DENVER – An 11-unit apartment complex in Denver has sold to an unnamed buyer for $2.7 million. The community is located at 1485 Clayton. It was renovated this past year. The unnamed seller was represented by Jeff Johnson of the Johnson Ritter Team at Pinnacle Real Estate Advisors.
Multifamily
PHOENIX – The 52-unit Missouri Breaks apartment complex in Phoenix has sold to EQ Missouri 51 LLC for $2.1 million. The complex is located at 1637 E. Missouri Ave. The seller was 1637 E. Missouri Avenue LLC. Brian Smuckler and Jeff Seaman of CBRE’s Phoenix office represented both parties in this transaction.
SANTA ROSA BEACH, FLA. AND PEACHTREE CITY, GA. — Dominion Partners has recently broken ground on two seniors housing communities in Santa Rosa Beach and Peachtree City totaling $38.8 million. The projects include the construction of the new $13.8 million Somerby at Santa Rosa Beach in the Florida Panhandle and the $25 million expansion of Somerby of Peachtree City. The Santa Rosa Beach community will feature 52 assisted living units and 24 memory care units. The expansion of the Peachtree City facility include the addition of 12 new villas and 100 independent living apartments in a four-story building. Rule Joy Trammell + Rubio is the architect for both projects. Maxus Construction is the general contractor for the Florida facility. Hoar Program Management is the project manager, DPR Hardin is the general contractor and Eberly & Associates is the landscape architect. In addition to the new construction, Birmingham, Ala.-based Dominion Partners is planning to bring two new facilities to Nashville, Tenn. and Sandy Springs, Ga.
ANDOVER, MASS. — Mack-Cali Realty Corp. has acquired Andover Place at 650 Bulfinch Drive in Andover for approximately $37.7 million. The 220-unit multifamily community consists of studio, one-, two-, and three-bedroom units, as well as three-bedroom duplexes. The property, which was 94 percent leased at the time of sale, was acquired from AEW Capital Management and Corcoran. The property features a clubhouse with fitness center, swimming pool with sundeck and barbecue area, abundant parking, and is located on 30 acres. The new owners plan to upgrade kitchens and bathrooms, add washer/dryers units to the apartments, and a refurbish the pool deck. Mack-Cali’s Roseland subsidiary will manage and lease the property, which is located one mile from Interstate 93 and near both the train station and Main Street in downtown Andover.
ROCHESTER, N.Y. — Sheldon Stahl and Jesse Bailey of Houlihan Parnes Realtors recently handled the sale of two large garden-style apartment complexes in the Rochester area. The 224-unit Northgate Manor Apartments is located opposite the new Walmart Supercenter on Dewey Avenue in Greece, N.Y. The 267-unit Grecian Garden Apartments is located at 72 Grecian Garden Drive in Greece. Northgate and Grecian were owned by affiliated entities of Houlihan Parnes for 10 years and seven years respectively. Both properties were sold to a single buyer and were represented by O’Connell Moore Real Estate.
FORT WORTH, TEXAS — Marcus & Millichap has brokered the sale of Candle Chase Apartments, a 116-unit multifamily property in Fort Worth. Located at 4805 Altamesa Blvd., the community includes one- and two-bedroom apartments and two-bedroom townhomes, as well as a swimming pool and two laundry facilities. The distressed asset was 70 percent occupied at the time of the sale. Al Silva of Marcus & Millichap marketed the property on behalf of the seller, Timber Chase Apartments LLC, and also procured the buyer, a local partnership.
EDMOND, OKLA. — The LaSalle Group has opened Autumn Leaves of Edmond, a 46-bed memory care facility in the Oklahoma City suburb of Edmond. Located at 1001 S. Bryant Ave., the $8.8 million project totals 28,000 square feet. An official ribbon-cutting ceremony will be held April 24 and will be attended by Joseph Jasmon, COO of The LaSalle Group, as well as a representative from the Edmond Chamber of Commerce. Autumn Leaves of Edmond is The LaSalle Group’s first memory care facility in the Oklahoma City metro area.
PHOENIX – The 176-unit Bayside Apartments in Phoenix has received $9.3 million in refinancing. The community is located at 20245 N. 32 Drive. The new non-recourse, 12-year loan is a cash-out refinance. It was arranged by Neal Churney and Adam Finkel of Johnson Capital’s Phoenix office. The borrower is a Mexico-based investor.
HUNTINGTON PARK, CALIF. – The 184-unit Huntington Plaza Apartments has debuted in Huntington Park. The low-income seniors housing community is located at 6330 Rugby Ave. in South Los Angeles. It was previously known as City Housing Rugby. The community was renovated by WNC, which provided $5.6 million in low-income housing tax credit (LIHTC) equity for the acquisition and rehabilitation of the project. The total cost was $30.2 million.
MIAMI — ZOM has commenced construction on Montage at Met 3, a 32-story, 462-unit high-rise apartment building in downtown Miami. The residential units will be built atop a ground-level Whole Foods and a 12-level parking garage. The new tower will be part of Met 3, a mixed-use development located at the northeast corner of SE 2nd Avenue and SE 3rd Street. The project is a joint venture between ZOM and an investor account advised by UBS Global Asset Management. Montage at Met 3’s units will range from 680 to 1,450 square feet. The main amenity level is on the 13th floor, which will feature an open lounge area, fitness center, spa with treatment rooms, screening room, landscaped deck, swimming pool, yoga lawn, bocce ball court, outdoor grill and kitchen and two outdoor bars. ZRS Management LLC will manage the new apartment tower. Suffolk Construction is the general contractor of the community, which will begin pre-leasing in the fourth quarter of 2015. Broad and Cassel represented ZOM in its purchase of the site, and Stearns Weaver represented the seller.