WOODLAND HILLS, CALIF. — San Francisco-based The Swig Company LLC and an institutional real estate investment fund managed by Capmark Investments LP have teamed up to acquire 250-unit The Arbors at Warner Center multifamily community, located in the Warner Center area of Woodland Hills, for $33 million. Investors Property Services will handle the day-to-day property management of The Arbors.
LAWRENCEVILLE AND DECATUR, GA. — Cushman & Wakefield has brokered the sale of two Atlanta-area apartment complexes for $43.5 million. B&M Management purchased the 586-unit Madison at River Sound from an undisclosed seller for $39 million. The property, which is 93 percent occupied, is located at 980 Walther Blvd. in Lawrenceville. Southwood Real Estate purchased the 254-unit Covington Glen from Freddie Mac for $4.5 million. Located at 5816 Covington Highway in Decatur, the property is 70 percent occupied. Chris Span, David Gutting, Larry Orr and Nathan Swenson of Cushman’s Atlanta office represented the buyers and sellers.
TAMPA, FLA. — Northview Realty Group has acquired the 280-unit Lofton Place apartment complex from an undisclosed seller for $16 million. The 17-acre property, which is located at 5412 Deerbrook Creek Circle in Tampa, is 97 percent occupied. Features include a swimming pool, a spa and a fitness center. ARA Finance funded 75 percent of the transaction with a 10-year loan at a 5.66 percent interest rate. Kevin Judd of Apartment Realty Advisors’ Orlando, Fla., office, Dick Donnellan of the firm’s Boca Raton, Fla., office and Patrick Dufour of the firm’s Tampa office represented the seller.
LOS ANGELES — Grubb & Ellis has represented Chinatrust Bank USA in the sale of The Flat, a 206-unit REO apartment conversion that the bank took ownership of in September. Located at 750 S. Garland Ave. in Los Angeles, the property was sold to SA Properties Holding LLC in an all-cash transaction. Grubb & Ellis’ Phillip Sample and Chris Cooney represented the buyer.
TEXARKANA, TEXAS — Johnson Capital has secured $4.86 million in construction-to-permanent financing for a new senior housing facility in Texarkana. The project, which will be known as The Magnolia, will be a 40-bed facility specializing in Alzheimer's care. The loan features a 40-year, self-amortizing term following a 16-month construction period. Paul Mogote of Johnson Capital's Dallas office arranged the loan, which was placed with a HUD-insured loan group and was provided under Section 232 of the Fair Housing Act. The borrower is a first-time developer.
FORT MYERS, FLA. — A partnership among Behringer Harvard Opportunity REIT II, DeBartolo Development and Christian Tyler Properties has acquired the senior mortgage debt associated with the 408-unit Palms of Monterrey multifamily complex from the property’s previous owner. The complex was built in 2001 and is located at 15250 Sonoma Dr. in Fort Myers. Apartment amenities include a clubhouse with a business center, two heated pools, a lighted tennis court and a racquetball facility. The Palms of Monterrey, which started life as a collection of condominium units, will be repositioned as apartments.
PALMYRA, N.J. — Gebroe-Hammer Associates has arranged the sale of River Villas, a 44-unit apartment community located in Palmyra, for $3 million. The fully leased community is situated at 5019 Harbour Dr.; it comprises four buildings with all two-bedroom units. Amenities include a clubhouse, a swimming pool and tennis courts. Joseph Brecher and Joel Schwartz of Gebroe-Hammer represented the seller, Harbour View, and procured the undisclosed buyer.
HOUSTON — Hendricks & Partners (H&P) has brokered the sale of Williamstown, a 272-unit multifamily community located at 9200 Bissonnet St. in Houston. Ed Cummins and Clint Duncan of H&P's Houston office arranged the deal between the buyer, locally based Optimum Williamstown LLC, and the seller, locally based Diep Residential. The acquisition price was not disclosed.
LUBBOCK, TEXAS — Walker & Dunlop has provided a $34.43 million loan for the acquisition of The Cottages of Lubbock, an off-campus student housing community in Lubbock that serves the Texas Tech University community. The newly constructed, Class A property consists of 95 two-to-five bedroom, Craftsman-style structures containing a total of 241 units. Amenities include an 8,230-square-foot clubhouse that contains a screening room, a fitness center, a tanning salon, a business center, a billiards room, a computer lab and seating areas equipped with flat-screen televisions. Other amenities include a swimming pool, a large patio, a volleyball pit, fire pits and charcoal grills. The loan carries a 10-year term with a 30-year amortization schedule, a 75 percent loan-to-value ratio and a 1.3x debt-service coverage ratio. The borrower was Campus Living Villages. Will Baker of Walker & Dunlop led the lending team.
LA MESA, CALIF. — Grubb & Ellis|BRE Commercial has brokered the $6.7 million acquisition of Stoneridge by the Lake Condominiums in La Mesa. Located at 5707 Baltimore Dr., the more than 30-year-old property features five buildings on 2.24 acres of land. The transaction encompassed 47,705 rentable square feet, including 42 of the 51 total condominium units in the complex. Grubb & Ellis|BRE Commercial’s Diane Miramontes, Darcy Miramontes, Hunter Combs and Kip Malo represented the undisclosed buyer. The fractured condo development was sold by a large international bank, which was also the original lender on the property’s conversion in 2006-2007.