HOUSTON — ARA has brokered the sale of a 3.17-acre infill site, located on South Post Oak Lane in Houston's Galleria submarket, for an undisclosed price. A 78-unit multifamily development at the site will be demolished for the development of a new 270-unit multifamily community. David Marshall and Tim Dosch of ARA's Houston office represented the seller, the Hunnicut Family, in the sale. The buyer was Newport Beach, Calif.-based The Greystone Group.
SAN FRANCISCO — Klingbeil Capital Management (KCM) has sold a two-property multifamily portfolio that is based in San Francisco. The assets were sold in December as a portfolio transaction. The first property was the 40-unit Noe Peak Apartments in San Francisco’s Noe Valley neighborhood. The apartment community has received more than $1.1 million of improvements over the past two years. The second property was the Eddy Street Apartments, which resides in the Tenderloin district.
BETHESDA, MD. — Equity Residential has acquired the 122-unit Chase at Bethesda Metro, an apartment high-rise located at 4903 Edgemoor Ln. in Bethesda. Dean Sigmon and Robin Williams of Transwestern's Bethesda office represented the seller, a joint venture between Rockwood Capital and ROSS Development & Investment, in the transaction.
SALISBURY, MD. — Brick, N.J.-based Tryko Partners has purchased the 209-unit Pemberton Manor Apartments, located at 1020 Fairground Dr., from HUD for $4.8 million at an auction. The company will invest approximately $1 million in capital improvements, including new doors, upgraded appliances, new carpeting in many units, fresh paint, updated landscaping and repaving.
HOUSTON — CBRE has arranged $34 million in permanent financing to refinance debt on the 680-unit Abbey at Briar Forest, a Class B apartment community located at 11655 Briar Forest Dr. in Houston. Glenn Housman of CBRE's Orlando, Fla., office arranged the financing with a 7-year fixed rate through Freddie Mac on behalf of the borrower, Birmingham, Ala.-based Abbey Residential.
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.