COSTA MESA, CALIF. – The 21-unit Orange Elden apartments in Costa Mesa has sold to an investment group for $5.2 million. The community is located at 2151 Orange Ave. Peter M. Hauser and Steven C. Brombal ofHendricks-Berkadia’s Newport Beach office represented both the buyer and the seller, CTF6-Elden, LLC, in this transaction.
RIVIERA BEACH AND JACKSONVILLE, FLA. — Oak Grove Capital has arranged two HUD 223(f) loans totaling $37.1 million for the Cornerstone Group, which will use the funds to refinance two affordable housing communities in Florida. Each of the two fixed-rate loans carries a 35-year term and amortization period. The properties include Indian Trace Apartments, a 330-unit property in Riviera Beach; and Mission Pointe Apartments, a 338-unit complex in Jacksonville. Amenities at the communities include a fitness center, car wash and outdoor pool.
MORRISTOWN, N.J. — Dallas-based Mill Creek Residential Trust has broken ground on the 268-unit first phase of Latitude, a luxury apartment development in Morristown. The building’s cost has not been disclosed. The 258,300-square-foot first phase will include studio and one-, two- and three-bedroom apartments and a 350-space parking garage incorporated into the structure. The project’s location, at Early Street and Speedwell Avenue, is walking distance from downtown Morristown. Apartments will feature nine-foot ceilings, walk-in closets, patios/balconies (in select residences), lofts (in select residences), washers and dryers, granite countertops and energy-efficient, stainless-steel appliances. Initial occupancy for Latitude is planned for next year.
HOUSTON — CBRE Strategic Partners U.S. Value 6, a fund sponsored by CBRE Global Investors, has acquired The Connection at Buffalo Pointe, a 352-unit, Class A apartment community in Houston. The property, located at 10201 Buffalo Speedway near the Texas Medical Center, is 93 percent occupied. CBRE Global Investors will manage the property and implement an upgrade program, which will add granite countertops, new plumbing and updated light fixtures to the units. The Connection at Buffalo Pointe is the first component of a larger mixed-use development, according to Steve Gullor of CBRE Global Investors.
DALLAS — ARA has arranged the sale of Timberlodge Apartments, a 216-unit multifamily community located in Dallas. Brian O'Boyle Sr., Brian O'Boyle Jr. and Richard Furr of ARA represented the seller, San Francisco-based The Reliant Group, in the transaction. The buyer is Salt Lake City, Utah-based Bridge Investment Group Partners. The multifamily community was built in 1981 and is 92 percent occupied. Timberlodge was built alongside a creek and it features two sports courts, a swimming pool and hot tub.
DALLAS — Hendricks-Berkadia has arranged the sale of St. Francis, a 200-unit apartment complex located at 8943 Senate St. in Dallas. The apartment community was built in 1968 and offers one-, two- and three-bedroom floor plans. Peter Hartnett of Hendricks-Berkadia's Dallas office arranged the sale. Dallas-based St. Francis Investment Partners LP sold the community to Dallas-based TACP SFRANCIS LP.
PHOENIX – The Avalon Hills condominiums in Phoenix has sold to BH Properties for $5.6 million. The community is located at 3535 West Tierra Buena Lane. It contains 348 units, although only 250 were acquired by BH Properties. Both the buyer and the seller, Michael Carmel (trustee), were represented by Bill Hahn, Jeffrey Sherman and Trevor Koskovich of Colliers International’s HSK Multifamily team.
COSTA MESA, CALIF. – The 21-unit Orange Elden apartments in Costa Mesa has sold to an investment group for $5.2 million. The community is located at 2151 Orange Ave. Peter M. Hauser and Steven C. Brombal of Hendricks-Berkadia’s Newport Beach office represented both the buyer and the seller, CTF6-Elden, LLC, in this transaction.
OHIO — Aviv REIT Inc. (NYSE: AVIV) has acquired a post-acute and long-term care skilled nursing facility in Ohio for $14.4 million. The property is triple-net leased to existing tenant Saber Healthcare Group. Saber is an operator of 71 skilled nursing and assisted living facilities in five states. The 10-year lease includes an initial cash yield of 10 percent and annual rent escalators. The transaction was funded with the company's revolving credit facility. Aviv has closed $29 million in investments this year.
WEST JORDAN, UTAH – The 280-unit Boulder Canyon Apartments in West Jordan has received a $27.5-million loan. The community is located at 5517 W. Slate Canyon Drive just southwest of Salt Lake City. The non-recourse loan features a fixed interest rate in the mid-2 percent range and a 40-year amortization schedule. It was funded by Huntoon Hastings, a wholly owned subsidiary of Johnson Capital. The loan was arranged by Greg Richardson and Scott Watson of Johnson Capital’s Irvine officein conjunction with the acquisition of the property by Eight Bay Advisors, LLC.