ATLANTIC CITY, N.J. — A partnership between Edison Investment Advisors and Sencit Properties has sold a 14-story apartment tower in Atlantic City to an unidentified buyer, who also owns an adjacent property called Metropolitan Plaza. The 201-unit affordable housing project is one block from the new Revel Resort & Casino and includes an attached parking garage, newly renovated units and a 24-hour security guard. Jason Starkman of Starkman Realty Group represented both parties in the transaction.
AUSTIN, TEXAS — The Houston office of Q10 Kinghorn, Driver, Hough & Co. (KDH) has arranged $22.26 million in acquisition financing for a 308-unit, Class A multifamily community located in Austin. The property is 99 percent occupied. Ray Driver III, Matt Franke and Ben Johnson of KDH arranged the loan through Great-West Life & Annuity on behalf of the borrower, a Canadian investor.
LOS ANGELES — The Plaza at Sherman Oaks, a 392-unit luxury apartment community located in the Los Angeles submarket of Sherman Oaks, has sold to Raintree Partners for $77 million. The community is located at 4500 Woodlman Ave. Raintree plans to renovate the units. Marc Renard of Cushman & Wakefield represented both the buyer and the seller. Acquisition financing was secured by CBRE’s Troy Tegeler and provided by Freddie Mac.
RANCHO CUCAMONGA, CALIF. – The 192-unit Santa Barbara Apartments in Rancho Cucamonga has received a $40-million permanent loan. The community is located at 10855 Church Street. It is 95 percent leased. The 15-year, fixed-rate loan was arranged by HFF’s Don Curtis through Prudential Mortgage Capital Company. Curtis worked on behalf of the borrower, Lewis Operating Corp.
CHINO, CALIF. – The 40-unit Vista Park Chino has sold to Preservation Vista Park Chino, LP for $6 million. The community is located at 5819 Riverside Drive. The seller was Vista Park Chino, LP. The transaction was executed by Alex Mogharebi of Hendricks & Partners’ Ontario office.
SAN FRANCISCO – A 14-unit apartment building located at 1550-1566 Hyde Street in San Francisco has sold to a limited liability company for $2.6 million. The community also contains two retail units. Dimitris Drolapas, James Devincenti and Brad Lagomarsino of Marcus & Millichap’s San Francisco office represented both the buyer andthe seller, a private investor, in this transaction.
HARSTVILLE, S.C. — Choate Construction Co. has started construction on a 48-bed student housing facility at Coker College in Hartsville. McMillan Pazdan Smith Architecture designed the six-building complex. Each building includes 12 suites with four single bedrooms, two full bathrooms, a kitchen and a living and dining area. The first building is scheduled for completion by this fall.
MIAMI — SL Capital has provided financing for the acquisition of a four-property, Class A student housing portfolio in Kentucky, Louisiana, South Carolina and Missouri. Campus Evolutions purchased the portfolio for $46.5 million. A $33.5 million CMBS loan for the properties was arranged. Miami-based SL Capital is an exclusive affiliate of Cantor Fitzgerald Commercial Real Estate and makes nonrecourse loans up to $200 million.
OAK FOREST, ILL. — Marcus & Millichap has arranged the sale of an 11-unit apartment property in Oak Forest, Ill. for $785,000. Located at 16733-16735 Forest Avenue, the property consists of two, one-bedroom units and nine, two-bedroom units. Ryan Engle, Voltaire Zapanta and Adam Fortino, of Marcus & Millichap’s Chicago office represented the seller, a private investor, as well as the buyer, an individual trust.
URBANA, ILL. — Rosemont, Ill.-based McShane Construction Co. will build Hamilton on the Park, a 36-unit apartment complex in Urbana, 90 miles east of Springfield, the state capital. The company is building the affordable housing development on behalf of The Benoit Group, an Atlanta-based developer. The multifamily property, which will be located on two acres of land at 1201 Brookstone Ct., will include single- and two-story units. Each apartment will also be equipped with energy-efficient windows and Energy Star appliances. Construction is scheduled for completion this fall.
