PHOENIX – The 92-unit Brittany Apartments in Mesa and the 128-unit Cheyenne Pointe in Phoenix have been sold by Colliers International in Greater Phoenix for $3.5 million. The Brittany Apartments was sold to Rich Huang with Good Environment, LLC, for $1.9 million. The seller was Summit Equity Investments. Financing was arranged by Brandon Harrington of Cohen Financial. Cheyenne Pointe was sold to Paying Cash for Homes, LLC for $1.6 million. The seller was Wilson Property Services, the property’s court-appointed receiver. Bill Hahn, Jeffrey Sherman and Trevor Koskovich of Colliers’ Phoenix office represented both the buyers and sellers in these transactions.
ORLANDO — Orlando-based CNL Properties Trust Inc. has agreed to acquire five senior living communities from affiliates of Primrose Retirement Communities for $84 million. The properties include Grand Island Senior Living in Grand Island, Neb.; Marion Senior Living in Marion, Ohio; Mansfield Senior Living in Mansfield, Ohio; Casper Senior Living in Casper, Wyo.; and Sweetwater Senior Center in Billings, Mont. The transition is expected to close the first quarter of 2012. The communities will continue to be operated by Primrose under a long-term lease agreement with CNL. As of Dec. 1, the properties were 96 percent occupied.
WASHINGTON, D.C. — Washington, D.C.-based MAC Realty Advisors has brokered the $5.01 million sale of the 44-unit The Warner, an apartment building located at 2620 13th St. NW in Washington, D.C. The buyer plans to renovate the building while preserving 20 percent of the units as affordable housing. MAC represented 2620 LP./District of Columbia Castle Management Corp. and Boston Capital, the sellers, in the transaction. The buyer was New York City-based Aria Partners.
PHILADELPHIA — Forest City Enterprises has secured a $28.2 million loan for the refinancing of Drake Tower, a 284-unit, 30-story apartment building, located at 1512 Spruce St. in Philadelphia. Red Mortgage Capital, the mortgage banking arm of Red Capital Group, provided the Fannie Mae loan. The 10-year loan has a 30-year amortization schedule.
RICHARDSON — Dayton, Ohio-based The Connor Group has purchased the 338-unit Arboretum Estates, located at 411 Buckingham Rd. in Richardson, from Arboretum Estates, Ltd., for an undisclosed price. The property sits on a 14-acre parcel in the north Dallas submarket.
PEORIA, ARIZ. – The 240-unit Enclave at Paradise Lane apartment community in Peoria has sold to Baron Properties for $26.9 million. The new owner is planning to upgrade the property’s common areas and enhance its interior. It was 92 percent occupied at the time of sale. Tyler Anderson, Sean Cunningham and Asher Gunter of CBRE’s Phoenix office represented the seller, Sherman Residential, in this transaction.
LOS ANGELES — Marcus & Millichap Capital Corporation has arranged $14,050,000 in interest-only refinancing for a three-property multifamily portfolio. The Southern California-based properties were built in 1962 and total 92 units. The loan carries a 4.225 percent interest rate and a 65 percent loan-to-value. It also offers substantial pay-off flexibility. The loan was arranged by Dan Litman of MMCC’s West Los Angeles office.
GLENDALE, ARIZ. – The 93-unit Village Sereno apartment community in Glendale has sold to Village Sereno Townhomes, LLC for $10,250,000. The property was built in 2009 at 8622 North 59th Ave. Mark Forrester and Ric Holway of Hendricks & Partners’ Phoenix office represented the seller, JGM Group, LLC, an Arizona limited liability company/Trojan Air Services, Inc.
FORT MYERS, FLA. — The 64-unit Palm Villas Apartments, located at 8372 Beacon Blvd. in Fort Myers, has been sold for $1.57 million. Cole Whitaker and Hal Warren of Hendricks & Partners' Orlando, Fla., office represented the seller, PNC Bank, in the transaction. Michael Maurer of Fort Myers-based RE/MAX Estates represented the buyer, Promotora Inmobiliaria.
CHARLOTTE, N.C. — Walker & Dunlop has arranged a $5.95 million acquisition loan for the 178-unit Delta Crossing, an apartment complex located at 6000 Delta Crossing Ln. in Charlotte. Stephen Farnsworth of Walker & Dunlop's New Orleans office arranged the 10-year loan with 2-years interest only and a 30-year amortization schedule through Fannie Mae on behalf of the borrower, Cortland Partners.