FONTANA, CALIF. — D.R. Horton has acquired 622 lots in three separate residential developments throughout the Inland Empire for $62 million. The deal contains a total of 246 finished lots, including 178 lots at Mission Estates in Jurupa Valley and 68 lots at Rosena Ranch in the Lytle Creek area of San Bernardino County. It also includes 376 lots that are fully entitled but undeveloped at Bella Strada in Fontana. The seller was Foremost Communities and its related entities. Starwood Capital Group Global acted as Foremost’s financial partner on two of the properties. Foremost has nearly 7,800 lots across Southern California under ownership or management. Foremost was represented by Province West and Land Advisors. Tom Dallape and Norm Scheel of The Hoffman Company also assisted on this transaction.
Multifamily
SAN DIEGO – The 150-unit Vista Lane Apartments in the San Diego submarket of Chula Vista has sold to the Conrad Prebys Trust for $19.4 million. The community is located at 1440 Second Ave. near Broadway, the area’s dominant retail corridor. Christopher J. Zorbas of Marcus & Millichap’s San Diego office represented both the buyer and the seller, the Kreutzkamp Revocable 2000 Trust, in this transaction.
MIAMI BEACH, FLA. — Plaza Construction has begun building two luxury condominium communities in South Beach for The Related Group. The properties include the $187 million One Ocean and the $88 million Marea condominiums. Enrique Norten of Ten Arquitectos and The Sieger Suarez Architectural Partnership designed the seven-story, 275,141-square-foot One Ocean. Sieger Suarez designed the six-story, 190,654-square-foot Marea community as well. Working on both projects, Enzo Enea is the landscape architect and Yabu Pushelberg is the interior designer. The two condominium projects are slated for completion in 2015. Plaza Construction is the general contractor on a total of four projects for The Related Group totaling $498 million. The other two communities include the $118 million, 42-story Icon Bay in Miami’s Biscayne Corridor and the $105 million, 42-story Millecento Residences by Pininfarina.
ATLANTA — Houlihan-Parnes Realtors LLC has closed a $34 million loan for The Preserve at Legacy Park, a 498-unit apartment community in Atlanta. The property, built in 2001, is 98 percent occupied. Fred Stahl and Sheldon Stahl of Houlihan-Parnes Realtors LLC originated the 10-year loan with a fixed interest rate of 4.45 percent.
LUDINGTON, MICH. — Spartan Real Estate Services has arranged the $8.1 million sale of a multifamily development in Ludington, approximately 58 miles north of Muskegon. Sherman Oaks Apartments, located at 700 Sherman Oaks Drive, consists of 172 two-bedroom units. Matt Callendar of Callendar Commercial represented the seller, Morren Wiltjer LLC. Wayne Loebig of Spartan Real Estate Services represented the buyer, Ludington-Sherman Oak LLC.
CHELSEA, MASS. — NorthMarq Capital’s Boston office has secured a $34.4 million refinance for Parkside Commons Apartments located at 100 Stockton St. in Chelsea. The 238-unit multifamily property is owned by John M. Corcoran & Co. and Guardian Life Insurance Company and managed by Corcoran Management Company Inc. James Murphy of NorthMarq arranged the transaction, which is structured with a 7-year term with five years of interest only payments.
HANOVER, N.J. — Fairfield, N.J.-based Woodmont Properties has opened Woodmont Knolls at Hanover, a luxury apartment community situated on a 15-acre former industrial site along Cedar Knolls Road in Hanover. The property, which is more than 60 percent preleased, features 126 one- and two-bedroom flats and carriage homes. Community amenities include a clubhouse with sports bar and gaming system, strength and cardio center, billiards room, cyber café, dog park, picnic and barbeque area, and a swimming pool with a sundeck. Additionally, the community’s 15-acre setting includes walking paths and green space that runs along the Whippany River and has direct access to the historic Patriots Path, a 35-mile multi-use nature trail operated by Morris County, N.J.
DALLAS — Wood Partners LLC has begun construction on Alta Farmers Market, a 313-unit apartment community located near the Dallas Farmers Market in downtown Dallas. Wood Partners expects to deliver the property in late 2015, with pre-leasing to begin in the second quarter of 2015. The four-story community will feature a rooftop deck and lounge, parking garage, club room, fitness center, a swimming pool, two courtyards with water features, a grilling area, fire pit and covered lounge between the two courtyards. Good, Fulton & Farrell designed the apartment complex, which offers one-, two- and three-bedroom units with stainless steel appliances, recycled glass countertops, faux wood flooring and new fixtures and lighting.
TULSA, OKLA. — Johnson Capital has arranged a $13.3 million loan for Coppermill Apartments, a 544-unit multifamily community at 7110 S. Granite Ave. in Tulsa. The apartment complex, built in 1978, features a swimming pool, two tennis courts and a sand volleyball court. Brett Patrick of Johnson Capital arranged the 10-year loan with a 30-year amortization schedule through Fannie Mae on behalf of the borrower, a California-based investment group.
BRICK, N.J. — Brick-based Tryko Partners LLC has added five skilled nursing facilities, totaling 470 beds, to its Massachusetts portfolio. The company has acquired two properties from Ventas Inc. and entered into a lease contract to operate three additional assets that Ventas will continue to own. Tryko acquired the 88-bed Hammersmith House Nursing Care Center, which will be renamed Chestnut Woods Rehabilitation and Healthcare Center, in Saugus, Mass.; and the 87-bed Hillcrest Nursing and Rehabilitation Center, which will be renamed Valley Stream Rehabilitation and Healthcare Center, in Fitchburg, Mass. The Ventas-owned properties to be operated by Tryko include the 132-bed Blueberry Hill Skilled Nursing and Rehabilitation Center in Beverly, Mass.; the 82-bed River Terrace Rehabilitation and Healthcare in Lancaster, Mass.; and the 81-bed Oak Wood Rehabilitation and Nursing Center, which will be renamed Brookside Rehabilitation and Healthcare Center, in Webster, Mass. Financing for the two acquisition was provided by The PrivateBank, and Tryko is financing working capital for the three Ventas-owned properties through a regional bank with extensive healthcare lending experience.