SAN DIEGO — A partnership controlled by R&V Management has acquired 124 units at Central Park La Mesa, a 216-unit condominium community in the San Diego submarket of La Mesa. The community is located at 5636 Amaya Drive. The development was constructed in 1989 and partially renovated in 2006. Condo sales began in late 2006 before they were halted in early 2008. About 92 homes were sold during that time. The remaining 124 homes feature either one or two bedrooms. They average 865 square feet. Community amenities include a clubhouse, fitness center, swimming pool, spa and barbecue areas. The partnership acquiring the units was VLD Sweetwater LP and Central Park Partners LP. The seller was JH/TMP La Mesa, an affiliate of JH Real Estate Partners.
SAN DIEGO — A privately held real estate investment firm based in Georgia has acquired the 284-unit Missions at Rancho Del Oro in Oceanside for an undisclosed sum. The community is located at 4795 Frazee Road. Rancho Del Oro was built in 2001. It features a mix of one- to three-bedroom units. Community amenities include a courtyard pool, spa, barbecue areas, children’s playground, grassy picnic area, a clubhouse building, fitness center, game room, business center and a media room. The seller, a New York-based institutional owner, was represented by Kevin Mulhern, Dixie Hall, Rachel Parsons and Tyler Anderson of the CBRE Multifamily Investment Properties group.
KENNESAW, GA. — Passco Cos. LLC has acquired the recently completed Twenty25 Barrett, a 238-unit apartment community, for $38.8 million. The LEED Gold-certified property is located at 2025 Barrett Lakes Blvd. in Kennesaw, a northern suburb of Atlanta. The property includes a clubhouse/business center, fitness center, executive club lounge, swimming pool with sunning shelf, dog park and lakefront trail. Developed by AMLI, the property’s units average 990 square feet.
NEW YORK CITY — TerraCRG has brokered the sale of an apartment building located at 4103 Seventh Ave. in Brooklyn’s Sunset Park neighborhood. The four-story, 14,456-square-foot property sold for $4.2 million, which equates to 13 times rent roll and $207,000 per unit. The 20-unit multifamily property is located on the corner of Seventh Avenue between 41st and 42nd streets. Adam Hess, Sam Shalumov and Edward Setton of TerraCRG arranged the transaction.
CELEBRATION, FLA. — Big Rock Partners has purchased a nine-acre land parcel from The Celebration Co. in Celebration. The land will be the site of a $60 million, Class A seniors housing development, which is slated to break ground in the first quarter of 2015. Sabra Health Care REIT provided $4.5 million in financing for Big Rock’s purchase and plans to provide additional construction financing for the project, according to Big Rock. The 255-unit rental residence will feature independent living, assisted living and memory care components. The project team includes architect Perkins Eastman, management company Life Care Services and financial advisor Walker & Dunlop. The community of Celebration, located near Orlando, was established by The Walt Disney Co. in the mid-1990s.
ATLANTA — Brasfield & Gorrie has completed vertical construction on Cyan on Peachtree, a luxury multifamily development in Atlanta’s Buckhead district. The 23-story high-rise will offer 329 rental units with high-end finishes and amenities. Located on Peachtree Road, the community will also feature a seven-level parking structure with controlled access. Brasfield & Gorrie plans to deliver the property in 2015. The project team includes owner Monogram Residential Trust, developer Atlantic Realty Partners and architect Rafael A. Garcia and Associates.
DELANO, CALIF. – The 128-unit Jasmine Heights Apartments in the San Francisco submarket of Delano has received a $7.8-million loan. The community is located at 851 22nd Ave. The non-recourse, fixed-rate loan will finance the affordable housing community’s rehabilitation. It was funded through HUD’s Section 223(f) Low Income Housing Tax Credit (LIHTC) Pilot Program. The fully amortizing loan features a 35-year term. It was arranged by CBRE Group through its FHA lending platform. The sponsor was Golden Empire Affordable Housing.
SAN JOSE, CALIF. – The 20-unit Kerley Drive Apartments in San Jose has sold to Kerley SKAND LLC for $4.6 million. The community is located at 1445-1455 Kerley Drive. It was built in 1959. Kerley Drive has undergone a complete exterior renovation, in addition to interior renovations to 17 of its units. The buyer was represented by Matthew Clark of Kidder Mathews. The seller was REMI Co.
The Seattle-Tacoma metro area is one of the top-performing multifamily commercial real estate markets in the nation. Locally, employers are adding jobs at one of the fastest paces in the country, supporting a strong rental market in the region. In Tacoma, State Farm and other companies have energized the area’s economy and strengthened its apartment operations. In Seattle, companies like Amazon, Zillow and Julep Beauty are supporting new job growth, and many of these new job opportunities are attracting young workers who need apartments. There were 8,800 jobs were created in the metro in the beginning of the year. About 130,000 workers were added to payrolls over the past three years. The primary renter cohort of residents between the ages of 20 and 34 years old grew nearly twice as fast as the metro population in 2013, greatly increasing the need for apartments. This year, strong job growth will also support demand for area rentals as the total jobs in the metro will rise nearly 4 percent above the pre-recession high. While there are plenty of new jobs, the median household income needed to qualify for a mortgage on a median-priced home in the metro is $83,150, assuming a 20 …
VIRGINIA BEACH, VA. — ARA has brokered the sale of Woodshire Apartment Homes, a 288-unit apartment community in Virginia Beach. Built in 1975, the property was 95 percent occupied at the time of sale. Mike Marshall, Drew White and Wink Ewing of ARA represented the seller, Chandler Management Corp., in the transaction. The Bainbridge Cos. purchased the asset for an undisclosed price.