DENVER – A venture managed by TruAmerica Multifamily has purchased a three-property multifamily portfolio in Colorado and Washington for $229 million. The portfolio contains a total of 1,514 units. The acquisition includes Berkshires at Lowry, located at 240 South Monaco Parkway in Denver; Ponderosa Villas at 1539 South Galena Way in Aurora, Colo.; and Carriages at Fairwood Downs, located at 15030 SE 179th Street in Renton, Wash. TruAmerica and its partners plan to spend between $25 million to $30 million renovating the properties, which were built in the 1970s and ‘80s. The seller, Berkshire Group, was represented by Kevin Geiger and Malcolm McComb of CBRE Capital Markets’ Institutional Properties. Other local CBRE personnel assisted with the Colorado and Washington transactions. CBRE Capital Markets’ Debt & Structured Finance team also secured a $168.8-million loan for the portfolio’s acquisition. The properties received fixed-rate, full-term, interest-only loans ranging from five to seven years.
Multifamily
WINSTON-SALEM, N.C. — CBRE has brokered the $14.5 million sale of The Gallery Lofts, a Class A, 82-unit apartment property in downtown Winston-Salem. The property is an adaptive reuse of a former textile manufacturing facility and is listed on the National Register of Historic Places. The asset features exposed brick, hardwood flooring, high ceilings and upgraded amenities. Jeff Glenn, Richard Montana and Hal Kern of CBRE represented the seller, Landex Corp., in the transaction.
ST. AUGUSTINE, FLA. — A joint venture between Montgomery Land Co. and Zerga Development has selected general contractor Adolfson & Peterson to build an assisted living and memory care facility in St. Augustine. The 120-unit, multi-story property will be located near the intersection of Lightsey Road and State Road 207. Adolfson & Peterson expects to deliver the facility in the third quarter of 2015.
GURNEE, ILL. — The LaSalle Group will begin construction later this month on Autumn Leaves of Gurnee, an $11.3 million memory care community in Gurnee, a northern suburb of Chicago.The 29,000-square-foot facility, scheduled to open in 2015, will provide specialized care to nearly 46 residents living with Alzheimer’s, dementia, and memory impairment. The community will also offer respite care. The property is located at 505 N. Hunt Club Road, approximately two miles from Gurnee Mills Mall and Six Flags Great America and about three miles from the United Hospital System Gurnee Physician Clinic. Autumn Leaves of Gurnee is the result of a partnership between The LaSalle Group, MedProperties and TCF National Bank. The community will provide some free services for families in the area including educational seminars and Alzheimer’s support groups.
PITTSBURGH — UMH Properties has acquired four manufactured home communities located in the Pittsburgh metropolitan area for $12.2 million. The all-age communities total 336 developed homesites situated on 239 total acres. The average occupancy for the properties is 84 percent. With this acquisition, UMH now owns 86 communities totaling approximately 14,800 developed homesites.
VICTORIA, TEXAS — Marcus & Millichap has announced the sale of Point Royale Apartment Homes, a 120-unit apartment complex in Victoria. Terms of the sale were not released. Joe James, Kent Myers and J. Patrick Burke, senior associates in Marcus & Millichap’s Austin office, represented the seller, developer and buyer, a limited liability company. Built in 2012, the complex is located at 4106 North John Stockbauer Drive in Victoria, approximately 30 miles from the Gulf of Mexico. The apartments are near the Citizens Medical Center, the Caterpillar Hydraulic Excavator plant, Victoria College and the University of Houston-Victoria. Apartments at Point Royale feature one-, two- and three-bedroom floor plans. Amenities include gated entry, covered parking, a swimming pool, fitness center, clubhouse and business center.
DALLAS — Drever Capital Management LLC has sold Honey Creek, a 656-unit apartment complex in north Dallas, following a $3.7 million, seven-year redesign that raised occupancy from 80 to 94 percent. The sales price was not disclosed. B.H. Management acquired the three-story complex, which is located at 11611 Ferguson Road just off Interstate 635. A team of brokers from ARA Inc.’s Dallas office included Brian O’Boyle Sr., Brian Murphy, Brian O’Boyle Jr. and Jakob Andersen.
MIDLAND, TEXAS — NorthMarq Capital’s Denver office has arranged the $16.3 million refinancing of Trinity Place Apartments, a 216-unit multifamily complex in Midland. The loan has a 10-year term and a 30-year amortization schedule. NorthMarq arranged financing for the borrower, a division of Weidner Investment Services Inc., a Seattle-based privately held owner of several multifamily properties, through its relationship with Freddie Mac. Ben Kation and Kevin Colard of Weidner Investment Services worked on the transaction. Built in 1982, the complex includes amenities such as a clubhouse, business and fitness center, outdoor pool and laundry facilities.
PASADENA, CALIF. – A private investor has purchased the Old Pasadena Collection, a mixed-use portfolio that contains two residential buildings and two retail buildings, for $42.6 million. The two residential buildings contain a total of 91 units at 22 West Green Street and 65 West Dayton Street. The two freestanding retail buildings are located at 60 and 70 West Green Street. All four of the properties are situated in the historic district of Old Town Pasadena. The 48-unit Palermo apartment community was built in 2003. It includes four ground-floor retail suites occupied by a paint-your-own-pottery store, a restaurant and a dance company. The 43-unit Messina apartment community was built in 2004. It has one ground-floor retail suite currently occupied by a tutoring and college-test-preparation business. This space also serves as the leasing office for both the Messina and Palermo. The former Green Street retail space is occupied by Design Within Reach, while the latter property is home to Gyu-Kaku, a Japanese barbecue restaurant. Both buildings were constructed with reinforced brick masonry in 1916 and 1921, respectively. Each contains 5,750 square feet of leasable space. The seller, a private party, was represented by Ron Harris, Paul Darrow and Michael DiSimone of …
ORMOND BEACH, FLA. — Institutional Property Advisors (IPA) has arranged the $25.3 million sale of Crowne at Ormond Beach, a 272-unit apartment community at 600 Crowne Commerce Court in Ormond Beach, roughly six miles north of Daytona Beach. The property was built in 2003 and features amenities such as a resort-style swimming pool and sundeck; clubhouse with a business center and fitness center; nature trails; laundry facilities; and private garages. Still Hunter III of IPA and Michael Donaldson of Marcus & Millichap represented the seller, Crowne Ormond Beach Associates, in the transaction. The buyer is Waypoint Residential. IPA is a division of Marcus & Millichap serving institutional and major private real estate investors in multifamily transactions.