NORTH POINT, FLA. — Symcor Capital Properties has acquired the Fountains at North Port, a 312-unit apartment community in North Port, for $19.7 million. The property, located at 1015 Panacea Blvd., is 95 percent occupied and units average 923 square feet. Community amenities include a clubhouse, computer center, fitness center and swimming pool and spa. Elliott Throne and Todd Adams of HFF arranged a 10-year, $14.6 million acquisition loan on behalf of the buyer through GE Capital Real Estate. Matt Mitchell and Jaret Turkell led the HFF team that represented the seller in the transaction.
BUFFALO AND SARTELL, MINN. — Grandbridge Real Estate Capital has arranged a $7.7 million first mortgage loan for two multifamily properties: Hidden Cove Apartments, an 84-unit apartment complex in Buffalo; and Meadowlawn Village, a 95-unit apartment complex in Sartell. Tony Carlson of Grandbridge originated the loan. Funding for the 10-year, fixed-rate loan was provided through Fannie Mae’s Delegated Underwriting and Servicing program and includes a 30-year amortization schedule. The loan required no personal guaranty and allowed the borrower to pay off the existing financing.
SUMMIT, N.J. — AIG Global Investment Group has sold Constantine Village, a 100-unit apartment complex in Summit, for $19 million to Constantine CXII LLC. Constantine Village is located at 26 Constantine Place, about 22 miles west of Manhattan. The multifamily property includes nine buildings, two-bedroom units and several large townhomes with private garages. The property, built in two phases in the early 1950s and late 1970s, is 96 percent leased. Jose Cruz, Andrew Scandalios, Kevin O’Hearn, Jeffrey Julien and Michael Oliver of HFF represented the seller, AIG Global Investment Group, in the transaction.
BLOOMFIELD, CONN. — Construction is under way on Mallory Ridge, a 78-unit, Class A multifamily community in Bloomfield, a northern suburb of Hartford. The $13 million development was designed by Norristown, Pa.-based BartonPartners and includes four buildings, fitness center and pool. New England Construction will serve as the construction manager. The developer is Martin J. Kenny of Lexington Partners LLC. Monthly rent is estimated to range from $1,450 to $1,700, according to the Hartford Courant.
WATERBURY, CONN. — Washington Trust’s Commercial Real Estate Group has provided $1.7 million in acquisition financing to EP Apartments LLC for 42 units at East Pointe Condominiums, a 64-unit condominium complex located in Waterbury, about 33 miles south of Hartford. Various investors own the other 22 units. The 42,500-square-foot apartment complex is located at 42 Gayridge Road and is within close proximity of I-84.
LOS ANGELES — The Metro at Chinatown Senior Lofts, a 123-unit affordable senior housing property, has opened in Los Angeles’ Chinatown district. The $43-million property is located at 808 North Spring Street. The property contains two integrated structures, a seven-story building constructed in the 1920s, and a nine-story building constructed in 1916. The transit-oriented development is adjacent to Los Angeles County Metro’s gold line and it’s Chinatown Station. Leasing commenced this past January. The Metro is already 80 percent occupied. The property was developed by Meta Housing Corporation and Western Community Housing, which also served as the managing general partner.
DENVER — Consumer Capital Partners (CCP) has teamed with FrontRange Capital Partners to invest in the ownership and operation of 35,000 apartment units nationwide. Denver-based CCP is hoping this new partnership will diversify and strengthen its portfolio of brands and investments. CCP currently owns the successful Smashburger chain. FrontRange Capital’s specialty is owning, managing and repositioning apartment complexes.
VICTORVILLE, CALIF. – The 220-unit Riverton of the High Desert in Victorville has sold to a private investor for $19 million. The community is located at 14374 Borego Road. It was built in 2008. The buyer was represented by Alexander Garcia, Jr., Shane McConnell and Ron Harris of Marcus & Millichap. Garcia and McConnell also represented the seller, a developer, in this transaction.
DENVER – A 248-unit multifamily community has commenced construction at the Denver Tech Center. The community is scheduled to open in spring 2014 and resides within the Cherry Creek School District. It is being developed by the Picerne Group in partnership with Grand Peaks Properties. It will be built by Colorado Structures and designed by KTGY Group.
MARIETTA, GA. — 58 Twelve LLC has acquired a 304-unit distressed apartment property, Notting Hill Apartments, in Marietta for $5.3 million. The property was originally constructed in 1972, with renovations occurring in 2008 to update the apartment interiors. Located at 750 Franklin Road, the property was 30 percent occupied at the time of sale. The Commercial Real Estate Specialists listed the property for the seller, City National Bank/FDIC. Colliers International of Phoenix referred the buyer, which was represented by its local attorney.