CHICAGO — Trinitas Ventures and Chicago-based Harrison Street Real Estate Capital have formed a $100 million joint venture partnership to develop and manage urban-infill student housing communities across the country. The joint venture recently acquired two properties totaling $69 million. The assets are the 668-bed The Village at Muller Park in Bloomington, Ind., which was developed by Trinitas in 2008, and the under construction 667-bed 1201 Indiana in Indianapolis, which is being developed by affiliates of Trinitas and scheduled to open in August 2011.
Multifamily
MIDDLETOWN AND TORRINGTON, CONN. — Marcus & Millichap has brokered the sale of two Connecticut apartment communities for $6.07 million. The properties include Fernwood Apartments, a 96-unit community located at 44-46 Camp St. in Middletown, and Westridge Apartments, a 33-unit community located at 270 High St. in Torrington. Steve Witten and Victor Nolletti of Marcus & Millichap's New Haven, Conn., office arranged the deal between the seller, Hunter Realty, and the buyer, CT Metro Holdings I & II Corp.
HARTFORD, CONN. — Marcone Capital has arranged a total of $25 million in Fannie Mae DUS financing for a portfolio of apartment properties located in the greater Hartford area. A separate loan was arranged for each of the seven properties, which total more than 400 units. The loans carry 10-year terms and interest-only payments. Mike Marcone of Marcone Capital secured the financing on behalf of the borrower.
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.
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.