SPRING LAKE, N.C. — Walker & Dunlop has arranged a $13.5 million acquisition loan for the 291-unit River's Edge Apartments, located at 1166 Pine Knoll Dr. in Spring Lake, on behalf of Priderock Capital Partners. The 7-year loan has a 30-year amortization schedule and was secured through Freddie Mac's CME Program.
PORT ST. LUCIE, FLA. — Atlantic/Pacific Companies has acquired 21.1 acres of land on Village Parkway in Port St. Lucie to develop a Class A multifamily community. The 252-unit apartment development is slated to be known as Grande Palms at Tradition.
PIERMONT, N.Y. — Washington, D.C.-based Love Funding has provided a $19.5 million loan refinancing for the 106-unit The Overlook at Piermont in Piermont. Artin Anvar of Love Funding arranged the loan through the HUD's 223(f) program with a 35-year term on behalf of the sponsor, Redbrick Partners.
PHOENIX – The 180-unit Paradise Foothills apartment community has sold to a company formed by El Dorado Holdings for $10.5 million. The 8.58-acre gated community was built in 1985 and priced below replacement cost. ARA’s Brad Goff and David Lord represented the seller, a company formed by the Registered Holders of Wachovia Bank Commercial Mortgage Trust Commercial Mortgage Pass-Through Certificates Series 2007-C30, in this transaction. CWCapital Asset Management acted as the special servicer.
HATTIESBURG, MISS., AND RUSTON, LA. — Marcus & Millichap has arranged the $39 million sale of two student housing properties in separate sales in Hattiesburg and Ruston. The 216-unit Eagle's Trail Apartments, located at 8 Eagle's Trail in Hattiesburg, one mile from the University of Southern Mississippi, has been sold to a large student housing REIT for $20 million. Additionally, the 144-unit University Crossing, located at 1201 W. California Ave. in Ruston, adjacent to Louisiana Tech University, has been purchased by a private investment group for $19 million. Ray Turchi of Marcus & Millichap's Orlando, Fla., office represented the seller of the two properties, Ken Dixon, a private investor, in both transactions. Gregory Wilson, also of Marcus & Millichap's Orlando office, procured both buyers. William Hoffpauir of Marcus & Millichap's Lafayette, La., office also represented the buyer of University Crossing.
ORMOND BEACH, FLA. — ARA has negotiated the sale of the 184-unit Shadow Lakes, a REO community located at 500 Shadow Lakes Blvd. in Ormand Beach. The property is currently 92 percent leased. Kevin Judd of ARA's Orlando, Fla., office, Patrick Dufuor of ARA's Tampa, Fla., office and Matt WIlcox of ARA”s Jacksonville, Fla., office represented the undisclosed seller in the transaction. The buyer was self-represented.
ORLANDO, FLA. — Nashville, Tenn.-based Robbins Property Group has purchased the 68-unit Windward Apartments, located at 1744 Bowen Dr. in Orlando, from Ocwea for $1.6 million. Cole Whitaker and Hal Warren of Hendricks & Partners' Orlando office represented the seller in the transaction.
PASADENA AND AMARILLO — LTC Properties has recently acquired a 196-bed skilled-nursing facility, located in Pasadena, for $15.5 million in a sale-lease back transaction. LTC has also purchased a vacant parcel of land in Amarillo for $844,000 for the construction of a 120-bed skilled-nursing facility. The new skilled-nursing facility is slated for completion in mid to late 2012.
CARY, N.C. — Walton Street Capital has sold the 176-room Woodland Terrace, a senior housing community located at 300 Kildaire Woods Dr. in Cary. CLW Health Care Services Group represented the seller in the transaction. The buyer was a Prudential-related entity. Kisco Senior Living, which was a minority partner for both the buyer and seller, will continue to manage the property.
GREENSBORO, N.C. — Coastal Apartment Advisors has brokered the $1.52 million sale of the 36-unit Wendover Ridge Apartments, located at 514 Coapman St. in Greensboro. Coastal Apartment Advisors represented the seller, CW Capital, and procured the undisclosed buyer.