ARLINGTON, TEXAS — Marcus & Millichap has arranged the sale of Parkway East Townhomes, a 70-unit apartment property located in Arlington. Matt Davis, of Marcus & Millichap’s Dallas office, marketed the property on behalf of the seller, an individual/personal trust. Davis also procured the buyer, a private investor. Parkway East Townhomes is located at 1541 Parkway Lane at the corner of East Pioneer Parkway. Built in 1971, the asset is situated on more than five acres and includes two-bedroom and three-bedroom floor plans. The property features a leasing office, a swimming pool and a storage unit.
KENSINGTON, MD. — Prudential Mortgage Capital Co., the commercial mortgage lending business of Prudential Financial Inc. (NYSE: PRU), has provided a $41 million loan to Fountain Square Properties to refinance Kensington Park, a Class A independent, assisted and memory care community located in Kensington. Tom Goodsite and Trace Wilson of Prudential Mortgage Capital were the leads on the transaction. The loan was originated through Freddie Mac’s Senior Housing program. The property consists of 61 independent living units, 52 assisted living units and 51 memory care units and is situated on more than eight acres, just north of the I- 495 Beltway in Montgomery County. Kensington Park is managed by an affiliate of its owner, Fountain Square Properties.
TALLAHASSEE, FLA. — CBRE Debt & Structured Finance has originated a $21.9 million acquisition loan for Delaney Park at Southwood, a 248-unit luxury apartment community located at 3550 Esplanade Way in Tallahassee. Completed in 2007 by Epoch Properties, the community’s interiors include 9- to 18-foot ceilings, bay windows, private entryways and surround sound. The property’s amenity package includes a clubhouse, movie theater, garages, car wash, sauna and spa, fitness center, indoor basketball court, business center, library and a swimming pool. Christopher Apone, Charles Foschini and Christian Lee of CBRE arranged the 10-year loan with four years of interest-only payments through Fannie Mae on behalf of the borrower, Miami-based Momentum Real Estate Partners.
HOUSTON — Gaia Real Estate, Menora Mivtachim Insurance and Amitim Senior Pension Funds have acquired a five-property, 1,376-unit portfolio located in Houston. Menora Mivtachim is an Israel-based insurance company and Amitim is Israel’s largest institutional organization. The Class B multifamily properties are concentrated amongst two locations in the Spring Branch/Bear Creek and Champions East submarkets. Amenities at the properties include swimming pools and spas, fitness centers, playgrounds, resident business centers, barbeque areas as well as covered parking. Gaia owns more than 16,500 residential units with 5,670 units spread throughout 19 properties in Houston. The company plans a comprehensive unit and exterior capital upgrade program and will rebrand some of the communities.
DALLAS — Marcus & Millichap has arranged the sale of Cockrell Hill Apartments, a 32-unit apartment property located in Dallas. Robert Denninger of Marcus & Millichap’s Dallas office marketed the property on behalf of the seller, a limited liability company. An outside broker represented the buyer, a limited liability company. Cockrell Hill Apartments is located at 4355 Division St., just off North Cockrell Hill Road. The Class C asset is situated on nearly three acres and consists of eight two-story buildings with four one-bedroom/one bath-units and 28 two-bedroom/two-bath units. Since 2009, the asset has undergone renovations that have included the addition of a new roof, a parking lot expansion, HVAC replacements, both exterior and interior improvements and the implementation of a washer/dryer program.
CHICAGO — Essex Realty Group has brokered the $7.6 million sale of 3808-16 N. Sheffield Ave. in Chicago. The 31-unit courtyard building is located in Chicago’s Lakeview neighborhood. The building was converted to condominiums in 2008. Doug Imber and Kate Varde of Essex Realty represented the undisclosed seller and buyer.
PROSPER, TEXAS — Dallas-based Tribute Senior Living will begin construction this spring on an advanced memory care and seniors living community at the corner of Preston Road and Broadway in Prosper, Texas. Upon completion in 2016, the 60,000-square-foot community will be home to 100 residents. “There are more than 5.2 million people living with Alzheimer’s disease in the United States,” says Charles Hodges, a partner with Tribute. “That number is expected to grow to more than 16 million by 2050. Those are very real numbers and when you also consider the family and friends touched by this horrible disease, we are talking about hundreds of millions of people affected in one way or another.” Sodalis Elder Living principal and Tribute Senior Living partner Mark Rushing will serve as the operating partner. The team has formally partnered with Dr. Paula Grammas, former executive director of the Garrison Institute on Aging and tenured professor of neurology at the Texas Tech University School of Medicine, to ensure that the communities utilize every environmental and care advantage in treating Alzheimer’s and dementia.
SAN DIEGO – A 24-unit apartment building in the San Diego submarket of Lemon Grove has sold to Phx CapI LLC for $2.9 million. The community is located at 1790 Dayton Drive. It was fully leased at the time of sale. Curtis Lockey of Voit Real Estate Services’ San Diego office represented both the buyer and seller, Limoncello LLC, in this transaction.
SAN DIEGO – A 10-unit apartment building in the San Diego submarket of Pacific Beach has sold to Plotts Real Estate LP for $2 million. The community is located at 2030 Diamond Street. Plotts Real Estate was represented by Terry Moore of ACI Apartments. It acquired the property as part of a 1031 tax deferred exchange. The unnamed seller was represented by Ron Hammett of Hammett Properties.
NEW YORK CITY — HFF has arranged the sale of The Nathaniel, an 85-unit residential building located at 138 E. 12th St. in Manhattan’s Greenwich Village neighborhood. The firm also arranged financing for the $98.3 million acquisition. Wafra Residential Value Invest I, a fund managed by Wafra Investment Advisory Group Inc., purchased the asset from YYY Third Avenue LLC, a joint venture affiliate of Joy Construction Corp. Designed by Karl Fischer Architect and built in 2014, the nine-story, 49,741-square-foot property features 10,000 square feet of ground-floor retail space, 8,000 square feet of below-grade retail space, floor-to-ceiling windows, a 24-hour doorman, resident lounge with TV/media center and billiards, rooftop reflecting pool, sunset terrace, fitness center and bike storage. Andrew Scandalios, Erin Anton, Jose Cruz, Jeffrey Julien and Rob Hinckley of HFF represented the seller in the transaction. Steven Klein and Jennifer Keller, also of HFF, arranged the acquisition financing for the borrower.