HOUSTON — Davis Commercial Real Estate has negotiated the sale of three buildings on 21,303 square feet of land located at 4545, 4509 and 4503 Mount Vernon St. in Houston. The buyer, Light Hill Partners, plans to redevelop the properties. Light Hill Partners is a Houston-based company focused on acquiring and developing multifamily and single-family projects. A mid-rise multifamily development is planned for the site. Ashley Casterlin of Davis Commercial Real Estate represented the buyer in the transaction.
NEW YORK CITY — E&M Associates has acquired two multifamily properties in New York City’s Astoria neighborhood for $72.3 million from Related Cos. Located at 11-15 Broadway and 30-50 21st St., the properties are known as Astoria at Hallet’s Cove and Montenegro of Astoria, respectively. The properties offer a total of 144 rental units and 64 parking spaces. Astoria at Hallet’s Cove is an eight-story, 76,100-square-foot elevator building with 79 apartments, and Montenegro of Astoria is an eight-story, 59,240-square-foot elevator building with 65 apartments. Aaron Jungreis of Rosewood Realty Group represented both properties in the transaction.
NEWPORT BEACH, CALIF. — The Seligman Group has received $309 million to refinance 23 of its assets throughout California. The portfolio includes more than 1.9 million square feet and 800 apartments. These assets make up the bulk of the San Francisco-based firm’s California holdings. It includes 12 commercial properties in Orange County and San Francisco, as well as 11 multifamily communities in Los Angeles. Financing was secured by Jordan Ray, Ari Hirt, Gregg Applefield, Steven Buchwald, Jamie Matheny and Eugene Shevaldin of Mission Capital Advisors. The portfolio received 23 separate loans. The refinance allowed the Seligman Group to replace its existing loans, taking advantage of favorable market conditions as the firm took additional cash out.
LOS ANGELES — CityView has sold three multifamily properties in the Los Angeles area. These include the 147-unit Venue in Woodland Hills for $38 million; the 306-unit Enclave in Paramount for $61.2 million; and the 251-unit Torrey Pines in West Covina for $53.8 million. The properties contain a total of 704 units that ultimately sold for a combined $153 million. All three properties were purchased between April 2010 and June 2012.
LAS VEGAS — A joint venture between TruAmerica Multifamily and Investcorp have acquired Solis at Flamingo, a 524-unit urban infill apartment community in Las Vegas, for $50.5 million. The community is located at 3275 East Flamingo Road. Solis at Flamingo is situated just five miles from the Las Vegas Strip, the University of Nevada, Las Vegas, and McCarran International Airport. It was built in1988. The community offers one- and two-bedroom units. Common-area amenities include three resort-style pools and spas, a clubhouse, fitness center, business center, and basketball and tennis courts. TruAmerica will invest an additional $5.5 million in capital improvements that will include full interior renovations and exterior and common-area upgrades. The property will also receive new landscaping, upgraded pool furniture, outdoor kitchens and a pet park. This is TruAmerica’s first acquisition in Nevada. It also recently entered Salt Lake City and Portland, Ore. The seller was Alliance Residential.
LOS ANGELES — Mortgage broker Berkadia has arranged $93.2 million in financing over two separate transactions for ROC Seniors Housing Fund Manager LLC. In the first transaction, Berkadia arranged an $84 million loan from BBVA Compass Bank for the acquisition of 14 seniors housing communities spread across California, Oklahoma, Texas, North Carolina, Ohio and West Virginia. Berkadia contributed $20 million of the overall financing through its Propriety Bridge Lending Program. In total, the facilities consist of 1,038 units: 719 assisted living units, 208 memory care units and 111 independent living units. Christopher Fenton, managing director of Berkadia’s Seniors Housing and Healthcare group, secured the financing for ROC, which is a seniors housing investment fund. In the second transaction, Berkadia arranged a $9.2 million loan for the acquisition of The Landing of Canton, a 76-unit assisted living and memory care facility located in Canton, Ohio.
AUSTIN, TEXAS — HFF has negotiated the sale of SoCo I and II, a 59-unit boutique apartment complex located in Austin. HFF marketed the asset on behalf of Artesia. EG Funds Management purchased the property for an undisclosed amount. SoCo I & II is located at 3504 and 3508 Alpine Circle between South Congress and South 1st streets in the South Austin submarket. Renovated in 2014, the community consists of a pair of two-story buildings situated on 1.4 acres. It was 98 percent occupied at closing. Matt Pohl, Sean Sorrell and Ryan McBride led the HFF investment sales team representing the seller.
MIAMI — ZOM has broken ground on Solitair, a 438-unit, 50-story multifamily high-rise in Miami. The apartment tower is located at 86 S.W. 8th St. in Miami’s Brickell district, a block between Brickell City Centre and Mary Brickell Village. JP Morgan Chase and HSBC Bank USA provided construction financing for the project on behalf of ZOM and its joint venture partner, an affiliate of AIG Global Real Estate. The design team includes architect ADD Inc. and general contractor Balfour Beatty Construction. ZRS Management LLC will provide property management services for the tower upon completion, which is set for late 2017, according to ZOM.
FORT LAUDERDALE, FLA. — Alliance Residential has begun construction on Broadstone Harbor Beach, a 349-unit apartment community located on a four-acre lot off of 17th Street in Fort Lauderdale. Upon completion in the first quarter of 2017, the apartment community will feature three courtyards, a resort-style swimming pool with cabanas, a pool pavilion with billiards, putting green, bocce ball, clubroom, demonstration kitchen, fitness center and a movie theater. The multifamily property will also offer immediate access to Fort Lauderdale’s entertainment district, the Intracoastal Waterway and the Atlantic Ocean. In early March, Berger Commercial Realty brokered the $22.1 million land sale for the site of Broadstone Harbor Beach.
HERNDON, VA. — ARA Newmark has brokered the sale of Monroe Place, a 202-unit mid-rise apartment community located in Herndon. Constructed in 2008, the property was 96 percent occupied at the time of sale. Monroe Place is situated within the main square of the Woodland Park Crossing lifestyle center, which features 124,000 square feet of retail and office space. Drew White and Ryan Ogden of ARA Newmark represented the seller, an institutional investor advised by J.P. Morgan Asset Management, in the transaction. The buyer, Washington, D.C.-based Dweck Properties, purchased the asset for an undisclosed price.