Multifamily

Blue Rock, Goff Capital Purchase Apartment Community in Clearwater for $19.3M

by John Nelson March 10, 2015

CLEARWATER, FLA. — Tampa-based Blue Rock Partners LLC and Denver-based Goff Capital Partners have purchased Cameron Lakes Apartments, a 207-unit apartment community located at 2550 Stag Run Blvd. in Clearwater, for $19.3 million. Grandbridge Real Estate Capital provided acquisition financing on behalf of the buyers. In addition to rebranding the asset as The Park at Gibraltar, Blue Rock and Goff Capital plan to invest $1 million to upgrade the property’s common areas and add a washer and dryer to every unit. John Selby of CBRE brokered the transaction.

March 10, 2015

California Multifamily Western

Village at Park View Apartments in Antioch Sells for $12.4M

by Nellie Day March 10, 2015

SAN FRANCISCO – The 85-unit Village at Park View Apartments in the San Francisco submarket of Antioch has sold to an unnamed buyer for $12.4 million. The community is located at 2800 Gentrytown Drive. It was built in 1980. Michael Henshaw of Marcus & Millichap represented the buyer. The unnamed seller was represented by Adam Levin and Nathan Gustavson of the same firm.

March 10, 2015

California Multifamily Western

San Antonio Apartments in Long Beach Sells for $2.9M

by Nellie Day March 10, 2015

LONG BEACH, CALIF. – The 20-unit San Antonio Apartments in Long Beach has sold to Rio Company for $2.9 million. The community is located at 1090 E. San Antonio Drive in the Bixby Knolls area. It was built in 1948. Robert Stepp and Michael Toveg of Stepp Commercial represented both the buyer and seller, Alray Trust, in this transaction.

March 10, 2015

California Multifamily Western

Apartment Building in LA’s Miracle Mile Sells for $23.5M

by Nellie Day March 9, 2015

LOS ANGELES – A 71-unit apartment building in Los Angeles’ Miracle Mile neighborhood has sold to a private investor for $23.5 million. The community is located at 5700 West Olympic Blvd., just west of La Brea Avenue. It was built in 1972. The seller, an affiliate of Hillstreet Realty, was represented by Richard Ringer of Marcus & Millichap’s West Los Angeles office.

March 9, 2015

Illinois Midwest Multifamily

Interra Realty Arranges $2.2M Sale of Three Multifamily Properties in Chicago

by Danielle Everson March 9, 2015

CHICAGO — Interra Realty has arranged the $2.2 million sale of three multifamily properties in Chicago. The properties include an eight-unit, walk-up property located at 5417-19 S. Drexel in Hyde Park, which sold for $1.06 million; a four-unit apartment building located at 1900 W. Oakdale in the Lake View neighborhood, which sold for $750,000; and a vacant 12-unit building located at 4034-42 W. Palmer in the Hermosa neighborhood, which sold for $430,000. Brad Feldman of Interra Realty represented the undisclosed buyers and sellers in all three deals.

March 9, 2015

Loans Multifamily Seniors Housing Texas

Capital One Secures $15.5M Loan for Retirement Community in Tyler

by Haisten Willis March 9, 2015

TYLER, TEXAS — Capital One Bank has provided a $15.5 million loan to finance the acquisition of Meadow Lake, a continuing care retirement community in Tyler. The borrower, a partnership between Evergreen Senior Living Properties LLC, its management affiliates ESLP Management LLC, and RSF Partners, acquired the property through a bankruptcy auction. Located on 95 acres, Meadow Lake opened in 2011 and includes 117 independent living units, 20 assisted living units, 34 memory care units and 30 skilled nursing beds. The facility also includes 20 fully improved lots for the addition of independent living cottages as well as undeveloped land that could accommodate an additional 88 cottages.

March 9, 2015

Maryland Multifamily Southeast

CBRE Brokers $71.8M Sale of Apartment Community in Metro D.C.

by John Nelson March 9, 2015

BOWIE, MD. — CBRE has brokered the sale of Meridian at Bowie, a 384-unit multifamily community in Bowie, a Maryland suburb of Washington, D.C. Friedkin Realty Group purchased the apartment community from an undisclosed seller for $71.8 million. Bill Roohan, Mike Muldowney, Andy Boyer, Brian Margerum, Michael Rudolph, Jonathan Greenberg and Martha Hastings of CBRE’s multifamily investment properties team in Washington, D.C., represented the seller in the transaction.

March 9, 2015

Azure Luxury Apartments St. Petersburg Tampa Bay

Florida Multifamily Southeast

Passco Cos. Acquires St. Petersburg Apartment Community for $54M

by John Nelson March 9, 2015

ST. PETERSBURG, FLA. — Passco Cos. LLC has purchased the 308-unit Azure Luxury Apartments, a Class A apartment community located at 540 Trinity Lane in St. Petersburg, a city within the Tampa Bay area. The newly constructed apartment community was 94 percent occupied at the time of sale. The property comprises one-, two- and three-bedroom units with stainless steel appliances, granite countertops and kitchen islands, plank wood flooring, washers and dryers, nine-foot ceilings and private patios and balconies. Azure’s amenity package includes a resort-style pool, fitness center, garages, sports lounge, dog park, outdoor fire pits, car washing stations and electric car charging stations. The seller was undisclosed.

March 9, 2015

Charlestowne Townhomes Portsmouth Hampton Roads

Multifamily Southeast Virginia

Growth Equity Group Acquires Townhome Community in Hampton Roads Region

by John Nelson March 9, 2015

PORTSMOUTH, VA. — Growth Equity Group has acquired the Charlestowne Townhomes, a 50-unit townhome rental community located at 1590 Darren Circle in Portsmouth, part of the Hampton Roads region. The property features two- to four-bedroom units ranging from 940 to 1,254 square feet. Charlestowne Townhomes is located near Norfolk Naval Shipyard, Bon Secour’s Medical Center and the Portsmouth Marine Terminals. Growth Equity Group has also recently acquired the 32-unit Midlands Townhomes in Williamsburg, Va., and the 178-unit Timberwoods in Newport News, Va. Terms of the transaction were not disclosed.

March 9, 2015

Indiana Midwest Multifamily Seniors Housing

Mainstreet, Trilogy Health Services Open Transitional Care Facility in Indiana

by Danielle Everson March 6, 2015

TERRE HAUTE, IND. — Mainstreet and Trilogy Health Services is opening Harrison’s Crossing Health Campus, a 102-bed, 68,000-square-foot transitional care (short-stay rehabilitation and therapy) and assisted living facility, this month. The property is located at 395 8th Ave. in Terre Haute. Construction on Harrison’s Crossing Health Campus began in November 2013. Mainstreet developed the facility and Trilogy operates the property. Harrison’s Crossing Health Campus will offer amenities including a large therapy gym, outdoor rehabilitation courtyard, movie theater, game room, spa and an on-site chef. The project, which represents a total investment of $15 million in the community, created 317 construction jobs and 100 permanent jobs.

March 6, 2015

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