HEMET, CALIF. – The 151-unit Park Columbia Apartments in Hemet has sold to Srinivas Yalamanchili for $6.6 million. The community is located at 201 South Columbia Street, near the junction of Highways 74 and 79. Park Columbia is 95 percent leased. Community amenities include two swimming pools, two spas, a grill area and courtyards. HFF worked on behalf of the buyer to place a 10-year, fixed-rate loan with FNMA. The unnamed seller was represented by HFF’s Hunter Combs.
Multifamily
NEW YORK CITY — TerraCRG has brokered the sale of 181 12thSt., a multifamily building located in Brooklyn’s Park Slope/Gowanus neighborhood. The property sold for $3.1 million or $527 per square foot to an undisclosed buyer. The 5,880-square-foot building features six one-bedroom, one studio and one duplex unit. Adam Hess, Sam Schalumov and Chris Pechlivanides of TerraCRG arranged the transaction.
WEST DES MOINES, IOWA, PEORIA, ILL., AND INDIANAPOLIS — Institutional Property Advisors, a division of Marcus & Millichap, has arranged the sale of the OREP Portfolio, a three-property, 1,056-unit multifamily portfolio in the Midwest, for $58 million. The properties include the 420-unit Wellington Apartments located at 4700 EP True Expressway in West Des Moines, Iowa; the 312-unit Seven Oaks Apartments located at 4010 N. Brandywine Drive in Peoria, Ill.; and the 324-unit Wildwood Village Apartments located at 3491 Timbersedge Drive in Indianapolis. IPA’s Peter Von Der Ahe and Scott Edelstein, along with Alex Blagojevich and David Gaines of Marcus & Millichap represented the seller, a partnership between Onex Real Estate Partners and New York Life Insurance Asset Management. The team also represented the buyer, Fireside Financial. Barry A’Hearn of Marcus & Millichap’s Cedar Rapids office is the firm’s broker of record in Iowa. Josh Caruana of the firm’s Indianapolis office is Marcus & Millichap’s broker of record in Indiana.
SAN ANTONIO — The LaSalle Group will soon begin construction on Autumn Leaves of Westover Hills, a 36,000-square-foot assisted living community dedicated to memory care. The company currently owns and operates 36 similar communities across the country. Autumn Leaves of Westover Hills will feature three courtyards and an open café. The memory care center is expected to bring 45 jobs to the area and provide care to 54 residents living with Alzheimer’s, dementia and other forms of memory impairment. This is The LaSalle Group’s second community in metro San Antonio following the recent opening of Autumn Leaves of Stone Oak in north San Antonio.
CLEVELAND — Love Funding has secured a $5.3 million FHA loan for Governor’s Village, a Cleveland-area assisted living facility. The funding from the loan will be used to expand the facility. Robert Smallwood of Love Funding’s Cleveland office secured the loan through the U.S. Department of Housing and Urban Development’s (HUD) 232/241(a) loan insurance program. The program backs supplemental loans to fund repairs, additions and improvements at existing FHA-insured healthcare facilities. Randall Residence, the majority owner and operator of the property, built the facility in Mayfield Village in 2001. The property currently has 24 traditional, assisted living units and 24 memory care units. Upon completion, 38 assisted living units will be added, while subtracting one memory care unit, bringing the total capacity at the facility to 85 units. The Douglas Co. will build the project based on plans created by architecture firm C.C. Hodgson.
LOS ANGELES – A nine-property multifamily portfolio in Los Angeles has received $80 million in refinancing. The 10-year, fixed-rate financing was arranged through Freddie Mac’s Fast Track Early Rate-Lock Program, which allows borrowers to lock in an interest rate and loan amount shortly after their application is filed with minimal documentation. The loan features a 3.5-month early rate lock, 4 percent interest rate, 65 percent loan-to-value ratio and a 30-year amortization schedule. The portfolio contains about 900 units. They are 95 percent occupied. The loan was originated by Allan Freedman of Berkadia Commercial Mortgage LLC.
SPARKS, NEV. — Standard Management Co. has acquired the 296-unit Eastland Hills in Sparks for $27.5 million. The community is located at 1855 Baring Blvd. Eastland Hills was built in 1998. Community amenities include a fitness center, heated pool and year-round spa, tennis court and barbecue areas. Stanford Jones, Philip Saglimbeni, Salvatore Saglimbeni and Kenneth N. Blomsterberg represented both the buyer and seller, A.G. Spanos Cos., in this transaction. The community is situated near the Sierra Nevada Mountains and Truckee Meadows. It is about four miles from Reno, where Tesla Motors recently announced it will open a new $5-billion battery factory. The facility will house 6,500 employees.
MIDLAND, TEXAS — Institutional Property Advisors has arranged the sale of 352 multifamily units in Midland. The property name was not disclosed. Will Balthrope and Drew Kile with IPA represented the seller and procured the buyer in the transaction. The property was built in 1982 and is located off State Highway 250.
CLEBURNE, TEXAS — Marcus & Millichap has arranged the sale of Northridge Court, an 86-unit apartment complex in Cleburne. Nick Fluellen and Bard Hoover of Marcus & Millichap’s Dallas office marketed the property on behalf of the seller, a limited liability company. Fluellen and Hoover also procured the buyer, another limited liability company. Northridge Court is located at 101 Westcourt Street in Cleburne, just off Henderson Street. The property was built in 1967 and is more than 90 percent occupied. The complex includes 14 buildings with an average unit size of 874 square feet.
MARIETTA, GA. — Walker & Dunlop has originated $24 million in bridge financing to refinance an existing acquisition and renovation loan for Ashford Retreat, a 654-unit apartment community in Marietta, a northern suburb of Atlanta. Jeff Lawrence of Walker & Dunlop led the team that originated the loan with two years of interest-only payments on behalf of the borrower, an Atlanta-based real estate investment company. Since purchasing the asset in 2012, the borrower has spent $4.7 million on exterior and interior upgrades to the community. Using the new loan, the borrower plans to invest another $1.5 million in capital improvements.