PERRIS, CALIF. — Providence Perris Apartments LLC purchased a 92-unit multifamily apartment complex, located at 650 East Nuevo Road in Perris, for $7.6 million. Cassidy Turley BRE Commercial’s Ray Adams represented the buyer in the transaction, and Pete Scepanovic and Pete Beauchamp of Voit Real Estate Services represented the seller, Pacific Premier Bank.
Multifamily
SPRING, TEXAS — The LaSalle Group will break ground Tuesday on Autumn Leaves of Cypresswood, a 38-unit assisted living facility. The property will be located at 6327 Cypresswood Drive in Spring. Delivery is slated for the spring of 2011.
SANDY SPRINGS, GA. — Wood Partners will soon break ground on the 168-unit Alta Glenridge Springs apartment complex in Sandy Springs. The property, which will be located near the interchange of Glenridge Drive and Interstate 285, will include 20,000 square feet of retail space. Construction plans also call for a pool with an outdoor kitchen, a fitness center and a gaming room. Delivery is expected by next summer. CB Richard Ellis provided funding for the development, and Colliers International's Hank Hall facilitated debt for the construction.
CRYSTAL CITY, VA. — MRP Realty and Angelo Gordon and Co. have purchased the 135-unit Hampton Apartments from an undisclosed party for $33.5 million. The 17-story Crystal City property was built in 1984. Grubb & Ellis represented MRP in the transaction.
FORT WORTH — CSFB 2003-C4 Carlton Apartments has sold the 108-unit Carlton apartment complex to G8 Capital LLC Opportunity Fund LLC for an undisclosed price. The property is located at 6301 Woodway Drive in Fort Worth. Peter Hartnett of Hendricks & Partners' Dallas office brokered the sale.
ARVADA, COLO. — Pinnacle Real Estate Advisors has handled the $3.65 million sale of the 58-unit Village West Apartments located at 12155 W. 58th Place in Arvada. Constructed in 1972, the multifamily property features 48 two-bedroom/two-bath units and 10 one-bedroom/one-bath units. Pinnacle’s Mike Phillips and Josh Newell represented the buyer and seller, respectively.
TAMPA, FLA. — Franklin Real Estate Services has brokered the $8.8 million sale of Johnson and Kenneth Court Apartments between two undisclosed parties. The 200-unit property, which is located at 5711 Troy Court in Tampa, was built in 1976. Section 42 Low Income Housing Tax Credits were used to finance the deal. The firm's Darron Kattan, Robert Goldfinger and Kevin Kelleher brokered the sale.
VAN BUREN TOWNSHIP, MICH. — Southfield, Mich.-based Bernard Financial Group has arranged $13 million in financing for Westlake Apartments in Van Buren Township. The 510-unit multifamily property contains 446,510 square feet of rentable space. Dennis Bernard and Kevin Kovachevich of Bernard Financial originated the loan for Occidental Development. Minnesota Mutual Life Insurance Co. funded the financing.
LAWRENCE, MASS. — Centerline Capital Group has secured $10.6 million in Freddie Mac financing for a new multifamily project located in the Boston suburb of Lawrence. Legacy Park contains a total of 104 townhome and apartment units. It was completed in March of this year. The loan carries a 10-year term. Steven Cox, Joshua Messier and Ian Monk of Centerline's newly opened Boston office arranged the deal.
LAUREL, MD. — Charlie Mentzer of Walker & Dunlop has secured a $20.20 million acquisition loan for the 220-unit Spring House Apartments in Laurel. The property, which was built in 1986, is 92.3 percent occupied. The 10-year loan carries a 30-year amortization schedule and a 78.3 percent loan-to-value ratio. John Street of Allied Mortgage & Realty Corp. originated the loan.