HANOVER, N.J. — Fairfield, N.J.-based Woodmont Properties has secured a long-term permanent loan for Woodmont Knolls at Hanover, a multifamily community located in the Cedar Knolls section of Hanover. The financing, which was provided by Valley National Bank, enables Woodmont to secure permanent financing for the property, which is now fully leased. Situated on a 15-acre former industrial site, the property features 126 one- and two-bedroom flats and carriage homes. On-site amenities include a clubhouse with sports bar and gaming system, strength and cardio center, billiards room, cyber café, and a swimming pool with a sundeck. Additionally, the pet-friendly community features a dog park and a picnic and barbeque area.
NASHVILLE, TENN. — HFF has brokered the $54.3 million sale of Velocity in the Gulch, a 238-unit multifamily community in Nashville’s Gulch neighborhood. Nicol Investment Co. purchased the apartment property from a joint venture between a Chicago-based fund manager and a predecessor company run by David Levin. Velocity in the Gulch is located at the corner of 320 11th Ave. South and Pine Street. The property features a sky lounge with an outdoor fireplace, fitness center, courtyard with a fountain and fire pit, clubroom, coffee bar and bicycle racks. Jason Nettles and Megan Thompson of HFF led the investment sales team that represented the seller in the transaction.
HOLLYWOOD, FLA. — CBRE has brokered the $31.5 million sale of Emerald Place, a 300-unit apartment community located at 3910 N. 56th Ave. in Hollywood. The property includes a swimming pool, clubhouse, two tennis courts, children’s playground and night-time security. Emerald Place Apartments LLC purchased the asset from Emerald Place LLC. Calum Weaver and Robert Given led the CBRE South Florida Multifamily team in representing the seller.
TUKWILA, WASH. – The 80-unit Newport Heights Apartments in Tukwila has sold to Woodspear Newport Heights LLC for $10.5 million. The community is located at 5600 S. 152nd Street. The buyer represented itself in this transaction, while the seller, HRA SPVEF II LLC, was represented by Joe Levin, Tim McKay and Dan Chhan of Colliers International.
DENVER – A 23-unit apartment building in Denver has sold to an unnamed buyer for $3.4 million. The community is located at 2701 Federal Blvd., near the Highland neighborhood. It was built in 1971. The buyer was represented by Saratoga Property Advisors. The seller, Cedarbridge Apartments, was represented by the Calame Lewallen Team at Pinnacle Real Estate Advisors.
SAN ANTONIO — CBRE Capital Markets’ Senior Housing Debt & Structured Finance group has arranged $40.3 million in acquisition financing for a joint venture between Franklin Development Properties and Harrison Street Real Estate Capital. The financing will be used to acquire Franklin Park Stone Oak, a Class A assisted living and memory care community in San Antonio. CBRE negotiated an $18.2 million, five-year, 36-month interest-only, floating rate mortgage loan at a 70 percent loan-to-value ratio for Phase I, which was built in 2011. The company also negotiated a $22.1 million, five-year, 48-month interest-only, floating rate construction loan at a 70 percent loan-to-cost ratio to develop Phase II, which will be adjacent to the existing campus. The completed property will consist of 162 independent living units, 66 assisted living units and 33 memory care units.
DALLAS — The Cantrell Co. has sold the 606-unit Spring Hill Apartments in north Dallas. Spring Hill Investors LP of Dallas purchased the property located at 13750 Maham Road. HS Spring Hill LLC of California was the seller. The complex is a Class C property with below-market rents for the north Dallas submarket. Units average 789 square feet. The 72-building complex was built between 1969 and 1978 on 25.6 acres.
DELAND, FLA. — Equus Capital Partners Ltd. has sold Madison Carrington Place, a 224-unit apartment community in Deland, roughly 30 miles north or Orlando. The private equity real estate fund manager sold the asset to Bluerock Partners for $14.3 million. Constructed in 1987, the apartment community features a clubhouse, pool, fitness center, tennis and volleyball courts and a playground. The property was 94 percent leased at the time of sale. Luke Wickham and Sheldon Granade of CBRE represented Equus Capital Partners in the transaction.
BRICK, N.J. — Tryko Partners has acquired Burnt Tavern Rehabilitation and Healthcare Center in Brick for an undisclosed price. Located at 1049 Burnt Tavern Road, the center includes 148 skilled nursing beds with expansion potential and an assisted living component that can accommodate 23 clients. The company plans to launch a $1 million renovation program to upgrade the property, which has been renamed Willow Spring Rehabilitation and Healthcare Center. Planning renovations include a state-of-the-art sub-acute care unit, expanded rehabilitation facility with cutting-edge equipment and technology, and updated common areas, patient rooms and assisted living accommodations. Tryko Partners purchased the asset from the original developer, NuVision Management. Additional terms of the transaction were not released.
ARVADA, COLO. – The 12-unit Scandia Apartments in Arvada has sold to a local buyer for $1.2 million. The community is located at 9990-10000 W. 59th Place. It was built in 1959. Scandia was fully leased at the time of sale. Joe Hornstein represented the buyer, while the local seller was represented by Josh Newell, both of Pinnacle Real Estate Advisors.