ODESSA — Parks Methodist Retirement Village, located on Faudree Road in Odessa, is expanding by developing a single-story assisted living building with 70 apartment units as well as a four-story, 80-unit independent living apartment building. Amenities will include a new industrial kitchen, a new dining hall, Wi-Fi, a salon/spa, an exercise center, a library and a computer room. Sears Methodist Retirement System and Prevarian Senior Living are completing the expansions.
BRADENTON, FLA. — Clearwater, Fla.-based TJM Properties has purchased Summerfield Retirement Residence, a 74,7786-square-foot assisted-living and memory-care community in Bradenton. The 120-unit property sold for $9.5 million or $79,167 per unit. Built in 1998, the property was 78 percent occupied at the time of closing. Health Care Services Group represented the seller, Summerfield Retirement Residence LTD, in the transaction.
INDIANAPOLIS — Indy-East Asset Development and Riley Area Development are developing St. Clair Senior Apartments in Indianapolis. Located at East 10th Street and North Keystone Avenue, the $7.6 million project will feature 33 apartment units and 3,600 square feet of retail and office space. Keystone Construction is serving as general contractor for the project, which is scheduled for completion in 2011.
FRAMINGHAM AND MILFORD, MASS. — NAI Hunneman has brokered two separate multifamily sales in Massachusetts for a total of $2.22 million. In the first deal, VTT Grant Street purchased a three-building, 22-unit apartment complex located at 115-135 Grant St. and 84-92 Lawrence St. in Framingham for $1.17 million. The seller was R&P Realty Trust. In the second transaction, Green Way Realty purchased a 24-unit apartment building located at 169 Medway Road in Milford from G&R Realty Trust for $1.05 million. Carl Christie and Dan McGee of NAI Hunneman represented the sellers and procured the buyers in both deals.
BOULDER, COLO. — ARA has brokered the $14 million sale of The Hub Apartments located in Boulder. Constructed in 1994 and 98 percent occupied at the time of closing, the multifamily property includes a clubhouse, a fitness center and a heated outdoor swimming pool. Terrance Hunt, Doug Andrews and Jeff Hawks of Atlanta-based ARA represented the seller in the transaction.
MCDONOUGH, GA. — Passco Cos. has acquired Sundance Creek, an apartment community located at 575 McDonough Parkway in McDonough. Built in 2004, the property offers 232 one- and two-bedroom townhome units, a clubhouse, a resort-style swimming pool and a state-of-the-art fitness center. Additional details of the transaction were not released.
PALM SPRINGS, FLA. — CB Richard Ellis Capital Markets has arranged $7.3 million in financing for Advenir Station at Springdale Apartments, a multifamily community located in Palm Springs. The 151-unit community features a pool, a playground and a neighborhood lake. Terms of the fixed-rate financing include a 10-year term, a 30-year amortization schedule and 77 percent loan-to-value. Charles Foschini, Christian Lee and Christopher Apone of CB Richard Ellis Capital Markets arranged the financing through Freddie Mac on behalf of Advenir@Pines LLC.
EVANSTON, ILL. — Jeff Baasch of Sperry Van Ness recently brokered the acquisition of The Sheridan Terrace, a multifamily property in Evanston. Located at 515 Sheridan Road, the 18-unit property sold for $2.86 million or $160,000 per unit. An undisclosed buyer acquired the property, which was bank-owned at the time of closing.
CHICAGO — Trinitas Ventures and Chicago-based Harrison Street Real Estate Capital have formed a $100 million joint venture partnership to develop and manage urban-infill student housing communities across the country. The joint venture recently acquired two properties totaling $69 million. The assets are the 668-bed The Village at Muller Park in Bloomington, Ind., which was developed by Trinitas in 2008, and the under construction 667-bed 1201 Indiana in Indianapolis, which is being developed by affiliates of Trinitas and scheduled to open in August 2011.
MIDDLETOWN AND TORRINGTON, CONN. — Marcus & Millichap has brokered the sale of two Connecticut apartment communities for $6.07 million. The properties include Fernwood Apartments, a 96-unit community located at 44-46 Camp St. in Middletown, and Westridge Apartments, a 33-unit community located at 270 High St. in Torrington. Steve Witten and Victor Nolletti of Marcus & Millichap's New Haven, Conn., office arranged the deal between the seller, Hunter Realty, and the buyer, CT Metro Holdings I & II Corp.