BEVERLY HILLS, CALIF. – The 27-unit Lanshire House apartment complex in Beverly Hills has sold to Palm Heights LLC for $8.8 million. The community is located at 3325 Canfield Ave. It was fully occupied at the time of sale. The buyer plans to reposition the property as a boutique/hotel-like community. Sami Dinar and Michael Balson of Keller Williams Commercial in Beverly Hills represented both the buyer and the seller, Redwood Residential Investments LLP, in this transaction. The acquisition’s financing was arranged by Todd Sherman of First Pacific Financial.
SAN DIEGO — A 22-unit apartment community in the San Diego submarket of Ocean Beach has sold to an unnamed buyer for $4.7 million. The community is located at 5041-5043 Santa Monica Ave. The seller, U.S. Bank National Association as Successor Trustee of The Keen Family Trust, was represented by Raymond S. Choi of Marcus & Millichap’s San Diego office.
CARSON CITY, NEV. – The 98-unit Royal Vista Apartments in Carson City has sold to a Southern California-based apartment investment firm for $3.2 million. The community is located at 3230 Imperial Way. It was 86 percent occupied at the time of sale. The seller, a Southern California-based limited liability company, was represented by Kenneth N. Blomsterberg of Marcus & Millichap’s Reno office.
CHARLOTTE, N.C. — A joint venture between Baltimore-based Alex Brown Realty Inc. and Charleston, S.C.-based Chartwell Holdings has acquired Arbor Trace, a 384-unit multifamily community located in southwest Charlotte. The joint venture purchased the Class B community for approximately $23.8 million, or $62,000 per unit. The property was 97 percent occupied at the time of sale. Dean Smith, Blake Okland, John Heimburger and Sean Wood of ARA's Charlotte office represented the seller, Wilmington, N.C.-based Biltmark Corp., in the transaction. The joint venture plans to invest nearly $1 million in exterior and capital improvements at Arbor Trace.
LEXINGTON, KY. — Steadfast Income REIT has purchased the newly constructed Watermark at Hamburg Place apartment community in Lexington for $16.3 million. The 150-unit community was 93 percent occupied at the time of sale. The REIT purchased the community from Watermark Residential. The community offers one-, two- and three-bedroom units with average rents of $952 per month. The community's amenity package includes a resort-style swimming pool, WiFi hotspots, a spa, 24-hour fitness center, outdoor fireplace, clubhouse with a coffee center, barbecue area and a dog park. The property will be renamed the Retreat at Hamburg Place. With this purchase and the $20.1 million acquisition of a community in Ohio, Steadfast Income REIT has surpassed $1 billion in assets.
BILOXI, MISS. — Rock Apartment Advisors has brokered the $6.5 million sale of Royal Gulf, a Class B apartment community located in Biloxi. The 144-unit community is located along the Mississippi Gulf Coast, minutes from the beach. Joseph Holt of Birmingham, Ala.-based Rock Apartment Advisors and Blake Pera of CBRE Memphis brokered the sale. Engle Realty Co. purchased the community from Newport Property Ventures. Royal Gulf is Rock's 14th transaction along the Mississippi Gulf Coast since 2007, totaling approximately $136 million in total sales.
DAYTON, OHIO — The Resource Real Estate Opportunity REIT has received $8.2 million in nonrecourse financing for Cannery Lofts, a 156-unit apartment property in downtown Dayton. According to the REIT, the property was financially distressed and inefficiently operated when it acquired the note secured by the property in May 2011. After foreclosing on and obtaining the title to Cannery Lofts in June 2012, the REIT stabilized the property. The mortgage loan matures in 2020 and features an interest rate of 3.48 percent. Cannery Lofts features exposed beams and bricks, as well as restricted access entry and a 24-hour fitness center.
FERNDALE AND ROYAL OAK, MICH. — Bernard Financial Group has arranged a $5.4 million loan for the Urbane Apartments Portfolio in northern metro Detroit. The portfolio includes Urbane on Breckenridge in Ferndale and Urbane on Catalpa, Urbane on Center, and Urbane on Crooks South in Royal Oak. Kevin Kovachevich of Bernard Financial originated the loan on behalf of the borrower, Urbane on Crooks South LLC. CitiGroup Global Markets Realty Corp. was the lender.
CRANSTON, R.I. — Johnson & Wales University, a career-focused college with four campuses, has opened Centennial House in Cranston. The university, which says this is the first co-op-style student housing, spent $2 million renovating the building that was built in 1899. Students who live here are selected based on their GPAs and social experiences and backgrounds. The 35 residents will determine house rules and participate in daily operations, including cooking, cleaning and general upkeep. The cost per student to live at Centennial House is $6,900 per academic year. A portion of the fee is set aside for students to manage a budget and pay for utilities, food for a weekly required community meal and to reimburse the university for removal of garbage and snow throughout the year. The university purchased the property in October 2012 for $459,000. The renovation team included contractor Stack Design Build and Ed Wojcik Architects.
NEW YORK CITY — Marcus & Millichap Capital Corp. (MMCC) has arranged a $1.2 million loan to refinance a 22,500-square-foot apartment building in the Bronx. The 10-year loan includes a fixed interest rate of 3.9 percent for the first five years of the term and a 30-year amortization schedule. Anita Pins, associate director in the firm’s Manhattan office, arranged the refinancing. Built in 1910, the 21-unit apartment building is located at 444 E. 187th St. in the Fordham neighborhood.