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.
TIGARD, ORE. — Washington Gardens Memory Care, a 48-unit Alzheimer’s facility in Tigard, has received $7.3 million in refinancing. The facility is located at 9000 SW 91st Ave. near Downtown Portland. The cash-out refinancing was structured as a 20-year, fixed-rate, Freddie Mac loan. The loan was facilitated by Doug Harper of Berkeley Point. Washington Gardens is operated by Frontier Management, LLC and was developed by Seabold Construction Co.
TIGARD, ORE. — Washington Gardens Memory Care, a 48-unit Alzheimer’s facility in Tigard, has received $7.3 million in refinancing. The facility is located at 9000 SW 91st Ave. near Downtown Portland. The cash-out refinancing was structured as a 20-year, fixed-rate, Freddie Mac loan. The loan was facilitated by Doug Harper of Berkeley Point. Washington Gardens is operated by Frontier Management, LLC and was developed by Seabold Construction Co.
CLAYMONT, DEL. — Marcus & Millichap has arranged $4.8 million sale of River Club, a 90-unit, age-restricted apartment property located in Claymont, a northern suburb of Wilmington. Ridge MacLaren, Andrew Townsend and Clarke Talone, investment specialists in Marcus & Millichap’s Philadelphia office, marketed the property on behalf of the seller, a partnership, and the buyer, a limited liability company. River Club is located at 7807 Governor Printz Blvd. Built in 1989, the 55-plus community includes 83 one-bedroom, one-bath units and seven two-bedroom, two-bath units. The property features a sundeck overlooking the Delaware River, fitness center, cyber café and gaming room.
LONE TREE, COLO. – The 208-unit Regency at RidgeGate apartment complex in Lone Tree has received $22.5 million in financing. The community is located at 10320 Commonwealth Street southeast of Denver. It was 88.5 percent leased at the time of funding. The 25-year, fully amortizing loan carries a fixed rate of 4.55 percent. The loan was funded prior to full stabilization. Proceeds will replace the property’s maturing construction financing. The community was completed this past August. Financing was arranged by HFF’s Eric Tupler, Josh Simon and Leon McBroom through Nationwide Insurance, a correspondent lender. HFF worked on behalf of Regency Residential Partners.
BIRMINGHAM, ALA. — Rock Apartment Advisors, a Birmingham-based apartment brokerage services firm, has closed the $3.2 million sale of The Blach's Lofts at North 20th Street in downtown Birmingham. The community features 24 loft-style units and approximately 5,000 square feet of commercial space, which is fully leased. The property was built in 1923 and renovated in 2008-2009. Justin Uffinger of Rock Apartment Advisors brokered the sale.
CANAL WINCHESTER, OHIO — Steadfast Income REIT Inc. has acquired the 240-unit BriceGrove Park in the Columbus suburb of Canal Winchester for $20.1 million. The property was built in 2002 and was 96 percent occupied at the time of sale. The property includes two-bedroom units averaging 1,033 square feet with monthly rents averaging approximately $838. Unit amenities include custom oak cabinetry in kitchens and baths, washer and dryer hookups, modern appliances, private patios and/or balconies and garages. Property amenities include a clubhouse with outdoor pool, playground area, picnic gazebo, a fitness center, golf putting green, bike/jogging trails and a three-acre lake with fountain. Steadfast also recently purchased Watermark at Hamburg Place, a 150-unit multifamily property in Lexington, Ky., for $16.3 million.
FRIDLEY, MINN. — Marcus & Millichap has arranged the $1.3 million sale of Colonial Manor Apartments, a 24-unit multifamily property in Fridley, located about eight miles north of Minneapolis. Dan Linnell, Evan Miller and Josh Talberg, investment specialists in Marcus & Millichap’s Minneapolis office, marketed the property on behalf of the seller, a partnership, and the buyer, a private investor. Colonial Manor Apartments is located at 5475 & 5495 Main St. N.E.
LONE TREE, COLO. – The 208-unit Regency at RidgeGate apartment complex in Lone Tree has received $22.5 million in financing. The community is located at 10320 Commonwealth Street southeast of Denver. It was 88.5 percent leased at the time of funding. The 25-year, fully amortizing loan carries a fixed rate of 4.55 percent. The loan was funded prior to full stabilization. Proceeds will replace the property’s maturing construction financing. The community was completed this past August. Financing was arranged by HFF’s Eric Tupler, Josh Simon and Leon McBroom through Nationwide Insurance, a correspondent lender. HFF worked on behalf of Regency Residential Partners.
LAKEWOOD, COLO. – The 41-unit Jewel Park apartment complex in Lakewood has sold to a local buyer for $2.3 million. The community is located at 8983 West Jewell Ave. It was built in 1971. Josh Newell of Pinnacle Real Estate Advisors represented both the buyer and the seller, Jewell 30, LLC, in this transaction.