NEW YORK CITY — Gaia Real Estate Investment and Harel Insurance Investments and Financial Services have sold Gaia by the Park, a six-story apartment building in Manhattan, for $27.2 million. The multifamily property is located at 5 W. 91st St. in the Upper West Side neighborhood. Besen & Associates represented Gaia and Harel in the transaction.
KERRVILLE, TEXAS — Kerrville Gardens at Clearwater Apartments, an 80-unit affordable senior apartment property in Kerrville, Texas, has been approved a $1.8 million loan with Dougherty Mortgage LLC of Minneapolis. The 10-year-term, 9.5-year yield maintenance refinance loan was arranged by Dougherty’s Austin office. Situated halfway between the South Texas Veterans Healthcare Systems campus and the Peterson Regional Medical Center, the Gardens serves active adults over the age of 55.
ALPHARETTA, GA. — Atlanta-based Prudential Real Estate Investors has purchased a seniors housing property in the Atlanta suburb of Alpharetta from Boston-based REIT AEW Capital Management. Arbor Terrace at Crabapple was constructed in 2009. It contains 67 assisted living units and 26 memory care units in a two-story building. Mike Garbers of Atlanta-based ARA represented the seller. The purchase price was not disclosed.
LOS ANGELES – The 20-unit Echo Ten Thirty Lofts in the Los Angeles submarket of Echo Park has sold to a family office investment firm headed by Shaw Shahery for $9 million. The community is located at 1030 North Alvarado Street. It was fully leased at the time of sale. The property also includes three ground-floor retail spaces, which are all occupied by a single, high-end retailer. The seller, Sunset Alvarado Venture, LLC, was led by Aaron Weinberg of Rock Ridge Investment Group. Adrienne Barr of Hendricks-Berkadia’s West Los Angeles office served as the listing agent.
VISTA, CALIF. – The 26-unit Rancho de Cortez Apartments in Vista has sold to an unnamed buyer for $2 million. The community is located at 1260 Calle Jules. The seller, a private investor, was represented by Christopher J. Zorbas of Marcus & Millichap’s San Diego office.
ANOKA, MINN. — Grandbridge Real Estate Capital has closed a $3.6 million loan for the refinancing of a 105-unit apartment property in Anoka, about 20 miles north of Minneapolis. RiverSource Annuities and Insurance provided the 10-year loan, which includes a 20-year amortization schedule. The property was originally developed as a limited-service hotel. The borrower purchased the property and completed a multi-million dollar renovation and conversion to rental apartments.
LOS ANGELES – The 20-unit Echo Ten Thirty Lofts in the Los Angeles submarket of Echo Park has sold to a family office investment firm headed by Shaw Shahery for $9 million. The community is located at 1030 North Alvarado Street. It was fully leased at the time of sale. The property also includes three ground-floor retail spaces, which are all occupied by a single, high-end retailer. The seller, Sunset Alvarado Venture, LLC, was led by Aaron Weinberg of Rock Ridge Investment Group. Adrienne Barr of Hendricks-Berkadia’s West Los Angeles office served as the listing agent.
VISTA, CALIF. – The 26-unit Rancho de Cortez Apartments in Vista has sold to an unnamed buyer for $2 million. The community is located at 1260 Calle Jules. The seller, a private investor, was represented by Christopher J. Zorbas of Marcus & Millichap’s San Diego office.
REDWOOD CITY, CALIF. — A joint venture between Lennar Apartment Communities and Resmark Apartment Living has announced plans to develop a 196-unit apartment building in downtown Redwood City. It will be located at the intersection of Main and Marshall streets. The development calls for seven stories of apartments atop 3,500 square feet of ground-floor retail space. Construction is set to commence in the first quarter of 2014 and is scheduled for completion in early 2016. The joint venture also recently broke ground on an apartment community in Tempe.
DORAL, FLA. — Richmond Heights, Ohio-based REIT Associated Estates has purchased a south Florida multifamily community. Doral West Apartments was constructed on 22 lakeside acres in the Miami suburb of Doral. The gated, class A community contains approximately 380 units in flat and townhome layouts. Units feature detached and direct-access garages. Robert Given, Zachary Sackley and Gerard Yetming of CB Richard Ellis represented the undisclosed seller.
