HOOVER, ALA. — Resource Real Estate Opportunity REIT has acquired the 196-unit Autumn Wood Apartments in Hoover for $8.5 million. The property consists of 12 buildings situated on 17 acres. Amenities include a swimming pool, clubhouse, fitness center, basketball court, playground and washer/dryer connections in all units. The company purchased the property in an off-market transaction.
HANAHAN, S.C. — Capital Advisors has arranged an $11.8 million Freddie Mac loan for the refinancing of The Channel at Bowen, a 136-unit Class A apartment complex at 1000 Channel Marker Way in Hanahan. Cooper Willis of Capital Advisors arranged the 3.8 percent fixed-rate loan on behalf of the borrower, The Channel LLC, through Walker & Dunlop LLC. The 10-year loan includes 24 months of interest-only payments and a 30-year amortization schedule. Units at Channel at Bowen range in size from 631 to 1,285 square feet and amenities include a swimming pool with poolside cabanas, a fitness center and an indoor golf pub.
ST. CLOUD, MINN. — Towle Financial Services has arranged a $6.2 million permanent loan for Cedar Square Apartments in St. Cloud. Cedar East Limited Partnership owns the 240-unit, eight-building apartment complex. Proceeds from the loan were used to pay off the underlying CMBS first mortgage loan. “We had a number of financing options to pay off our maturing 10-year-old CMBS loan, and we chose the option that significantly reduced our interest cost,” says Jim Kelly, a principal with Cedar East Limited Partnership. Peter Austin of Towle originated the loan.
ALIEF, TEXAS — ARA has arranged the sale of the 100-unit Ambiance Townhomes, located in Alief, a town southwest of Houston. Matt Saunders, Russell Jones and Zach Springer of ARA's Houston office represented the seller, Rich and Rich Associates, a private real estate investment group based in Philadelphia. The buyer, Washington-based Richmond Apartments LLC, plans to renovate and upgrade the property. The apartment community is 98 percent occupied.
GRANBURY, TEXAS — Marcus & Millichap has brokered the sale of Lakeshore at Granbury, a 41-unit apartment property located at 800 Panama Court near Highway 377 in Granbury. The community offers residents easy access to Lake Granbury with its private dock and private boat ramp. Robert Denninger of Marcus & Millichap's Dallas office represented the seller and procured the buyer, both limited liability companies, in the transaction.
SAN DIEGO – The 57-unit Pacific Pines Village in San Diego has sold to Vista International for $6.5 million. The community is located at 4355 46th Street and 4366-4406 Menlo Ave. Vista International was represented by Mark Hughes of KW Commercial. The sellers, Double RP Investments LLC, AMB Capital and Blue Corner Capital LLC, was represented by Rita Lancaster-Hannah of Colliers International and Robert Weinberger of RJW Properties.
DEEPHAVEN, MINN. — A joint venture has broken ground on Deephaven Woods Senior Living, a 78-unit seniors living community in Deephaven, about 15 miles west of Minneapolis. St. Therese Catholic Church partnered with Ebenezer Society to form the joint venture, St. Therese Senior Living LLC. The senior living community is located on a 14-acre site on the church’s 26-acre campus. The two-story development will include independent, assisted living and memory care apartments. Deephaven Woods Senior Living is expected to open by summer 2014. Kraus-Anderson will build the community, and Ebenezer Management Services will provide daily operational and management services.
KATY, TEXAS — Dallas-based three: living architecture, a boutique design firm, has designed The Solana at Cinco Ranch, a 20,000-square-foot expansion to the existing seniors housing community in Katy, which three also designed. The expansion will feature 20 new memory care units and six additional assisted living units. Formation Development Group and its affiliates own the development, and The Arbor Co. manages it. The expansion is set to open in July.
LAKE CITY, FLA. — Marcus & Millichap has arranged the sale of WillowBrook Assisted Living, a 37,358-square-foot assisted living facility in Lake City, for $6.7 million. The property is located at 1580 S. Marion Ave. and is situated on 5.2 acres, which includes a gazebo and pond. The facility caters to a private pay population, with most residents needing some assistance. The Class A property includes 64 units. Krone Weidler of Marcus & Millichap represented the seller, a limited liability company, and the buyer, a private investor from Florida.
CARY, N.C. — Elco Landmark Apartment Trust Holdings LLC has acquired two garden-style apartment properties in Cary for $56 million. Together, the properties contain 788 units and are 95 percent occupied. Landmark at Eagle Landing, formerly known as Hidden Oaks, was constructed in two phases in 1986 and 1988 and is located at 100 Northwoods Village Drive. The 344-unit Landmark at Watercrest, formerly known as Woodbridge, was constructed in two phases in 1992 and 1995 and is located at 100 Appledown Drive. Elco plans to renovate the properties in the next 12 to 24 months. Planned upgrades include new signage, a remodeled clubhouse, the addition of a dog park and new interior lighting.