STOCKBRIDGE, GA. — The LaSalle Group plans to open Autumn Leaves at Stockbridge, the first freestanding memory care facility in Stockbridge, this fall. The property is roughly 20 miles southeast of Atlanta near the intersection of Chadwick Commons and Monarch Village Way. The 26,000-square-foot property will provide specialized care to nearly 50 residents living with Alzheimer’s, dementia and memory impairment.
Multifamily
HOUSTON — The Buckingham, a senior living community in Houston, will undergo a $56 million expansion that will add 186 new residences. The project includes the addition of 103 independent living apartment homes, 33 assisted living suites, 18 memory care residences and 32 private skilled nursing rooms. The new independent living units will be offered in one-, two- and three-bedroom floor plans. The Senior Quality Lifestyles Corp.-owned community opened in 2005 with 204 apartments, 43 assisted living suites, 16 memory care residences and 60 private skilled nursing rooms. Irving-based Greystone Development Co. LLC will develop and manage the expansion. Dallas-based D2 Architecture will design the project.
LOS ANGELES — The Praedium Group has sold three Los Angeles-area apartment complexes for a total of $27.2 million. The disposition includes El Palacio, The Lotus and The Ventana Apartments. The buyer was a local investor. El Palacio and The Lotus contain a total of 32 units. The historic trophy apartment buildings are located at 8491 Fountain Ave. and 1216 La Cienega Blvd., respectively. They are steps from the Sunset Strip in West Hollywood. The Ventana Apartments contains 52 units. It is located at 7225 Crescent Park West, near Beverly Hills. El Palacio and The Lotus sold for $13.5 million. The Ventana went for $13.7 million. The Praedium Group was represented by Darin Beebower and Bob Safai of Madison Partners. Valentin G. Aguilar II of Venable LLP served as Praedium’s legal counsel.
COSTA MESA, CALIF. — Cameron Properties has acquired the 62-unit Costa Mirage apartment community in Costa Mesa for $12.9 million. The community is located at 393 Hamilton Street. Costa Mirage is situated east of Harbor Boulevard and west of Newport Boulevard, just above Newport Bay. Community amenities include a fitness center, clubhouse, and pool and spa. Costa Mirage is currently 95 percent leased. Costa Mirage was purchased by CT Realty as part of the firm’s strategy to acquire several smaller Costa Mesa multifamily properties over the past few years. The firm then renovated and repositioned the properties before executing their dispositions. Costa Mirage is CT’s fourth property to be sold. Cameron Properties represented itself in this transaction. CT was represented by Steven Brombal and Peter Hauser of Hendricks-Berkadia.
ESCONDIDO, CALIF. – A Canada-based private investment group has purchased the 96-unit Tanglewood Apartment Homes in Escondido for $10.8 million. The community is located at 1920 East Grand Ave. in the San Diego submarket. Tanglewood is situated near a major retail corridor that contains Albertsons, Big Lots, Big 5 Sporting Goods, CVS, Home Depot, Vons and Walmart. The Escondido Transit Center is within two miles, while the Palomar Medical Center is one mile away. Tanglewood is also near Palomar College’s 80,583-square-foot Escondido campus, which just received a $10-million renovation. Community amenities include a swimming pool and spa, tennis court, a clubhouse with a pool table and kitchen area and various courtyard areas. The seller, Chrismark LLC, was represented by Christopher Zorbas and David Sperling of Marcus & Millichap’s San Diego office.
FAIRFAX, VA. — Capital One Multifamily Finance has provided a $70 million Fannie Mae fixed-rate loan for the acquisition of Wheelhouse of Fair Oaks, a 491-unit apartment community in Fairfax. The property’s amenity package includes a clubhouse, swimming pool and sundeck, 24-hour fitness center, tennis court, racquetball court and private lake. Sadhvi Subramanian and Brian Gormley of Capital One Commercial Real Estate originated the five-year loan with five years of interest-only payments and a 30-year amortization schedule.
ORLANDO, FLA. — Rivergate Partners has purchased Beacon Hill, a 192-unit apartment community in Orlando’s Northwest submarket, for nearly $10 million. The property is less than six miles from downtown Orlando and three miles from Metro West. Constructed in 1999, the property was 96 percent occupied at the time of sale. Rivergate Partners purchased the property at approximately 50 percent of replacement cost. Beacon Hill features a mix of two- and three-bedroom floor plans averaging 1,134 square feet. Rivergate Partners is a Miami-based venture between real estate investors Jay Massirman and Oscar Vila.
DALLAS — Marcus & Millichap has arranged the sale of Reiger Apartments, an 18-unit apartment property in Dallas. Robert Denninger of Marcus & Millichap’s Dallas office marketed the property on behalf of the seller, a limited liability company. Denninger also represented the buyer, an individual/personal trust. Reiger Apartments is located at 5414 and 5418 Reiger Ave. in Dallas. The complex was built in 1972 and consists of two two-story buildings with 18 two-bedroom, one-bath units of approximately 800 square feet.
HOLIDAY, FLA. — Franklin Street Real Estate Services has brokered the $12.3 million sale of Park at Barrington, a 244-unit multifamily community in the Tampa Bay area. Built in 1972 and renovated in 2007, the property is located at 4348 Plaza Drive in Holiday. The community’s amenity package includes a fitness center, three pools, gates, clubhouse, laundry facility and a dog park. Darron Kattan, Robert Goldfinger, Kevin Kelleher and Zach Ames of Franklin Street represented the seller, a local investor, in the transaction. The buyer was also a local investor.
NEW YORK — Massey Knakal Realty Services has arranged the sale and financing of a portfolio of residential condominium units within The Corinthian building. The property is located at 645 First Ave. in Manhattan’s Murray Hill neighborhood. The units were sold in an all-cash transaction valued at $147 million. Massey Knakal Capital Services arranged the acquisition and construction financing with a commitment amount of $125 million, with an initial funding of $115 million. The portfolio consists of 144 residential condominium units within a 57-story building, with an aggregate unit size of approximately 150,747 square feet. The property includes studio, one-, two- and three-bedroom units. The sale price equates to approximately $975 per square foot.