SAN ANTONIO — Hendricks & Partners has brokered the sale of the 260-unit The Cordoba, located at 7810 Callaghan Rd. in San Antonio. Will Caruth, Chris Ross and Mike Miller of Hendricks & Partners' San Antonio office represented the seller, West Palm Beach, Fla.-based Blue Valley Apartments, in the transaction. The buyer was a Texas-based investor.
WEST HOLLYWOOD, CALIF. — The 25-unit Villa Sarah apartment community in West Hollywood has sold to DSPG Management for $4.15 million. The community was built in 1950 and is located at 1280 N. Laurel Ave. The seller, General Western Monticello Company, was represented by David J. Harrington of Hendricks & Partners’ North Los Angeles office.
ST. PETERSBURG, FLA. — Marcus & Millichap has arranged the $5.25 million sale of the 144-unit Gateway Apartments, located at 2000 Gandy Blvd. in St. Petersburg. Michael Regan and Francesco Carriera of Marcus & Millichap's Tampa, Fla., office represented the seller, a special servicer, in the transaction and procured the buyer, a private investor.
NEW YORK CITY — Marcus & Millichap has arranged the $5.2 million sale of a six-unit apartment building, located at 170 E. 75th St. in New York City. Peter Von Der Ahe, Joe Koicim and David Lloyd of Marcus & Millichap's Manhattan office represented the seller, a local owner. The buyer, a private investor, plans to convert the building into a single-family residence.
BEDFORD — Marcus & Millichap has arranged the sale of the 84-unit Bedford Hills, a multifamily property located at 942 Simpson Terrace in Bedford. Al Silva of Marcus & Millichap's Fort Worth office represented the seller, a private investor, and the buyer, a local partnership, in the transaction. Bedford Hills is 95 percent occupied.
SAN JOSE, CALIF. — An affiliate of Republic Urban Properties LLC has received an $8.37-million first-mortgage bridge loan to acquire a 2.36-acre land parcel in San Jose. A 218-unit Class A apartment complex is planned for the site, along with 14,000 square feet of retail space. Chris Simon of Pembrook Capital Management originated the loan. Curtis Palmer and Ted Fentin from Multi-Housing Capital Advisors acted as advisors on behalf of the sponsor.
STONE MOUNTAIN, GA. — The 474-unit Park Springs, a continuing care retirement community located at 500 Springhouse Cir. in Stone Mountain, has received $47.3 million in refinancing. Richard Swartz, Phil Anderson, Jay Wagner and Aaron Rosenzweig of Cushman & Wakefield Sonnenblick Goldman's Boston office arranged the financing on behalf of the borrower, Isakson Living. Bank of America and Atlantic Capital Bank provided the financing.
ORLANDO, FLA. — Orlando-based CNL Lifestyle Properties has entered into an agreement to acquire four assisted living communities in Georgia from Solomon Holdings III Dogwood Four for $80 million. The properties include Dogwood Forest in Alpharetta, Dogwood Forest of Eagles Landing in Stockbridge, Dogwood Forest in Fayetteville and Dogwood Forest in Gainesville. The company expects to close the purchase in May.
LAWRENCEVILLE, GA. — Grandbridge Real Estate Capital has arranged a $9.28 million first mortgage loan for the 192-unit Lealand Place Apartments, located at 2945 Cruse Rd. in Lawrenceville. Alan Tapie of Grandbridge's Atlanta office arranged the 10-year loan with 2-years interest only followed by a 30-year amortization schedule through Freddie Mac's CME program.
NORWICH, CONN. — Old Lyme, Conn.-based Hamilton Point Investments has acquired Stonington Estates, a 69-unit luxury apartment complex in Norwich, for $6.4 million. The 56,100-square-foot property is located at 102 Stonington Rd. and includes on-site tennis courts and a fitness center. Average rents are $1,080 per month. Louis Zuckerman and Enzennio Mallozzi of Colliers International represented the seller, CW Capital, in the transaction. They also represented the buyer.
