WEST PALM BEACH, FLA. — Two Florida-based private investors have sold the 94-unit Haverhill Garden Apartments to an undisclosed Wellington, Fla.-based buyer for $4.26 million. The six-building property is located at 1909 Haverhill Rd. in West Palm Beach. Daniel Cunningham and Derek Gibbs of Marcus and Millichap’s Fort Lauderdale, Fla., office brokered the sale.
ARVADA, COLO. — Foothills Apartments Denver has acquired Apple Creek Apartments, a 219-unit multifamily property located at 9750 W. 59th Ave. in Arvada, for $11.8 million or $53,881 per unit. Built in 1987, the property comprises 19 three-story buildings offering a mix of studio, one- and two-bedroom units. Community amenities include a heated swimming pool, laundry facilities and barbeque areas. David Potarf, Daniel Woodward, Jordan Robbins and Charles LeClaire of Marcus & Millichap represented the buyer and the seller, Apple Creek Housing Associates LTD/Apple Creek 24 LTD, in the transaction.
RAMONA, CALIF. — Tucson, Ariz.-based Ramona Terrace Community LLC has purchased Ramona Terrace Estates, a 218-space manufactured-housing property in Ramona. The property, which is located at 1212 H St., sold for $16 million or $73,459 per space. The 26.79-acre site consists of 218 doublewide manufactured homes. The buyer plans to continue to operate the property as a seniors manufactured-housing community. Jonathan Harrison of Marcus & Millichap represented the buyer; Huntington Beach, Calif.-based All California Brokerage represented the undisclosed seller in the transaction.
PERU, ILL. — Cambridge Realty Capital Cos. has provided $19.8 million in first-mortgage financing for Manor Court of Peru, a 171-bed skilled nursing facility located in Peru. The FHA-insured loan carries a 35-year term and was arranged utilizing the HUD Section 232 pursuant to Section 223(f) program. It was underwritten by Cambridge Realty Capital Ltd. of Illinois, one of the company’s subsidiaries. The borrower was not disclosed.
CARROLLTON, TEXAS — Marcus & Millichap has brokered the sale of Corinthians Assisted Living & Memory care, a 56-unit senior housing property located in Carrollton, for $3.25 million. The property is situated at 1029 W. Seminole Trail, approximately 2 blocks from its sister property, Corinthians Retirement Community. The property is sold on behalf of Sunwest Management by the Securities and Exchange Commission, which placed the company under receivership while it investigates fraud allegations. Benjamin Firestone and Jacob Gehl of Marcus & Millichap’s Chicago Downtown office represented the seller as well as the buyer, Oklahoma City-based Esperanza City Living. The SEC receiver retained Marcus & Millichap to sell a number of additional Sunwest assets.
NEW YORK CITY — The New York City office of CB Richard Ellis (CBRE) Capital Markets has arranged a $2 million first mortgage for the refinancing of two residential buildings located on Manhattan’s Upper East Side. The first property is 1275 Third Avenue, a five-story building containing 9 apartments and a ground-floor retail space occupied by Scoop, which just signed a lease renewal. The second property is 314 E. 70th St., a five-story building containing 15 apartments and a ground-floor retail space occupied by restaurant Shabu-Shabu. The non-recourse loan carries a 5-year term with a 30-year amortization schedule and a 6.12 percent interest rate. It was arranged by CBRE’s Keith Kurland. The borrower and lender were not disclosed.
SAN ANTONIO — The San Antonio office of The NRP Group has received approval from the Texas Department of Housing & Community Affairs for nine new affordable housing projects totaling 786 units. The projects include: Montabella Pointe, a 144-unit single-family project located in San Antonio; Golden Bamboo II, a 116-unit multifamily project located in Houston; Costa Emeralda, a 112-unit multifamily project located in Waco; Four Seasons at Clear Creek, a 96-unit multifamily projects located in Fort Worth; Ventana Pointe, a 96-unit senior housing project located in Houston; Tierra Pointe, an 80-unit multifamily project located in Karnes County; Crestshire Village, a 74-unit multifamily project located in Dallas; Casa Brazoria, a 36-unit single-family project located in Clute; and San Juan Square III, a 32-unit multifamily project located in San Antonio. Construction will begin in 2010. NRP partners for the projects include Merced Housing Texas, NRC, VN Teamwork, San Antonio Housing Authority, The Thomas RPDC Company, Housing & Community Services Inc. and the Texas Housing Foundation.
EVERETT, WASH. — Doug Smith of Colliers International represented John and Linda Drake in the acquisition of a 23,210-square-foot multifamily property, which is located at 1007 75th SE St. in Everett. PSCC sold the property for $1.85 million. Phillip Assouad and Giovanni Napoli of GVA Kidder Mathews represented the seller in the transaction.
ARLINGTON HEIGHTS, ILL. — Inland Real Estate Brokerage has completed the sale of two multifamily buildings located at 115 E. Thomas St. and 1440 North Arlington Heights Rd. in Arlington Heights. The freestanding, brick buildings each contain four two-bedroom units averaging 950 square feet. The properties traded for $813,000. Inland’s Richard Kehoe and John Hanson represented the seller. Both parties were undisclosed.
JERSEY CITY, N.J. — The first move-ins are occurring at 77 Hudson, a luxury residential condominium tower located on the Gold Coast in Jersey City. The 48-story tower contains 420 units in a mix of studio, one- two- and three-bedroom units. Sizes range from 525-square-foot studios to more than 2,000-square-foot penthouses. Approximately 75 percent of the residences feature Manhattan views. Amenities include a 14,200-square-foot spa and fitness center, a 30,000-square-foot outdoor plaza deck with a swimming pool and a hot tub, a rooftop park, and a lounge with a private dining room and a catering kitchen. Prices range from the $300,000s to more than $1 million. The project was developed by K. Hovnanian Homes and designed by CetraRuddy.