SAN MATEO, CALIF. – A 111-unit, $43.7-million apartment complex recently broke ground in San Mateo. The 2.4-acre site is located at 2090 S. Delaware Street at the north end of Silicon Valley. The project is scheduled to be complete and ready for leasing in spring 2014. It is being developed by Wood Partners.
PITTSBURG, CALIF. – The 208-unit Presidents Park Apartments in Pittsburg has sold to Fowler Property Acquisitions for $21.2 million. It is located at 1128 East Leland Road in San Francisco’s East Bay region. The seller, Friedkin Realty Group, was represented by Stanford Jones, Philip Saglimbeni and Salvatore Saglimbeni of Institutional Property Advisors and Kevin Turner of Marcus & Millichap.
PORT HURON, MICH. — Love Funding has closed a $4.7 million loan for the refinancing of Porthaven Manor, a 102-unit, independent living community in Port Huron. Bruce Gerhart of Love Funding secured the financing through the U.S. Department of Housing and Urban Development’s 223(f) loan insurance program. Porthaven Manor is an age-restricted apartment community built in 1989 with low-income housing tax credits administered by the Michigan State Housing Development Authority. The refinancing will allow the property’s owners to pay off Boston Financial Institutional Tax Credits, which financed the tax credits.
MCKINLEYVILLE, CALIF. – A 100-unit assisted-living facility in McKinleyville has received a $4.4-million refinance loan. The facility is located on the Pacific Coast three miles north of Eureka. The non-recourse, FHA-insured loan has a 40-year term. It was funded by Huntoon Hastings, a wholly owned subsidiary of Johnson Capital. The loan was arranged by Rick Hayward of Johnson Capital’s San Francisco office on behalf of the borrower, a Northern California investment group.
MCKINLEYVILLE, CALIF. – A 100-unit assisted-living facility in McKinleyville has received a $4.4-million refinance loan. The facility is located on the Pacific Coast three miles north of Eureka. The non-recourse, FHA-insured loan has a 40-year term. It was funded by Huntoon Hastings, a wholly owned subsidiary of Johnson Capital. The loan was arranged by Rick Hayward of Johnson Capital’s San Francisco office on behalf of the borrower, a Northern California investment group.
HOLLADAY, UTAH – The 366-unit Sandpiper Apartment Homes in Holladay has sold to Kennedy Wilson for an undisclosed sum. The community is located at 1492 East Spring Lane. The seller, DiNapoli Capital Partners LLC, was represented by Stan Jones, Phil Saglimbeni and Sal Saglimbeni of Institutional Property Advisors, a multifamily brokerage division of Marcus & Millichap. They were assisted by Danny Shin of Marcus & Millichap’s Salt Lake City office.
ANKENY, IOWA — Houser Enterprises Inc. and Baxter Construction Co. are building Campus Town, a $15 million, 96-unit student housing development in Ankeny, a northern suburb of Des Moines. The 334-bed student housing project is currently preleasing to students at the Ankeny campus of Des Moines Area Community College. The development will include ground-floor retail and amenities such as a 24-hour fitness center, rooftop deck, game and theater room and a food court. Construction is slated for completion in August.
WAUKEE, IOWA — A grand opening celebration was held Tuesday for The Winhall of Williams Pointe, a new $18.7 million, 206-unit apartment community located along University Avenue in Waukee. Hubbell Realty Co., along with its equity partner, Washington, DC.-based Persimmon Capital Partners, is developing the project. Construction of The Winhall began in May 2012. Currently, four of the eight buildings are completed as well as the community clubhouse. The remainder of the buildings will be delivered throughout 2013. Hubbell Construction Services is building the multifamily property. Hubbell Apartment Living will manage the community.
SAYVILLE, N.Y. — Rochester, N.Y.-based Home Properties has sold two multifamily communities in New York and Maryland for a combined total of $109.1 million. South Bay Manor, a 61-unit multifamily property in Sayville, traded for $11.1 million. Net proceeds to the seller, after closing costs and debt assumed by the buyer, were approximately $4.4 million. The second apartment property, Falkland Chase, a 450-unit apartment complex in Silver Spring, Md., sold for $98 million. Falkland Chase consists of three parcels and is approved for 70,000 square feet of retail space. Net proceeds to Home Properties, after closing costs and debt repayments, were $60.3 million.
CORSICANA, TEXAS — Marcus & Millichap has arranged the sale of the 243-unit Kenwood Apartments, located at 3242 Hillsdale St. in Corsicana. Michael Ware and William Jarnagin of Marcus & Millichap's Dallas office represented the seller, a private investor from California, in the transaction.