LAS VEGAS — A 220-unit apartment complex located at 2844 N. Walnut Road in Las Vegas has sold to Sunset Terrace Partners, LLC for $3.74 million. The seller, Farmers & Merchant Bank, was represented by Patrick Sauter of NAI Sauter Companies in this transaction.
FORT MYERS, FLA. — The 320-unit The Brittany Apartments, a multifamily tax-credit property located at 4050 Winkler Ave. Extension in Fort Myers, has sold for $10.35 million. The property, which is 85 percent leased, is near Florida Gulf Coast University. Jeffrey Meyer of Marcus & Millichap's Tampa, Fla., office, along with Shahar Ziv of the firm's San Diego office, represented the seller, a Fort Myers-based development group, in the transaction and procured the buyer, a Tampa Bay-based private investor.
COLUMBIA, S.C. — Capital Advisors has secured $8.1 million in financing for the 220-unit Tamarind at Stoneridge Apartments, located at 143 Stoneridge Dr. in Columbia. Matt Good of Capital Advisors arranged the 10-year loan with 30 months of interest-only payments and a 30-year amortization schedule through Red Capital Group on behalf of the borrower, Cresof Tamarind LLC.
NEW YORK CITY — Houlihan-Parnes Realtors has arranged a $3.8 million first mortgage loan for 30-32 E. 38th St., a six-story apartment building in Manhattan. The 10-year, non-recourse loan has a fixed interest rate of 3.55 percent for 5 years. The first 2 years of the loan include interest-only payments. Sheldon Stahl and Fred Stahl of Houlihan Parnes arranged the loan on behalf of CLK Properties and an affiliated company.
FALLBROOK, CALIF. – Summer Ridge, a 96-unit affordable housing complex in Fallbrook, has sold to Summer Ridge 96 LP for $6.8 million. The community is located at 818 East Alvarado Street. The buyer is a California limited partnership with Social Services & Affordable Housing Corporation. Chris Hutchison of Alcole Capital and Gregory Reed of Beech Street Capital arranged $5.4 million in financing for the transaction. The transaction was executed by Allen Chitayat and Steve Huffman of Hendricks & Partners’ San Diego office and Douglas Simmons of DWS Real Estate.
LA MESA, CALIF. – The 26-unit La Mesa Villas apartments in La Mesa has sold to Pine Street Park LLC for $3.75 million. The community is located at 8862 La Mesa Blvd. The seller, First Fund LLC, was represented by David Andrews of Hendricks & Partners’ San Diego office.
WEST HOLLYWOOD, CALIF. – A seven-unit apartment complex located at 144 North Wetherly Drive in West Hollywood has sold to KLB Holding Company for $2.35 million. The 10,830-square-foot complex was built in 1963. KLB was represented by Rachel Neuwirth of Nelson Shelton & Associates. The seller, a local private investor, was represented by Hamid Soroudi of Charles Dunn Company.
VIERA, FLA. — Love Funding has arranged $8.56 million in construction and permanent financing for the 102-bed Viera Manor Assisted Living Facility, a new property located in Viera that will give veterans priority admission for 80 percent of available units. Laura Saull-Smith of Love Funding's Washington, D.C., office arranged the loan through HUD's Section 232 loan insurance program on behalf of the borrower, INVENCO Seniors Housing.
SEATTLE — Seattle-based Leisure Care has taken over for the management contract for all five Conservatory Senior Living retirement communities in Texas. The portfolio include The Conservatory at Plano in Plano, The Conservatory at Keller Town Center in Keller, The Conservatory at Wells Branch in Austin, The Conservatory at Champion Forest in Spring and The Conservatory at Alden Bridge in The Woodlands.
CHARLOTTE, N.C. — Equity One has sold the 98-unit Laurel Walk, a garden-style apartment complex located at 908 Summit Walk Dr. in Charlotte, to Eller Capital and Parsons Commercial for $6 million. The buyers plan to complete an interior upgrade, specifically in the kitchen of each unit. Jordan McCarley of Southeast Apartment Partners' Charlotte office represented the seller in the transaction.