LOS ANGELES — Village Walk at Tarzana, a two-parcel development site, has sold to Sinanian Development Inc. for an undisclosed sum. The fully entitled site contains the West Parcel, which is located at 18709 W. Redwing Street, and the East Parcel, located at 5420-5432 N. Yolanda Ave. They are attached to the 146,363-square-foot Village Walk retail center on Ventura Boulevard. The West Parcel will receive 15 two-story luxury townhomes, while the East Parcel project will contain 19 townhomes and 37 luxury apartments. The seller, Pearlmark Real Estate Partners LLC, was represented by Greg Harris, Kevin Green and Joseph Grabiec of Institutional Property Advisors.
Multifamily
NEW YORK CITY — Marcus & Millichap has arranged the $4.7 million sale of 1231 Lincoln Place and 1382 St. John’s Place, totaling 47 apartment units located in the Crown Heights section in Brooklyn. The sale price equates to approximately $113 per square foot. Derek Bestreich and Lucien Sproviero from Marcus & Millichap’s Brooklyn office marketed the property on behalf of the seller and represented the buyer, both private investors.
SAN DIEGO — Latitude 33 Apartments, a 198-unit, Class A complex in the San Diego submarket of Escondido, has received $37.5 in refinancing. The community is located at 515 Meander Glen. It is in close proximity to three local shopping centers, including Civic Center Plaza Shopping Center, Escondido Square Shopping Center and Country Corner Shopping Center. The transaction was structured to include two loans, which separately covered the financing for the property's mid-rise apartments and townhomes, in order to accommodate the unnamed borrower's short-term and long-term investment plans. The borrower also received takeout financing, which paid off the existing construction loan and provided some extra capital. Financing was structured by Bryan Frazier of Walker & Dunlop under Freddie Mac's Capital Markets Execution (CME) Program.
CHICAGO — Aviv REIT Inc. has acquired nine post-acute and long-term care skilled nursing facilities in Kentucky and Iowa in two separate transactions for approximately $49 million. Seven of the properties are located in Kentucky and are triple-net leased to new Aviv operator Providence Group, an operator of skilled nursing facilities in Kentucky and California. The other two facilities are located in Iowa and are triple-net leased to existing Aviv operator Trillium Healthcare. The acquisitions include annual escalators and initial lease terms of 10 years. Chicago-based Aviv REIT has approximately $104 million in acquisitions year-to-date.
INDEPENDENCE, MO. — Overland Property Group has celebrated the opening of Gardens at Jackson Creek, a $10 million seniors living facility in suburban Kansas City. The new apartment community, located at 19401 E. 40th St. Court in Independence, features 46 one-bedroom units and 67 two-bedroom units. Williams Spurgeon Kuhl & Freshnock Architects led the design team for the 115,000-square-foot facility. One-bedroom floor plans range from 576 to 594 square feet with monthly rents starting at $1,025. Two-bedroom units range from 765 to 795 square feet with rents starting at $1,250. Apartments feature raised-panel wood doors, wood-grained vinyl plank flooring, granite countertops, walk-in closets, washers and dryers, custom cabinets and nine-foot ceilings.
LOS ANGELES — Metro @ Compton Senior Apartments, a 75-unit seniors housing community, has broken ground in the Los Angeles submarket of Compton. The $19.5 million, transit-oriented community will be located at 302 N. Tamarind Ave. across from the city's newly completed senior center. Metro @ Compton is also within walking distance of the Martin Luther King Transit Center, several Los Angeles Metro bus stops, the light rail Metro Blue Line, and other local services, including a grocery store, bank, library, park and the Compton Town Hall. Meta Housing Corp. which is developing the community, is working in conjunction with Los Angeles County and the Compton City Council.
VANCOUVER, WASH. — CNL Healthcare Properties has acquired four seniors housing and healthcare facilities in Washington for $88.3 million. The transaction included Bridgewood at Four Seasons Retirement & Assisted Living Community in Vancouver; Rosemont Retirement & Assisted Living Community in Yelm; Auburn Meadows Senior Community for Assisted Living and Special Care in Auburn; and Monticello Park Retirement & Assisted Living Community in Longview. The four communities contain a total of 457 residential units, including 136 independent living units, 297 assisted living units and 24 memory care units. They are managed by Prestige Senior Living, LLC under long-term management services agreements. CNL is also scheduled to close on West Hills Retirement and Assisted Living Community in Corvallis, Ore., next month. Prestige will also operate this property.
CHARLESTON, S.C. — CBRE’s national student housing team has arranged the $18.5 million sale of 400 Meeting Street, a 41-unit student housing community in Charleston. CMB Properties LLC purchased the community from Davis Property Group. The 160-bed property was fully leased at the time of sale. The property was built in 2013 and features fully furnished units with hardwood-style flooring, black appliances and washer/dryers. Ryan Lang, Ryan Reid, Jaclyn Fitts and Phil Brosseau of CBRE brokered the sale. Greystar Student Living manages the community, which is within walking distance of The College of Charleston.
MONTGOMERY, ALA. — Multi Housing Advisors (MHA) has arranged the sale of the 224-unit Bell Station and the 28-unit Watchman Court, two contiguous apartment communities located at 3201 and 3301 Watchman Drive in Montgomery. The communities had an average 93 percent occupancy at the time of sale. The sales price was undisclosed. Jimmy Adams of MHA’s Birmingham, Ala., office represented the sellers, Tritex Real Estate Advisors and Watchman Court Ltd., in the transaction. EBSCO Watchman Dr. LLC was the buyer. Chad Hagwood of Beech Street Capital arranged a Freddie Mac acquisition loan.
ST. LOUIS — KBS Legacy Partners Apartment REIT, a Newport Beach, Calif.-based public non-traded REIT, has purchased the 200-unit Lofts at the Highlands apartment community in St. Louis for $41.8 million. The Class A property, which totals 246,612 square feet, was 80 percent occupied at the time of sale. Built in 2006, the complex consists of two five-story buildings and is located between downtown St. Louis and the Clayton business district. Mills Properties Inc. will manage the property.