LOS ANGELES – The Chinatown Metro Apartments project in Los Angeles has been sold to Meta Housing for $9 million. This stalled affordable housing project consists of two buildings and 152,127 square feet. It is located at 808 S. Spring Street in Los Angeles’ Chinatown submarket. The former office property will be converted into affordable housing units under the City of Los Angeles’ Adaptive Reuse Ordinance. Meta Housing, an affordable housing developer, plans to complete the conversion and deliver 123 affordable housing units to the area in early 2013. Charles Dunn’s Albert Shilton represented Meta Housing. The property was sold by the KOR Group as a short sale through the lender, Bank of America.
REDMOND, WASH. – The 882-unit Archstone Redmond Hill apartment community was sold to Essex Property Trust for an undisclosed price. Kenny Dudunakis and Marty Leith of Hendricks & Partners’ Seattle office represented both the buyer and the seller, Archstone, in this transaction.
FARFIELD, CALIF. – The 438-unit Almond Tree Storage facility has sold for $3,475,000. The self-storage facility is located at 725 Railroad Ave. in Fairfield. It was built in 1991. Christopher R. Secreto and Joel Deis from Marcus & Millichap’s Seattle office exclusively marketed the property on behalf of the seller, a private investor. Broker Stephen Stein also assisted in the closing of this transaction.
BOYNTON BEACH, FLA. — David Schofield of NorthMarq Capital's Orlando, Fla., office has closed $33.85 million in construction financing for the 308-unit Gulfstream Gardens, a Class A development in Boynton Beach. NorthMarq arranged the financing on behalf of the developer through syndication between an international and regional bank.
CHICAGO — Walsh Construction Co. has broken ground on the $13 million, 77-unit Wellness Center of County Club Hills, an affordable housing community, located in the South suburbs of Chicago. In addition to the housing units, the Wellness Center will have a full range of support services including case management, employment, health and a teaching kitchen for potential service industry workers. South Suburban PADS (Public Action to Deliver Shelter) and Turnstone Development are the developers on the project.
INDIANAPOLIS — Indianapolis-based Tikijian Associates has negotiated the sale of the 240-unit Thompson Village Apartments, located on Thompson Road in Indianapolis. Tikijian Associates represented New York-based The Embassy Group, the seller, in the transaction. The buyer was Indianapolis-based Gene B. Glick Family Housing Foundation. The asking price was $9.5 million.
KALAMAZOO, MICH. — Beech Street Capital has arranged an $8.4 million conventional loan for the acquisition of the 320-site Country Village Acres, a manufactured housing community in Kalamazoo. Damon Reed of Beech Street's Birmingham, Ala., office secured the 7-year loan with a 30-year amortization schedule through Fannie Mae.
PORT CHESTER, N.Y. — GHP Office Realty has purchased 24 condominium units in the 39-unit Brookchester Court, located at 342 Westchester Ave. in Port Chester, for $3.1 million. Gene Pride and Christopher Leonard of CB Richard Ellis' New York office represented the seller, HSBC, and also procured the buyer.
PLANO — New York City-based The Praedium Group and Dallas-based Price Realty Corp. acquired the 500-unit Estancia at Ridgeview Ranch, a multifamily property in Plano. Estancia consists of 23 garden-style apartment buildings, and each unit features a fireplace, 9-foot ceilings, stainless steel appliances and a private balcony or sunroom. Amenities include two swimming pools, a car care center, a playground, a business center, a fitness center and a club room.
SANTA CLARA, CALIF. — NorthMarq Capital has arranged $10 million in supplemental mortgage financing for the 1,000-unit Mansion Apartments in Santa Clara. Financing was based on a five-year term and a 30-year amortization schedule. NorthMarq arranged the financing for the Prometheus-related entity through its correspondent relationships with Teachers Insurance and Annuity Association (TIAA) and Allstate Life Insurance Company jointly. This was the second supplemental loan on the property, according to Jeffrey Weidell, executive vice president and managing director of NorthMarq’s San Francisco office, who arranged the financing. The loan was obtained following the completion of 124 additional on-site units.