BELLEVUE, WASH. — Essex Property Trust has purchased the 110-unit Courtyard Off Main Apartments, located in the heart of Bellevue, for $30 million. Constructed in 1999 by local developer and seller Courtyard Off Main LLC, the property includes 7,573 square feet of commercial space. GVA Kidder Mathews’ Philip Assouad and Giovanni Napoli handled the transaction. The Palo Alto, Calif.-based apartment REIT’s acquisition is its first in the city located east of Seattle and west of Interstate 405.
Multifamily
BROOMFIELD, COLO. — PCCP LLC has provided Griffis Group a $50 million loan to finance the acquisition of the 376-unit Terracina Villas in Broomfield. Developed and constructed in 2009 by Catalina Development Co., the Class A apartment property consists of four four-story buildings with one- and two-bedroom configurations. PCCP worked closely with the Denver-based borrower/multifamily owner to structure a short sale among the seller, the senior lender and the mezzanine lender.
TUPELO, MISS.; AND GULF BREEZE, FLA. — CLW Health Care Services Group has negotiated the sale of two assisted living communities in Tupelo and Gulf Breeze. Herbert J. Sims and a joint venture partner sold the two properties for a total of $13.9 million or $110,317 per unit. LTC Properties acquired the assets. AvonLea in Tupelo features 65 assisted-living units and 20 independent-living cottage and Gulf Breeze Courtyard in Gulf Breeze features 61 assisted-living/memory-care units.
WICHITA, KAN. — Laham Development is developing Cypress Springs, a 35,000-square-foot Alzheimer's and memory support residence located within Wilson Estates Medical Park in Wichita. The 66-bed assisted-living facility will offer therapeutic activities, a specially-trained staff and multi-sensory experiences and activities for residents. Constructed is expected to begin in November. Dallas-based Curtis Group Architects LTD is providing architectural services for the project.
ORLANDO, FLA. — Miami-based LNR Properties has completed the disposition of Park Hamilton Apartments, located at 5900 Park Hamilton Road in Orlando. Santa Monica, Calif.-based La Esperanza Orlando acquired the 330-unit property for $4.05 million. The property was built in 1974 and was 41 occupied at the time of closing. Hal Warren of Hendricks & Partners represented the seller, along with receiver Hold-Tyssen LLC of Winter Park, Fla.
HOLLYWOOD, FLA. — The Hollywood Housing Authority has purchased Hollywood Village Apartments, which is located at 1735 Lincoln St. in Hollywood. The three-story, 29-unit apartment sold for $1.53 million or $52,914 per unit. J. Keith Kidwell of Sperry Van Ness Commercial Realty in Fort Lauderdale, Fla., represented the buyer and the seller, Hollywood Village LLC/Phil Von Kahle, receiver, in the transaction.
TOLLESON, ARIZ. — Marcus & Millichap has negotiated the $1.75 million acquisition of the 76-unit Sundancer, an apartment property located at 400 North 96th Ave. in Tolleson. The brokerage firm’s Brian Smuckler and Jeff Seaman represented the private-investor buyer in the transaction.
NAPLES AND FORT MYERS, FLA. — CB Richard Ellis, Fort Myers/Naples has brokered the sales of two multifamily properties in Naples and Fort Myers. In the first transaction, a private equity investment group acquired Turtle Creek, a 245,600-square-foot multifamily complex located at 1130 Old Turtle Creek Blvd. in Naples. FHFC II sold the 12-building, 268-unit complex for an undisclosed price. Jonathan Richards of CBRE, Fort Myers/Naples brokered the transaction. In the second transaction, Next Level Church purchased a 20,000-square-foot building, which is situated on 10.91 acres at 12400 Planation Road in Fort Myers. Love and Grace Family Church sold the property for $1.587 million. Stan Stouder and Mark Alexander represented the seller in the transaction.
INDIANAPOLIS — NorthMarq Capital has arranged $11.43 million in first mortgage financing for the Lodge at Trails Edge Apartments in Indianapolis. Located at 9535 Benchmark Dr., the multifamily property offers 268 units. Greg Duvall of NorthMarq's Kansas City Regional office originated the 10-year loan, which has a 30-year amortization schedule. NorthMarq arranged the loan through its seller-services relationship with Freddie Mac.
NEW YORK CITY — Stellar Management has acquired Tivoli Towers, a 33-story, 320-unit affordable housing property located in the Crown Heights neighborhood of Brooklyn. The buyer plans to maintain the building's status as affordable housing under the Michell-Lama housing program for a minimum of 30 additional years. Stellar also plans to complete an approximately $15 million renovation to the property — its first since the 1970s. Upgrades will include new elevators, kitchen and bathroom upgrades, improvements to common areas, and repairs to the roof, façade and parking garages. The New York City Housing Development Corp. is providing acquisition and construction financing.