REXBURG, IDAHO — Danny Shin, Michael Beckstead and Mathew Bird of Marcus & Millichap represented the seller, Nauvoo LLC, in the disposition of Nauvoo House Apartments in Rexburg. Located at 175 W. Fifth South St., the 76,800-square-foot student-housing community features 382 beds in 64 three-bedroom/two-bath units. The property is located minutes from the BYU-Idaho campus. The property sold to an undisclosed seller for $6.5 million or $101,563 per unit.
PASADENA, CALIF. — Hudson Oaks LP, dba Abode Communities, has purchased a 33,670-square-foot apartment building, which is located at 1267 N. Hudson Ave. in Pasadena. The non-profit developer plans to convert the former 46-unit apartment property into low-cost senior housing. Robert Dixon of NAI Capital represented Abode Communities; Lee Ho of NAI Capital represented the seller, Quid Pro Quo, in the transaction, which was valued at $4.5 million. Construction is slated to begin in July.
SOUTHLAKE, TEXAS — Carrollton, Texas-based Cantex Senior Communities has acquired approximately 5.6 acres of land within Stonebridge Office Park in Southlake for the development of The Carlyle at Stonebridge Park, a high-end residential health service facility. Cantex Senior Communities, which was founded in 1978, currently owns and operates 18 senior communities in Texas. Stonebridge Office Park is an upscale medical, office and retail development located along Southlake Boulevard just west of the intersection of Davis Boulevard in Southlake. Colleyville, Texas-based Realty Capital Corp. sold the property.
FORT MYERS, FLA. — Cortland Realty Partners IV has purchased the 84-unit Vogue Apartments from Wells Fargo Bank C/O Sovereign Bank for $1.5 million. The Fort Myers property is less than 40 percent occupied and is in need of renovations. John Stone and Jason Stanton of Colliers Arnold’s Clearwater, Fla., office and Jim Garinger and Andrew Falde from the firm’s Fort Myers office brokered the transaction.
TOPEKA, KAN. — The Minneapolis office of NorthMarq Capital has arranged a total of $27.67 million in first-mortgage financing for three apartment communities located in Topeka. The three properties total 680 units, and include Brookfield Estates Apartments, Crown Colony Apartments and Sherwood Apartments. Financing for each property was arranged by Patrick Minea of NorthMarq through Freddie Mac. The borrowers were not disclosed.
NEW YORK CITY — Assa Properties is advancing construction for Galerie 515 Hotel & Condominium Residences, a new hotel and residential building located at the corner of Ninth Avenue and 39th Street in Midtown Manhattan, New York City. Designed by Costas Kondylis, the building’s residential component includes 92 one- and two-bedroom condominiums priced from the high-$700s. Resident amenities include a 24-hour doorman and concierge, valet parking, a fitness center, and a rooftop sky lounge that features a wet bar, a whirlpool and a barbecue area. Residents will also have access to the hotel’s amenities, including housekeeping, business services, spa services provided by Cornelia Day Resort and 24-hour in-room dining provided by a premier restaurant. The hotel portion of the building will be operated by West Paces Hotel Group. The sales office for the condo component recently opened at 630 Ninth Ave. The completion date for the project was not released.
NEW YORK CITY — The grand opening has been held for Jackson Avenue Veteran Complex, an affordable housing community for formerly homeless veterans that is located in the Mott Haven neighborhood of the Bronx, New York City. The community consists of seven row houses containing a total of 21 units. The buildings will contain a mix of two- and three-bedroom units. In addition, residents will have access to social and educational services including job training and placement, legal assistance, educational assistance, financial counseling, and access to a wellness center and computer rooms. The project was developed by Inner City Development, which worked with ENPHRONT Veteran Services and the Community Preservation Corp.
VAIL VALLEY, COLO. — The Gates Residences has opened in Vail Valley. Located at the entrance of Beaver Creek Resort, the upscale condominium offers 49 luxury condos with two-, three- or four-bedroom residences ranging from 1,346 to 2,737 square feet. The condos feature alder wood stained millwork, granite countertops, alder wood mantels and granite-framed gas fireplaces. The community features a variety of services including housekeeping, laundry and dry cleaning, grocery delivery, mountain shuttle service, a private wine locker, après ski cheese and wine, ski tuning and waxing, warming racks for ski boots, ski lockers and boot dryers, and ski lesson arrangements. The project was developed by JMJ Development, a division of Dallas-based JMJ Holdings.
LOS ANGELES — Josh Cohen and Adrian Malin of Marcus & Millichap represented both parties in the disposition and acquisition of a 5-unit apartment building, which is located at 1536 W. 30th St. in Los Angeles. The property sold for $510,000 or $102,000 per unit. Built in 1912, the property features two- and three-bedroom apartments. The buyer and seller were not disclosed.
JOPPATOWNE, MD. — Tal Savariego of Meridian Capital Group’s New York City office has arranged a $10 million loan for an expansion of the 300-unit Harborside Apartments in Joppatowne. The expansion will accommodate the influx of workers expected to help with the nearby Aberdeen Proving Ground’s base realignment campaign. The loan comes with a 3-year, interest-only term. Harborside, the only multifamily property in Joppatowne, was built in the mid-1970s.