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.
CHANDLER, ARIZ. — The Fairways, a 352-unit apartment community in Chandler, has sold to the Bascom Group for $35.2 million. Bascom completed the acquisition in conjunction with its local affiliate, Bascom Arizona Ventures LLC. The community is located at 777 West Chandler Blvd. on the San Marcos Golf Resort. The seller, Situs Holdings LLC, was represented by Cliff David and Steve Gebing of Marcus & Millichap’s Phoenix office.
SUNNY ISLES BEACH, FLA. — A private foreign investor has acquired the 17-unit Bella Apartments, located at 225 179th Drive in Sunny Isles Beach, for $5.7 million, or $251 per square foot. Completed in 2007, the gated seven-story property is fully occupied. Apartment amenities include private terraces, luxury appliances, 9-foot ceilings and storage facilities. The units average 1,337 square feet. CBRE represented the seller, Unimar Property Holdings of Miami, in the transaction.
COLUMBIA, S.C. — UC Funding LLC has arranged a $4.7 million bridge loan for the acquisition and renovation of a 180-unit, Class C apartment complex in Columbia. The borrower is a real estate professional with more than 15 years of experience in acquiring multifamily properties in Texas, South Carolina and Florida. The borrower currently owns and manages 5,300 units.
FARMINGTON HILLS, MICH. — Bernard Financial Group has arranged an $11.3 million HUD 223 (a)(7) loan for Hillside Forest Apartments in Farmington Hills. The multifamily property includes 252 units. The borrower was Hillside Forest LLC. Dennis Bernard and Kevin Kovachevich of Bernard Financial Group originated the loan. The lender was Prudential Huntoon Paige Associates LLC.
KANSAS CITY, MO. — Construction is underway on 51 Main, a 176-unit apartment complex in Kansas City. The six-story multifamily property will include 10,000 square feet of ground-level retail, onsite covered parking, a pool, grilling area and cabana. Construction began in January and the first residents are slated to take occupancy in early fall 2014. Opus Design Build LLC is the design-build contractor for the project. Opus AE Group LLC is the architect and engineer of record, and 360 Architecture is providing architectural schematic and landscape design services. VanTrust Real Estate and Land Development Strategies are co-developing the project for a VanTrust-related ownership.
NEW YORK CITY — Hudson Realty Capital LLC has funded a $16 million first mortgage loan for a newly constructed vacant multifamily property located on Meserole Street in Brooklyn. The five-story elevator building includes 49 one- and two-bedroom units with a terrace or balcony, fitness center, multipurpose room, roof deck, ground-level garden and a below-grade parking garage. Nearby public transportation links include the L, J, M and G subway lines. The repeat borrower has closed four recent transactions with Hudson.
FORT WORTH, TEXAS — Marcus & Millichap has brokered the sale of Copper Creek, a 274-unit multifamily property located in Fort Worth. Copper Creek is 92 percent occupied and was built in 1986. The apartment community's list price was $6.2 million. Al Silva of Marcus & Millichap's Fort Worth office represented the seller, Dallas-based Price Realty Corp., in the transaction. Silva also secured and represented the buyer, Texas-based 6011 Oakland Hills LP, which plans to make interior improvements to the property.
CHANDLER, ARIZ. — The Fairways, a 352-unit apartment community in Chandler, has sold to the Bascom Group for $35.2 million. Bascom completed the acquisition in conjunction with its local affiliate, Bascom Arizona Ventures LLC. The community is located at 777 West Chandler Blvd. on the San Marcos Golf Resort. The seller, Situs Holdings LLC, was represented by Cliff David and Steve Gebing of Marcus & Millichap’s Phoenix office.
LEAGUE CITY, TEXAS — The Cottages at Clear Lake, an assisted living residence in League City serving Alzheimer's patients and other memory care residents, has added the North Cottage luxury residence. North Cottage features 48 private apartments. Meals, activities and daily programs are developed around smaller family groups within each unit.