AUSTIN — Marcus & Millichap has brokered the sale of the 129-unit Fountainhead, a multifamily property located at 4100 Victory Dr. in Austin. Kent Myers and Joe James of Marcus & Millichap's Austin office represented the seller in the transaction and procured the buyer, both of which were partnerships.
HOUSTON — Houston-based NewQuest Properties has arranged the sale of a 3.47-acre land tract, located on Post Oak Boulevard and Transco One Drive in the heart of Houston's Galleria area. The buyer, Alliance Communities, plans to build a 272-unit, five-story multifamily building with a parking garage on the site. The project is slated for a first quarter 2014 completion. Cullen Kappler of NewQuest Properties represented the seller, Whitney National Bank, in the transaction. The buyer was self-represented by Brian Austin of Alliance Communites' Houston office.
NORTHRIDGE, CALIF. – The 50-unit Varsity Club Apartments in Northridge has sold to a private investor for $11.25 million. The 63,406-square-foot apartment building is located at 10020 Zelzah Ave. The buyer was represented by Thomas McCartin of Marcus & Millichap’s San Diego office. The seller, a Southern California real estate developer, was represented by Reza Ghobadi of the firm’s Encino office.
HOMER GLEN, ILL. — Northbrook, Ill.-based SAS Architects & Planners has been selected to design three residences for Victorian Village, a senior living community in Homer Glen. Two single-story residences will house 10 seniors each, while the third, a two-story residence, will house 30 seniors. The units will include private bedrooms and bathrooms as well as shared living, kitchen and dining areas. Residents will also have access to skilled nursing services. The project is slated for completed by the end of 2013.
DALLAS — Dallas-based Capital Senior Living Corp. has acquired five senior living communities in Indiana and Texas for $49.4 million. The properties are 94 percent occupied and the average monthly rents are approximately $3,200. Additional terms of the deal were undisclosed.
BOSTON — Love Funding has arranged a $4 million loan to refinance Compass on the Bay, a Boston-based assisted living facility. Leonard Lucas of Love Funding's Boston office secured the loan through the U.S. Dept. of Housing and Urban Development's 232/223(a)(7) loan program. Compass on the Bay is operated by Senior Living Residences and contains 39 units.
DALLAS — Dallas-based Capital Senior Living has acquired five senior living communities in Texas and Indiana for $49.4 million, which include independent living, assisted living and memory care facilities. The communities were financed with $37.5 million of 10-year fixed rate debt. The properties have an average 94 percent occupancy and average monthly rents of approximately $3,200.
BETHESDA, MD. — Associated Estates Realty Corp. has acquired a 2.5-acre parcel, located at 7001 Arlington Rd. in Bethesda, to build the $50 million, 140-unit Dwell Bethesda. The apartment building will include 7,000 square feet of first floor retail space. Merit Enterprises, a wholly owned subsidiary of Associated Estates, will act as construction manager. Completion is slated for the first quarter of 2014.
LOS ANGELES — A four-unit apartment complex in Los Angeles has sold to a private investor for $1.8 million. The community is situated on a 7,884-square foot lot at 2640 North Beachwood Drive. Tony Azzi of Marcus & Millichap’s West Los Angeles office represented both the buyer and the seller, a limited liability company, in this transaction.
FREDERICKSBURG, VA. — BPG Properties, Ltd., has acquired two multifamily properties in Fredericksburg totaling 676 units for $83.4 million. Included in the sale was the 200-unit Greens at Falls Run, located at 2500 Green Tree Rd., and the 476-unit Manor at England Run, located at 101 Knights Ct. The properties are 95 percent leased. This is the first multifamily acquisition that BPG has made on behalf of BPG Investment Partnership IX, LP., its newly formed, value-add real estate fund.
