LOS ANGELES — Charles Dunn Company has completed the sale of an 18-unit multifamily property in Los Angeles for $4.42 million. The property, located at 817 Wilcox Ave., was built in 2004. Charles Dunn's Michel Hibbert represented the buyer, 821 Wilcox Avenue, LLC. KW Commercial's David Meir represented the seller, 813 Wilcox LLC.
Multifamily
NORTH HOLLYWOOD, CALIF. — Hendricks & Partners has sold the 48-unit NoHo Morrison Lofts in North Hollywood to an unnamed buyer for $8.85 million. It was purchased at a sub-5-percent cap rate with upside in the rents. The seller, Province Group, INC/Legacy Homes at Palisades, LLC, was represented by Hendricks & Partners' Melinda Russell.
CHANDLER – SilverLeaf at Chandler II, a 44-unit seniors affordable housing complex and Phase II of SilverLeaf at Chandler, is scheduled to be completed in April 2012 by Mabank-based Solutions Plus!, Inc. Boston Capital has invested in the construction of the development, located at 801 FM 2010 in Chandler, which will include 22 duplex buildings with 20 one-bedroom units and 24 two-bedroom units. SilverLeaf at Chandler II will adjoin the 30-unit Phase I of SilverLeaf at Chandler, which is fully leased. The seniors affordable housing development is being built with tax credit equity from the Low Income Housing Tax Credit (LIHTC) program, and it is available to seniors ages 55 and older earning 60 percent or less of the Area Median Income (AMI). In addition to a community room and central laundry area, the developer will arrange for support services for residents including basic audit education, legal assistance, credit counseling, and health and nutritional courses.
OLATHE, KAN. — Steadfast Income REIT has acquired an apartment community in the Kansas City suburb of Olathe for $11.22 million. Clarion Park Apartments was constructed in 1994 and consists of 220 garden-style and townhome units. Residences average 950 square feet and occupancy was in the high-90 percent range at the time of closing. Amenities include a playground, a sports court and a fitness trail. The seller's name was not disclosed.
HOBOKEN, N.J. — Meridian Capital Group has secured a 7-year, $33 million mortgage to refinance the 105-unit Hudson Square South in Hoboken. David Cohen and Russ Drebin of the firm's Iselin, N.J., office negotiated the financing through a local savings bank.
BOGOTA, N.J. — Livingston, N.J.-based Gebroe-Hammer Associates has closed the sale of a 44-unit building, located at 112-128 East Lee Rd. in Bogota, for $3.6 million. Greg Pine represented the seller, East Fort Lee Road Corp., and procured the buyer.
PHOENIX – BH Properties has purchased two notes secured by apartment buildings in the Mesa, Ariz., and Phoenix markets. The loan purchase closed on an all-cash basis within a short time frame. The agreement doesn't feature any contingencies. BH Properties intends to continue expanding its Arizona platform throughout 2011.
ST. PETERSBURG, FLA. — Marcus & Millichap has arranged the sale of the 178-unit lender-owned Skyline Fifth Avenue, located at 441 33rd St. North in St. Petersburg, for $17.12 million. Frank Carriera and Michael Regan of the firm's Tampa office represented the seller and the buyer, a Canada-based investment group.
HOUSTON — Camden Property Trust has acquired a portfolio of eight apartment communities for approximately $261 million through its discretionary investment funds (The Fund), in which it owns a 20 percent interest. The communities acquired are located in the Houston, Dallas, Austin and San Antonio areas and consist of 2,957 apartment units with an average occupancy of 95 percent. The Fund has three additional apartment communities from the same portfolio located in the Houston and San Antonio areas under contract for approximately $59 million that are expected to close during the third quarter of 2011.
ARLINGTON — American Campus Communities, Inc. (ACC), an owner, manager and developer of student housing properties in the United States, has begun construction of a $24.9 million, off-campus student housing complex adjacent to the University of Texas at Arlington. (UT-Arlington) called University Centre on UTA Boulevard. The 488-bed project is under construction north of UTA Boulevard near the University's Maverick Activities Center and is designed as an urban infill community that will complement the city's master plan for revitalization of the downtown area. The four-story development will feature a 7,040-square-foot community center that includes a fitness center, a game lounge, a student lounge, a wireless Internet café, a patio and a resort-style pool. It will also include a three-story, gated parking garage. The community will primarily consist of four-bedroom units with a small mix of two- and three-bedroom units, all of which will include private bedrooms and bathrooms. All units will be fully furnished and include washers and dryers. Units will be leased by the bedroom on an individual lease liability. Occupancy is expected in Fall 2012.