ARTESIA, CALIF. — David Yeh and Jonathan Mitchell of Marcus & Millichap represented the undisclosed buyer and seller in the acquisition and disposition of East Park Apartments. The 29-unit apartment property sold for $3.8 million. The property is located at 11562 186th St. in Artesia.
NORTH SCOTTSDALE, ARIZ. — La Privada at Scottsdale Ranch, a 350-unit multifamily property, has traded hands for $32 million. Located at 10255 E. Via Linda in North Scottsdale, the property was acquired by an affiliate of ConAm Group of San Diego. The seller was Scottsdale, Ariz.-based 10255 East Via Linda LLC. The property features two swimming pools, a spa, a picnic and barbeque area, tennis courts, putting greens, a clubhouse, a fitness center and a business center. At the time of acquisition, the community was 93 percent occupied. Tyler Anderson and Sean Cunningham of CB Richard Ellis’ Phoenix office represented the seller in the transaction. Rocco Mandala of CBRE|Melody arranged financing for the acquisition.
DENVER — Alliance Residential Company has opened Broadstone Vesta, a 212-unit apartment community located at 3310 S. Kenton St. in Denver. The community features one-, two- and three-bedroom apartments, a resort-style pool with tanning shelf and spa, a multimedia athletic club with free weights and extensive cardio equipment, a clubhouse with a gourmet kitchen and WiFi Internet access, a social lounge with plasma television and coffee bar, and an outdoor patio with BBQ grill and picnic tables.
DENVER — Phoenix-based Alliance Residential Co. has opened Broadstone Vesta, a 212-unit apartment community located at 3310 S. Kenton St. in Denver. The property comprises six buildings with a mix of one-, two- and three-bedroom units. Building amenities include a resort-style pool with a tanning shelf and a spa, an athletic club, a clubhouse with a gourmet kitchen and wireless Internet access, a social lounge with a plasma television and a coffee bar, and an outdoor patio with barbecue grills and picnic tables.
OAKLAND, CALIF. — The Roman Catholic Diocese of Oakland has sold the Cathedral of St. Francis de Sales and rectory to EAH Housing for an undisclosed price. The Oakland site was the former location of a cathedral that was destroyed by the Loma Prieta earthquake. EAH plans to build the 100-unit Cathedral Gardens affordable housing development on the land. The rectory will be preserved and incorporated into the new development. TRI Commercial/CORFAC International’s Frank Arthur represented the seller, and the firm’s Bill Karr, Robert Ligon and Larry Westland represented the buyer.
HAVERTON AND MALVERN, PA. — The Downtown Chicago and Philadelphia offices of Marcus & Millichap has brokered the sale of two nursing centers located in Haverton and Malvern for $12 million. The properties include Haverford Nursing & Rehabilitation Center and Main Line Nursing & Rehabilitation Center. They total 190 beds. Jacob Gehl and Mark Myers of Marcus & Millichap represented the seller and the buyer, both of which were undisclosed limited liability companies.
ARLINGTON, VA. — Washington, D.C.-based Federal Capital Partners has acquired a $28 million senior secured mortgage loan on an Arlington residential project. A subsidiary of FCP Fund 1 purchased the loan. Federal Capital Partners will service the loan.
BLOOMINGTON, MINN. — NAI Welsh has arranged the sale of Cedar Bridge Apartments, which is a multifamily community located at 2308 Old Shakopee Rd. in Bloomington, to Mound Spring Terrace LLC for $2.2 million. Kevin Doyle and Ryan Dunlay of NAI Welsh negotiated the deal on behalf of the seller, Hillbridge Properties. Erik Johnson of Welsh Capital arranged financing for the buyer.
NORWICH, CONN. — The Hartford, Conn., office of CB Richard Ellis – New England (CBRE) has arranged the sale of two multifamily properties located in Norwich for $17.37 million. The properties include Meadow Ridge Apartments, a 120-unit community located on Plumtree Drive, and Cambridge Estates Apartments, a 92-unit community located on Oxford Drive. Amenities include outdoor pools, townhouse-style units and private decks. CBRE’s Michael Stone and Jessa Kurzman represented the seller, Equity Residential Properties Trust, and procured the undisclosed buyer. In addition, Michael Riccio and Christine Kubas of CBRE Capital Markets secured more than $14 million in acquisition financing for the transaction.
NEW YORK CITY — Marcus & Millichap has completed the sale of an eight-unit multifamily building located at 237 Troy Ave. in Brooklyn, New York City. Daniel O’Brien with the firm’s Brooklyn office represented the seller, a private investor. The undisclosed buyer was secured and represented by an outside broker. The property traded at a price of $645,000 and a 6.59 percent capitalization rate.