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.
INDEPENDENCE TOWNSHIP, MICH. — Bernard Financial Group has arranged a $3 million loan for Independence Square Apartments in Independence Township, a northern Detroit suburb. The property includes 140 units across 10, two-story buildings located on Van Norman Lake. Dennis Bernard and Kevin Kovachevich of Bernard Financial arranged the loan for the borrower, Independence Square LP. The lender, Ameritas Investment Partners, Inc. is a servicing correspondent of Bernard Financial Group.
FLORESVILLE, TEXAS — Marcus & Millichap has arranged the sale of Oakland Hills, a newly constructed 120-unit apartment complex in Floresville. Joe James and Kent Myers of Marcus & Millichap’s Austin office represented the unnamed seller. James and Myers also procured the buyer, a limited liability company. Construction on Oakland Hills was completed this year on an 11-acre site at 386 Paloma Drive at the intersection of Veterans Drive and Paloma Drive. Amenities at the complex include a gym, swimming pool, business lounge, gated entry, covered parking and a clubhouse.
TEWKSBURY, MASS. — OCR Tewksbury, an affiliate of Ocean Gate Realty Advisors, has purchased a multifamily community located at 1535 Main St. in Tewksbury, a suburb of Boston. The 56-unit, garden-style property sold for $10 million. Simon Butler and Biria St. John of Cushman & Wakefield/New England represented the seller, Omni Properties, in the transaction. East Boston Savings Bank arranged financing for the acquisition. Ocean Gate Realty Advisors is a privately held real estate investment company with offices in Boston and New York City.
SLIDELL, LA. — Doster Construction Co. has commenced construction on the Springs of Fremaux Town Center in Slidell, roughly 33 miles north of New Orleans on the other side of Lake Pontchartrain. The new community will be part of the new Fremaux Town Center mixed-use development. Ranging from studios to three bedrooms, the asset will feature a 4,000-square-foot clubhouse, resort-style pool, 24-hour fitness center, business center, dog park, pet spa, car care center and attached and detached garages. The project team includes developer Continental Properties Co. Inc. and architect Phillips Partnership.
