PHOENIX – The 224-unit Fountain Oaks apartments in Phoenix has sold to Summit Equity Investments for $8.3 million. It is located at 1225 North 40th Street. Summit Equity represented itself in the transaction, while the undisclosed seller was represented by Cindy Cooke, Brad Cooke and Carrie Burton of Colliers International’s Phoenix office.
LONG BEACH CALIF. – HCP has agreed to purchase 133 senior housing communities from a joint venture between Emeritus Corporation and Blackstone Real Estate Partners VI, an affiliate of The Blackstone Group, for $1.73 billion. The joint venture had initially acquired the portfolio out of bankruptcy in 2010 and invested $42 million in capital improvements. The properties, which are located in 29 states, were operated by Emeritus. As part of the current deal, Emeritus will sign a new triple-net master lease that will allow it to continue operating these communities. The company also agreed to invest $30 million in the properties and to purchase nine remaining properties from the Blackstone JV. Long Beach-HCP will provide $52 million in secured debt financing for this acquisition. The 133 communities contain a total of 10,350 units. They include a mix of assisted living, independent living, memory care and skilled nursing facilities.
LOS ANGELES – The 65-unit Culver Vista Apartments in West Los Angeles has sold to Culver Place, LLC for $12.5 million. The community is located at 11730 to 11846 Culver Blvd. The seller, Culver Vista Partners, was represented by Hamid Soroudi of Charles Dunn Company. Soroudi leads Charles Dunn Company’s The Soroudi Group.
OVERLAND PARK, KAN. — Bridge Partners has purchased Essex Place Apartments, a 352-unit, Class B apartment community in Overland Park, a suburb of Kansas City. The garden-style property is located at 8900 W. 102nd Terrace near employment centers such as the Sprint/Nextel corporate campus and Corporate Woods Office Park. The apartment units average 1,219 square feet. Since 2010, the property has undergone $2.6 million in renovations. Essex Place was 95 percent occupied. Jordan Cortez led the Rockwood Real Estate Advisors team that represented the seller in the transaction.
NEW YORK CITY — GFI Realty Services has arranged the $3.6 million sale of 1409-1451 St. Johns Place, two contiguous apartment buildings in the Crown Heights section of Brooklyn. The four-story buildings consist of 40 apartments and approximately 36,000 square feet. Shulem Paneth of GFI Realty Services represented the sellers, two local investors. Yosef Katz, also of GFI, represented the buyer, a local investor.
LONG BEACH CALIF. – HCP has agreed to purchase 133 senior housing communities from a joint venture between Emeritus Corporation and Blackstone Real Estate Partners VI, an affiliate of The Blackstone Group, for $1.73 billion. The joint venture had initially acquired the portfolio out of bankruptcy in 2010 and invested $42 million in capital improvements. The properties, which are located in 29 states, were operated by Emeritus. As part of the current deal, Emeritus will sign a new triple-net master lease that will allow it to continue operating these communities. The company also agreed to invest $30 million in the properties and to purchase nine remaining properties from the Blackstone JV. Long Beach-HCP will provide $52 million in secured debt financing for this acquisition. The 133 communities contain a total of 10,350 units. They include a mix of assisted living, independent living, memory care and skilled nursing facilities.
LOS ANGELES – The 65-unit Culver Vista Apartments in West Los Angeles has sold to Culver Place, LLC for $12.5 million. The community is located at 11730 to 11846 Culver Blvd. The seller, Culver Vista Partners, was represented by Hamid Soroudi of Charles Dunn Company. Soroudi leads Charles Dunn Company’s The Soroudi Group.
COLORADO SPRINGS, COLO. – The 156-unit Bonterra Lakesideapartments in Colorado Springs has sold to Griffis/Blessing for $16.5 million. The community was built in 1973 and renovated in 2007. It was 94 percent occupied at the time of closing. The seller, Hamilton Zanze and Company, was represented by ARA’s Kevin McKenna, Ken Greene, Doug Andrews and Jeff Hawks.
ARVADA, COLO. — NorthMarq Capital has provided $13.6 million to Aukum Management LLC for the purchase of Ridge at Mountain View Apartments in Arvada. The 168-unit community is located at 7865 Allison Way. Financing was arranged by John M. Stewart and Ilan Reissner of the firm’s Denver office.
WASHINGTON, D.C. — Chevy Chase, Md.-based Federal Capital Partners (FCP) has sold the 297-unit Allegro Apartments, located in Washington, D.C.’s Columbia Heights neighborhood, to an institutional buyer. The mixed-use property includes a 247-space underground parking garage and more than 6,000 square feet of retail space. Dave Nachison and Alan Davis of HFF represented FCP.