DECATUR, GA. — The RADCO Cos. has acquired the Pavilion at Decatur, a 144-unit apartment property near Emory University and Dekalb Medical Center in Decatur. RADCO plans to spend $4.8 million to upgrade the units and build an amenity package of the property. Amenities will include a new clubhouse, fitness center, pool and playground. Pavilion is adjacent to a new park under construction by Dekalb County.
FLORHAM PARK, N.J. — HFF has arranged a $72 million loan for the refinancing of The Vanguard, a 196-unit luxury apartment complex in Florham Park, located about 30 miles west of New York City. The loan was arranged on behalf of Hoboken, N.J.-based Ironstate Development. HFF placed the 10-year, fixed-rate loan with a life insurance company.
PHILADELPHIA — 7400 Apartments, a 196-unit apartment complex, has sold to a private investor for $9.7 million. The multifamily property is located at 7400 Roosevelt Blvd. in Philadelphia. Ken Wellar and Corey Lonberger of Marcus & Millichap represented the seller in this deal.
HOUSTON — CBRE has arranged the sale of Skyview at Palm Center, a 360-unit garden-style apartment community located in southeast Houston. Ryan Epstein of CBRE's Houston office represented the seller in the transaction. The 417,178-square-foot community is located near the Southeast Metro Light-Rail line that will open in October. Apartment units in the development average 1,162 square feet.
WINSTON, SALEM, N.C. — As part of a joint venture, Cornerstone Core Properties REIT has acquired a 99-bed assisted living and memory care facility in Winston-Salem for $9.7 million. The Danby House facility has been leased to the current operator, which signed a 10-year lease. The operator currently manages more than 91 facilities in 12 states. Cornerstone Healthcare Partners LLC acquired a 95 percent interest in the facility, while Cornerstone Healthcare Real Estate Fund Inc. acquired the remaining 5 percent interest.
OYSTER BAY, N.Y. — Red Mortgage Capital has closed a $19.5 million FHA 232/223 loan to refinance the Oyster Bay Manor House, an assisted living and dementia care facility located in Oyster Bay. The low interest rate achieved through the FHA insurance program reduces the owner’s debt-service obligations and provides 30-year fully amortizing, nonrecourse debt. Oyster Bay Manor House will use $1.2 million of the $19.5 million for renovations to common areas throughout the building.
SAN FRANCISCO – The final 12 apartment buildings in San Francisco that were part of CIM Group’s 22-property portfolio have sold to multiple buyers. The other 10 properties were sold this past September and October. The purchase prices were not disclosed. The portfolio contained a total of 418 units that were acquired by CIM Group in June 2009 through a deed in lieu of foreclosure. The purchase was sourced through CIM’s off-market proprietary network.
HERNDON, VA. — Federal Capital Partners has acquired Berkdale Apartments, a 184-unit apartment community in the Dulles Park area of Herndon for $24.2 million. The eight-building property is located near Elden Street and Sterling Road, within walking distance of several schools. Amenities include a playground and an adjacent park with playing field and a bike trail. All of the units have recently been upgraded. Andy Boyer and Jonathan Greenberg of CBRE Group represented the seller in the transaction.
BIRMINGHAM, ALA. — Beech Street Capital has closed Fannie Mae loans totaling $32.5 million that will be used to acquire a four-property portfolio totaling 770 units in Birmingham. The four properties — Ascot Place, Forest Ridge, Woodbrook and Meadow Wood — are each Class B, garden-style apartments. The buildings were originally developed by the seller in the 1980s. Barry Lefkowitz and Jay Jacobovitch of Meridian Capital Group arranged the 10-year, fixed-rate loans.
EVANSTON, ILL. — Fifield Cos. and Carroll Properties will develop a $148 million luxury apartment project in downtown Evanston, a Chicago suburb. The 368-unit apartment project will include two building at 1881 Oak Ave. and 1890 Maple Ave. The property at 1881 Oak will be 16 stories and 1890 Maple will be 14 stories. A four-story structure, which will connect the two buildings, will include three floors of parking and a fourth-floor amenity deck. Rental units will range from 500-to-1,500 square feet and offer studio, one-, two- and three-bedroom layouts. Construction is set to begin in the third quarter of this year.