NEW CASTLE COUNTY, DEL. — King of Prussia, Pa.-based Bolis Properties has agreed to sell the 220-unit Colony at Glasgow project to an undisclosed builder. The Colony at Glasgow is a mixed-use residential development in New Castle County. The community will include a mix of single-family lots and townhomes. Bolis has also agreed to sell its Appleview Apartment project to an undisclosed buyer. The 200-unit project will include a clubhouse and walking trails in East Brandywine Township, Pa.
AMHERST, MASS. — Love Funding has arranged a 6.5 million loan for the refinancing of Brandywine at Amherst Apartments, a 180-unit complex in Amherst. Laura Saull-Smith of Love Funding's Washington office arranged the loan through the U.S. Department of Housing and Urban Development's 223(a)(7) loan program. The complex was built in 1973 and has been refinanced by Love Funding twice before to secure a lower interest rate.
PLANO — Atlanta-based Cortland Partners has acquired the 368-unit La Jolla on Park, a multifamily community located at 1201 E. Park Blvd. in Plano. The property consists of 23 buildings sitting on 21 acres and is 99 percent occupied. The buyer plans to upgrade the interiors and exteriors of the property.
AUSTIN — Atlantic/Pacific Co.'s has rebranded the 256-unit Logan's Mill Apartments, located at 1912 E. William Cannon in Austin, to The Atlantic/Logan's Mill. The apartment community features a community clubhouse, carports, a business center, a 24-hour fitness center, a swimming pool and a waterscape two-tier pool with a fountain.
FOLSOM, CALIF. – The 28-unit Rain Tree Apartments in Folsom has sold to a private investor for $2.84 million. The property is located at 1000 Sibley Street. Peter R. Flis and Eric Price of Marcus & Millichap’s Sacramento office represented both the buyer and the seller, another private investor, in this transaction.
WASHINGTON, D.C. — A partnership between Washington, D.C.-based Urban Investment Partners and New York City-based Infinity Real Estate has acquired a 114-unit apartment building, located at 1841 Columbia Rd. NW in Washington, D.C., from Fairfield Residential Co. for $26 million. The property includes 20,000 square feet of retail space. The buyer plans to invest more than $7 million on a comprehensive building renovation and modernization program, which will include a complete window and storefront replacement, addition of an environmentally friendly water-sourced heating and cooling system, redesigned common areas and a rooftop terrace. Additionally, the building, formerly known at The Alcazar, will be renamed 1841 Columbia. Completion is slated for December 2012. Arbor Commercial Mortgage of New York provided acquisition and project debt financing.
PALM BEACH GARDENS, FLA. — A joint venture between DeBartolo Development and Elco Landmark Residential has purchased the 542-unit Landmark at Garden Square, located at 4104 Union Square Blvd. in Palm Beach Gardens. The property, formerly known as Landmark at Union Square, will undergo improvements during the next 6 months. The property is 92 percent leased, and includes three pools, a clubhouse, state-of-the-art fitness center, business center, movie theater, tennis court, billiards room and a 9-hole putting green.
TAMPA, FLA. — Institutional Property Advisors (IPA) has arranged the $12.6 million sale of the 168-unit Waterstone at Carrollwood Apartment Homes, an apartment complex located at 3339 Handy Rd. in Tampa. Jamie May of IPA's Tampa office represented Landmark Residential, the seller, in the transaction and procured the buyer, Robbins Property Associates. Amenities include a clubhouse with an Internet cafe, a resort-style swimming pool, a tennis court, a fitness center and a children's play area.
BOSTON — Boston-based KeyBank Real Estate Capital has arranged $114 million in HUD funding for the refinancing of 13 seniors housing communities in Connecticut and Rhode Island. The borrower is Athena Health Care Systems, one of the largest managers of skilled nursing facilities. The fixed-rate loan has a 30-year amortization schedule.
AUSTIN — Irvine, Calif.-based Silverado Senior Living has teamed with Dallas-based Meridian Realty Advisors to develop the 45,000-square-foot Silverado Senior Living-Onion Creek, a memory care facility to be located on 5 acres at 1700 Onion Creek Pkwy. in Austin. The $12 million facility will be Silverado's eighth memory care facility in Texas. The new property is slated for a late 2012 completion.