BASTROP — Beech Street Capital has secured a $7.8 million FHA 223(a)7 loan to refinance The Lodge at Lost Pines, a 160-unit multifamily property located in Bastrop. Shamir Seidman of Beech Street originated the 30-year loan for Meridian Capital Group on behalf of the borrower, Brooklyn Bridge Inc. Duncan Mendelsohn of Beech Street was the FHA underwriter for the transaction.
CORONA, CALIF. – The 312-unit Parcwood Apartment Homes in Corona has sold to Western National Group for $42.2 million. The community is located at 1700 Via Pacifica. The seller, Essex Property Trust, was represented by Joe Leon and Javier Rivera of Jones Lang LaSalle’s Capital Markets.
ASHEVILLE, N.C. — Bell Partners Inc. has sold the 252-unit Westmount Commons apartment complex in Asheville to Trade Street Residential Inc. for an undisclosed price. Amenities include 24/7 fitness and business centers, a resort-style pool, coffee bar and clubhouse. Bell Partners acquired Westmount Commons in 2006 and added 72 units to the multifamily community in 2009.
LANCASTER, PA. — Marcus & Millichap has arranged the $28.2 million sale of a multifamily portfolio in Lancaster, totaling 387 units. The first property is Windsor Court Townhomes, a 125-unit single-family neighborhood at 1821 Hidden Lane. The sale also included Cherryhill Villas, a 118-unit apartment community at 560-02 Estelle Drive, and Sweetbriar Apartments, a 143-unit property at 1917 Oregon Pike. Recent upgrades at Sweetbriar include a refurbished private pool area along with new windows and patio doors. Mark Thomson, Zachary Pierce, Ridge MacLaren, Clark Talone and Andrew Townsend of Marcus & Millichap represented the buyer, a regional limited liability company, in the transaction.
NEPTUNE, N.J. — Cushman & Wakefield has arranged the $7 million sale of a 162-unit apartment portfolio at 300-400 Neptune Blvd. and 1819 Bangs Ave. in Neptune. The portfolio includes Neptune Gardens, Stratford Gardens and Harlee Gardens. The properties are located three miles from the Garden State Parkway. Brian Whitmer, Andrew Merin and Donald Eisen of Cushman & Wakefield represented the seller in the transaction.
AUSTIN — San Antonio-based Lynd and Austin-based Endeavor Real Estate Group has commenced construction on The Bowie, a 36-story, 358-unit luxury apartment building located at 311 Bowie St. in downtown Austin. Dallas-based L&B Realty Advisors is advising the institutional investor that is providing equity for the project. Lynd and L&B Realty have collaborated on one other high-rise in the past — the EnV in Chicago. The Bowie is located within the Market District along the planned expansion of the Hike and Bike Trail and across the street from Whole Foods Market headquarters and flagship store. Dallas-based HKS Architects is designing the project and Houston-based Harvey-Cleary Builders is the general contractor. The Bowie will include 4,000 square feet of ground-level retail, a 463-space parking garage on floors 1 through 7, 41,000 square feet of office space on floors 8 and 9 and residences on floors 10 through 35. The top story will house a swimming pool and fitness center. Amenities will include concierge services, a conference room and a landscaped deck on the 10th floor, as well as a clubroom and outdoor deck on the 31st floor that features an overhead trellis, fire pit and grilling area. The first residential units …
SAN ANTONIO — Dougherty Mortgage has closed a $9.26 million acquisition loan for the 276-unit Sierra Vista, a multifamily community located in San Antonio. Dougherty's Minneapolis office secured the 10-year loan on behalf of the borrower, San Antonio M3-06, LLC.
CORONA, CALIF. – The 312-unit Parcwood Apartment Homes in Corona has sold to Western National Group for $42.2 million. The community is located at 1700 Via Pacifica. The seller, Essex Property Trust, was represented by Joe Leon and Javier Rivera of Jones Lang LaSalle’s Capital Markets.
CUMMING, GA. — CNL Lifestyle Properties, a real estate investment trust, has acquired Laurel Creek Manor, a seniors living community in Cumming, for $7.5 million from an affiliate of Servant Investments. The property will be added to the Dogwood Forest family of four seniors living properties acquired by CNL Lifestyle Properties in the Atlanta area last May. Laurel Creek Manor is a needs-based community totaling 48 units, including 36 assisted living units and 12 memory care units. It opened in 2009 and was 100 percent occupied as reported at the end of last October. The property is located approximately 35 miles north of Atlanta.
SOUTH BARRINGTON, ILL. — A partnership between The LaSalle Group and Silverado Interest plans to build an $11 million memory care community in South Barrington that will serve residents with Alzheimer's, dementia and memory impairment. The 29,000-square-foot facility, named Autumn Leaves of South Barrington, will be located at 215 Bartlett Road. The interior design team plans to use the latest Alzheimer's and dementia research to choose elements such as artwork, paint and light fixtures. For instance, the dining rooms will include aquariums. According to scientific research, the aquariums will create a calming effect and increase residents' appetite.