BROOMFIELD, COLO. – The 51-unit Villagio Senior Living has broken ground in Broomfield. The memory care continuum community is located at 5866 West 120th Ave. Common-area amenities include 24-hour care, a gourmet dining experience and community programs. The new community is expected to open next fall. The community will be designed by Van Tilburg, Banvard & Soderbergh and built by Pinkard Construction. It is being developed by Blackwood Development and Choice Capital Partners.
ATLANTA — Moran & Co. Southeast has brokered the $23 million sale of Archstone Cheshire Bridge, a 164-unit multifamily community located at 2430 Cheshire Bridge Road in Atlanta. The five-story wrap apartment complex was built in 2005 and features a swimming pool, clubhouse, fitness center, business center and parking deck. Sean Henry, Joel Sasser and John Huckaby of Moran & Co. represented the seller, AvalonBay, in the transaction. The buyer was Chicago-based Mesirow Financial.
MALDEN AND EVERETT, MASS. — Marcus & Millichap has brokered the sale of two apartment buildings in Malden and Everett. The properties are the six-unit building at 78 Florence St. in Everett and the seven-unit building at 23-27 Cedar St. in Malden. The properties sold for $1.85 million total. Evan Griffith of Marcus & Millichap’s Boston office represented the sellers, two private investors, and procured the buyers, also private investors, in the transaction.
EAGAN AND PRIOR LAKE, MINN. — KeyBank Real Estate Capital has secured $31.7 million in Fannie Mae loans for two seniors housing communities. The properties included Keystone Communities of Eagan, which includes 129 units; and Keystone Communities of Prior Lake, which includes 107 units. Charlie Shoop of KeyBank secured financing for the borrower, Toronto, Ontario-based BayBridge Seniors Housing, in conjunction with local operator and joint venture partner Keystone Communities. The financing allowed BayBridge to refinance existing debt at low long-term, fixed interest rates and provided additional growth capital for the sponsor.
MESA, ARIZ. — NALS Apartment Homes has purchased the 280-unit Waterford at Superstition Springs apartment complex in Mesa for $33 million. The community is located at 7311 East Southern Ave. Waterford is situated less than a mile from Superstition Springs Center, a 1.2-million-square-foot regional shopping mall with more than 150 stores and eateries. Mesa Pavilions, a 720,000-square-foot power center, also sits directly across the street from this community. Common-area amenities at Waterford include a resort-style swimming pool with spa, a leasing office, 24-hour fitness center, a clubhouse with resident lounge and Wi-Fi, an executive business center and conference room, 80 detached garages, 30 detached storage units, a car care center, and a courtyard space with a playground, volleyball court and barbecue grills. The seller, Waterford at Superstition Springs LLC, was represented by Steve Gebing of IPA and Cliff David of Marcus & Millichap.
DREXEL HILL, PA. — Meridian Capital Group has arranged a $40 million loan for the refinancing of the Drexelbrook Apartments in Drexel Hill. The borrower is William Key, a general partner of Drexelbrook Associates LLC. The 10-year loan features a floating rate of 129 basis points over the one-month LIBOR and interest-only payments for the full term. Drexelbrook Apartments features 90 buildings and more than 1,200 residential units. Jim Bologno and Paul Gilbert of Meridian Capital Group’s Iselin, N.J., office negotiated the transaction.
BLOOMFIELD, N.J. — Marcus & Millichap has brokered the sale of Jeanette Apartments, an apartment building located in Bloomfield. The 34-unit building sold for $1.75 million. Located at 268-272 Bloomfield Ave., the building consists of 34 sponsor-held apartments in a garden-style condo complex with parking for 50 cars. The building offers a mix of one-, two- and three-bedroom units, as well as a small office space. Nat Gambuzza, Kevin Taub and John Veniero of Marcus & Millichap’s New Jersey office represented both parties in the transaction.
BURNSVILLE, MINN. — Marcus & Millichap has brokered the $7 million sale of Whispering Oaks, a 72-unit apartment property in Burnsville. The property is located at 1600 W. 143rd St. and was originally constructed as condominiums. Units include fireplaces, in-unit washers and dryers, and multiple in-unit balconies. The building itself is equipped with underground parking, a swimming pool, community rooms and an elevator. Mox Gunderson and Dan Linnell of Marcus & Millichap’s Minneapolis office represented the seller, a private investor, and the buyer, a limited liability company.
HOUSTON — HFF has negotiated the sale and financing of a four-property, Class A apartment portfolio totaling more than 900 units in Houston. Southwest Multifamily Partners purchased the portfolio in a joint venture with an institutional co-investment partner. Todd Marix, Todd Stewart and Chris Curry of HFF marketed the property on behalf of the unnamed seller. Andy Scott, Jody Thornton and Michael Cosby of HFF’s debt placement team worked on behalf of the buyer to secure acquisition financing in four separate transactions through Freddie Mac’s CME program. The loans will be serviced by HFF through its Freddie Mac Program Plus Seller/Servicer program. The portfolio is 95 percent leased and located in the Texas Medical Center and Galleria submarkets. Lincoln Property Co. will manage the properties, which include Mirage Apartments at 2100 Bering Drive, Parque Del Oro Apartments at 8380 El Mundo St., San Melia Apartments at 6383 El Mundo St. and Versailles Park Apartments at 7200 Almeda.
NEW YORK CITY — Marcus & Millichap has brokered the sale of an Upper West Side portfolio, a six-building mixed-use portfolio located in Manhattan’s Upper West Side. The portfolio features 152 multifamily units, 7,900 square feet of retail space and 62,655 square feet of air rights for future development. A private investor acquired the portfolio for $80.75 million, or approximately $515,000 per unit. The properties are 500 Cathedral Parkway, 3143 Broadway, 3147 Broadway, 3149 Broadway, 111 West 104th St. and 242 West 109th St. This is the first time the properties have changed hands in 30 years. Marco Lala of Marcus & Millichap’s Manhattan office represented the seller and buyer, both private investors, in the transaction.
