DOYLESTOWN, PA. — Doylestown-based Zencorr Properties has acquired Center Square Towers, a 35-unit apartment complex in Doylestown. AIMCO sold the property, which is located at 555 N. Broad St., for $31.5 million. The buyer has a capital campaign planned for the property to refresh the units and common areas. Adam Gillespie of SSH Real Estate represented Zencorr in the transaction. The company purchased the property with 1031 funds.
Multifamily
NEW YORK CITY — TerraCRG has arranged the sale of 55 St. Nicholas Street in Brooklyn’s Bushwick neighborhood. Located between Starr Street and Willoughby Avenue, the 5,832-square-foot, six-unit multifamily property sold for $1.6 million or $266,667 per unit. The property features three newly renovated units each comprising three bedrooms and two bathrooms. Matthew Cosentino, Eric Satanovsky and Robert McDonald of TerraCRG represented the seller in the transaction.
HOUSTON — Marcus & Millichap has arranged the sale of Villas at Westador Portfolio, a condominium portfolio located in Houston. Clint Roberts, an associate in Marcus & Millichap’s Houston office, marketed the property on behalf of the seller, a partnership. The Villas at Westador Condo Portfolio is located at 17331 Red Oak Drive.
PITTSBURG, CALIF. — Kennedy Wilson Europe Real Estate plc has acquired the 542-unit Kirker Creek Apartments in the San Francisco East Bay submarket of Pittsburg for $96.5 million. The gated community is located at 1000 Pheasant Drive. Kirker Creek was built in 1987. It is only minutes from the BART. Kennedy Wilson invested $21.2 million of equity in the transaction, including closings costs and the initial capital expenditure budget. It also secured a $77.2-million, 10-year loan from Fannie Mae at 3.78 percent with interest-only for five years.
EVERETT, WASH. – The 344-unit Millington at Merrill Creek apartment complex in Everett has received $43.5 million in acquisition financing. The 18-building community is located at 1401 Merrill Creek Parkway. The building’s amenities include a business center, 24-hour fitness center, clubhouse, pool, spa, basketball court and playground. The seven-year, interest-only loan was arranged for Security Properties by NorthMarq Capital’s Denver regional office. The firm secured the financing through its seller/servicer relationship with Freddie Mac.
NORTHGLENN, COLO. — BMC Investments has acquired the 388-unit Aspen Park apartment community in Northglenn for $32 million. The community is located at 301 Malley Drive, just north of Denver. BMC plans to invest $1.4 million to upgrade the property.
GLENDALE, ARIZ. – Rance King Properties Inc. has acquired the 420-unit Northern Greens apartment complex in Glendale for $21 million. The Class B community is located at 8150 N. 61st Ave. It was built in 1988 and remodeled in 2007. Bill Hahn, Jeffrey Sherman and Trevor Koskovich of Colliers HSK Multifamily represented both the buyer and the seller, GA Northern Greens LLC, in this transaction.
DALLAS — Capital Senior Living Corp. has purchased three senior living communities, known as the Ohio JV Communities, located in Ohio from joint ventures in which it held a 10 percent interest for $83.6 million. The Dallas-based company previously managed the Ohio JV Communities under long-term management agreements. The Ohio JV Communities are comprised of 433 units, consisting of 227 independent living units and 206 assisted living units. Two communities are financed with $40.1 million of 10-year fixed rate debt that is non-recourse to the company with a blended interest rate of 4.41 percent. The third community is financed with a $21.6 million two-year bridge loan with a variable interest rate beginning at approximately 2.9 percent.
TEQUESTA, FLA. — Capital One Bank has provided a $14.6 million HUD 232/223(f) loan to refinance Tequesta Terrace, a 100-bed assisted living and memory care facility in Tequesta, about 21 miles north of West Palm Beach. The property has 71 assisted living units and 29 memory care units. Carolyn Whatley of Capital One Specialty Healthcare Real Estate arranged the 35-year loan on behalf of the borrower, Terrace Communities.
BETHESDA, MD. — Washington Property Co. (WPC) has broken ground on Solaire Bethesda, a 139-unit luxury apartment community along the Metrorail’s Red Line in Bethesda. The $60 million property will be located at 7100 Wisconsin Ave. near Bethesda Row, Bethesda’s popular shopping and dining destination. Upon completion in 2016, the property will feature 6,400 square feet of ground-floor retail space and a two-level underground parking garage, as well as a residents’ lounge with a bar and fireplace; club room; cyber café; fitness center; and outdoor terrace. WPC is financing Solaire Bethesda’s construction through a $42 million construction loan from RBS Citizens Bank.