MARGATE, FLA. — Apartment Realty Advisors has brokered the sale of the 280-unit Lakes of Margate apartment complex between two private parties for an undisclosed price. The property, located at 5750 Lakeside Dr. in Margate, is 95 percent occupied. During the past 4 years, the complex has experienced upgrades including renovations to its two swimming pools, resurfacing of the tennis courts and an upgrade of the fitness center. Avery Klann, Hampton Beebe and Richard Donnellan of Apartment Realty Advisors represented the seller. Freddie Mac provided financing for the purchase.
KANSAS CITY, MO. — Minneapolis-based Sherman Associates is developing Grand Boulevard Lofts, an affordable multifamily property in Kansas City. The project consists of the conversion of the historic 17-story 1006 Grand building into a 134-unit apartment community. Financing for the project is provided by the Missouri Housing Development Commission, the Department of Housing and Urban Development, the City of Kansas City, Mo., and numerous private institutional lenders and equity investors. Rau Construction is serving as general contractor for the project, which was designed by Rosemann & Associates, Architects. Completion is scheduled for the end of 2010.
HAZELWOOD, MO. — Paul Cunningham of Hendricks & Partners’ St. Louis office represented the seller, Gary and Karen Lee of Del Mar, Calif., in the disposition of Teson Garden. Located at 2 Teson Garden Walk in Hazelwood, the 64-unit apartment community sold for an undisclosed price. The buyer was Grover, Mo.-based Millsap LLC.
RESEDA, CALIF. — Colliers International has handled the $9.25 million notes acquisition of a 51,729-square-foot multifamily property located at 18557 Saticoy St. in Reseda. The 53-unit apartment complex was built in 2008. Colliers International’s Han Widjaja represented the private-investor buyer, Alon Global Saticoy LLC; the seller, China Trust Bank, was unrepresented. Upon completion of the notes sale, Widjaja directed a deed in lieu of foreclosure, which transferred the deed from the borrower to the buyer.
WESTBOROUGH, MASS. — Invesco Real Estate has purchased a 280-unit multifamily community located at 1 Homestead Blvd. in Westborough on behalf of one of its pension fund clients. The garden-style community contains a mix of one- to three-bedroom units averaging 1,070 square feet in size. Amenities include a clubhouse, a fitness center, an indoor basketball court, a swimming pool and a playground. Occupancy was 97 percent at the time of closing. Simon Butler and Biria St. John of Cushman & Wakefield represented the undisclosed seller. The acquisition price was also not disclosed.
MIDLAND AND AMARILLO, TEXAS — Keybank Real Estate Capital has arranged approximately $8.5 million in Freddie Mac funds for the refinancing of two Texas senior housing communities owned by Emeritus Senior Living. Approximately $6.4 million will go toward the refinancing of Emeritus at Saddleridge Lodge in Midland, and $2.1 million will go toward the refinancing of Emeritus at Seville Estate in Amarillo. The fixed-to-float funding will be used by Emeritus to refinance balance-sheet debt into long-term, fixed-rate debt. As part of the transaction, Keybank also helped Emeritus refinance a third senior housing property located in Ontario, Ore.
SNELLVILLE, GA. — Eastside Gardens of Snellville LLC has sold the 53-unit assisted living facility Eastside Gardens to Maryland-based Senior Housing Properties Trust for $4.9 million. The Snellville property, which also includes a dedicated dementia care wing, will be operated by Five Star Quality Care of Newton, Mass. Matrix Healthcare Development built the property in 1997. Ed LaFrance and Ryan Maconachy of Apartment Realty Advisors represented the seller.
NEW YORK CITY — Salmon & Marshall has brokered the sale of an apartment building located in the West Village of Manhattan, New York City, for $5.3 million. The building is situated at 120 MacDougal St.; it contains 26 residential units and two commercial units. Kevin Salmon and Matthew Marshall of Salmon & Marshall represented the undisclosed seller and procured the buyers, Jordan Vogel and Aaron Feldman of Manhattan-based Benchmark Real Estate Group.
WICHITA, KAN. — Robert Ranieri and David Farrell of NorthMarq Capital have arranged a total of $35.11 million in first mortgage financings for a multifamily portfolio in Wichita. The six-property portfolio features a total of 1,277 units. The 10-year term loans range from $4.1 to $9.1 million and carry 30-year amortization schedules. The borrowers are Dermot Wichita East LLC and Dermot Wichita West LLC. Freddie Mac provided the loans.
NEW YORK CITY — New York City (NYC) Development Corp. has completed the $20.1 million renovation of Rose Hill Apartments, an affordable senior apartment community located at 2855 Southern Blvd. in the Fordham Bedford Park section of the Bronx, New York City. The nine-story building contains 119 studio and one-bedroom units, a meeting room and 22 outdoor parking spaces. Construction included the replacement of the heating plant and roof, façade and window repairs, and upgrades to units, common areas and the lobby. The project was designed by Daughtry Carstarphen Edelman Sultan Knox & Wood Architects. The general contractor was Notias Construction. Funding was provided by the NYC Development Corp. through its Low-Income Affordable Marketplace Program and the Section 202 Preservation program.