CANOGA PARK, CALIF. – A 19-unit apartment building that is located at 8720 Topanga Canyon Blvd. in Canoga Park has sold to an undisclosed buyer for $2,087,500. The property contained eight low-income tenants at the time of closing, which was required by the Earthquake Emergency Loan Program financing that was formerly in place. The community was built in 1964 and is subject to rent control. The transaction closed at a 6.58 percent cap rate. Rick Raymundo of Marcus & Millichap represented the seller, a private trust, in this transaction.
MT. PLEASANT, S.C. — Woodfield Investments has broken ground on the 280-unit Woodfield Long Point, located off Wando Park Boulevard in Mt. Pleasant. CNL Financial provided equity for the project and Wells Fargo Bank provided debt. CF Evans is the general contractor for the development. Completion is slated for spring 2012.
WASHINGTON, D.C. — Walker & Dunlop's hospitality division, lead by Andrew Coleman of the firm's Bethesda, Md., office has arranged $23.4 million in acquisition financing for the 96-unit The Georgetown Inn, located at 1310 Wisconsin Ave. NW in Washington, D.C. Cardinal Bank provided the 5-year loan, which has a 25-year amortization schedule.
NEW YORK CITY — Multi-Employer Property Trust (MEPT) will develop a 35-story, 165-unit apartment building at 309 Fifth Ave. in Manhattan. The project will total 122,000 square feet, including 10,400 square feet of retail space on the ground level. MEPT has committed more than $100 million in equity to build the project. The project team includes developer Urban Development Partners, general contractor Lend Lease and project architect SLCE Architects. Bentall Kennedy is serving as MEPT's real estate advisor.
MIDDLEBOROUGH, MASS. —Marcus & Millichap Real Estate Investment Services has closed on the $55 million sale of Oak Point, a senior manufactured housing community in Middleborough. The community includes 870 occupied homes and permitted land for 280 additional homes. Dan Mulkey of Marcus & Millichap's Tampa office, along with Jonathan Harrison and Briana Barbier of the firm's San Diego office represented the seller in the transaction. Robert Horvarth and Todd Tremblay of the firm's Boston office provided local representation. Mulkey and Harrison also represented the buyer, a privately held Chicago-based firm that owns and operates manufactured housing communities. The seller is a partnership between a Connecticut-based real estate investment fund and a real estate developer from Boston.
MISSOURI CITY — Oyster Creek Manor, a new mixed-use development for senior citizens in Missouri City, has opened for business. The property features an Alzheimer's unit, beauty salon, 24-hour nursing staff and a restaurant. A partnership between Houston-based Wallace Bajjali Development Partners and Atlanta-based Outer Marker Properties developed the property and is operating the facility. The facility is located at Hampton Drive and Murphy Road in the Hampton Pointe master-planned community in Missouri City. Westbury, N.Y.-based The Kalikow Group's affiliate, KEP Hampton ALF LLC, owns the property.
ATLANTA — A joint venture between San Francisco-based Stockbridge Capital Group and Atlanta-based TriBridge Residential has purchased the 298-unit Century at Perimeter Park, located at 6210 Peachtree-Dunwoody Rd. in Atlanta. Derrick Bloom and David Gutting of Jones Lang LaSalle's Atlanta office represented Centennial Holdings, the seller, in the transaction.
BROOKLYN — CPEX New York has arranged the $3.65 million sale of 116 3rd Place, a 9,106-square-foot condominium in Brooklyn. Brian Leary and Ira Krivit represented the seller, TD Bank N.A., in the transaction. They also procured the buyer, a local investor.
AUSTIN — HFF has facilitated refinancing for the 184-unit Waters Edge Apartments, a multifamily property located at 12330 Metric Blvd. in Austin. The property is comprised of seven buildings and features a two-story fitness pavilion, resort-style pool, business center and entertainment room. Waters Edge is currently 95 percent occupied. Cortney Cole of HFF's Houston office arranged the 7-year loan through Freddie Mac on behalf of the borrower, Houston-based Venterra Realty.
KISSIMMEE, FLA. — Lane Co. has sold the 384-unit Verano Apartments, located at 2200 Villa Verano Way in Kissimmee, to Waterton Associates for an undisclosed price. Jay Ballard, Ken Delvillar and Lindsey Pfaender of Cushman & Wakefield's Orlando, Fla., office represented the seller in the transaction.