ORANGE COUNTY, CALIF. — The Northwestern Mutual Life Insurance Co. has completed the disposition of three multifamily properties located in Orange County. The properties, which total 1,368 units, sold for a total consideration of $201 million. In the first transaction, Newport Beach, Calif.-based Pacific Coast Management acquired Aventine @ Aliso Viejo, a 386-unit luxury apartment community located at 22501 Chase in Aliso Viejo, Calif., for $56.2 million. In the second transaction, Walnut Creek, Calif.-based Sequoia Equities has purchased Alize @ Aliso Viejo, a 484-unit rental property located at 2 Enterprise St. in Aliso Viejo, for $75 million. In the third transaction, Newport Beach-based Stoneridge Capital Partners acquired Avila @ Rancho Santa Margarita, a 498-unit community located at 22751 El Prado Ave. in Rancho Santa Margarita, Calif., for $70 million. Joe Leon and Dean Zander of Hendricks & Partners, along with Ray Eldridge and Kevin Mulhern of CB Richard Ellis, brokered the transactions.
BEVERLY HILLS, CALIF. — Laurus Corp. has acquired a one-acre development site, which is located at the intersection of North Palm Drive and Civic Center Drive in the Platinum Triangle area of Beverly Hills. The property has entitlements to build 35 luxury condominiums in two adjacent buildings. Current project plans include two five-story buildings featuring units ranging in size from 2,000 to 3,400 square feet. The units will feature unique designs, top-of-the-line furnishing and high quality amenities. 432 Beverly Hills LLC was formed as an investment vehicle to acquire the property by a group of equity partners.
NEW YORK CITY — Marcus & Millichap has completed the $4.95 million sale of 1969 Amsterdam Avenue, a 35-unit apartment facility in Manhattan, New York City. The six-story property was built in 1920 and is located on Amsterdam Avenue between 157th Street and 158th Street. The sales price represents $229.42 per square foot and a 6.98 percent cap rate on the property’s net operating income. Peter Von Der Ahe and Scott Edelstein of Marcus & Millichap’s Manhattan office, represented the seller, an undisclosed private investor, and the buyer, a limited liability company.
AUSTIN, TEXAS — The Houston office of Holliday Fenoglio Fowler has secured a $3.5 million loan for the refinancing of The Villas at San Gabriel, a 26-unit multifamily community located in Austin. Situated at 2410 San Gabriel St., The Villas at San Gabriel is fully leased by a tenant base primarily consisting of students from the nearby University of Texas. Susan Hill arranged the loan, which carries a fixed interest rate and a 10-year term, on behalf of 2410 San Gabriel LP. The lender was American National Insurance Co.
DENVER — Locally-owned RedPeak Properties Inc. has topped out its third and final building at The Seasons of Cherry Creek, a high-rise apartment property located at 3329 E. Bayaud Ave. in Denver’s Cherry Creek neighborhood. The 13-story building will offer 148 units, which brings the project to 587 studios, one- and two-bedroom units. Completion of the third building is slated for early 2010. Designed by Denver-based Fentress Architects, the new component is sustainable featuring recycled materials, materials with low VOC, Energy Star appliances and daylight dimming systems.
MADISON, ALA. — Jacksonville, Fla.-based Summit Contractors Group is underway on Continental Properties’ 360-unit The Springs at Madison Apartments development. The $21 million project is located in Madison, a suburb of Huntsville, Ala. Mouriz/Salazar Associates designed the property, which will deliver in April 2010. Financing for the project was provided by M&I Bank, an institution that has a long-term business relationship with Continental.
LARGO, MD. — Truman Drive LLC has borrowed a $4.2 million loan for its 284-unit Truman Park apartment complex. The Class A property, located on Harry S. Truman Drive in Largo, was built in 2002. Chris Black of KeyBank Real Estate Capital secured the Freddie Mac mortgage.
NEW ROCHELLE, N.Y. — New York City-based Massey Knakal Realty Services has arranged the sale of a six-story apartment building, located at 126 Franklin Ave. in New Rochelle, for $4.75 million. The elevator-served building contains 44 residences comprising 25 one-bedroom units, 18 two-bedroom units and one studio. The property features ground-floor laundry facilities, as well as 41 indoor and outdoor parking spaces. Massey Knakal’s John Barrett represented the seller, 126 Franklin Avenue Partners, and procured the buyer, Echo Bay Properties. The building traded at a 6.3 percent capitalization rate.
LOS ANGELES — Beverly Hills, Calif.-based Astani Enterprises Inc. is developing Concerto, a luxury condominium and loft development located at Ninth and Figueroa streets in downtown Los Angeles’ South Park. The $300 million project features two 30-story glass towers and a mid-rise loft building. Designed by DeStefano Partners Ltd., the development features studio, one-bedroom, two-bedroom and three-bedroom units. The units feature approximately 10-foot ceilings, full-length exterior glass walls, European cabinetry and appliances. The property also boosts a saltwater pool, cabanas and fire pits. Occupancy of the 77-unit Loft collection begins in June; occupancy of the first tower with 271 units is planned for this fall.
COFFEYVILLE, KAN. — Minneapolis-based Dominium Development & Acquisition has held the grand reopening of Dale Apartments, located in Coffeyville. Originally built in 1924 as a hotel, the apartment building underwent a $2.7 million renovation. Improvements to its 47 units included new cabinets and countertops, new appliances, new entry doors, new light fixtures and new flooring. Additional construction consisted of a new community room with a full kitchen, a new exercise room, a media room, new vending and mail areas, an improved outdoor patio area with new landscaping and sitting areas, a new laundry room and a new library.