IRVING, TEXAS — Marcus & Millichap has arranged the sale of The Chalet Apartments, a 40-unit apartment property in Irving. Terms of the sale were not released. Matt Davis of Marcus & Millichap marketed the property on behalf of the seller, an individual/personal trust. Davis also procured the buyer, a private investor. The Chalet Apartments are located at 951 French St. in Irving, 13 miles west of downtown Dallas. Built in 1985, the complex includes 10 buildings and features 40 two-bedroom units. At the time of sale the complex was 100 percent occupied.
Multifamily
PHILADELPHIA — Affiliates of Equus Capital Partners LLC have acquired a three-property multifamily portfolio in Central Florida from affiliates of Oculus Development LLC and Alex Brown Realty Inc. The assets total 710 units and had an average occupancy rate of 95 percent. The properties include Village at East Lake in Clermont, Village at Lake Ned in Winter Haven and Village at Park Road in Plant City. Madison Apartment Group LP, the multifamily operating platform of Equus, will manage the communities.
BELTSVILLE, MD. — Morgan Properties and its equity partner Core Real Estate Capital LLC have purchased Lighthouse at Twin Lakes, a 700-unit garden-style and mid-rise apartment community in Beltsville. The asset is located off Powder Mill Road near the Interstate 95 interchange. Built in 1969, the property’s amenity package includes a leasing office with a business center and café, a fitness center, swimming pool, playground areas and a dog park. Morgan Properties and Core plan to invest $8.2 million to renovate the property. This is the third acquisition between Morgan and Core.
BOSSIER CITY, LA. — Berkadia Commercial Mortgage LLC has arranged a $19 million loan to refinance an existing construction loan on Le Rivage Apartment Homes, a 240-unit apartment community located at 2020 Valley View Circle in Bossier City. The multifamily property is currently 97 percent occupied and features a pool with a hot tub, fitness center and a walking trail. Stuart Wernick, Jason Rice and Eli Gershenson of Berkadia’s Dallas office originated the 10-year Fannie Mae loan with a 30-year amortization schedule on behalf of the borrower, Le Rivage of Bossier LLC.
NEW YORK CITY — Lalezarian Properties has begun leasing BKLYN|AIR, a 41-story residential tower located at 309 Gold St. in downtown Brooklyn. Designed by Ismael Leyva Architects, the 255-unit tower will feature studio, one-, two- and three-bedroom apartments with nine- to 10-foot ceilings, floor-to-ceiling windows, dark oak hardwood floors and washer/dryers. The property will also feature a 50-foot outdoor heated swimming pool, roof deck, a two-level fitness center, a lounge with WiFi and a fully equipped kitchen. The property is slated for immediate occupancy with rents ranging from $2,315 to $8,500 per month.
CHICAGO — USAA Real Estate Co., in partnership with Chicago-based Golub & Co., an international real estate investment and development firm, has acquired Chestnut Place, a 30-story residential building located at 850 N. State Street in Chicago. Crain’s Chicago Business reports the purchase price was $80.5 million. Built in 1980, Chestnut Place consists of 280 convertible, one-bedroom and two-bedroom apartments with an average unit size of 769 square feet. Current amenities include a fitness center and 24-hour doorman. The building also includes a 196-space, four-story parking garage and 6,500 square feet of ground-floor retail space. Michael Goldman and Collin McKenna of Golub, and David Reahl of USAA, negotiated the acquisition. CBRE represented the seller, Chestnut Place Associates.
GLENVIEW, ILL. — HFF has arranged financing for ALOFT at The Glen Town Center, a 181-unit, Class A apartments in Glenview, a suburb 22 miles north of Chicago. HFF worked exclusively on behalf of the borrower, San Diego-based OliverMcMillan Inc., to secure a long-term, fixed-rate loan through TIAA-CREF. HFF will also service the loan. ALOFT at The Glen Town Center is located at 1991 Tower Drive within The Glen Town Center master-planned community. Situated on 1,121 acres, the community was built on the site of the former Glenview Naval Air Station and its historic Hanger One. Completed in 2003, ALOFT at The Glen Town Center features one- and two-bedroom floor plans. Rents start at $1,795 for a one-bedroom and range to $4,010 for a two-bedroom. Community amenities include two fitness centers, two theater rooms, community center, business center and indoor heated parking. Trey Morsbach, Jeremy Sain and Jason Bond of HFF led the debt placement team representing the borrower.
BOSSIER CITY, LA. — Kandu Capital LLC and its operating company Bloom Senior Living have purchased Glenview Gardens, a 119-unit independent living community in Bossier City, for $5.5 million. As part of the transaction, the asset will be renamed Bloom at Bossier and a portion of the community will be converted to offer assisted living and memory care services. Michael Morrison and Trent Siskron of Vintage Realty Co. represented both the buyer and the seller in the transaction.
BLOOMINGTON, MINN. — Dougherty Mortgage LLC has arranged an $11.4 million HUD 213 loan for the construction of Applewood Pointe Cooperative of Bloomington at Valley West, a 77-unit senior cooperative project located in Bloomington. United Properties is the developer of the project. Dougherty’s Minneapolis office arranged the 40-year loan. The cooperative site is located near a variety of shopping, dining and recreational opportunities. This is the fourth cooperative construction loan financed by Dougherty Mortgage for United Properties.
SEVILLE, OHIO — Global Healthcare REIT Inc., a Utah corporation, has agreed to acquire the Meadowview Nursing Home in Seville, approximately 40 miles south of Cleveland, for $3 million. The 27,500-square-foot facility, situated on five acres, is licensed for 100 skilled nursing beds. The purchase agreement is subject to satisfactory completion of a 45-day inspection period and other conditions. Global will need to secure financing to cover a portion of the purchase price. The closing is scheduled to occur on Sept. 30. Global intends to lease the facility to a unaffiliated third-party operator. The Meadowview acquisition increases Global’s portfolio to five properties. The company expects to acquire several additional properties this quarter.