BOULDER, COLO. –Villa Del Prado and Chateau Apartments in Boulder have sold to a local private real estate investor for a combined $16.7 million. The 50-unit Villa Del Prado sold for $10.5 million, while the 32-unit Chateau Apartments sold for $6.2 million. The properties are located directly across the street from one another. The buyer plans to consolidate the two communities into one. The sellers, both private local investors, were represented by ARA Colorado’s Terrance Hunt, Shane Ozment, and Andy Hellman in these transactions.
SAN JOSE, CALIF. — Emerald Glen Condominium Homes in San Jose has sold to Sares Regis Group of Northern California (SRGNC) for $11.3 million. The property contains 46 completed condominiumunits and 77subterranean parking spaces. SRGNC will soon complete the property’s interior construction and rebrand it as Aviara. The company also plans to lease the units, which are currently vacant. It will also refinance a longer-term loan once the asset stabilizes.Debt financing was provided by Berkadia Commercial Mortgage.
PORTSMOUTH, VA. — Atlantic Multi Family V has acquired Cedarfield at Churchland, a 118-unit apartment complex in Portsmouth. The property includes a mix of one-, two- and three-bedroom units. Located at 4201 Cedar Land, the property provides immediate access to the contiguous Coast Guard headquarters and is near Western Freeway 164. Dan Johnson and Hank Hankins of CBRE |Hampton Roads represented the seller, Artcraft Massie Cedarfield LLC, in the transaction.
ANN ABOR, MICH. – HFF has arranged a $5.3 million loan for Signature Club Apartments, a 324-unit multifamily community in Ann Arbor, Mich. HFF worked on behalf of Marquette Cos. to secure the five-year, 3.9 percent financing through Freddie Mac. Signature Club Apartments is located at 3000 Signature Blvd. near Interstate 94, south of downtown Ann Arbor. The property features one- and two-bedroom units and is 97.5 percent leased. Community amenities include a 24-hour fitness center, dry sauna, indoor hot tub, outdoor swimming pool, tennis court, sand volleyball court, barbecue and picnic area, business center, library and clubhouse. Managing director Matthew Schoenfeldt and senior real estate analyst Jason Bond of HFF represented the borrower in the transaction.
NEW YORK CITY — The Orbach Group has acquired a three-building New York City apartment portfolio, totaling 178 high-end rental units, for $70 million from Dermot Co. The three Upper West Side apartment buildings—210, 220, and 230 W. 107th Street— are located between Amsterdam Avenue and Broadway and include a mix of one-, two- and three-bedroom units. Rents range between $2,400 and $5,000 per month. The Orbach Group now owns and manages more than 1,000 apartment units in New York City and more than 5,000 units throughout its East Coast portfolio. Andrew Scandalios of HFF represented the seller in the transaction.
BOULDER, COLO. –Villa Del Prado and Chateau Apartments in Boulder have sold to a local private real estate investor for a combined $16.7 million. The 50-unit Villa Del Prado sold for $10.5 million, while the 32-unit Chateau Apartments sold for $6.2 million. The properties are located directly across the street from one another. The buyer plans to consolidate the two communities into one. The sellers, both private local investors, were represented by ARA Colorado’s Terrance Hunt, Shane Ozment, and Andy Hellman in these transactions.
SAN JOSE, CALIF. — Emerald Glen Condominium Homes in San Jose has sold to Sares Regis Group of Northern California (SRGNC) for $11.3 million. The property contains 46 completed condominium units and 77 subterranean parking spaces. SRGNC will soon complete the property’s interior construction and rebrand it as Aviara. The company also plans to lease the units, which are currently vacant. It will also refinance a longer-term loan once the asset stabilizes. Debt financing was provided by Berkadia Commercial Mortgage.
LONG BEACH, CALIF. – The 61-unit Ramona Park Senior Apartments has broken ground in Long Beach. The $22.5-million project will be located at 3290 E. Artesia Blvd. It is being developed by Palm Communities, which has partnered with nonprofit Western Community Housing on this project. It is scheduled for completion in April 2014. WNC provided $7 million in low-income housing tax credit (LIHTC) equity to help fund Ramona’s construction.
LOS ANGELES – A 12-unit apartment complex located at 11292 Brookhaven Ave. in Los Angeles has sold to 11296 Brookhaven Investors, LLC for $2.2 million. The community resides between Pico and National boulevards near the 405 and 10 freeways. The buyer was represented by Michael Irvine of Bulldog Realtors. The seller, KWP Investments, LLC, was represented by Michel Hibbert of Charles Dunn Company.
WASHINGTON, D.C. — Work is complete on the new 160,000-square-foot building for the U.S. General Services Administration in Washington D.C. The property, designed by Cooper Carry, will house the Armed Forces Retirement Home. The project included the demolition of the existing Scott Building and the construction of a new building, also named Scott. The new building features 36 skilled nursing rooms for long-term care and 24 rooms for memory support, arranged in five “small house” groupings. The property also includes a kitchen, health and wellness center and auditorium. The project is located off North Capital Street at the Historic Armed Forces Retirement Home Campus, which was established in 1851. Contractor Hensel Phelps provided design and construction services for the project.