SAN FRANCISCO — Colliers International recently assisted in the sale of two apartment buildings within San Francisco’s Pacific Heights neighborhood. They include a 27-unit trophy asset at 2140 Pacific Ave. and a 30-unit Art Deco building at 1845 Franklin Street.Taylor Street Apartments L.P. purchased the Pacific property from Ralston Bridge Pacific, LLC for $20 million. An offshore buyer acquired the Franklin community from The Prado Group for $14 million. Both buyers were represented by Colliers’ Brad Lagomarsino and James Devincenti.
DANIEL ISLAND, S.C. — Trade Street Residential Inc., a multifamily community owner/operator, has purchased Talison Row, a 274-unit, Class A apartment community located at 480 Seven Farms Drive in Daniel Island, for $48 million. Daniel Island is a submarket of Charleston. The community is comprised of one-, two- and three-bedroom units that include hardwood floors, private porches/balconies, washer and dryers, designer lighting, granite countertops, subway tile back splashes, stainless steel appliances and crown molding. Talison Row's amenities include a salt water pool, outdoor fireplace and grilling areas, private cabanas, sunbathing lawn, clubhouse, community garden, private covered parking, yoga studio, game room, 24-hour fitness room and an outdoor gourmet kitchen.
ATLANTA — Thorofare Capital has funded a $8.2 million recapitalization loan for a three-property multifamily portfolio totaling 420 units in the greater Atlanta area. The properties are owned by an Arizona-based distressed real estate investment and management firm. The three properties include Dwell at the View (80 percent occupied) and Dwell at 55 (67 percent occupied) in Atlanta, in addition to Dwell at 1794 (74 percent occupied) in Marietta, a northern suburb of Atlanta. The sponsor plans to use the proceeds of the loan to pay off existing debt, provide equity for a separate purchase and reserve around $900,000 for capital improvements.
KALAMAZOO, MICH. — Marcus & Millichap Capital Corp. (MMCC) has arranged $18 million of debt for a 240-unit student housing property in Kalamazoo, a city in southwest Michigan. The 10-year loan amortizes over 30 years at a 4.6 percent fixed interest rate with a 70 percent loan-to-value. Rick Lynn, an associate director in Marcus & Millichap’s Chicago Oak Brook office, arranged the loan.
DANVILLE, ILL. — Fairlawn Capital, a Champaign, Ill.-based asset manager and investor in distressed and value-add opportunities in the Midwest, has purchased a 96-unit apartment complex in Danville. South Lake Apartments is located at 2730 Townway Road, about 35 miles east of Champaign. Brian Pohl, executive vice president, and Tyler Hague, associate, both of Colliers International | Chicago, represented the seller, an institutional real estate owner.
CLIFFSIDE PARK, N.J. — Jennell Realty LLC has acquired an 11-unit, garden-style apartment building at 250 Palisade Ave. in Cliffside Park for $1.2 million. Built in 1950, the two-story building, located on the corner of Palisade Avenue and Main Street, includes four studios, six one-bedroom units and one two-bedroom unit. The monthly rent ranges from $715 for a studio to $1,345 for a two-bedroom unit. Enn Kunnapas, Gary Sauerborn and Dominic Fittizzi of NAI James Hanson represented the seller, DLP LLC, and the buyer in the transaction.
HOUSTON — Trammell Crow Residential and Prime Property Investors will break ground Friday, Sept. 6 on a garden-style apartment property called Alexan at Auburn Lakes in The Woodlands submarket of Houston. The development will consist of 256 one-bedroom, one-bath units and 90 two-bedroom, two-bathroom units. Amenities include a clubhouse with business center, kitchen, billiards and fitness center, as well as a private lake and a fully fenced dog park. The 12.5-acre site of Alexan at Auburn Lakes is located at West Rayford and Gosling roads, in close proximity to a future campus of ExxonMobil.
MOUNTAIN VIEW, CALIF. — ROEM Corp., along with the city of Mountain View, has completed Franklin Street Family Apartments, a 51-unit affordable housing complex. The $23.4 million community is located at 135 Franklin St. in Silicon Valley. The development is designated for families with annual incomes that are at or below 50 percent of the Santa Clara County area median income. The project was built to LEED Platinum specifications. Through its syndicator, AEGON USA Realty Advisors, Google has invested a total of $6.5 million in the Franklin Street Family Apartments. Google also provided an additional grant of $81,859 for computer equipment and free Internet access for residents. KTGY Group served as the project's architect.
SAN FRANCISCO — Colliers International recently assisted in the sale of two apartment buildings within San Francisco’s Pacific Heights neighborhood. They include a 27-unit trophy asset at 2140 Pacific Ave. and a 30-unit Art Deco building at 1845 Franklin Street. Taylor Street Apartments L.P. purchased the Pacific property from Ralston Bridge Pacific, LLC for $20 million. An offshore buyer acquired the Franklin community from The Prado Group for $14 million. Both buyers were represented by Colliers’ Brad Lagomarsino and James Devincenti.
AVON, IND. — Mainstreet Property Group has finalized the $17.1 million sale of Wellbrooke of Avon, its newly built, 100-unit seniors housing and care facility in Avon, to Toronto-based HealthLease Properties Real Estate Trust. The fully occupied facility is leased on a triple-net basis to Life Care Services. The seniors housing property includes 70 units licensed to provide skilled nursing, rehabilitation and therapy services, while the other 30 units provide assisted living services . The facility is located at 10307 E. County Road 100 North in Avon.