TEMECULA, CALIF. — CB Richard Ellis (CBRE) has brokered the sale of a Temecula senior housing community for $27.15 million. The Sterling at Vintage Hills contains 152 units and was 95 percent occupied at the time of closing. It is located on 10 acres at 41780 Butterfield Stage Road and includes a 9-acre parcel for future expansion. David Rothschild, Matthew Whitlock and Mary Christian of CBRE”s National Senior Housing Group represented the seller, an affiliate of Irvine, Calif.-based MBK Senior Living. The team also procured the buyer, Washington, D.C.-based CSH.
ST. PETERSBURG AND PALM HARBOR, FLA. — AREA Property Partners has acquired two multifamily properties with a total of 766 units in the Tampa Bay area for a total purchase price of $78 million. Located at 540 Carillon Parkway in St. Petersburg, Promenade at Carillon offers 334 one-, two- and three-bedroom units, a business center, a swimming pool, a fitness center and a spa and a playground. Located at 1350 Seagate Dr. in Palm Harbor, Sabal Palm at Boot Ranch offers 432 one-, two-, three- and four-bedroom apartments, a business center, a fitness center, a swimming pool with wireless Internet access, and a clubhouse.
CHICAGO — Essex Realty Group has completed the sale of a vintage apartment building in the Rogers Park neighborhood of Chicago. Located at 7665 N. Sheridan Road, the 74-unit property sold for approximately $4.4 million. The building consists of 13 studio units, 48 one-bedroom units and 13 two-bedroom units. Doug Imber of Essex brokered the transaction. The seller and buyer were not released.
STAMFORD, CONN. — CB Richard Ellis (CBRE) has negotiated the sale of Newbury Common, a two-tower, 261-unit apartment community located in Stamford. Community amenities include a fitness center with an indoor pool, a business center, a movie theater, two tennis and basketball courts, and 24-hour concierge service. The buyer, TIAA-CREF Global Real Estate, plans to complete a capital improvements program in the near term. The CBRE team of Jeffrey Dunne and Christopher Leonard represented the seller, Seaboard Properties.
NEW YORK CITY — Helios Capital has arranged the sale of a non-performing loan portfolio with a balance of $4.08 million. The loans are secured by three multifamily properties totaling 68 units that are located in Harlem and Upper Manhattan. Occupancy was 72 percent at the time of closing. The investor, a local private investor, acquired the portfolio at a discount off the principal amount. The lender was a regional bank.
BUENA PARK, CALIF. — Marcus & Millichap has arranged the sale of Palm Court Apartments, a 24-unit multifamily property located at 5699 Fullerton Ave. in Buena Park, for $2.97 million. Jonathan Mitchell and David Yeh of Marcus & Millichap's Newport Beach, Calif., office represented the seller, a limited liabillity company. Mitchell and Yeh partnered with Christopher Stensby, also of the firm's Newport Beach office, to represented the buyer, a private investor.
SANTA ROSA, CALIF. — Walker & Dunlop has secured a $9.58 million loan for the refinancing of Spring Lake Apartments, a 104-unit, garden-style community located in Santa Rosa. Property amenities include a swimming pool, a fitness center, laundry rooms and covered parking. Occupancy was 96 percent at the time of closing. The loan carries a 10-year term with 5 years of interest-only payments and a 30-year amortization schedule. It was underwritten at a 60 percent loan-to-value ratio and a 1.43x debt-service coverage ratio. Walker & Dunlop's Verne Murray and Jeffrey Burns led the team that arranged the loan.
MADISON, ALA. — Walker & Dunlop has arranged a $21.2 million acquisition loan for Arch Street Apartments, an apartment complex located in Madison. Built in 2009, the 267-unit property features an outdoor pool, a barbeque area, a fitness center, a children's playroom, a pet walk area, a lounge/business center, detached/attached garages and storage units. The property was 93 percent leased at closing. The 10-year loan has 2 years interest only utilizing Fannie Mae's DUS product line. Additionally, the loan was underwritten with a 79.3 percent loan-to-value with a 1.25x debt-service coverage ratio. Barry Judelson of Uniquities originated the loan.
BLOOMFIELD AND EAST ORANGE, N.J. — Prism Capital Partners has received Phase I site plan approval for The Parkway Lofts, a loft apartment conversion project located along the Garden State Parkway between Bloomfield and East Orange. The project will convert a former General Electric warehouse, which was constructed in 1897, into 355 loft-style apartment units. Prism will also construct a new three-story parking garage. The loft conversion is Phase I of a transformation of the 14.5-acre site. Phase II will include the construction of 150 for-sale townhomes, a clubhouse and other lifestyle amenities.
NEW BRUNSWICK, N.J. — The Highlands at Plaza Square, a 415-unit, Class A apartment community located in downtown New Brunswick, has traded for $112.5 million. The buyer is an entity controlled by John Hancock Life Insurance Co. through its parent company, Manulife Financial Corp. The seller was a joint venture between Prudential Real Estate Investors, Roseland Property Co., Applied Development Co. and Matrix Development Group. The CB Richard Ellis team of Jeffrey Dunne, Kevin Walsh and Christopher Leonard represented the seller.