SAN DIEGO – Alliance Residential has purchased the 549-unit Coronado Bay Club for $160 million. The community is located at 1515 Second Street on the island of Coronado, just across from Downtown San Diego. The deal was brokered by Jones Lang LaSalle on behalf of LaSalle Investment Management. Alliance's joint venture partner in this acquisition was a large institutional pension fund investor with MetLife Real Estate Investors serving as lender.
PROVO, UTAH – MJW Investments has acquired the 816-bed Liberty Square apartment complex near Brigham Young University (BYU) for $27 million. The complex is located at 448 E. 556 North. MJW purchased the complex in partnership with MHE Enterprises. MJW is currently expanding its student housing portfolio. Since 2007, it has acquired student housing portfolios at the University of Oregon, the University of California, Santa Barbara and BYU. The partnership has established a $200-million fund to invest in value-add student housing facilities in markets with high barriers to entry. It is targeting B- and C-level assets within walking distance of college campuses.
SAN ANTONIO — SRS Real Estate Partners has brokered the sale of TRISUN Care Center Lakeside, a 110-bed skilled nursing facility in San Antonio. Located at 8707 Lakeside Parkway, the 42,853-square-foot facility provides 24-hour care for long-term residents, as well as rehabilitation services. Jason Middlebrook and Bob Dickerson of SRS represented the undisclosed seller in the transaction.
BLACKSBURG, VA. — HFF has brokered the $76.2 million sale of Terrace View Apartments, a 756-unit, 1,720-bed student housing community in Blacksburg. The community is located at 413 Hunt Club Road within walking distance to the Virginia Tech campus. The community, which is fully occupied, was renovated this year. The property includes a clubhouse, fitness center, swimming pool, resort-style hot tub with waterfall, tanning bed, game room, TV lounge, disc golf course, community garden, beach volleyball court, dog park, basketball and volleyball courts and 12 picnic areas. Brian Kelly, Troy Manson and Mike Higgins of HFF represented the seller, a joint venture between Iconic Development and Wheelock Street Capital. The buyer, MCS Capital Partners, assumed an existing Fannie Mae loan in the acquisition.
ORLANDO, FLA. — CBRE has arranged the $31.5 million sale of Falcon Pines, a 300-unit apartment community located in Orlando. The gated apartment community is located at 10200 Falcon Pines Blvd. in the East Orlando submarket. The community was 92 percent occupied at the time of sale. The property features a resort-style swimming pool, fitness center, business center, dog park, playground and barbecue areas. Shelton Granade, Luke Wickham and Justin Basquill of CBRE represented the seller, an unnamed institutional group, in the transaction. The buyer, Atlanta-based Carroll Organization, will renovate the property to boost the property’s rental rates, according to CBRE.
GREENFIELD, IND. — Tikijian Associates has arranged the sale of Bluestone Apartments, a 208-unit luxury apartment community in Greenfield, an eastern suburb of Indianapolis. The purchase price was undisclosed. Tikijian Associates represented the property’s developer, Indianapolis-based Paragus, in the sale. Lauth Communities, an affiliate of locally based Lauth Group Inc., was the buyer. The community features large floor plans, attached and detached garages and a full community amenity package. Completed in 2009, Bluestone is the newest apartment community in the Greenfield market, according to Tikijan Associates.
NEW YORK CITY — Marcus & Millichap has arranged the $19.2 million sale of a 26-unit multifamily property located at 143-145 W. 4th St. in the Greenwich Village neighborhood of Manhattan. The sales price equates to $1,147 per square foot. Joseph Koicim, Peter Von Der Ahe and Sean Lefkovits, all in Marcus & Millichap’s Manhattan office, advised the seller, Silverstone Property Group. The buyer is a private investor who purchased the property through a 1031 tax-deferred exchange. Silverstone Property Group acquired the property in August 2012 for $11.3 million and implemented a renovation program for the free-market units and common areas. The building’s unit mix features four one-bedroom units, 11 two-bedroom apartments, 10 three-bedroom units and one five-bedroom apartment. All of the free-market units feature new hardwood floors, stainless steel appliances, marble countertops, modern bathroom designs, high-end light fixtures and washer/dryer units.
EWING, NEWARK AND HACKETTSTOWN, N.J. — Cronheim Mortgage has arranged $14.5 million in refinancing for 185 units in northern and central New Jersey in three separate transactions. The company secured $5.4 million in financing for a 97-unit multifamily property in Ewing, a northern suburb of Trenton. The loan includes a 3.75 percent fixed interest rate. Cronheim arranged a $6.7 million loan for 36 units and 13,167 square feet of commercial space in Newark. Approximately $1.5 million was secured for the 52-unit North Morris Apartments in Hackettstown, a city in northern New Jersey. The 10-year, non-recourse loan includes a 2.99 percent interest rate, which increases to 3.99 percent in the sixth year. Janet Proscia and David Turley of Cronheim Mortgage arranged the loans.
AUSTIN, TEXAS — Full-service real estate firm ARA has brokered the sale of Wilshire West, a 90-unit apartment community in Austin. Originally constructed in 1963, the garden-style property consists of 12 two-story buildings and offers one- and two-bedroom layouts. Amenities include landscaped courtyards, a swimming pool and two barbecue areas. Located at 4411 Airport Blvd., the complex is in proximity to major area employers Dell’s Children Medical Center, Seton Hospital headquarters and the University of Texas research campus. Andrew Shih and Matt Pohl of ARA represented the seller in the transaction, Santa Barbara, Calif.-based M3 Multifamily. West Hollywood-based Reliance Capital Management purchased the property, which was 95 percent occupied at the time of the sale, as part of a 1031 tax-deferred exchange.
EVERETT, WASH. – An 80-pad manufactured housing community in Everett has received $6.7 million in refinancing. The eight-year, fixed-rate loan amortizes over 30 years at 4.9 percent. It features a 65 percent loan-to-value. The property was 30 percent vacant at the time of closing. In addition to this, the borrower was holding an agency loan that was swelling. The owner plans to use the funds to free up equity to close on another manufactured housing facility. The loan was arranged by Glenn Gioseffi of Marcus & Millichap Capital Corp.’s Seattle office.