PLEASANT HILL, CALIF. — Kevin Turner of Marcus & Millichap’s Oakland, Calif., office represented the undisclosed buyer in the acquisition of Oak Park Manor, an apartment community located at 1808 Oak Park Blvd. in Pleasant Hill. The 40-unit property sold for $5.5 million. The community features a swimming pool, and each apartment features a fully equipped kitchen, a private balcony/patio, and central heating and air conditioning. The seller was not disclosed.
FISHERS, IND. — Developer J.C. Hart Co. recently acquired 13 acres within Republic Development’s 725-acre Saxony mixed-use community in Hamilton County with plans to develop a 269-unit apartment complex. The District at Saxony luxury apartment project, which is being developed adjacent to a 20-acre lake at 131st Street, just south of Interstate 69, will feature units ranging in price from $675 to $1,425 per month. J.C. Hart Co. expects construction to take approximately 2 years. Saxony is a expansive mixed-use endeavor that will encompass 1 million square feet or retail, 3.5 million square feet of office and light industrial space, and approximately 1,300 residential units upon full build out.
LAKE ZURICH, ILL. — Sue Blumberg of NorthMarq Capital’s Chicago office has arranged approximately $15.3 million in first-mortgage financing for Landings of Lake Zurich, a 206-unit multifamily community located in Lake Zurich. The borrower, Landings Capital Partners, secured the financing with 10-year term and 30-year amortization schedule. Funding was provided through Amerisphere through Fannie Mae.
CHICAGO — Essex Realty Group has brokered the sale of a 28-unit walk-up apartment building located at 1456-1458 W. Thorndale Ave. in Chicago. Matt Welke of Essex negotiated the transaction for both parties, with Mike Tetrick, also of Essex, providing additional services for the undisclosed buyer. The property, which features 21 studios and seven one-bedroom units, traded for approximately $1.36 million.
HOUSTON — California-based Francis Property Management has acquired Gables Augusta, a 312-unit multifamily property located in Houston. The property is situated at 2660 Augusta Dr. within the city’s Galleria submarket. Constructed in 2004, it features loft-style residences in a four-story complex. Craig LaFollette, Todd Stewart, Todd Marix, Tre Banks and Chris Curry, all of CB Richard Ellis, represented the seller, Gables Residential, in the transaction. International Realty Concepts represented Francis Property Management. The acquisition price was not disclosed.
LEMON GROVE, CALIF. — Community Collective and the city of Lemon Grove have completed the development of Citron Court, a 36-unit multifamily community located at 7385 Broadway in Lemon Grove. The five-building community features studio, one-, two- and three-bedroom units; 2,200 square feet of commercial/retail space; an on-site management office; a community meeting room; a computer learning center; a children’s play area and a laundry room. The eco-friendly property utilizes a photovoltaic system, ENERGY STAR-rated appliances, low-flow water fixtures, dual-flush toilets and Low-E windows. Allgire General Contractors served as general contractor for the project, which was designed by Foundation for Form.
TUSTIN, CALIF. — Marcus & Millichap Capital Corp. (MMCC) has arranged a $13.6 million loan for the refinancing of two multifamily properties in Tustin. The two properties offer a total of 117 apartment units. Michael Derk arranged the financing on behalf of the undisclosed borrower. Terms of the loan include a fixed rate of 6.25 percent for the first 5 years, a 30-year amortization schedule and a 65 percent loan-to-value.
ORLANDO, FLA. — Avalon Park Group will start construction early next year on the first phase of a 265,000-square-foot senior housing facility in its mixed-use Avalon Park community in Orlando. The $21 million initial phase of the four-story building calls for 130 units. The project’s total cost is expected to reach $35 million. Winter Park Construction Co. is providing consulting services, and Cuhaci & Peterson Architects will design the property.
ARKANSAS — CSCV – Arkansas has borrowed $61.02 million in financing for the purchase of a 12-property nursing home portfolio in Arkansas. The complexes encompass 1,255 beds. Walker & Dunlop arranged the HUD loans through the LEAN financing process at an 85 percent loan-to-value ratio. The 35-year loans carry a 35-year amortization rate.
FOREST PARK, ILL. — Essex Realty Group has arranged the sale of 7542 West Adams Street, a 40-unit walk-up apartment property located in Forest Park, for $1.11 million. The property contains 32 studio units and eight one-bedroom units. Doug Fisher and Jim Barcelona of Essex represented the seller. David Goss and Jon Morgan, also of Essex, represented the buyer. Both parties were undisclosed.