FOREST PARK, OHIO — Atlanta-headquartered ARA has arranged the $10.3 million sale of Mills Run, a 212-unit multifamily community located in northwest suburban Cincinnati. Debbie Corson of ARA represented the seller, Deerfield, Ill.-based Oak Residential Partners LLC, in the transaction. Pepper Pike, Ohio-based Apollo Management purchased the property. Constructed in 1988, Mills Run is a multifamily community located in Forest Park. Previous ownership invested more than $550,000 in capital improvements including extensive landscaping upgrades, replacement of all entry doors and renovation of common areas.
Multifamily
NEW YORK CITY — Mortgage Equicap has arranged $56 million in financing for the construction of a 112,000-square-foot apartment property located at 267 Rogers Ave. in Brooklyn. Equicap arranged both the equity and construction financing for the project. The equity was provided by a New York-basedoffice. The non-recourse construction loan will be 75 percent of the total development costs. The apartment property will include 165 one- to three-bedroom units and will feature a fitness center, library, meeting and conference rooms, central laundry facility and billiard room. Equicap advised the developer in negotiating the 99-year ground lease with one of the largest not-for-profit organizations in the country.
SAN ANTONIO — Investment and management firm Presidium Group LLC has acquired Towne Oaks, a 123-unit apartment property in San Antonio. The community, which is located at 8623 Starcrest Drive, includes one- and two-bedroom residences, plus amenities such as a swimming pool and clubhouse. The complex is in close proximity to the San Antonio International Airport, North East Baptist Hospital, North Star Mall and MacArthur Park, as well as the major thoroughfares of I-35, Loop 410 and U.S. Highway 281. Presidium Group plans both interior and exterior upgrades, as well as enhancements to the property’s signage. With the purchase of Towne Oaks, Presidium has now acquired three assets in San Antonio in the past six months.
AUSTIN, TEXAS — ARA has brokered the sale of The Arbor at Tallwood, a 120-unit multifamily property in Austin. Built in 1972, the garden-style community offers one-, two- and three-bedroom apartments, a swimming pool and a dog park. The complex, which was 96 percent occupied at the time of the sale, is in close proximity to retail outlets such as the Arboretum and the Domain, as well as major area employers such as IBM, Visa and Dell. Matt Pohl and Andrew Shih of ARA represented the seller, San Francisco-based Virtu Investments, in the transaction. Redwood Capital Group, based in Chicago, purchased the asset.
AUSTIN, TEXAS — Commercial real estate firm Muskin Commercial LLC has brokered the sale of South Cliff Apartments, a 60-unit multifamily complex in Austin. Located at 2001 I-35 South, the community offers one- and two-bedroom apartments, as well as a swimming pool and laundry facility. Ellen Muskin of Muskin Commercial represented the seller, an individual investor based in Santa Rosa, Calif. The buyer, a Columbus, Ohio-based entity, plans to rebrand the property as 35 Flats and renovate both building exteriors and apartment interiors. Pearsall, Texas-based Security State Bank provided acquisition financing.
SAN FRANCISCO – A five-property multifamily portfolio based in the San Francisco Bay Area has received a $37-million refinancing. The portfolio contains a total of 297 units. Four of the five transactions are long-term refinances, while the other is a bridge loan. Financing was originated by Kenneth M. Fox of Cohen Financial’s San Francisco office. Four loans were secured with JP Morgan Chase Bank, and one was secured with Boston Private Bank & Trust Company. The borrower was a local commercial/multifamily real estate investor and operator.
LOS ANGELES — Village Walk at Tarzana, a two-parcel development site, has sold to Sinanian Development Inc. for an undisclosed sum. The fully entitled site contains the West Parcel, which is located at 18709 W. Redwing Street, and the East Parcel, located at 5420-5432 N. Yolanda Ave. They are attached to the 146,363-square-foot Village Walk retail center on Ventura Boulevard. The West Parcel will receive 15 two-story luxury townhomes, while the East Parcel project will contain 19 townhomes and 37 luxury apartments. The seller, Pearlmark Real Estate Partners LLC, was represented by Greg Harris, Kevin Green and Joseph Grabiec of Institutional Property Advisors.
CHICAGO — Aviv REIT Inc. has acquired nine post-acute and long-term care skilled nursing facilities in Kentucky and Iowa in two separate transactions for approximately $49 million. Seven of the properties are located in Kentucky and are triple-net leased to new Aviv operator Providence Group, an operator of skilled nursing facilities in Kentucky and California. The other two facilities are located in Iowa and are triple-net leased to existing Aviv operator Trillium Healthcare. The acquisitions include annual escalators and initial lease terms of 10 years. Chicago-based Aviv REIT has approximately $104 million in acquisitions year-to-date.
INDEPENDENCE, MO. — Overland Property Group has celebrated the opening of Gardens at Jackson Creek, a $10 million seniors living facility in suburban Kansas City. The new apartment community, located at 19401 E. 40th St. Court in Independence, features 46 one-bedroom units and 67 two-bedroom units. Williams Spurgeon Kuhl & Freshnock Architects led the design team for the 115,000-square-foot facility. One-bedroom floor plans range from 576 to 594 square feet with monthly rents starting at $1,025. Two-bedroom units range from 765 to 795 square feet with rents starting at $1,250. Apartments feature raised-panel wood doors, wood-grained vinyl plank flooring, granite countertops, walk-in closets, washers and dryers, custom cabinets and nine-foot ceilings.
NEW YORK CITY — Marcus & Millichap has arranged the $4.7 million sale of 1231 Lincoln Place and 1382 St. John’s Place, totaling 47 apartment units located in the Crown Heights section in Brooklyn. The sale price equates to approximately $113 per square foot. Derek Bestreich and Lucien Sproviero from Marcus & Millichap’s Brooklyn office marketed the property on behalf of the seller and represented the buyer, both private investors.