LOS ANGELES – A 48-unit apartment complex in Valley Village has sold to a local apartment owner/operator for $15.2 million. The community is located at 11925 Kling Street just southwest of North Hollywood. The complex was originally built in 2012 as for-sale condos. Matt Ziegler of Marcus & Millichap’s Encino office represented both the buyer and the seller, which was also a local apartment owner/operator.
SAN DIEGO – The 31-unit Grove Meadow Apartments in Imperial Beach has sold to Charles Kreutzkamp for $3.5 million. The community is located at 1445 Grove Ave. in southern San Diego. It was fully leased at the time of sale. Kreutzcamp was represented by Eric Comer, Jim Neil and Merrick Matricardi of CBRE San Diego. The seller, Song 1985 Trust, was represented by Andrew Parashos of Torrey Pines Property Management.
CHICAGO — Aries Capital has arranged a $2.2 million Fannie Mae loan for 693 North Peoria Ave., a 9-unit multifamily building in the River West neighborhood of Chicago. The borrowers were Douglas Crocker and Matt McHugh, active buyers in the Chicago multifamily market. Crocker is the former president of Equity Residential Properties, and McHugh is the managing member of Affito Group. Crocker and McHugh purchased the property last year. The 10-year, non-recourse Fannie Mae loan features a 4.13 percent interest rate with a 30-year amortization schedule. The building was completed and fully leased in December.
WEST CHESTER, PA. — EdR has closed financing and begun construction on a $57.5 million third-party student housing development on the campus of the West Chester University of Pennsylvania. The development continues the university's housing renewal initiative that began in 2001. The new housing — named Commonwealth Hall — will be complete by the summer of 2014. The property will have 653 beds in a variety of floor plans from single-occupancy apartments to shared-living suites for up to six residents. Amenities will include a fitness center, study lounges and a full residence life program. The university's student health services, counseling center and emergency medical services will be on the lower level of this eight-story building.
NEW YORK CITY — Houlihan-Parnes Realtors LLC has placed $1.3 million in financing for 3311 Giles Place, a 99-unit apartment building in Brooklyn. The seven-story multifamily property was constructed in 1962 and includes two self-service elevators, a marble lobby and terraces. The 10-year, fixed-rate loan has a 30-year amortization schedule and is through a local bank. Norman Himmelfarb of Himmelfarb & Sher LLP represented the borrower in the transaction.
LOS ANGELES – A 48-unit apartment complex in Valley Village has sold to a local apartment owner/operator for $15.2 million. The community is located at 11925 Kling Street just southwest of North Hollywood. The complex was originally built in 2012 as for-sale condos. Matt Ziegler of Marcus & Millichap’s Encino office represented both the buyer and the seller, which was also a local apartment owner/operator.
SAN DIEGO – The 31-unit Grove Meadow Apartments in Imperial Beach has sold to Charles Kreutzkamp for $3.5 million. The community is located at 1445 Grove Ave. in southern San Diego. It was fully leased at the time of sale. Kreutzcamp was represented by Eric Comer, Jim Neil and Merrick Matricardi of CBRE San Diego. The seller, Song 1985 Trust, was represented by Andrew Parashos of Torrey Pines Property Management.
WEST LAKE HILLS, TEXAS — CBRE has secured the sale of 13 acres of land, located on Bee Cave Road in West Lake Hills, to Houston-based Belmont Village Senior Living. Colin Armstrong of CBRE Austin represented the seller in the transaction. Belmont Village broke ground at the site for a community called Belmont Village West Lake Hills with 141 private apartments. The facility is slated for a summer 2014 opening.
LAKEWOOD, N.J. — Beech Street Capital LLC has closed a $20.6 million FHA 232/223(f) loan to refinance Leisure Chateau Care & Rehabilitation Center, a 242-bed skilled nursing facility in Lakewood. Constructed three years ago, Leisure Chateau is situated 70 miles south of New York City and 70 miles east of Philadelphia. The first-time borrower plans to use the loan to refinance existing eligible debt, complete minor repairs and to establish a replacement reserve account. Joshua Rosen of Beech Street Capital originated the transaction.
PHOENIX – A two-property multifamily portfolio in the Metro Phoenix area has sold to a company formed by Bascom Arizona Ventures LLC for an undisclosed sum. The properties include the 396-unit Country Brook at 4909 West Joshua Blvd. in Chandler and the 379-unit Little Cottonwoods at 1820 East Bell De Mar Drive in Tempe. The seller, a publicly traded REIT, was represented by Steve Gebing and Cliff David of Marcus & Millichap’s Phoenix office.