MARINA DEL REY, FLA. — Archstone has acquired the 224-unit Villa Venetia in Marina del Rey for $44.8 million. The buyer plans to complete a $25 million renovation, which will include the addition of European-style kitchen cabinets, stainless steel appliances and slab granite or Caesar stone countertops. Upon completion, the complex will be renamed Archstone Breakwater at Marina del Rey.
JACKSONVILLE, FLA. — NorthMarq Capital has arranged $3.25 million in first mortgage financing for the 200-unit Sable Palms, located on Emerson Street in Jacksonville. Financing was based on a 10-year term with a 30-year amortization schedule and was secured through AmeriSphere Multifamily Finance.
TUCSON, ARIZ. — BH Properties has purchased the 410-unit Casa Bella apartment complex in Tucson for $9.1 million. This is the firm’s sixth multifamily acquisition in less than a year. BH Properties was represented in-house. Hendricks & Partners’ Art Wadlund represented the seller.
ABERDEEN, N.C. — Park at Clearwater LLC, a joint venture between First LandMark-Guardian Management and New York City-based Dome Equities, has purchased the 280-unit Park at Clearwater Apartments in Aberdeen for $25 million. Steve Heffner of CB Richard Ellis' Charlotte, N.C., office arranged $20 million in acquisition financing with a 7-year term through Freddie Mac for the joint venture. Dean Smith of ARA's Charlotte office represented the undisclosed seller in the transaction and Timothy Hose of First LandMark-Guardian Management represented the buyer.
MIDLOTHIAN, VA. — Deutsche Bank Berkshire Mortgage has provided a $26.5 million loan under the Federal Housing Administration 223 (a)(7) program for the refinancing of the 320-unit The Park at Salisbury in Midlothian. The financing has a 40-year term.
NEW YORK CITY — Colorado-based UDR, Inc. has entered into an definitive agreement to acquire Dwell95, a 507-home apartment community located at 95 Wall Street in New York City, for $325 million. The 22-story building was the former headquarters for J.P. Morgan before it was converted to residential apartments in 2008 by The Moinian Group. The average size of a unit is 668 square feet and it is currently 93 percent occupied. Excluding the 7,526 square feet of retail space and 97-space parking garage, the sales price equates to $550,000 per apartment home. The transaction is funded through $275 million in cash and $50 million in the issuance of operating partnership units. The building will receive a tax abatement until 2023 and an exemption from real estate taxes until 2021, both of which include a 4-year phase out period. Dwell95 is located one block east of 10 Hanover Square, a 493-home community also owned by UDR. Doug Harmon of Eastdil Secured was the sole broker in the transaction, advising both UDR and seller.
DAVIS, CALIF. – The 120-unit Alder Ridge apartment community in Davis has sold to 4005 Cowell Boulevard Property, LLC for $14,900,000. Located at 4005 Cowell Blvd., Alder Ridge was previously owned by The Second Alder Ridge Group. The sale was negotiated by Steven A. Nelson and Al R. Inouye of Hendricks & Partners’ Sacramento office.
PORTLAND, ORE. – Johnson Capital has arranged a $2.4-million loan for Hawthorne 44, a new 27-unit live-work apartment community in Portland. The three-year, non-recourse loan was provided to the owner, an affiliate of Pathfinder Partners, LLC, by First Fidelity Bank. The loan was arranged by Richard Caterina, vice president of Johnson Capital’s San Diego office.
ST. PAUL, MINN. — St. Paul-based Oak Grove Capital has arranged a $437.8 million Fannie Mae DUS credit facility for Brookdale Senior Living. The 7-year loan, which is 75 percent-fixed rate and 25 percent variable rate, was used to refinance existing loans for 44 different properties totaling 4,145 units. The properties include assisted living, independent living, memory care and skilled nursing facilities in 13 states including Florida, California, Texas and Ohio.
MCKINNEY — Atlanta-based ARA has brokered the sale of The Chateau, a 202-unit senior living community in McKinney, to Holiday Retirement. The three-story community was built in 2006 and renovated in 2010. ARA’s Ryan Maconachy and Chad Lavender represented the seller, ES McKinney.