SAN ANTONIO — Institutional Property Advisors (IPA) has brokered the sale of The View at Encino Commons, a 324-unit multifamily community at 21303 Encino Commons in northern San Antonio. The community features a resort-style swimming pool, an outdoor fireplace pavilion, clubhouse, Internet cafe, fitness center, surround-sound movie theater, entry gates, car wash and direct access garages. Will Balthrope and Scott Lamontagne of IPA represented the seller in the transaction. McCann Realty Partners is the buyer. IPA is the multifamily brokerage division of Marcus & Millichap Real Estate Services and serves institutional and major private investors.
HOUSTON — Resource Real Estate Opportunity REIT has purchased the 244-unit Armand Place in the Clear Lake community in Houston. The multifamily community features two swimming pools, a 24-hour fitness center, wood-burning fireplaces and shuttle services to the University of Houston-Clear Lake. Resource plans to make capital improvements to the property in the near future. Resource Real Estate Opportunity REIT is sponsored by Philadelphia-based Resource Real Estate Inc., a real estate investment and management firm.
GOLDEN, COLO. – The 196-unit Canyon Point Cottages in Golden has received $25.5 million in refinancing. The community is located at 303 Jackson Drive just northwest of Denver. It was acquired by an affiliate of MIG Real Estatein 2012. The 35-year, fixed-rate, fully amortizing loan was originated by Bill Chiles and Scott Peterson of CBRE’s Debt & Equity Finance office in San Diego, who partnered with Mary McDonald of CBRE HMF’s San Francisco office. It was funded through CBRE’s FHA-insured permanent loan program via CBRE Group’s direct HUD FHA lender.
LA HABRA, CALIF. – The 111-unit Il Pompeii Apartments in La Habra has sold to a local capital buyer for $19 million. The community is located at 861 Glencliff Street. It consists of 11 separate buildings that were originally constructed in 1969. The unnamed seller was represented by Stewart I. Weston, W. Michael Cavner and John L. Nguyen of Institutional Property Advisors, a multifamily brokerage division of Marcus & Millichap.
CARSLBAD, CALIF. — Ocean Villas at Carlsbad, a 9,300-square-foot apartment building in the San Diego submarket of Carlsbad, has sold to a limited liability company for $7.3 million. It is located at 2895 Ocean Street on the Carlsbad State Beach. The property currently operates as vacation rentals. Aaron Bove and Ben Tashakorian of Marcus & Millichap’s San Diego office represented both the buyer and the seller, also a limited liability company, in this transaction.
CANTON AND CORINTH, TEXAS — National Health Investors (NHI) has purchased two skilled nursing facilities totaling 254 beds in Canton and Corinth. The $26.3 million purchase was funded from borrowings on NHI's revolving credit facility.
TEMPE, ARIZ. – OliverMcMillan has gained approval to develop the Lofts @ Hayden Ferry, a 264-unit, Class A apartment building in Tempe. The community will be located on the south side of Tempe Town Lake. It will be situated on a 3.69-acre vacant site within the Hayden Ferry Lakeside Master Plan. Construction is set to commence later this year.
KANSAS CITY, MO. — NorthMarq Capital has arranged the $11.7 million first mortgage for the refinancing of Cold Storage Lofts, a renovated 224-unit affordable housing property located at 500 E. 3rd St. in Kansas City. The six-story building was constructed in 1922 as a refrigerated warehouse and converted to loft-style apartments in 2007. The property features underground parking with a rooftop swimming pool and jogging track. Financing was based on a 10-year term and a 30-year amortization schedule. Greg Duvall of NorthMarq’s Kansas City office arranged the financing for the borrower through Freddie Mac’s Targeted Affordable Housing Program.
JERSEY CITY, N.J. — Toll Brothers Apartment Living and AECOM Capital will develop Provost Square, a 417-unit rental apartment tower located in Jersey City. The project will break ground in the spring with leasing expected to begin in early 2015. The site, located at 160 Morgan St., is situated in Jersey City’s historic Powerhouse district. The development will include in-building parking facilities and approximately 16,000 square feet of ground-floor retail. Toll Brothers Apartment Living will oversee the building’s marketing, leasing and property management. Tishman Construction Corp., a wholly owned AECOM subsidiary, with Toll Brothers City Living, will oversee construction. The project is being financed through a $120 million construction facility from PNC Bank, National Association as administrative agent, Wells Fargo Bank, National Association and Comerica Bank. Provost Square is the first of a three-building, 925-unit residential complex planned for the area. When complete, the complex will include a 24,000-square-foot, 550-seat performing arts center, 45,000 square feet of ground-floor retail space, a 26,000-square-foot pedestrian plaza and 917 parking spaces. Toll Brothers currently owns the two remaining sites, which are planned for development as condominiums.
FLORHAM PARK, N.J. — The PRC Group has borrowed $37.9 million for five garden-style multifamily properties totaling 727 units throughout New Jersey. HFF secured the loans in two separate transactions. The first $22.2 million loan was for three properties and was placed with The Provident Bank of Iselin, N.J. The other $15.7 million loan for the remaining two properties was placed with Columbia Bank. The portfolio is fully leased and includes: Grandville Towers, a 91-unit community located at in Red Bank; the 64-unit Clifton Arms located at 220-240 9th St. in Lakewood; the 176-unit Farmingdale Gardens, located at 1 W. Main St. in Farmingdale; the 120-unit Sunset Heights located at 1130 Sunset Road in Burlington; and the 276-unit Willow Pointe, located at 1701 Salem Road in Burlington. Jon Mikula and Jim Cadranell of HFF represented the borrower in the transaction.