenities at the property include two swimming pools and picnic areas. Michael Cosby in the Dallas office of HFF arranged the loan through NXT Capital.
NEW YORK CITY — Cignature Realty Associates has arranged the sale of a mixed-used building located at 1616 Amsterdam Ave. in Manhattan’s Hamilton Heights neighborhood. Sugar Hill Capital Partners sold the 58,810-square-foot to a private investor for $23 million. The seven-story building features 54 apartment units and ground-level retail space, including a grocery/deli, coffee shop, Laundromat and Mexican restaurant. Lazer Sternhell and Peter Vanderpool of Cignature Realty represented the buyer and seller in the transaction.
NEW YORK CITY — Westbridge Realty Group has brokered the sale of two vacant buildings, located at 1269-1271 Dekalb Ave. in Bushwick. A local developer acquired the two properties for $1.8 million, or $212 per buildable square foot. The parcel offers 8,736 buidable square feet of residential space, as of right. The buyer plans to demolish the existing structures and construct a luxury condominium on the site. Steven Westreich and Hen Vaknin of Westbridge Realty Group represented the buyer and undisclosed seller in the off-market transaction.