CHICAGO — Sperry Van Ness Chicago Commercial has completed the $2.3 million sale of a 24-unit multifamily property in the Albany Park neighborhood of Chicago. The sales price equates to $94,000 per unit. The apartment building is located at 4901-07 N. Whipple St. Jeffrey Baasch, senior vice president of multifamily sales, and Brian Kochendorfer, senior advisor of Sperry Van Ness, represented the buyer and seller, both private investors, in the transaction.
SAN ANTONIO — Full-service real estate firm Carter is developing a 590-bed student housing project less than half a mile away from the University of Texas at San Antonio (UTSA). The property will include 121 flats and 77 townhomes in two-, three- and four-bedroom floor plans plus amenities such as a swimming pool, dog park, fitness center and media room. Two prominent retail centers — The Shops at La Cantera and The Rim — and UTSA Park West, the school’s athletic facility, are located within less than a mile. Reese Vanderbilt & Associates is serving as architect, Pape-Dawson Engineers Inc. is acting as civil engineer, SpawGlass is working as contractor and Cardinal Group Management will be the property manager. Construction is slated for completion in July 2014.
SCOTTSDALE, ARIZ. — Sentinel Real Estate Corporation has purchased The Paragon at Kierland, a 276-unit luxury apartment complex in Scottsdale, for $57 million. The Class A community is located at 15608 N. 71st Street on the Westin Kierland Golf Course. It is currently 98 percent occupied. This transaction represents the highest per-unit sale in Greater Phoenix so far this year. It also represents the highest per-unit sale in the past five years for properties without an active condo map in this region, according to Colliers International in Greater Phoenix. The firm’s Southwest Multifamily Advisors’ team represented the seller, Sunstone Realty Advisors, in this transaction. The team includes Jerry Tenge and Tristan Charlesworth.
CHICAGO — Aviv REIT Inc. has acquired four post-acute and long-term care skilled nursing facilities in Ohio and Indiana for $35.9 million. The properties are triple-net leased to existing Aviv operator Diversicare Healthcare Services. Diversicare is an operator of 47 skilled nursing and assisted living facilities in nine states. The 15-year triple-net lease has an initial cash yield of 10 percent. Chicago-based Aviv has now closed three transactions with Diversicare totaling $55 million in the past year.
DENVER – An 85-unit apartment building in Denver has sold to Granite Peak Partners for $6.5 million. The community is located at 4803 E. Kentucky Ave. Granite plans to implement a major renovation program at the community in the upcoming weeks. The seller was Carol Wick-Eisler. The transaction was handled by Tim Shunta of Unique Properties, Inc- TCN Worldwide.
NORTH HILLS, CALIF. – A 19-unit apartment building in North Hills has sold to a limited liability company for $2.4 million. The community is located at 15216 Nordhoff Street in the San Fernando Valley submarket. The LLC was represented by Dan Litman and Robert Narchi of Marcus & Millichap’s West Los Angeles office. The seller, an individual/personal trust, was also represented by Narchi.
WHEELING AND LISLE, ILL. — The Chicago office of Berkadia Commercial Mortgage LLC (Berkadia) has closed a total of $46.4 million in financing through the U.S. Department of Housing and Urban Development’s (HUD) 223(f) program for two apartment communities located outside of Chicago. Len Deering, senior vice president, Paul Matusiak, vice president, and Tom Sigrist, senior vice president of Berkadia, originated both 35-year, fixed-rate loans, which are fully amortizing and feature 80 percent loan-to-value ratios. Foxboro Apartments LLC received a $26 million loan to refinance an existing mortgage on Foxboro Apartments in Wheeling, a northwest suburb of Chicago. The one- and two-bedroom building is currently 97.5 percent occupied. Berkadia also arranged $20.4 million for borrower Abbey Capital Partners. The loan, which also was used to refinance an existing mortgage, was for Abbey Apartments at Four Lakes in Lisle, a western suburb of Chicago. The property is currently 99 percent occupied and offers studio and one-, two- and three-bedroom layouts.
WAUKESHA, WIS. — NorthMarq Capital’s Milwaukee regional office has arranged $11.2 million in refinancing for Pioneer Hall, a 264-bed student housing facility in Waukesha, a western suburb of Milwaukee. The property is located on the campus of Carroll University at 324 W. College Ave. Financing was based on a 10-year term and a 25-year amortization schedule. Geoff Nauth, vice president of NorthMarq’s Milwaukee office arranged the loan for the borrower through its relationship with a regional bank.
PORTLAND, MAINE — Pearl Place II, a 55,978-square-foot, 54-unit apartment complex at 184 Pearl St. in Portland, has achieved LEED-Platinum certification from the U.S. Green Building Council. Pearl II is the second of two phases of an affordable housing development in the Bayside neighborhood of Portland. Construction was completed earlier this year. Avesta Housing hired Thornton Tomasetti, an international engineering firm, as the LEED for Homes provider and sustainability consultant on the project. Wright-Ryan Construction was the contractor on the project; PDT Architects served as the architect; and Horizon Residential Energy Services provided EnergyStar services. Avesta Housing is a 501(c)(3) nonprofit organization that promotes and provides housing opportunities in southern Maine for residents in need.
DENVER – An 85-unit apartment building in Denver has sold to Granite Peak Partners for $6.5 million. The community is located at 4803 E. Kentucky Ave. Granite plans to implement a major renovation program at the community in the upcoming weeks. The seller was Carol Wick-Eisler. The transaction was handled by Tim Shunta of Unique Properties, Inc- TCN Worldwide.
