HOOVER, ALA. — Berkeley Point Capital has provided $22.65 million in first mortgage financing for the acquisition of the 342-unit Barrington on the Green Apartments, a garden-style multifamily community located at 5775 Summer Place Pkwy. in Hoover. The 10-year loan has the first 5 years interest only, followed by a 30-year amortization schedule. The sponsor plans to initiate a $1.4 million capital improvement program, including major upgrades to unit interiors, common areas and amenities.
OKLAHOMA CITY — Steadfast Income REIT has purchased the 360-unit Montclair Parc, an apartment community located at 10900 S. Pennsylvania Ave. in Oklahoma City. The apartment complex is the second Oklahoma City acquisition for the REIT this year. The property is 98 percent occupied and features fully equipped kitchens, washer/dryer connections, private terrace/patio, a heated spa, a 24-hour fitness facility, intrusion alarms, oval Roman tubs, wood-burning fireplaces and attached garages.
SAN DIEGO – An 18,000-square-foot residential lot in the College Area of San Diego has sold to Warmington Residential California for $2.7 million. The lot is located at 6229 Montezuma Road. The site is fully approved for a 94-bed student housing complex. Warmington represented itself in the transaction, while the seller, Aztec Greystone Associates, was represented by David Santistevan and Gunder Creager of Colliers’ San Diego office.
PORT ROYAL, S.C. — Olympus Property has purchased the 400-unit Preserve at Port Royal, an apartment complex located at 1 Preserve Ave. W. in Port Royal, for $31.25 million. Amenities include a free YMCA membership, fitness center, two swimming pools, a business center, an internet lounge with coffee bar, walking trails, a pool-side cabana with grills and a playground. Jim Sewell and Steve Mack of Hilton Head, S.C.-based Coastal Apartment Advisors represented the seller, Preserve at Port Royal LLC, in the transaction.
PLAINSBORO, N.J. — Grandbridge Real Estate Capital has arranged a $61 million first mortgage loan for Ravens Crest Apartments, a 704-unit community in Plainsboro. Mike Ortlip of Grandbridge originated the acquisition financing through Fannie Mae. Built in 1985, the apartment community includes 37 buildings on 40 acres. Amenities include an outdoor swimming pool, playground, tennis courts and a jogging trail.
ATLANTA — NorSouth Constructs has started construction on the 48-unit Betmar Village, a seniors housing property located in the Betmar LaVilla community at 345 Ashwood Ave. in Atlanta. National Church Residences is the developer for the project. HUD provided a $3.9 million 202 Elderly Housing Grant for construction of the property, and the Georgia Department of Community Affairs is providing 4 percent tax credits and Invest Atlanta is issuing tax-exampt bonds.
SALINA, KAN. — Red Mortgage Capital has arranged an $11.8 million Fannie Mae loan for Eaglecrest Retirement Community in Salina. The 102-unit community includes 62 independent living and 40 assisted living units. Midwest Health, which owns 43 senior living communities throughout the Midwest, acquired Eaglecrest last month.
ATLANTA — Orlando-based CNL Lifestyle Properties has closed on its previously announced acquisition of four seniors housing properties in the Greater Atlanta area from Solomon Holdings III Dogwood Four for $79.8 million. The properties, which total 347 units, include Dogwood Forest in Alpharetta, Dogwood Forest of Eagles Landing in Stockbridge, Dogwood Forest in Fayetteville and Dogwood Forest in Gainesville. Trinity Lifestyles Management will continue to manage the communities.
MURFREESBORO, TENN. — Bell Partners has acquired the 320-unit Aldridge at Gateway Village, an apartment complex located at 3920 Puckett Creek Crossing in Murfreesboro, from Rhodie Development Group for $29 million. Amenities include a resort-style pool, 24-hour fitness center, sand volleyball court, business center, internet cafe and coffee bar. The property has been renamed Bell Murfreesboro.
PLANTATION, FLA. — Beech Street Capital has secured a $16.3 million conventional loan to refinance the 296-unit Jacaranda Village at Plantation, located at 461 NW 87th Rd. in Plantation. Brian Sykes of Beech Street Capital's Boston office arranged the 7-year, Fannie Mae loan with 4 years interest only and a 30-year amortization schedule, thereafter payable on an actual/360 basis, on behalf of the borrower, Scully Co.