LONG BEACH, CALIF. – A six-property, 52-unit multifamily portfolio in Long Beach has sold to Riva Investments, Keely Partners and Jehan Shahid for $4,935,000. The bank-owned REO portfolio contains four properties that were fully occupied at the time of sale. All six properties were well maintained and recently upgraded. The portfolio includes the eight-unit 1352 Molino Ave.; the 12-unit 1765 Cedar Ave.; the six-unit 630 Nebraska Ave.; the 10-unit 761 Rose Ave.; the eight-unit 924 Gaviota Ave.; and the eight-unit 222 East Market. The seller, CRE LJ CA LLC, a Delaware limited liability company c/o OneWest Bank, FSB of Pasadena, Calif., was represented by Robert Stepp, Dean Zander and Vince Norris of Hendricks & Partners’ West Los Angeles office.
BOSTON — Boston-based KeyBank Real Estate Capital has arranged $114 million in HUD funding for the refinancing of 13 seniors housing communities in Connecticut and Rhode Island. The borrower is Athena Health Care Systems, one of the largest managers of skilled nursing facilities. The fixed-rate loan has a 30-year amortization schedule.
AUSTIN — Irvine, Calif.-based Silverado Senior Living has teamed with Dallas-based Meridian Realty Advisors to develop the 45,000-square-foot Silverado Senior Living-Onion Creek, a memory care facility to be located on 5 acres at 1700 Onion Creek Pkwy. in Austin. The $12 million facility will be Silverado's eighth memory care facility in Texas. The new property is slated for a late 2012 completion.
NORTH OLMSTED, OHIO —NorthMarq has arranged $14.2 million in first mortgage refinancing for Butternut Ridge Apartments, a 261-unit multifamily property in North Olmsted. Sue Blumberg of NorthMarq's Chicago office arranged the loan for the borrower, JVM Butternut Apartments LLC, through Freddie Mac. The 7-year loan has a 30-year amortization schedule.
LITTLE ROCK, ARK. — The 256-unit Forest Place Apartments, located at 1421 N. University Ave. in Little Rock, has sold for $17.6 million. The buyer plans to install new roofs on the buildings and renovate the property. Rick Freeling of Rector Phillips Morse Inc./CORFAC International's Little Rock office represented the seller, Little Rock-based Forest Place Joint Venture, in the transaction and procured the buyers, two affiliates of with Kansas City, Mo.-based Maxus Realty Trust.
GASTONIA, N.C. — Capstone Apartments Partners has arranged the $6.25 million sale of the 176-unit Bluffs at Northwoods, an apartment complex located at 1850 Yellowstone Ct. in Gastonia. Amenities include a clubhouse, pool, fitness center, tennis courts and laundry center. Brian Ford and Beau McIntosh of Capstone's Charlotte, N.C., office represented the seller, Willamette Property Holdings, in the transaction. The buyer was a private investor.
GREENVILLE, S.C. — Greenville-based Vista Capital Management Group has been retained by Gardena, Calif.-based Highridge Costa Investors to manage its 619-unit South Carolina multifamily portfolio. The properties include the 72-unit Avalon Place in Columbia; the 60-unit Creek View in Batesburg-Leesville; the 72-unit Village Senior in Warrenville; the 40-unit West Winfield Acres in Spartanburg; the 300-unit Bridgeview Village and the 75-unit Palace, both in Charleston.
LENEXA, KAN. — Maxus Realty Trust has purchased the Rosehill Pointe Apartments for $28.7 million in Lenexa, a suburb south of Kansas City. Constructed in 1985, the 498-unit complex is located along West 87th Street. Jeff Stingley of CBRE's Kansas City office represented the seller, New York-based CLK Multi-Family and an affiliate of Houlihan Parnes Realtors LLC, in the transaction.
LIVINGSTON, N.J. — Jamesburg Realty Partners has purchased four apartment properties in Jamesburg for $2.6 million. The properties include 6-8 Vine St., 16 Lake St., 8 Cherry St. and 123 Stevens Ave. Each of the two-story complexes contain one-bedroom units and on-site parking. Joseph Brecher of Livingston-based Gebroe-Hammer Associates represented the seller, Jamesburg Apartments LLC.
DENVER – The 170-unit Columbine Towers has sold to Agin Family Investments for $8.75 million. This Section 8 apartment community was fully occupied at the time of sale. JB Hochman of Pinnacle Real Estate Advisors represented both the buyer and the seller in this transaction.