KANSAS CITY, MO. — Love Funding has arranged a $20 million loan to rehabilitate a historic building in downtown Kansas City, which will be converted into a 130-unit apartment building. Holly Bray of Love Funding secured the financing through the U.S. Department of Housing and Urban Development's 221(d)(4) loan insurance program. The borrower is Landwhite Developers LLC. The property is located at 323 W. 8th St. and was built in 1910 by the Burnham Munger-Root Dry Goods Co. The eight-story building was used to make a range of rubber products for decades, before it was renovated into office space in 1980.
LUBBOCK — Austin-based American Campus Communities (ACC) has purchased 19 student housing communities across the U.S. totaling 12,049 beds for $862.8 million, including 25Twenty in Lubbock. The 562-bed community houses students from Texas Tech University. ACC's purchase consists of the assumption of $396.2 million of outstanding mortgage debt and $466.6 million in cash. The acquisition is slated to close in the fourth quarter of this year. The portfolio is currently 92.3 percent occupied for the 2012-2013 academic year. ACC is planning on replacing six different third-party managers at the close of the transaction. Affiliates of Kayne Anderson Capital Advisors are the sellers of the portfolio.
WASHINGTON, D.C. — The Avenue at Park Morton, an 83,432-square-foot mixed-use apartment building at 3506 Georgia Ave. in Washington, D.C., has opened. The property includes 83 one- and two-bedroom units and 2,388 square feet of ground-floor retail space. Park Morton Development Partners, which is a joint venture between Landex Corp. and the Warrenton Group, developed the project. WinnResidential, the property management arm of WinnCompanies, is the property manager and leasing agent.
DALLAS — Capital Senior Living Corp. (NYSE:CSU) has purchased eight senior living communities for $72.9 million. The communities are located in Ohio, Indiana and Texas and contain assisted living and memory care facilities. The average occupancy for the properties is above 95 percent, with average monthly rents of about $3,200. The acquisition will generate additional cash from facility operations of $3.6 million, or 13 cents per share.
SAN MARCOS — Hendricks & Partners has brokered the sale of Vantage at San Marcos apartments, a 240-unit, Class A community located at 1350 Saddler Drive in San Marcos. Mike Miller, Chris Ross and Will Caruth of Hendricks & Partners' San Antonio office represented the seller, San Antonio-based AOH-Vantage at San Marcos, in the transaction. The buyer was an out-of-state REIT.
RENO, NEV. — The View Apartments, a 308-unit multifamily community in Reno, has sold to RPM Company Management Group for $35 million. The two Class A complexes are located at 1195 and 1850 Selmi Drive. The seller, Fore Property Company, was represented by Stan Jones, Phil Saglimbeni and Sal Saglimbeni of Institutional Property Advisors. Ken Blomsterberg of affiliated brokerage firm Marcus & Millichap Real Estate Investment Services also advised the seller.
WINOOSKI, VT. — Redstone has arranged $12.2 million in financing for the new Riverhouse project under construction in Winooski. Riverhouse is a 72-unit luxury apartment building located along the Winooski River. The property is slated for completion in the summer of 2013. Doug Nedde of Redstone negotiated the loan through People's United Bank.
DALLAS — Marcus & Millichap has arranged the sale of the 798-unit Las Cascadas, a 599,160-square-foot apartment complex located at 9350 Skillman St. in northeast Dallas. Norman Eastwood and Tommy Lovell III of Marcus & Millichap's Dallas office represented the seller, a partnership based in California, in the transaction. Marcus & Millichap represented the buyer, a local partnership. The community features a swimming pool, sundeck, fitness center, picnic areas, playground and a sports court.
DALLAS — Beech Street Capital has originated $5.8 million in Fannie Mae DUS loans to refinance a two-property apartment portfolio in the Dallas MSA. The properties include Valley Creek and Living Oaks, which total 250 units combined. Larry Sneathern of Beech Street's Dallas office arranged the five-year loans with three years of interest-only payments.
RENO, NEV. — The View Apartments, a 308-unit multifamily community in Reno, has sold to RPM Company Management Group for $35 million. The two Class A complexes are located at 1195 and 1850 Selmi Drive. The seller, Fore Property Company, was represented by Stan Jones, Phil Saglimbeni and Sal Saglimbeni of Institutional Property Advisors. Ken Blomsterberg of affiliated brokerage firm Marcus & Millichap Real Estate Investment Services also advised the seller.