CHULA VISTA, CALIF. — The 55-unit Vista Pacific Villas in the San Diego submarket of Chula Vista has sold to Masaaki Shintaku for $9.6 million. The community is located at 1035 Fourth Ave. Masaaki Shintaku was represented by Norio Kanai of Cosmo Investments. The seller, Vista Pacific Villas, L.P., was represented by Steve Huffman of Hendricks-Berkadia’s San Diego office.
OXFORD, CONN. — Washington Trust’s Commercial Real Estate Group has provided a $6.5 million loan to Timberlake Holdings Co. LLC for the refinancing of 803 acres of undeveloped land in Oxford. Timberlake plans to build a 385-unit, master-planned active adult community on the land. The property surrounds Oxford Greens, an 18-hole championship golf course.
OLATHE, KAN. — A joint venture has acquired 17 assisted living and memory care communities throughout Illinois, Indiana, Iowa and Nebraska for $135 million. National Health Investors Inc. (NYSE: NHI) owns 85 percent of the joint venture and Bickford Senior Living owns 15 percent. The acquisition brings the total number of properties in the joint venture to 30, three of which are under construction. Wells Fargo Securities LLC served as financial advisor to NHI on this transaction. The 17 assisted living and memory care communities include 14 communities purchased from a subsidiary of Care Investment Trust Inc. (OTCQX: CVTR) for $123 million, and three communities purchased from affiliates of Bickford for $12 million.
DENVER — The 296-unit Prospect Park apartment project in Denver has received $13.7 million in financing. It will be located at 2970 Huron Street, just blocks from the Union Station redevelopment and adjacent to Coors Field. The 300,000-square-foot building should be completed in the third quarter of 2014. The mezzanine loan was secured by HFF’s Dave Keller and Ken Martin. They worked on behalf of Edwards Companies. The loan was placed with Behringer Harvard Opportunity REIT II, Inc. It will be used in conjunction with a construction loan to finance the project’s development.
SAN DIEGO — The 11-unit Bayside apartments in San Diego has sold to 1728 Realty Company LLC for $2.6 million. The community is located at 3630 Bayside Lane. The seller, 3630 Bayside LLC, was represented by Steve Huffman of Hendricks-Berkadia’s San Diego office.
WHEATON, MD. — Lowe Enterprises has started the redevelopment of 11411 Georgia Avenue, an existing five-story office building in Wheaton, into an apartment building. The company will add seven stories to the existing building, creating a 12-story apartment tower with 194 residences with a mix of studio, one- and two-bedroom units designed to appeal to young urban professionals. Construction began in mid-June with completion scheduled in 2014. Whiting Turner is the contractor for the project with Bonstra Haresign as the architect. Lowe Enterprises Investors acquired the property on behalf of a pension fund client in September 2011. Lowe currently manages nearly 2 million square feet of commercial property in the Washington, D.C., area.
GREENSBORO, N.C. — SBV Communities has acquired the 168-unit Misty Creek Apartments in Greensboro. The purchase is the first in the state for the multifamily owner and operator and marks the continuing expansion of its portfolio. SBV Communities executed the purchase and sale agreement and closed the transaction within 33 days and added a 16th market to its portfolio.
ALEXANDRIA, VA. — ARA has announced the sale of Bennington Crossings, a 308-unit multifamily community located in Northern Virginia’s Alexandria submarket. Drew White and Ryan Ogden of ARA’s MidAtlantic-based office represented the seller, the privately-held Greenwood Village, Co.-based Laramar Group, in this transaction. JBG Cos., a private, Washington, D.C.-based commercial real estate firm acquired the property. Constructed in 1962 and renovated in 2008, the property reported 95 percent occupancy at the time of sale.
KALAMAZOO, MICH. — Hughes Equities LLC has received $13.5 million in mortgage financing, secured by a 711-unit multifamily portfolio, for the repayment of an existing floating-rate loanm. The non-recourse 10-year loan includes a 25-year amortization schedule. The portfolio, dubbed Western Michigan Apartments, includes six multifamily complexes located in Kalamazoo, Wyoming and Kentwood, Mich. Terrace Capital Inc. provided the loan.
NEW YORK CITY — Silvershore Properties has purchased four buildings in Brooklyn, in separate transactions, totaling $9.7 million. The acquired properties include 115 Atlantic Avenue in Brooklyn Heights for $2 million; 32 Garnet Street in Carroll Gardens for $1.2 million; 278 Dean Street in Boerum Hill $1.3 million; and 219 13th Street in Park Slope for $5.25 million. Silvershore plans to renovate and reposition the properties. The building on Atlantic Avenue is a four-story, 5,000-square-foot building with a duplex apartment, additional full-floor apartment and ground-floor retail. The property on Garnet Street is a four-story, eight-unit multifamily building. The building on Dean Street is an 8,000-square-foot, four-story multifamily building with eight units. 219 13th Street is a 22,000-square-foot, six-story apartment building with 25 units.