PANORAMA CITY, CALIF. – The 30-unit Ventura Canyon Villas apartment complex in Panorama City has sold to a private LLC for $8 million. The community is located at 7901 Ventura Canyon Ave., near the Kaiser Permanente Medical Center. Rick Raymundo and Chris Birdsall of Marcus & Millichap represented the buyer in this transaction. Raymundo also represented the seller, the original developer.
Multifamily
LOUISVILLE, KY. — PRG Investments has arranged the sale of Kingston Park Apartments, a Class C, 622-unit apartment community located at 100 E. Southland Blvd. in Louisville. The property, built in 1948, was formerly known as the Americana Apartments. The buyer, a Louisville-based investment partnership, is planning significant capital improvements to the multifamily community. Red Weinberg and Fred Sutterlin of PRG Investments represented the seller, an unnamed bank, in the transaction.
ATLANTA — Elan Westside, a 197-unit multifamily development at the corner of Howell Mill Road and 14th Street in Atlanta’s West Midtown neighborhood, has welcomed its first tenants. Elan Westside’s developer Greystar Real Estate Partners developed the property within walking distance of the Westside Provision’s District, which features retailers and restaurants such as Ann Mashburn, Anthropologie, Billy Reid, Calypso St. Barth, Everything But Water, Free People, G. Gilbert, J. Crew, Jack Spade, Kayce Hughes, lululemon athletica, Seed Factory, Sid Mashburn, Steve Allan, Abattoir, Bacchanalia, JCT. Kitchen & Bar, Jeni’s Splendid Ice Cream, Ormsby’s, Osteria del FIGO, Preserving Place, Quinones at Bacchanalia, Star Provisions, Taqueria del Sol, West Egg Café, Yeah! Burger and Yoforia. Elan Westside features a saltwater pool, fitness center, clubhouse, entertainment lounge, cyber cafe and courtyard. Units range from 611 to 1,600 square feet, with rents starting at $1,100 per month.
LINCOLN, NEB. — Q10 | Daisley Ruff Financial Corp. has arranged a $13 million loan to refinance The Villas at Wilderness Ridge, a 145-unit luxury apartment project in Lincoln. Bob Chalupa of Q10 | Daisley Ruff Financial arranged the 25-year, fixed-rate, non-recourse loan with a correspondent lender.
NEW YORK CITY — Madison Realty Capital has acquired two multifamily buildings located at 216-218 West 22nd St. in Manhattan for $19.3 million. The 27,750-square-foot property consists of two adjacent five-story buildings offering 30 residential units. The properties offer 19 one-bedroom and 11 two-bedroom apartments, as well as a vacant garden-level space that is currently being built-out for commercial use. Anand Melwani of ARM Estate Group represented the buyer, while Christopher Okada and Hiro Iwata of Okada and Company represented the undisclosed seller.
SEATTLE — Kirkland Waterfront Market, a 23,957-square-foot, mixed-use building, has received an $8.5-million refinance. The market is located at 130 South Lake Street in the Seattle submarket of Kirkland. It contains both ground-floor retail and office space on the upper level. The owner occupies about 30 percent of the office space. The 10-year, fixed-rate loan features a 30-year amortization schedule. The loan was arranged by Mike Wood and Austin Johnson of NBS Financial Services. NBS Financial represented the local lender, Homestreet Bank, in this transaction.
BULLHEAD CITY, ARIZ. — Joshua Springs, a 95,300-square-foot assisted-living facility, has broken ground in Bullhead City. The $18-million project will be located at 2995 Desert Sky Blvd. within the Fox Creek master-planned development. Bullhead City is just north of Lake Havasu. The facility will include 74 assisted-living apartments and 30 apartments for memory care residents. It will also feature a bistro, hair salon/barber shop, theatre, spa and exercise room, billiards room, card and game rooms and a library. Construction should be complete next summer. Joshua Springs will sit adjacent to a five-acre medical office complex development. The planned project will be anchored by five 7,500-square-foot medical office buildings targeting medical/physician practices and health-related service providers. The developer, Brookfield Communities, sold the land for Joshua Springs in 2012 to Link Development, a developer that specializes in assisted-living facilities. The new project will be managed and operated by Milestone Retirement Communities.
MONROE TOWNSHIP, N.J. — Walker & Dunlop has provided $14.5 million in bridge financing through the company’s interim loan program to AFC Forsgate Owner LLC. The borrower, which is a joint venture between Artemis Real Estate Partners, Focus Healthcare Partners and Chelsea Senior Living, plans use the loan to refinance Chelsea at Forsgate. Located in Monroe Township, the 120-unit assisted living facility was originally constructed in 1996 and purchased by the borrower in February 2013. Since acquisition, the borrower has made capital improvements to the property and plans additional improvements. John Pantone and Jim Cope led the Walker & Dunlop team that structured the three-year, interest-only, cash-out transaction.
COCKEYSVILLE, MD. — Developer Greenberg Gibbons has contracted with AvalonBay Communities Inc. to develop Avalon at Hunt Valley Towne Centre, a five-story, 332-unit multifamily property. The community will be located in Hunt Valley Towne Centre, a mixed-use development in Cockeysville, about 17 miles north of Baltimore. The property will be situated adjacent to a Pier 1 Imports store. Greenberg Gibbons will develop the property’s 30,000-square-foot retail component. AvalonBay and Greenberg Gibbons plan to break ground this fall and wrap up construction as early as spring 2016.
ST. PAUL, MINN. — The Opus Group will complete a 41,500-square-foot expansion and renovation project for St. Catherine University in St. Paul. Opus will expand the university’s existing 59,000-square-foot Butler Center, which houses student wellness and athletic facilities. The addition will feature separate varsity locker rooms and lounge space for athletic teams at the school, a cardio room with fitness equipment, a dance studio, as well as a one-story, multi-purpose training center. Opus will also redesign the front entry to include a controlled access point for added security and access to events in the arena. In addition, 10,000 square feet of previous gymnasium space in the neighboring Fontbonne Hall will be renovated to include university classroom space, which will connect to the Butler Center. Opus will also install a new elevator to improve the building’s accessibility. Construction is scheduled to begin this month. Renovation of Fontbonne Hall is slated for completion before the fall semester. The full project is set for completion in February 2015. Opus Design Build LLC will serve as the design-builder and Opus AE Group LLC will serve as the design-architect.