INDIANAPOLIS — Construction is underway on a $26 million, 235-unit apartment community called Circa in Indianapolis. Located on College Avenue in the Chatham-Arch historic district, Circa will include a mix of studio, one-, two- and three-bedroom apartments in five buildings. The project will also include the renovation of the former office of the Mitchel & Scott Machine Co., located on the property. The former office building will house the leasing office and some apartments with rooftop patios. The other four buildings will be new, four to five stories tall, and designed to blend into the historic district. Regions Bank provided the construction loan. Milhaus, Blackline Studio for Architecture, Anderson + Bohlander Landscape Architecture and CEC Engineering collaborated on the design. Milhaus will manage construction. The apartments will include one parking space per unit and will rent for between $800 and $2,000 per month.
PHILADELPHIA — UC Funding has provided $10.4 million for a project involving the acquisition and renovation of two older apartment buildings in northwest Philadelphia totaling 110 units. The borrower was identified as a life-long Philadelphia resident with more than 30 years of experience in commercial real estate and currently owns 14 apartment buildings and four office/retail properties in the Philadelphia area.
STAMFORD, CONN. — Clarion Partners has acquired Infinity Harbor Point, a 242-unit, Class A multifamily property in Stamford for $98.8 million. The newly-constructed 22-story property is located in Harbor Point, a mixed-use development with more than 1,350 new apartments, 400,000 square feet of Class A office space and 130,000 square feet of retail and dining. The property was 96 percent leased at the time of sale.
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.