HARTFORD, CONN. — Institutional Property Advisors (IPA), a brokerage division of Marcus & Millichap, has arranged the sale of a multifamily portfolio in Hartford. Built in the 1960s, the 903-unit portfolio features approximately 800,000 square feet of rental space. Victor Nolletti, Steve Witten and Eric Pentore of IPA represented the seller and buyer in the transaction. Details of the transaction were not disclosed.
Multifamily
BATTLE CREEK, MICH. — The Chicago office of Tremont Realty Capital has arranged a $7.5 million loan for the acquisition of Bedford Hills MHC, a 340-site community located in Battle Creek. Tom Lorenzini of Tremont arranged the 10-year, non-recourse loan with a low 4 percent interest rate and a 30-year amortizing schedule for the borrower, Nodel and Associates. A CMBS lender provided funding for the loan. The property was 72 percent occupied at the time of closing, including more than 60 rental units. Amenities include a resident clubhouse and fully equipped playgrounds.
INDIANAPOLIS — Dougherty Mortgage has arranged a $6.7 million HUD 223 (f) loan to refinance Fountainhead Apartments, a 176-unit market rate rental townhome property in Indianapolis. Dougherty’s Minneapolis office arranged the 35-year loan with a 35-year amortization schedule for the borrower, Fountainhead Associates LLC. The complex includes individual outside entrances to each apartment, seven different floor plans, a tennis court, swimming pool, sand volleyball court, lighted dog run and washers and dryers.
STOCKBRIDGE, GA. — The LaSalle Group plans to open Autumn Leaves at Stockbridge, the first freestanding memory care facility in Stockbridge, this fall. The property is roughly 20 miles southeast of Atlanta near the intersection of Chadwick Commons and Monarch Village Way. The 26,000-square-foot property will provide specialized care to nearly 50 residents living with Alzheimer’s, dementia and memory impairment.
HOUSTON — The Buckingham, a senior living community in Houston, will undergo a $56 million expansion that will add 186 new residences. The project includes the addition of 103 independent living apartment homes, 33 assisted living suites, 18 memory care residences and 32 private skilled nursing rooms. The new independent living units will be offered in one-, two- and three-bedroom floor plans. The Senior Quality Lifestyles Corp.-owned community opened in 2005 with 204 apartments, 43 assisted living suites, 16 memory care residences and 60 private skilled nursing rooms. Irving-based Greystone Development Co. LLC will develop and manage the expansion. Dallas-based D2 Architecture will design the project.
LOS ANGELES — The Praedium Group has sold three Los Angeles-area apartment complexes for a total of $27.2 million. The disposition includes El Palacio, The Lotus and The Ventana Apartments. The buyer was a local investor. El Palacio and The Lotus contain a total of 32 units. The historic trophy apartment buildings are located at 8491 Fountain Ave. and 1216 La Cienega Blvd., respectively. They are steps from the Sunset Strip in West Hollywood. The Ventana Apartments contains 52 units. It is located at 7225 Crescent Park West, near Beverly Hills. El Palacio and The Lotus sold for $13.5 million. The Ventana went for $13.7 million. The Praedium Group was represented by Darin Beebower and Bob Safai of Madison Partners. Valentin G. Aguilar II of Venable LLP served as Praedium’s legal counsel.
COSTA MESA, CALIF. — Cameron Properties has acquired the 62-unit Costa Mirage apartment community in Costa Mesa for $12.9 million. The community is located at 393 Hamilton Street. Costa Mirage is situated east of Harbor Boulevard and west of Newport Boulevard, just above Newport Bay. Community amenities include a fitness center, clubhouse, and pool and spa. Costa Mirage is currently 95 percent leased. Costa Mirage was purchased by CT Realty as part of the firm’s strategy to acquire several smaller Costa Mesa multifamily properties over the past few years. The firm then renovated and repositioned the properties before executing their dispositions. Costa Mirage is CT’s fourth property to be sold. Cameron Properties represented itself in this transaction. CT was represented by Steven Brombal and Peter Hauser of Hendricks-Berkadia.
ESCONDIDO, CALIF. – A Canada-based private investment group has purchased the 96-unit Tanglewood Apartment Homes in Escondido for $10.8 million. The community is located at 1920 East Grand Ave. in the San Diego submarket. Tanglewood is situated near a major retail corridor that contains Albertsons, Big Lots, Big 5 Sporting Goods, CVS, Home Depot, Vons and Walmart. The Escondido Transit Center is within two miles, while the Palomar Medical Center is one mile away. Tanglewood is also near Palomar College’s 80,583-square-foot Escondido campus, which just received a $10-million renovation. Community amenities include a swimming pool and spa, tennis court, a clubhouse with a pool table and kitchen area and various courtyard areas. The seller, Chrismark LLC, was represented by Christopher Zorbas and David Sperling of Marcus & Millichap’s San Diego office.
FAIRFAX, VA. — Capital One Multifamily Finance has provided a $70 million Fannie Mae fixed-rate loan for the acquisition of Wheelhouse of Fair Oaks, a 491-unit apartment community in Fairfax. The property’s amenity package includes a clubhouse, swimming pool and sundeck, 24-hour fitness center, tennis court, racquetball court and private lake. Sadhvi Subramanian and Brian Gormley of Capital One Commercial Real Estate originated the five-year loan with five years of interest-only payments and a 30-year amortization schedule.
ORLANDO, FLA. — Rivergate Partners has purchased Beacon Hill, a 192-unit apartment community in Orlando’s Northwest submarket, for nearly $10 million. The property is less than six miles from downtown Orlando and three miles from Metro West. Constructed in 1999, the property was 96 percent occupied at the time of sale. Rivergate Partners purchased the property at approximately 50 percent of replacement cost. Beacon Hill features a mix of two- and three-bedroom floor plans averaging 1,134 square feet. Rivergate Partners is a Miami-based venture between real estate investors Jay Massirman and Oscar Vila.