LOS ANGELES – The 25-unit G6 Apartments in Los Angeles has sold to a private investor for $3.9 million. The student housing facility is located at 1188 W. 36th Place, just one block from the University of Southern California’s (USC) main campus. It was built in 2009. The seller, G6 Apartments LLC, was represented by Ron Harris, Paul Darrow and Michael DiSimone of Marcus & Millichap’s Los Angeles office.
Multifamily
MANSFIELD, TEXAS — Hill & Wilkinson has been awarded the construction contract for Rochester Springs, a senior living facility to be built at the corner of Matlock Road and East Broad Street in Mansfield. Construction begins this month and is expected to be finished by June 2015. The 73,073-square-foot, two-story, $11.5 million Rochester Springs projectincludes 51 assisted living units and 44 memory care units. Pritchard Associates Inc. will serve as the construction manager for the project and 12 Oaks Management Services Inc. will be the facility’s operator.
LOS ANGELES – A Los Angeles-based healthcare operator has received $9 million to refinance two local skilled nursing facilities. The facilities include a 99-bed nursing facility on Pico Boulevard near Koreatown and an 81-bed nursing facility on North Fairfax Avenue. The short-term financing retired the existing senior secured term loan. It also funded about $300,000 worth of planned capital improvements at both properties. The sponsor currently owns, operates or manages 20 healthcare centers throughout California. The loan was provided by Felix Gutnikov of Thorofare Capital.
WEST POINT, GA. — Batson-Cook Construction and its sister company Batson-Cook Development Co. have partnered with Principal Senior Living Group for a spate of new seniors housing facilities in the Southeast. The development team has delivered or is constructing seven facilities totaling $56 million and 275,000 square feet. The facilities, operating under the Benton House brand, are located in Douglassville, Ga.; Johns Creek, Ga.; Alpharetta, Ga.; Woodstock, Ga.; Brunswick, Ga.; Clermont, Fla.; and Bluffton, S.C. West Point-based Batson-Cook Construction is building the Benton Houses at approximately 40,000 square feet each, with each memory-care property housing 55 beds. The company also began a $1.8 million expansion to Benton House of Alpharetta in April.
EASTON AND ASHLAND, MASS. — Cushman & Wakefield’s Senior Housing Capital Markets group has arranged $48.2 million in senior construction financing and joint venture capital for the construction and development of two senior housing projects for LCB Senior Living. Situated approximately 30 miles south of Boston in Easton, The Residence at Five Corners will be an 84-unit, 90-bed senior living facility. Located in Ashland, The Residence at Valley Farm will be an 80-unit, 83-bed senior housing facility. Situated on Pond Road, the three-story, 72,000-square-foot building is located in a heavily trafficked retail corridor. Both projects will offer independent and assisted living, as well as memory care units. PNC Bank provided construction financing for the Easton project, while M&T Bank provided the construction financing for the Ashland project. An institutional investor provided the joint venture equity on both projects. Construction on both projects is slated to begin in June, with the properties opening in late summer/early fall 2015.
NASHVILLE, TENN. — QR Capital has acquired Hillwood Pointe Apartments, a 180-unit multifamily community in Nashville, for approximately $14.9 million. Atlanta-based QR Capital plans to invest $1.9 million in renovations in the next 12 months to the apartment community, which was built in 1997. The Kirkland Co. brokered the sale, and Trevor Ritter of Colliers International and Charlie Mentzer of Capital One Multifamily Finance arranged acquisition financing on behalf of QR Capital and it’s co-sponsor, Militello Capital.
ELMSFORD, N.Y. — HKS Capital Partners has brokered $66 million in permanent financing for Ridgeview Apartments in Elmsford. Located at 32 Nob Hill Dr., the 416-unit property is owned by Ridgeview Partners LLC, which is led by Stephen Reitano. The seven-year loan, provided by Cantor Commercial Real Estate, features a three-year interest-only period. Ayush Kapahi of HKS brokered the transaction. The owners purchased the property in 2010 for $58 million, assuming $50 million in debt, and this mortgage allows the owners to take out equity on the property.
PHOENIXVILLE, PA. — Rittenhouse Realty Advisors (RRA) has brokered the sale of Maison Ridge Apartments in Phoenixville. The 16-unit property features six two-bedroom/one-bathroom units and ten one-bedroom/one-bathroom units. Historically, the property has remained 95 percent occupied or better. The property offers off-street parking, on-site laundry facilities and individual storage units. Steve Miceli and Corey Lonberger of RRA arranged the transaction. The seller was a long-term owner who had the property for more than 20 years and the buyers were undisclosed principal partners.
HOUSTON AND FORT WORTH, TEXAS — BMC Capital has arranged loans for several multifamily properties in Texas. The properties that received refinance loans include the 72-unit Court of Charleston in Houston, which received $2.2 million; the 22-unit Melrose Place in Houston, which received $1.1 million; and Brentwood Apartments in Fort Worth, which received $2.4 million. The terms of the loans featured, respectively, a five-year fixed rate at 3.5 percent and a 30-year amortization; a seven-year fixed rate at 5.2 percent and a 25-year amortization; and a five-year fixed rate at 4.7 percent and a 25-year amortization.
GRAND PRAIRIE, TEXAS — The Kislak Organization has purchased The Fairways Apartments, a 348-unit multifamily community located at 1450 N State Highway 360 in Grand Prairie. The Fairways is a garden-style apartment community that offers a mix of one- and two-bedroom apartment homes and townhomes with fireplaces, walk-in closets and private patios and balconies. The community was built in 1984. Kislak plans to upgrade the property’s clubhouse and recreational facilities. Nearby attractions to the community include Six Flags Over Texas theme park, the Texas Rangers’ Globe Life Park stadium and the Dallas Cowboys’ AT&T Stadium.