SAN DIEGO — BRE Properties has purchased 194 units in the Monarch at Scripps Ranch luxury apartment community, located at 10776 Scripps Ranch Blvd. in San Diego, from Interwest Capital Corp. for $46.2 million. The unit mix comprises 80 one-bedroom/one-bath units, 108 two-bedroom/two-bath units and six three-bedroom/two-bath units. BRE Properties acquired 74 percent of the total 262 units in the development as the remaining units had previously been converted to condominiums and are all individually owned. Cushman & Wakefield’s Ed Rosen, John Chu and Alejandro Lombrozo represented both the buyer and the seller in the transaction.
MEMPHIS, TENN. — Bill Jones of Love Funding's New York office has arranged a $4.72 million loan for the 208-unit Greenbriar Apartments. The property is located at 3131 Madewell St. in Memphis. Funding was obtained using the HUD 207/223(f) program. The 25-year loan carries a 4.75 percent interest rate.
HASTINGS, NEB. — NorthMarq Capital has arranged a $6.5 million first mortgage loan on behalf of College View Assisted Living LLC for College View in Hastings. The assisted-living facility offers 58 residential units. Financing was based on a 35-year term with a 35-year amortization schedule. Gary Rifkin of NorthMarq arranged the loan through the company’s relationship with Johnson Capital FHA.
CHICAGO — McShane Construction Co. is nearing the completion of Casa Maravilla, a five-story, 70,000-square-foot senior-living project in the Pilsen neighborhood of Chicago. Located at 2021 S. Morgan St., the 73-unit complex will offer studio, one- and two-bedroom affordable rental units, a dining area, a community room, a therapy room, a library and a recreation room. Weese Langley Weese provided architectural services for the project, which is slated for completion in June. The Resurrection Project is developing the property.
ORLANDO, FLA. — NorthMarq Capital has arranged a $5.92 million loan for the 356-unit Riverfront Apartments in Orlando. The 10-year Freddie Mac loan carries a 2-year interest-free period and a 30-year amortization schedule. NorthMarq's Frank Relihan and Jason Smith arranged the loan.
INDIANAPOLIS — An affiliate of Chicago-based LT Group has purchased CityView of Meridian, formerly known as Summit House Apartments, in Indianapolis. The 20-story, high-rise property offers 166 residential units. Located at the corner of 38th and Meridian streets, the complex features a rooftop swimming pool and skyline views. The buyer plans to upgrade many of the apartments, renovate the lobby, tenant amenity center and coffee bar, and replace the windows and redesign the canopy. The Indianapolis-Cincinnati Multi-Housing group of CB Richard Ellis negotiated the transaction. The property fell into receivership last year and was listed at $6.95 million. Additional terms of the sale were not disclosed.
ELIZABETH, N.J. — Livingston, N.J.-based Gebroe-Hammer Associates has recently completed three multifamily transactions totaling 105 units in Elizabeth. In the most recent transaction, Gebroe-Hammer’s Stephen Tragash brokered the sale of 204 Westfield Avenue, a 21-unit apartment property, to an undisclosed buyer for $1.55 million. In the second transaction, the 62-unit multifamily property at 516 Cherry St. sold in an all-cash transaction for $4.8 million. Joel Schwartz of Gebroe-Hammer represented the private buyer in the transaction. Finally, Tragash and Schwartz represented the sellers in the disposition of a 22-unit residential property located at 511 North Ave. The mid-rise building sold to an undisclosed buyer for $1.54 million.
RALEIGH, N.C. — North Carolina State University is in the midst of a 10-year project that will transform its on-campus fraternity and sorority houses. As part of a five-phase plan known as Greek Village, the current 1960s-era houses will be demolished and replaced with updated structures. Twenty new chapter houses will be built. NC State will also construct a 206-bed townhome and apartment community for the Greek organizations that do not need a full chapter house. The townhome and apartment community is scheduled for a fall 2013 completion. Phase I of the Greek Village project is currently under way, and vertical construction will begin in the next 8 to 10 months for the first four chapter houses. The $104 million project is anticipated to be complete by 2020.
JERSEY CITY, N.J. — Marcus & Millichap has arranges the sale of a nine-unit apartment building located in Jersey City for $595,000. The property was vacant at the time of closing. Maz Radwan, Steven Matovski and Christopher Rizzolo of Marcus & Millichap's New Jersey office represented the seller, a private investor. The trio also secured the buyer, a New Jersey-based investor/developer.
HOUSTON — Holliday Fenoglio Fowler has secured a $25.9 million loan for Sawyer Heights Lofts, a Class A apartment complex in Houston. The 326-unit property is located on 5 acres at 2424 Sawyer Heights St. The Freddie Mac loan carries a 10-year, fixed-rate term. HFF's Scott Galloway, Matthew Kafka and Robert Wooten arranged the loan.