WILMINGTON, CALIF. – The 90-unit Banning Villa Apartments in Wilmington has sold to Preservation Partners and Clifford Beers Housing for $10.5 million. The affordable housing complex for seniors is located at 1100 N. Banning Blvd. near San Pedro and the Port of Los Angeles. The new owner plans to invest about $50,000 per unit in capital improvements. A $9.4-million loan that was originated by Enterprise Community Loan Fund will be used for the facility’s acquisition and rehabilitation. The buyers were represented by Tim Steuernolof NAI Capital’s West Los Angeles office. The seller, VPP Banning Villas Apartments VP, was represented by Kanna and Ramu Sunkara of Sunkara Investments.
SPRINGFIELD, MO. — The owners of the Woodruff building in Springfield are moving forward with a $13 million renovation plan that would transform the vacant structure into a 96-unit apartment complex dubbed Sky Eleven. The multifamily property, which is located at 333 Park Central E., will feature studio, one-, two- and three-bedroom apartments. Plans for the 10-story property include a pool, doorman service, theater room, fitness area, restaurant and office space on the first floor. Woodruff Historic Building LLC has hired general contractor Build LLC and architectural firm Buxton Kubik Dodd Creative for the building remodel. The Vecino Group, which is developing the Landmark Building across the street, is also part of the redevelopment team.
NEW YORK CITY — Ariel Property Advisors has arranged the sale of 500 Fort Washington Ave., a 56-unit multifamily building located in the Washington Heights neighborhood, for $8.6 million. The six-story, 44,295-square-foot walk-up includes 11 one-bedrooms, 35 two-bedrooms, nine three-bedrooms and one office unit. Victor Sozio, Shimon Shkury, Michael Tortorici and Jesse Deutch of Ariel Property Advisors represented the seller, a private investor, and identified the buyer, also a private investor.
HUMBLE, TEXAS — A joint venture between Vestar and a fund advised by UBS Global Asset Management has purchased Deerbrook Marketplace, a 350,000-square-foot retail center located in Humble. The all-cash transaction was Vestar's first purchase in Texas. The retail center's tenant roster includes Sports Authority, Best Buy, Bed Bath & Beyond, Marshalls, OfficeMax, PetSmart and Old Navy. George Cushing and Wendy Vandeventer of Jones Lang LaSalle represented the seller, Investcorp, in the transaction. Vestar was self-represented.
FORT WORTH, TEXAS — CBRE has arranged the sale of a 106-unit garden-style apartment complex, located at 6327 Woodway Drive in Fort Worth. Chris Deuillet of CBRE represented the seller, G8 Opportunity Fund LLC, in the transaction. JDL Ventures LLC was the buyer.
WILMINGTON, CALIF. – The 90-unit Banning Villa Apartments in Wilmington has sold to Preservation Partners and Clifford Beers Housing for $10.5 million. The affordable housing complex for seniors is located at 1100 N. Banning Blvd. near San Pedro and the Port of Los Angeles. The new owner plans to invest about $50,000 per unit in capital improvements. A $9.4-million loan that was originated by Enterprise Community Loan Fund will be used for the facility’s acquisition and rehabilitation. The buyers were represented by Tim Steuernol of NAI Capital’s West Los Angeles office. The seller, VPP Banning Villas Apartments VP, was represented by Kanna and Ramu Sunkara of Sunkara Investments.
CHICAGO — A joint venture between Atlas Real Estate Partners, Marc Real Residential and Angelo, Gordon and Co. has acquired 2 E. 8th St., a 330-unit student housing property in Chicago, for $58.5 million. Located in Chicago's South Loop, the 28-story high-rise building is close to Columbia College, Roosevelt University and more than 20 other schools. The property includes 882 beds, 20,000 square feet of ground-floor retail and a four-story parking garage. At the time of sale, the property was 96 percent leased. Chris Bancroft and Chris Epp of ARA Student Housing Group and Susan Lawson and Todd Stofflet of ARA Chicago represented the seller, Philadelphia-based Equus Capital Partners Ltd., formerly BPG Properties Ltd., in the transaction.
NEW YORK CITY — United Realty Trust Inc. has acquired Tilden House, a 117-unit multifamily property in Brooklyn, through a joint venture with the seller for $22.9 million. Completed in 2007, Tilden House is a nine-story, 86,360-square-foot building, with community facility space and indoor and outdoor parking. The property is located at 2520 Tilden Ave. in the East Flatbush area of Brooklyn. Tilden House is leased to a community development corporation, which has entered into a services agreement with the city of New York to provide transitional housing for families in need.
BEDFORD AND DOVER, N.H. — Fantini & Gorga has arranged $3.5 million in long-term financing for two New Hampshire properties — $2.1 million for Briston Manor West in Bedford and $1.4 million for 90 Washington St. in Dover. The 15-year, fixed-rate financing was placed with a major insurance company. Briston Manor West is a 70-unit, age-restricted (55+) multifamily property, which includes six buildings. The five-story, mixed-use building, located at 90 Washington St., spans 29,000 square feet. Tim O’Donnell and Mark Whelan of Fantini & Gorga arranged the loan.
ARLINGTON, GALVESTON AND CONROE, TEXAS — Venture West Funding Inc. (VWF), a mortgage company headquartered in El Segundo, Calif., has arranged three loans totaling $16 million for the refinance of three apartment buildings. The buildings total 405 units and are located in Arlington, Galveston and Conroe. Houston-based Centra Partners manages the three properties. Matt Douglas of VWF arranged the Freddie Mac loans through Berkadia Commercial Mortgage LLC. The loans are secured at a 10-year fixed rate with rates as low as 3.82 percent.