SAN DIEGO – The 31-unit Grove Meadow Apartments in Imperial Beach has sold to Charles Kreutzkamp for $3.5 million. The community is located at 1445 Grove Ave. in southern San Diego. It was fully leased at the time of sale. Kreutzcamp was represented by Eric Comer, Jim Neil and Merrick Matricardi of CBRE San Diego. The seller, Song 1985 Trust, was represented by Andrew Parashos of Torrey Pines Property Management.
WEST LAKE HILLS, TEXAS — CBRE has secured the sale of 13 acres of land, located on Bee Cave Road in West Lake Hills, to Houston-based Belmont Village Senior Living. Colin Armstrong of CBRE Austin represented the seller in the transaction. Belmont Village broke ground at the site for a community called Belmont Village West Lake Hills with 141 private apartments. The facility is slated for a summer 2014 opening.
LAKEWOOD, N.J. — Beech Street Capital LLC has closed a $20.6 million FHA 232/223(f) loan to refinance Leisure Chateau Care & Rehabilitation Center, a 242-bed skilled nursing facility in Lakewood. Constructed three years ago, Leisure Chateau is situated 70 miles south of New York City and 70 miles east of Philadelphia. The first-time borrower plans to use the loan to refinance existing eligible debt, complete minor repairs and to establish a replacement reserve account. Joshua Rosen of Beech Street Capital originated the transaction.
PHOENIX – A two-property multifamily portfolio in the Metro Phoenix area has sold to a company formed by Bascom Arizona Ventures LLC for an undisclosed sum. The properties include the 396-unit Country Brook at 4909 West Joshua Blvd. in Chandler and the 379-unit Little Cottonwoods at 1820 East Bell De Mar Drive in Tempe. The seller, a publicly traded REIT, was represented by Steve Gebing and Cliff David of Marcus & Millichap’s Phoenix office.
ORANGE PARK, FLA. — Elco Landmark Residential has acquired two garden-style apartment communities in Orange Park, a suburb of Jacksonville, for $47.5 million. The deal included Bridgewater at Wells Crossing, a 288-unit property built in 1986. Located at 350 Crossing Blvd., the property has been renamed Landmark at Autumn Cove. Elco also purchased the adjacent Mariner's Wharf at 351 Crossing Blvd. The 272-unit community has been renamed Landmark at Vista Grande. The complexes are about 95 percent occupied. Elco plans to renovate both properties and add a dog park, business center and picnic area. Equity Residential of Chicago was the seller.
CHICAGO — Wicker Park Apartments, a 16-unit multifamily property in Chicago, has sold for $5.7 million to a limited liability company. The building, which is located at 2147-2151 W. Evergreen Ave., spans 25,700 square feet. Kyle Stengle of Marcus & Millichap represented the buyer and the seller, a limited liability company, in the deal.
HOUSTON — Los Angeles-based Thorofare Capital has funded a $3.15 million acquisition loan for the 208-unit Chelsea Lane Apartments in Houston. The borrower, a multifamily investor, plans to purchase, renovate and re-tenant the apartment community. The renovation is expected to cost $1 million and will include roof repairs, an updated HVAC system, updated project gates, parking lot repairs, plumbing upgrades, floor and window renovations and updated cabinetry. The property was built in 1974 and is currently 41.8 percent occupied. Thorofare funded 67 percent of the total project costs, including transaction fees, renovation budget and closing costs.
PHOENIX – A two-property multifamily portfolio in the Metro Phoenix area has sold to a company formed by Bascom Arizona Ventures LLC for an undisclosed sum. The properties include the 396-unit Country Brook at 4909 West Joshua Blvd. in Chandler and the 379-unit Little Cottonwoods at 1820 East Bell De Mar Drive in Tempe. The seller, a publicly traded REIT, was represented by Steve Gebing and Cliff David of Marcus & Millichap’s Phoenix office.
SAN DIEGO — The 34-unit Autumn Ridge Villas in the San Diego submarket of El Cajon has sold to DCC Peach Avenue, LLC for $3.2 million. It is located at 1019 Peach Ave. DCC was represented by Eric Comer, Jim Neil and Merrick Matricardi of CBRE San Diego. The seller, Betty T. Ma, represented itself in this transaction.
ORLANDO — Colonial Properties Trust has acquired the 280-unit Colonial Grand at Windermere, formerly Altis at Lakes of Windermere, in Orlando for $43 million. The Class A, garden-style community includes a cyber cafe, media room, resort-style pool, movie theater and outdoor wet bar. The property is 96 percent occupied and has an average monthly rent of $1,158 per unit. The acquisition was funded in part with proceeds from the sale of assets last year.