FORT MYERS AND ORLANDO, FLA. — Blue Rock Partners LLC and Konover South LLC have purchased two apartment communities in Florida for $27.5 million combined. The partnership purchased the 288-unit Montego Bay Apartment Homes in Fort Myers for $16.1 million and the 200-unit Palm Harbor Apartment Homes in Orlando for $11.4 million. The new owners plan to invest $4.5 million in capital improvements to both properties and rename them as The Park at Positano and The Park at Salerno, respectively.
Multifamily
NEW YORK CITY — Marcus & Millichap has brokered the sale of 536 East 96th Street, a 31-unit apartment building located in Brooklyn. The asset sold to a private investor for $3.8 million. Derek Bestreich and Lucien Sproviero of Marcus & Millichap’s Brooklyn office represented the seller, a private investor, and the buyer in the transaction.
CANTON, MICH. — Greystone has provided a $24.1 million loan to refinance Meadowood Townhomes in Canton, approximately 35 miles west of Detroit. The multifamily community features 452 rental units comprising of two- and three-bedroom townhomes and one-bedroom ranch style units. John Marr of Greystone originated the Fannie Mae loan under its Delegated Underwriting and Servicing (DUS) program. The 10-year fixed-rate loan terms includes a 30-year amortization schedule.
FREEHOLD, N.J. — New Jersey-based UMH Properties Inc. (NYSE : UMH) has acquired two Ohio manufactured home communities for $5.4 million. The two communities include a total of 258 developed home sites situated on approximately 40 total acres. The average occupancy for the communities is approximately 91 percent. UMH Properties is a REIT that owns and operates 88 manufactured home communities. The communities are located in New Jersey, New York, Ohio, Pennsylvania, Tennessee, Indiana, and Michigan.
SAN DIEGO – The 21-unit Bahia Vista Townhomes has broken ground in the San Diego submarket of Chula Vista. The community will be located less than a mile from the coastline, one block from the freeway entrance and one-half block from the Palomar trolley station. The one-acre parcel was acquired by Pathfinder Partners LLC last year. Bahia Vista is scheduled for completion next summer. Pathfinder provided the private equity, while Lanshire Housing Partners LLC is acting as developer. The community will be built by Lanshire Development and designed by Rodriguez Associates Architects and Planners.
PINE HILL, N.J. — Gebroe-Hammer Associates has brokered the sale of Chalet Gardens, a multifamily property located in Pine Hill, a suburb of Philadelphia. The 95-percent occupied, 484-unit apartment complex sold for $26 million. The 31.58-acre gated community comprises 49 two-story buildings with 348 one-bedroom and 136 two-bedroom units. Each unit features central air conditioning, private entrances, patios or balconies, eat-in kitchens, oversized closets and separate laundry rooms with full-sized washer and dryer. Community amenities include a swimming pool, tennis court, fitness center, playground and recreation area. Chalet Gardens recently underwent a more than $3 million capital improvements program to renovate units and install new windows. Joseph Brecher and Adam Zweibel of Gebroe-Hammer Associates represented the seller and identified the buyer in the transaction. Richard Kelin of Livingston, N.J.-based Feinstein, Raiss, Kelin & Booker LLC provided legal counsel to the buyer.
EAST MORICHES, N.Y. — The New York office of Berkadia Commercial Mortgage has arranged a $34 million loan for Walden Pond Apartments, a multifamily property located in Long Island’s East Moriches. Situated on 38 acres, the property offers 324 one- and two-bedroom units, tennis courts, a pool and a fitness center. The property was 97 percent occupied at loan closing. John DiCrocco of Berkadia secured the 10-year, fixed-rate loan through Berkadia’s Freddie Mac program.
HANOVER, N.H. — Capital One Specialty Healthcare Real Estate, part of Capital One Bank’s Commercial Real Estate Group, has provided an $8.8 million HUD 232/223(a)(7) loan to refinance Wheelock Terrace in Hanover. Constructed in 2000, the assisted living facility consists of a three-story building on a well-landscaped, 11-acre site. The property is owned by Terrace Communities, which owns assisted living communities in New Hampshire, Vermont, Maine and Florida. Carolyn Whatley of Capital One Bank originated the non-recourse, fixed-rate loan, which features a 35-year amortization schedule.
MEDFORD, MASS. — Boston-based EagleBridge Capital has arranged $6.3 million in acquisition and construction financing for the Residences at St. Francis Condominiums, an under-construction multifamily property located at One St. Clare Road in Medford. The property features 18 condominiums ranging in size from 651-square-foot, one-bedroom units to 1,835-square-foot, three-bedroom units. Nine of the units will be three-story townhouses with private roof decks. Additionally, the units will feature granite countertops, painted solid oak custom cabinets, stainless steel appliances, hardwood floors in the living areas and ceramic tile in the bathrooms and kitchens. The property also offers 36 parking spaces.
CHICAGO — Property Markets Group will develop a new $35 million luxury apartment community in Chicago. The development will be adjacent to the University of Illinois at Chicago’s campus located at 1350 S. Union Ave. in University Village. Chicago-based architectural firm Brininstool + Lynch will design the project, which will include 130 residential units and will consist of a U-shaped building connected by a courtyard and amenity space. The development will also include a 500-square-foot, ground-level retail area and 70 parking spaces.