SACRAMENTO, CALIF. — Bayside Communities has purchased the 220-unit Azure Park Apartments in Sacramento for an undisclosed sum. The affordable housing community is currently 85 percent leased. Bayside plans to renovate and rebrand the property as Lotus Landing. Financing was provided by Pembrook Capital Management.
CAMERON PARK, CALIF. — The 239-unit Ponte Palmero continuing care retirement community in Cameron Park has received $35.7 million in first mortgage financing. The 26-acre community contains 100 assisted-living, 104 independent-living and 35 memory-care units. The loan was originated by KBS Strategic Opportunity REIT. It features a floating interest rate with an initial rate of no less than 11 percent. The floating rate will increase annually to no less than 18 percent during the third year of its term. It matures in October 2015.
SEMINOLE, FLA. — Marcus & Millichap has arranged the $2.65 million sale of the 56-unit Seminole Village, a multifamily property located at 7770 Starkey Road in Seminole. Nicholes Meoli, Michael Regan and Francesco Carriera of Marcus & Millichap represented both the seller and the buyer, both Florida-based private investors.
DALLAS — Panther Transaction Group has sold the 158-unit Casa Linda, a multifamily community located at 2808 St. Augustine Drive in southeast Dallas. The property is currently 90 percent occupied. Transwestern's Dallas Multifamily Group represented the California-based buyer and the seller in the transaction.
TEMPE, ARIZ. – The 408-unit Tempe Groves complex has sold to Fairfield Residential for an undisclosed sum. The property is located at 909 West Grove Parkway within the master-planned community of Elliot Groves, which is in Tempe. The seller, a nationwide multifamily investment and development firm, was represented by Cliff David and Steve Gebing of Marcus & Millichap’s Phoenix office.
FORT MYERS, FLA. — The 77-unit Peppertree Apartments, located at 3011 Broadway in Fort Myers, has sold for $2.3 million. Amenities include a swimming pool and laundry facility. Darron Kattan, Robert Goldfinger and Kevin Kelleher of Franklin Street represented the seller, a national bank, in the transaction. The buyer was an international investor.
MINNEAPOLIS — AFL-CIO Building Investment Trust is breaking ground today on Dock Street Apartments, a new multifamily complex in the North Loop neighborhood of Minneapolis. The six-story complex will be located at 333 North Washington Ave. N. The project will include 185 market-priced rental units, 3,000 square feet of retail space and a two-level parking garage with 190 spaces. The Dock Street Apartments are part of a larger development plan for the area called North Green Loop, and will include future phases of residential, retail and office space.
MERIDEN, CONN. — 234 Sherman LLC has acquired an 88-unit apartment building at 234 Sherman Ave. in Meriden for $7.7 million. The property was originally built as a school in 1924 and the building was converted to apartments in 1988. Each unit contains air-conditioning units, dishwashers, garbage disposals and ceiling fans. Amenities include a swimming pool, gym and laundry facility. Steve Witten, Victor Nolletti and Eric Pentore of Marcus & Millichap represented the seller, Taymil Britannia, in the transaction. They also represented the buyer.
AUSTIN — Austin-based American Campus Communities has closed the previously announced $627 million acquisition of Campus Acquisitions' 15 student housing properties totaling 6,579 beds. The purchase consists of approximately $231.1 million of outstanding mortgage debt, the issuance of 325,098 operating partnership units valued at $46.14 per unit and approximately $380.9 million in cash. The properties include the 121-bed Vintage West Campus, the 190-bed Texan West Campus and the 623-bed The Castilian, all serving students at the University of Texas-Austin. Other Texas properties include the 315-bed Bishops Square serving students at Texas State University and the 120-bed Union serving students at Baylor University. The remaining communities serve students at the University of Illinois, Purdue University, Arizona State University, University of Southern California, University of Michigan, Iowa State University, University of Georgia and the University of South Carolina. Bank of America Merrill Lynch acted as financial adviser to ACC and UBS Investment Bank acted as financial adviser to Campus Acquisitions. Locke Lord LLP served as legal counsel to ACC.
JACKSONVILLE, FLA. — FaverGray plans to break ground next week on the $24.1 million, 300-unit Hacienda Club Apartments, a Class A multifamily community located at 8685 Baymeadows Road E. in Jacksonville. Amenities will include a pool, clubhouse, gazebos and a car care center. Fort Family Investments is the developer of the property and Group 4 Design is the project architect.