LA PORTE, TEXAS — Lancaster Pollard and MRC have arranged the refinance of Happy Harbor Apartments, a 51-unit affordable seniors housing community in La Porte. Originally built in 1983, Methodist Retirement Community (MRC) owns and manages the site that is part of its healthy living communities. The $2.2 million loan is insured by the FHA Sec. 223(f) program. The transaction provided for nearly $930,000 in repairs for the foundation, plumbing fixtures, drywall repair, painting and other related damage at the property.
Fort Worth, which makes up the core of the western side of the Dallas/ Fort Worth Metroplex, has seen expansive growth both economically and in its resident base, making it an attractive destination for businesses and consumers alike. The population of the Fort Worth- Arlington Metropolitan Division has grown by more than 35 percent since 2000, according to estimates from Moody’s Analytics. Forecast data from Moody’s indicates a continuation of this trend, with projections through 2030 anticipating a total population of over 3.1 million, which is the current size of Iowa. Personal income is another demographic that has experienced a strong growth rate in recent years. Moody’s Analytics forecasts the fourth quarter to have been the strongest quarter of year-over-year growth in 2014, with 8.7 percent growth for personal disposable income and 7.9 percent growth for total personal income. This may be a telling sign that the impact of lower oil prices has accelerated consumer spending at the onset of the oil price decline in June 2014. Furthermore, retail sales growth steadily increased throughout 2014 in the Fort Worth metropolitan division, with the most recent figure for Fort Worth (4.9 percent) outpacing the national rate (4.1 percent) at the close …
ORANGE CITY, FLA. — Colliers International has arranged the $30 million sale of Grandeville on Saxon, a Class A, 316-unit apartment community located at 741 Saxon Blvd. in Orange City. The buyer, Northland Grandeville LLC, doing business as Northland Investment Corp., purchased the asset through the online auction forum Auction.com. The community was 96 percent occupied at the time of sale. According to Colliers, more than 580 prospective bidders reviewed the sales materials online before the sale. George Pjevach and John Stone of Colliers International represented the seller, WBCMT 2006-C24 Saxon Boulevard LLC. LNR is the special servicer on behalf of the seller, and John Mitchell of LNR oversaw the liquidation process. Grandeville on Saxon is Northland Investment’s 21st property in Florida, bringing its nationwide portfolio to more than 21,000 apartment residences.
TAMPA, Fla. — DTZ has arranged the $20 million sale of Arbor Terrace at Citrus Park in Tampa on behalf of Citrus Park ALF LLC. The project was pre-sold to Capitol Seniors Housing prior to breaking ground and the transaction closed upon certificate of occupancy. The property is built on 6.3 acres and comprises 52 assisted living, 14 transitional memory care and 26 memory care units. Arbor Terrace was designed by Tampa architectural firm Chancey Design and developed by a joint venture between Tampa architect/developer Walt Chancey and Rookis Development Co. based in Santa Rosa Beach, Fla. The DTZ team of Allen McMurtry, Megan Fetter and David Kliewer closed the transaction.
NEWPORT BEACH, CALIF. — Waypoint Property Group has purchased the Waterfront, a 64-unit apartment community in Newport Beach, for $25.5 million. The community is located at 919 Bayside Drive. The Waterfront is situated across from Balboa Island. The property, which was built in 1964, overlooks Newport Harbor. Common-area amenities at the property include private single-car garages, a salt-water pool, a poolside lounge and a clubhouse. Select units feature stainless-steel appliances, fireplaces, new wood-style floors, quartz countertops and recessed lighting. The seller, BT Real Estate Group, was represented by Stewart I. Weston of Institutional Property Advisors.
BETHESDA, MD. — Walker & Dunlop Inc. has closed a portfolio of acquisition loans totaling $401.9 million for three multifamily properties in northern Virginia’s Fairfax County. The assets total 2,175 units and include the Avant in Annandale, Amberleigh Apartments in Fairfax and The Edgemoore in Alexandria. The apartments include one-, two-, and three-bedroom apartments with community amenities including playgrounds, swimming pools, business centers, tennis courts, nature trails and dog parks. Brendan Coleman and David Redmond of Walker & Dunlop led the team that closed the loans on behalf of the borrowers, Redbrick LMD and David Werner Real Estate Investments. The loans were brokered to Walker & Dunlop through Meridian Capital Group and Eastdil Secured.
LOS ANGELES – A 16-unit apartment complex in the Los Angeles submarket of Glendale has sold to a private family trust for $4.1 million. The community is located at 1323 N. Columbus Ave. It was built in 1927. The trust was represented by Salleh Beitollahi and Rick Raymundo of Marcus & Millichap Real Estate Investment Services.
COLUMBUS — KeyBank Real Estate Capital has secured a $22.1 million Freddie Mac loan for Polaris Place, a multifamily apartment community in Columbus. The community was built in 2014 and includes 11, three-story, garden-style apartment buildings, totaling 224 units. The property also includes 10 detached garage buildings, a leasing office and a clubhouse. Timothy Migchelbrink of Key’s Commercial Mortgage Group arranged the financing, which was used to pay off an existing KeyBank construction loan.
SAN MARCOS AND LUBBOCK, TEXAS — Vesper Holdings has purchased two student housing properties in Texas. The properties include Wildwood San Marcos in San Marcos and University Fountains in Lubbock. Wildwood San Marcos is a 132-unit, 528-bed student housing community located near Texas State University. Wildwood includes 11 three-story residential buildings and a clubhouse. Built in 2013, Wildwood currently maintains a 99 percent occupancy rate. Vesper is allocating $250,000 toward property improvements at Wildwood. These funds will be used to improve curb appeal, renovate the clubhouse and pool, and upgrade the amenities.
WACO, TEXAS — Waco City Council has unanimously approved the zoning and design of a 702-bed student housing project in the former Speight Avenue H-E-B grocery location near Baylor University in Waco. The five-story, $40 million project, which American Campus Communities is developing, would join two other nearby complexes of the same size, the View on 10th and a proposed complex, Park7, according to the Waco Tribune. The City Plan Commission recommended and approved the project, which ACC will own, by a 7-3 vote.