PLEASANTON, CALIF. –Stoneridge Creek Pleasanton retirement community has debuted in San Francisco’s East Bay. It is located at 3300 Stoneridge Creek Way in Pleasanton. Phase I of the project spans 46 acres and cost more than $100 million to build. It will eventually include up to 635 residences. The community includes a performing arts center, library, movie theater, wine room, pool, fitness center, salon, spa, short-game golf course, tennis courts, outdoor fireplace lounge, gardens and dog park, among other amenities. Construction on Stoneridge originally commenced in summer 2011. It is designed for residents ages 60 and older. The retirement community will soon sit adjacent to Creekview Health Center, which is scheduled for completion next year. The health center will provide skilled nursing, assisted living and dementia care services for residents.
MILFORD, MASS. — An affiliate of Capital Senior Living Corp. has purchased the 87-unit Whitcomb House, an assisted living and memory care community in suburban Boston. The property includes three interconnected buildings totaling 48,565 square feet. The community features 66 assisted living beds and 21 memory care beds and is approximately 97 percent occupied. Situated on 9.3 acres, Whitcomb House is located at 245 West. St. in Milford. Allen McMurtry, executive managing director at Cassidy Turley, represented the seller, a local owner who developed and managed the property.
PLEASANTON, CALIF. –Stoneridge Creek Pleasanton retirement community has debuted in San Francisco’s East Bay. It is located at 3300 Stoneridge Creek Way in Pleasanton. Phase I of the project spans 46 acres and cost more than $100 million to build. It will eventually include up to 635 residences. The community includes a performing arts center, library, movie theater, wine room, pool, fitness center, salon, spa, short-game golf course, tennis courts, outdoor fireplace lounge, gardens and dog park, among other amenities. Construction on Stoneridge originally commenced in summer 2011. It is designed for residents ages 60 and older. The retirement community will soon sit adjacent to Creekview Health Center, which is scheduled for completion next year. The health center will provide skilled nursing, assisted living and dementia care services for residents.
LAS VEGAS – The Bascom Group has purchased the 624-unit Eagle Crest Apartments in Las Vegas for an undisclosed sum. The Class A community is located at 5850 Sky Pointe Drive in the northwest part of the city. It was built in two phases between 1996 and 1997. This is Bascom’s 11th multifamily acquisition so far this year, and its second in Las Vegas.
CHARLOTTE, N.C. — A joint venture between Cambridge Development and USAA Real Estate Co. has broken ground on 1100 South, a 331-unit apartment community at 1100 S. Blvd. in Charlotte’s South End District. The new community’s amenities will include four courtyards, a rooftop terrace, clubhouse, fitness center, cycle room, cyber lounge with sidewalk café seating, a pool with Jacuzzi, electric vehicle charging stations, bike storage and complimentary cruiser bikes. The project team includes Dallas-based architect Humphrey & Partners and Birmingham, Ala.-based general contractor Capstone Building Co. SunTrust is providing construction financing for the project. The joint venture expects to deliver its first units in November 2014.
HYATTSVILLE AND BRENTWOOD, MD. — Marcus & Millichap has brokered the sale of two apartment communities in Prince George’s County in Maryland. The two apartment communities — the 213-unit Newbury Square in Hyattsville and the 115-unit Finchley Square in Brentwood — sold for more than $23.7 million combined. David Weber, Daniel Cunningham, Derek Gibbs and Tal Frydman of Marcus & Millichap represented both the buyer and the seller, two limited liability companies, in both transactions.
ATLANTA — NXT Capital has provided a $39.3 million first mortgage loan for the acquisition and renovation of Park at Briarcliff Apartments, a 982-unit, Class B apartment community located in Atlanta’s Druid Hills submarket. The apartment was 92 percent occupied at the time of the sale. Richard Jordan and Robert LaChapelle of CBRE Capital Markets’ Atlanta office arranged the three-year loan with two years of interest only payments on behalf of the borrower, The RADCO Cos.
CHICAGO — Essex Realty Group Inc. has arranged the $1.1 million sale of 7031 N. Ridge Ave., a 13-unit, walk-up building located in Chicago’s Rogers Park neighborhood. The property is situated on the southeast corner of Ridge and Greenleaf avenues, about three blocks west of the Rogers Park Metra Station and numerous CTA bus routes. The property includes a mix of five one- and eight two-bedroom units. Doug Imber and Kate Varde of Essex Realty represented the sellers, and Matt Welke, also of Essex, represented the buyer.
MALDEN, MASS. — Fantini & Gorga has arranged a $16.5 million loan for the development of The Residences @ Malden Station, an 80-unit, transit-oriented apartment property in suburban Boston. Derek Coulombe, managing director, along with John Gorga, president and principal of Fantini & Gorga, represented the borrower in the transaction. The five-story apartment property is being constructed on a 68,000-square-foot site that the developer purchased from the city of Malden. The property will include a mix of studios, one- and two-bedroom units. A large regional bank provided the loan.
SAN ANTONIO — Steel Castle Capital LLC has purchased Sevona Westover Hills, a 296-unit multifamily complex in San Antonio. Located near the intersection of Highway 151 and Loop 1604 and in close proximity to Christus Santa Rose Westover Medical Center, the property includes a fitness center, swimming pool and 5,000-square-foot clubhouse. The apartments feature private balconies, 9-foot ceilings, crown molding, walk-in closets and ceiling fans. Steel Castle Capital is based in Anaheim, Calif. and Philadelphia.