MIAMI — ANF Miami Gardens has borrowed a $17.4 million loan for the 470-unit Cottage Cove I & II multifamily complex. The property is located at 12 NE 188 St. and 18991 N. Miami Ave. in Miami. The 7-year loan was financed through Freddie Mac's Cap Arm program. The loan carries an interest rate of 3.66 percent and a 30-year amortization. Christian R. Lee and Christopher Apone of CB Richard Ellis' Miami office arranged the loan. TM Real Estate Group, led by Troy Ballard and Matthew Peller, sponsored the transaction.
KANSAS CITY, MO. — Fort Worth, Texas-based Atlas Partners has acquired 27 condominium units in the 34-unit Liberty Lofts in Kansas City. Located at the corner of Pershing Road and Broadway, the property features a rooftop deck, free wireless Internet, loft-style designs, covered parking, a fitness center and downtown views. The units feature modern-style kitchens, stainless stain appliances, high ceilings, stained concrete flooring and accented color walls. Atlas acquired the units as a principal in partnership with Dallas-based Trinity Private Equity Group. Terms of the acquisition were not released.
OAKLAND, CALIF. — The new $44.5 million, five-story Trestle Glen, a transit-oriented, affordable apartment community located adjacent to the Colma BART Station, has opened at 370 F Street in Oakland. Developed by BRIDGE Housing Corp. and designed by KTGY Group Inc., Architecture and Planning, Trestle Glen offers 28 one-, 44 two- and 47 three-bedroom apartment homes, providing workforce housing to families earning between 20 and 50 percent of the area median income. Located in an unincorporated area of San Mateo County, the eco-friendly multifamily development includes a community center with kitchen, a 56-space childcare facility with outdoor play space, landscaped courtyard areas, a basketball court and laundry facilities. The 2.7-acre, 119-unit infill development features on-grade parking under four residential floors.
ST. PETERSBURG, FLA. — An undisclosed bank has sold the 18-unit Colton on 4th Avenue Apartments to a Canadian investor for $1.05 million. The property is located at 249 4th Ave. North in St. Petersburg. Casey Babb and Bill Renje of Marcus & Millichap's Tampa, Fla., office represented the seller. The firm's Francesco Carriera represented the buyer.
SANTA ROSA, CALIF. — Arroyo & Coates has handled the sale of the 78-unit Mountainview Villas Apartments located in Santa Rosa. Terms of the deal were not disclosed. Built in 2000 at the corner of Kawana Springs and Petaluma Hill roads, Mountainview Villas consists of one-, two- and three-bedroom units averaging approximately 858 square feet. Arroyo & Coates’ Jamie Clifford, David Silver and Pedro Arroyo represented 2146 Bedford Street LLC, a California-based private owner, in its disposition of the multifamily community to Bedford Santa Rosa Associates LLC.
ANAHEIM, CALIF. — Marcus & Millichap has brokered the almost $4.3 million sale of the 29-unit Los Arcos Apartments located at 3340 W. Orange Ave. in Anaheim. The brokerage firm’s Greg Bassirpou and Nicholas Petrosian represented the seller, a limited liability company, in its disposition of the multifamily property to a 1031-exchange buyer.
OCEANSIDE, CALIF. — Cushman & Wakefield has negotiated the $9.7 million sale of the 88-unit Forest Glen multifamily property located at 612 Los Arbolitos Blvd. in Oceanside. The 89,119-square-foot for-rent condominium development features one-, two- and three-bedroom units ranging from 700 to 1,220 square feet. Cushman & Wakefield’s Alejandro Lombrozo and Rachel Stankowski represented both the buyer, Virtu Investments, and the seller, Pacifica Companies, in the transaction.
SOUTH CAROLINA — Royal Senior Care has brought on Cornerstone Healthcare Plus REIT as an 80 percent partner in two assisted living properties in a deal worth $27 million. The developments are located in South Carolina and total 180 units. Royal Senior Care will continue managing the properties. CLW Health Care Services Group represented Royal Senior Care in the transaction.
DOUGLASVILLE, GA. — Batson-Cook has finished the construction of the 39,000-square-foot Benton House senior housing facility in Douglasville. The $3.7 million project has 59 units and can house 130 residents. Amenities include an activity kitchen and a hair salon. Marietta, Ga.-based Lamas Architects designed Benton House.
OAKLAND, CALIF. — BRIDGE Housing Corp. has begun redevelopment for the 84-unit St. Joseph's Senior Apartments property located at 2647 International Blvd. in Oakland. Slated for completion in June 2011, the multifamily property will offer affordable apartments for very-low-income seniors, age 62 and older, within the main building of the Oakland historic landmark, “St. Joseph's Home for the Aged,” which closed in 1979. On-site amenities will include a spacious, ground-floor community room opening onto a senior garden and approximately 3,200 square feet of commercial office space.