PHOENIX – The 224-unit Fountain Oaks apartments in Phoenix has sold to Summit Equity Investments for $8.3 million. It is located at 1225 North 40th Street. Summit Equity represented itself in the transaction, while the undisclosed seller was represented by Cindy Cooke, Brad Cooke and Carrie Burton of Colliers International’s Phoenix office.
WASHINGTON, D.C. — MassCourt East End, a 371-unit luxury multifamily community in Washington, D.C.’s Mount Vernon Triangle neighborhood, has received $92.6 million in financing. The property at 300 Massachusetts Ave. is 96 percent leased and features studio, one- and two-bedroom units. Kevin MacKenzie and Cary Abod of HFF secured the financing on behalf of the borrower, TIAA-CREF, through M&T Realty Capital Corp. and Fannie Mae. TIAA-CREF used the financing to acquire MassCourt East End.
ATLANTA — The 212-unit Colonial Homes, a multifamily community built in 1947 in Atlanta’s Buckhead submarket, has been sold by Pope & Land to Pollack Shores Real Estate Group for $15 million. Bill Shippen and John Weber of Atlanta-based ARA and Rich Arroll of Major & Arroll LLC represented Pope & Land. Pollack Shores Real Estate Group will tear down and redevelop a newly zoned portion of the Colonial Homes site into a four- or five-story apartment building.
WASHINGTON, D.C. — Urban Investment Partners (UIP) has acquired the 21-unit The New Hampshire House, an apartment community, for $2.1 million in Washington, D.C. UIP plans to reposition the property, which is located on top of the Georgia Avenue/ Petworth Metro Station at the corner of New Hampshire Avenue and Quincy Street. Marty Zupancic of Marcus & Millichap’s Washington, D.C. office represented the seller, a private investor, and secured UIP as the buyer.
PHOENIX – The 224-unit Fountain Oaks apartments in Phoenix has sold to Summit Equity Investments for $8.3 million. It is located at 1225 North 40th Street. Summit Equity represented itself in the transaction, while the undisclosed seller was represented by Cindy Cooke, Brad Cooke and Carrie Burton of Colliers International’s Phoenix office.
NEW LENOX, ILL. — A joint venture between Focus Health Partners and Artemis Real Estate Partners has acquired Paradise Park of New Lenox, an 80-unit assisted living and memory care community in New Lenox, for $9.8 million. The community includes 48 assisted living units and 32 memory care units in five cottages. ARA National Seniors Housing Group represented the buyer in the transaction.
LONG BEACH CALIF. – HCP has agreed to purchase 133 senior housing communities from a joint venture between Emeritus Corporation and Blackstone Real Estate Partners VI, an affiliate of The Blackstone Group, for $1.73 billion. The joint venture had initially acquired the portfolio out of bankruptcy in 2010 and invested $42 million in capital improvements. The properties, which are located in 29 states, were operated by Emeritus. As part of the current deal, Emeritus will sign a new triple-net master lease that will allow it to continue operating these communities. The company also agreed to invest $30 million in the properties and to purchase nine remaining properties from the Blackstone JV. Long Beach-HCP will provide $52 million in secured debt financing for this acquisition. The 133 communities contain a total of 10,350 units. They include a mix of assisted living, independent living, memory care and skilled nursing facilities.
LONG BEACH CALIF. – HCP has agreed to purchase 133 senior housing communities from a joint venture between Emeritus Corporation and Blackstone Real Estate Partners VI, an affiliate of The Blackstone Group, for $1.73 billion. The joint venture had initially acquired the portfolio out of bankruptcy in 2010 and invested $42 million in capital improvements. The properties, which are located in 29 states, were operated by Emeritus. As part of the current deal, Emeritus will sign a new triple-net master lease that will allow it to continue operating these communities. The company also agreed to invest $30 million in the properties and to purchase nine remaining properties from the Blackstone JV. Long Beach-HCP will provide $52 million in secured debt financing for this acquisition. The 133 communities contain a total of 10,350 units. They include a mix of assisted living, independent living, memory care and skilled nursing facilities.
LOS ANGELES – The 65-unit Culver Vista Apartments in West Los Angeles has sold to Culver Place, LLC for $12.5 million. The community is located at 11730 to 11846 Culver Blvd. The seller, Culver Vista Partners, was represented by Hamid Soroudi of Charles Dunn Company. Soroudi leads Charles Dunn Company’s The Soroudi Group.
OVERLAND PARK, KAN. — Bridge Partners has purchased Essex Place Apartments, a 352-unit, Class B apartment community in Overland Park, a suburb of Kansas City. The garden-style property is located at 8900 W. 102nd Terrace near employment centers such as the Sprint/Nextel corporate campus and Corporate Woods Office Park. The apartment units average 1,219 square feet. Since 2010, the property has undergone $2.6 million in renovations. Essex Place was 95 percent occupied. Jordan Cortez led the Rockwood Real Estate Advisors team that represented the seller in the transaction.