SAN DIEGO – An 18-unit apartment community in the San Diego submarket of Fallbrook has sold to the Wood Family Trust for $2 million. The community is located at 1133 Old Stage Road. It was built in 1987. The trust was represented by Peter Scepanovic and Corey McHenry of Colliers International. The seller, Lucy Nannizzi Living Trust, was represented by CBRE’s Merrick Matricardi.
TRUMBULL, CONN. — Massachusetts-based National Development, in partnership with EPOCH Senior Living, has begun construction on Bridges by EPOCH at Trumbull, a state-of-the-art memory community in Trumbull. Located at 2415 Reservoir Ave., the 64-unit apartment complex is slated to open in summer 2015. Bridges by EPOCH will feature a 24-hour specially-trained health care staff. The project team includes Boston-based CBT as architect; Portsmouth, N.H.-based JSA Inc. as interior designer; and Middletown, Conn.-based C.E. Floyd Company as general contractor.
DUNKIRK, N.Y. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has completed the sale Chautauqua County Home, a 133-room skilled nursing facility located near Lake Erie in Dunkirk. The asset sold for $16 million, or $74,000 per bed. The buyer has upgrades planned for the 216-bed facility that will improve operations and profitability. Joshua Jandris and Mark Myers of IPA Marcus & Millichap’s Manhattan office represented the seller, Chautauqua County, and procured the buyer, a regional provider.
MILWAUKEE — KeyBank Real Estate Capital has secured a $21.5 million Freddie Mac CME loan for Presidio Square Apartments in Milwaukee. The 248-unit, garden-style apartment complex was built in 1991. Jeannie Johnson of KeyBank Real Estate Capital Markets’ multifamily team arranged the financing for the undisclosed borrower. The financing will be used to pay off an existing loan.
WYLIE, TEXAS — Marcus & Millichap has arranged the sale of Trails Place Townhomes, a 62-unit apartment property located in Wylie. Tommy Lovell III and Kim Westcott of Marcus & Millichap’s Dallas office marketed the property on behalf of a local seller. Lovell and Westcott also procured the buyer, a limited liability company from California. Trails Place Townhomes is located at 1 Trails Place near North Highway 78. Built in seven phases from 1985 to 2005, the asset is situated on nearly four acres. The community includes one-, two-, and three-bedroom townhome floorplans ranging in size from 700 square feet to 1,135 square feet. Amenities include full size washer and dryer connections in all units, private patios for all units, on-site management, tile flooring, walk-in closets and carports for select units.
ORLANDO, FLA. — CBRE has brokered the $47.1 million sale of Art Avenue Apartment Homes, a new 300-unit luxury apartment community located at 10201 Lee Vista Blvd. in Orlando. An undisclosed entity purchased the property from the Rohdie Group, a residential real estate management firm. Shelton Granade, Luke Wickham and Justin Basquill of CBRE represented the seller in the transaction. Completed in 2014, the community features a large clubhouse, computer lounge, TV lounge, coffee bar, fitness center, children’s art room, outdoor fire pit and resort-style pool.
LAKE PARK, FLA. — Oak Grove Capital has arranged two refinance loans totaling $26.1 million for San Marco Villas I and II, two affordable housing communities. The two apartment communities in Lake Park span 400 units. Tim Leonhard of Oak Grove Capital arranged the two loans through Freddie Mac.
The multifamily market in Los Angeles continues to be a hot property sector as the economy improves and jobs are added throughout the region. I believe we’ll hear much of the same buzz about the market in 2015 that we’ve heard for the past few years. This includes statements like vacancy rates are very low and demand outweighs supply. This results in rising rents, strong demand for multifamily investment property, climbing prices climbing and cap rates that continue to compress. Los Angeles County ended the third quarter of 2014 with a vacancy rate of just 3.2 percent. Asking rents continued to increase, with third-quarter rents coming in at an average rate of $1,521 per month. This is up 0.9 percent from the second quarter of this year, according to Reis. On the investment side, properties are trading at sub-4 percent cap rates. There were 80 apartment sales totaling $693 million in the third quarter, with an average per-unit price of $300,000. Some of LA’s hottest multifamily submarkets include the Westside, Beverly Hills, West Hollywood, Hollywood, Echo Park, Silverlake and Downtown LA. The most in-demand and promising submarket for multifamily is likely Playa Vista, however. Google recently announced it purchased 12 …
AUSTIN — ARA has arranged the sale of Elan East, a 251-unit, Class A apartment complex located in Austin. Patton Jones of ARA represented the sellers, South Carolina-based Greystar, and Washington, D.C.-based The Carlyle Group, in the transaction. A Boston- based institutional buyer purchased the property. Built in 2014, Elan East is an urban, garden-style community that includes one- and two-bedroom units. Amenities include a pool with outdoor lounge area and full kitchen with grilling stations/prep space, a gym, business center and club lounge. The property was 95 percent occupied at the time of sale.
PALOS HILLS, ILL. — Essex Realty Group Inc. has brokered the $17.1 million sale of 254 units within Scenic Tree Condominiums in Palos Hills. The property is located at 10205 S. 86th Terrace. Scenic Tree Condominiums is a multifamily garden unit community consisting of a total of 448 units. The property is within walking distance of the Green Hills Public Library, Oak Ridge Elementary School and Osborne Park. Doug Fisher of Essex Realty Group represented the undisclosed buyer. Matt Welke and Jason Fishleder of Essex represented the undisclosed seller.
