CLAREMONT, CALIF. – The 154-unit Claremont Villas senior apartment community has sold to an unnamed buyer for $15.3 million. The complex was built in 1994 and is located at 100 South Indian Hill Blvd. in Claremont. Alex Mogharebi of Hendricks & Partners’ Ontario, Calif., office represented the seller, who was also unnamed.
PEACHTREE CITY, GA. — Atlanta-based NorSouth Development has plans to break ground this summer on the $14.2 million, 96-unit HearthSide Peachtree City, an affordable rental community for seniors located in Kedron Village in Peachtree City. Foley Design Associates Architects designed the project to meet EarthCraft Communities standards. Amenities will include a walking path, a garden center with planting beds, covered golf cart parking spaces with charging stations, a community room with a bistro, a media room, a fitness center, an art studio and a sunroom. Completion is slated for mid-2013.
OHIO — UMH Properties has received an $11.4 million mortgage loan from Bank of America to refinance two manufactured home communities in Ohio and Tennessee. The loan includes a fixed interest rate of 4.4 percent with monthly principal payments of about $26,000. The maturity date is Feb. 1, 2017, but may be extended for an additional two years at an interest rate of LIBOR plus 3.3 percent.
MINNEAPOLIS — Centra Homes has closed on the purchase of 350 properties from Assured Funding Trust of Little Canada, Minn. The properties are located throughout the greater Twin Cities area and consist of homes in the process of construction, developed lots ready for sale and undeveloped land. Though most of the properties will be for single-family homes, some of the undeveloped land is appropriate for apartment or multifamily development. The properties are located in the cities of Woodbury, Blaine, Apple Valley, Andover, Inver Grove Heights and Cottage Grove.
ADDISON — Dallas-based Behringer Harvard has broken ground on Allegro II, the 121-unit second phase of the 272-unit Allegro, a multifamily community located at 15750 Spectrum Dr. in the 70-acre Addison Circle mixed-use development in Addison. Allegro II will feature brushed nickel hardware, stainless steel appliances, granite countertops, private patios/balconies and full-size washers and dryers. Completion is slated for third quarter of 2012.
LOS ANGELES, CALIF. – A 15-unit apartment building located at 1832 Corinth Ave. in Los Angeles has sold to Westwood Multifamily, LLC for $2,595,000. The 10,153-square-foot complex was purchased from a private trust. Kevin Kawaoka of NAI Capital’s West Los Angeles office represented the buyer in this transaction.
TAMPA, FLA. — Marcus & Millichap has arranged the $4.48 million sale of the 187-unit Fredericksburg Apartments, located at 13142 N. 22nd St. in Tampa. Casey Babb of Marcus & Millichap's Tampa office represented the seller, the original developer, in the transaction. Michael Regan, Francesco Carriera and Nicholas Meoli, also of the firm's Tampa office, represented the buyer, a limited liability company.
CHARLOTTE, N.C., MAITLAND AND JACKSONVILLE, FLA. — Houston-based The Morgan Group has secured $146 million in financing on behalf of its affiliated investment partnerships for five multifamily projects. The properties include the 331-unit Spectrum South End Apartments in Charlotte, funded by New York Life; the 455-unit Lake Lily in Maitland and the 270-unit Arelia James Island Apartments in Jacksonville, both financed by FNMA and Metropolitan Life. Additionally, 2222 Smith Apartments and 33Thirty-Three Weslayan Apartments in Houston received financing.
WINTER SPRINGS, FLA. — Walker & Dunlop has secured an $11.34 million acquisition loan for the 208-unit Chatham Pines, located at 1020 Chatham Pines Cir. in Winter Springs. Stephen Farnsworth of Walker & Dunlop's New Orleans office arranged the 5-year loan with a 3-year amortization through Freddie Mac's CME program on behalf of the borrower, AREA Property Partners and ECI Group.
ASHEBORO, N.C. — WNC & Associates has provided $9.5 million in Low Income Housing Tax Credit (LIHTC) to The Landmark Group for the acquisition and adaptive reuse of Asheboro Hosiery Mill and Cranford Furniture Mill, two former mills in downtown Asheboro. Landmark will redevelop the property into the 70-unit Asheboro Lofts, an affordable housing community.