BUTLER, PA. — Institutional Property Advisor (IPA), a brokerage division of Marcus & Millichap, has brokered the sale of Sunnyview Nursing and Rehabilitation Center in Butler. A Northeast-based healthcare property investment firm purchased the 240-bed nursing home from Butler County, Pa., for $20.5 million. Built in 1963, the property is situated on seven acres at 107 Sunnyview Circle. Joshua Jandris, Mark Myers and Charles Hilding of IPA, along with Matthew Gorman of Marcus & Millichap’s Philadelphia’s office, represented the seller in the transaction.
Multifamily
SAN DIEGO – The 65-unit Sungarden Terrace senior housing facility in San Diego has received a $2.9-million refinance. The facility is located at 2045 and 2049 Skyline Drive in Lemon Grove. The property contains an assisted living facility with a memory care unit. The loan includes a 15-year term and 15-year amortization schedule. It was secured by Steve Hollisterof NorthMarq Capital’s San Diego regional officethrough the lender, a life insurance company, as a servicing mortgage correspondent.
HIGHWOOD, ILL. — Marcus & Millichap has arranged the $865,000 sale of a nine-unit apartment property in Highwood located approximately 30 miles north of downtown Chicago. The address of Sheridan Point Apartments is 740 Sheridan Road. The property sold in 55 days. This nine-unit building consists of a mix of one-, and two-bedroom units. Alan Katamanin of Marcus & Millichap represented the seller, a private investor. Ryan Engle and Andrean Angelov of Marcus & Millichap represented the buyer, a private investor, in the transaction.
NEW YORK CITY — New York-based Sherwood Equities has topped out 500 West 21st Street, a condominium development located along the High Line in the heart of West Chelsea. Designed by Kohn Pederson Fox Associates, the 32-unit building will offer one-, two-, three- and four-bedroom residences set within a garden landscape with 40-foot trees and mature foliage. The property is slated for completion in spring 2015.
DALLAS — Resource Real Estate Opportunity REIT II Inc. has purchased its first asset, a 152-unit apartment community in the Platinum Corridor neighborhood in Dallas. The property, located close to the Dallas North Tollway will feature one- and two-bedroom units, as well as a swimming pool and business center. The REIT is planning upgrades to the community’s common areas, leasing center and individual units.
HOUSTON — Dougherty Mortgage has originated a $10 million Fannie Mae loan to refinance Villa Springs Apartments in Houston. The 216-unit community is an affordable housing property featuring a newly remodeled clubhouse, playground and fitness center. Dougherty’s Minneapolis office arranged the 15-year loan on behalf of the borrower, Houston Leased Housing Associates IV LP.
BOSTON — CBRE/New England’s Capital Markets team has brokered the sale of Midway Studios, an 89-unit artist live/work community located in Boston’s Fort Point Channel district. Midway Studio Associates, a joint venture between the Keen Charitable Foundation and the Fort Point Cultural Coalition, sold the property for $20 million to a joint venture between New Atlantic Development LLC and the residents of Midway Studios. The property was originally built in 1912 and redeveloped into artist living space in spring 2005. The live/work studios, located on the second through sixth floors, are designed to accommodate a broad range of artists’ mediums. The first floor features two-story space with approximately 24,740 square feet of office and retail space. The property is currently home to Elevin Studios, Studio Troika, Arts & Business Council of Greater Boston and The Club of George Foreman III. Additionally, Late July Snacks will move in this fall. Simon Butler and Biria St. John of CBRE/NE represented both parties in the transaction.
YARMOUTH, MASS. — Weston Associates has reopened Swan Pond Village, an affordable multifamily complex located at 1100 Alewife Circle in South Yarmouth. Situated on 30 acres, the 18-building complex features 150 affordable residential units, including 68 one-bedroom, 44 two-bedroom, 30 three-bedroom and eight four-bedroom units. Additionally, the complex features a community building with a community room, as well as playgrounds, off-street parking, an on-site management office, 24-hour on-call maintenance and laundry facilities. Weston Associates recently completed capital improvements for the community including new roofs, windows, apartment interiors, bathrooms, HVAC systems, electrical upgrades and external site improvements. Weston Associates utilized the new Section 223(f) pilot program as part of the community’s revitalization. In partnership with the U.S. Department of Housing and Urban Development, MassDevelopment, the Massachusetts Department of Housing and Community Development and private partners, Weston Associates financed the project by combining FHA loans, tax-exempt bonds and low-income housing tax credits to create a streamlined and efficient financing and redevelopment process.
NEW YORK CITY — GFI Realty Services has brokered the sales of three walk-up apartment buildings in Brooklyn totaling $3.6 million. In Brooklyn’s Bedford Stuyvesant neighborhood, the four-story, 13-unit 920 Madison Street sold for $1.4 million. The four-story, seven-unit 1463 Bedford Avenue traded hands for $1.2 million in Brooklyn’s Crown Heights. Additionally in Crown Heights, 1130 St. Johns Place, a four-story, eight-unit building, sold for $960,000. Shlomo Antebi of GFI Realty Services represented the sellers and buyers in all transactions.
STAFFORD, TEXAS — Prime Property Investors (PPI) has acquired Estates at Fountain Lake, a 306-unit multifamily property in the Houston suburb of Stafford. The 14-building, garden-style community includes one- and two-bedroom apartments with rents averaging $1,300 per month, as well as a swimming pool, clubhouse and fitness center. Constructed in 1998, the complex — which was previously branded as Alexan Fountain Lake and is fully leased — is located on Fountain Lake Drive, just east of South Dairy Ashford Road. Northbrook, Ill.-based PPI acquired the asset from Dallas-based Trammell Crow Residential and plans upgrades for both unit interiors and communal amenities. Matthew Rotan, David Oelfke, David Wylie and David Mitchell of ARA Capital Markets represented the seller in the transaction, and Adam Allen, also of ARA Capital Markets, assisted in the capitalization of the property.