CLAREMONT AND POMONA, CALIF. — Raintree Partners has acquired a three-property multifamily portfolio, located in Claremont and Pomona, from Pacific Property Co. for $30.6 million. In Pomona, Southridge Apartments is an 80-unit, two-story, walk-up property with both one- and two-bedroom units. In Claremont, Springhill Townhomes offers 64 two-, three- and four-bedroom units. The Village at Claremont, also in Claremont, consists of 84 single- and two-story units ranging from two to three bedrooms each. Laguna Niguel, Calif.-based Raintree plans to invest in both interior and exterior upgrades at the three properties, all of which are situated within 2 miles of one another and in close proximity to Cable Airport.
PORT ORANGE, FLA. — Krone Weidler of Marcus & Millichap has brokered the $1.2 million sale of a senior housing property between two private parties. The 28,000-square-foot Golden Abbey Assisted Living Facility is located at 1321 Herbert St. in Port Orange. The property includes a 16-unit memory care building; a 41-unit building is under construction and is slated to deliver by the end of the year.
INDIANAPOLIS — Kandu Capital, along with its operating company Bloomfield Senior Living, has purchased two senior-living communities in Indianapolis. The assets include the 56-unit Autumn Glen Assisted Living Community and the 55-unit Autumn Park Assisted Living Community. At the time of acquisition, the 34,000-square-foot Autumn Glen was 99 percent occupied and the 35,000-square-foot Autumn Park was 90 percent occupied. Sunwest Management previously owned the properties. Kandu acquired the properties through a complex bankruptcy 363-sale. Terms of the transaction were not released.
COLLEYVILLE, TEXAS — The Colleyville City Council has approved a zoning request from Senior Living Resource Group for Rosewood Park, a 60,000-square-foot memory care facility. The $6 million property will be constructed at the intersection of Precinct Line Road and Lavaca Trail in Colleyville. DFW Construction will build the 65-unit development.
MISSION, KAN. — A local private equity group has acquired Lamar Place Apartments in Mission for $3.55 million. Constructed in 1971, the multifamily property offers 108 garden-style units. The asset traded at a 7.5 percent cap rate. Jeff Stingley of CB Richard Ellis’ Multi-Housing Group represented the undisclosed seller in the transaction.
ARLINGTON, MINN. — Plymouth, Minn.-based Dominium Development & Acquisition has completed the disposition of Highland Commons in Arlington. The Project-Based Section 8 multifamily complex consists of eight townhome units and a 33-unit senior-housing facility. A Wisconsin-based private developer purchased the property for an undisclosed price. Julie Lux of Cassidy Turley represented the seller in the transaction.
NEW YORK CITY — Construction is complete for Castle Gardens, a new affordable housing project in Harlem. The building contains 114 residential units, including 50 supportive studio apartments and 13 units set aside for formerly homeless people and those recently released from incarceration. The building is located at 625 W. 140th St., adjacent to the non-profit Fortune Academy, which provides transitional housing for formerly incarcerated homeless people. The Fortune Society co-developed the project with Jonathan Rose Cos. as a way to provide permanent housing to complement its transitional housing. Castle Gardens is applying for LEED-Gold certification. Its sustainable features include a green roof with a rainwater harvesting system, aluminum solar shades on the south façade and VOC-free interior materials. The general contractor for the project was Lettire Construction Corp.
SAN ANTONIO, TEXAS — Agape Northwest Housing has sold the 248-unit Dove Valley Ranch apartment complex to Dove Valley Associates for an undisclosed amount. The property is located at 4980 USAA Blvd. in San Antonio. Amenities include a business center, a clubhouse and a pool. Mike Miller of Hendricks & Partners' San Antonio office represented the seller.
SAN BRUNO, CALIF. — Behringer Harvard has acquired the 163-unit Acappella Apartments located at 1001 National Ave. in San Bruno. Terms of the deal were not disclosed. Situated approximately three miles northwest of the San Francisco International Airport, 10 miles south of downtown San Francisco, less than one mile from the corporate headquarters of YouTube LLC and immediately adjacent to 1.1-million-square-foot The Shops at Tanforan, the Acappella Apartments consist of a five-story building with a below-grade parking garage and includes a state-of-the-art fitness center, a business center, a resort-style swimming pool and spa, and a landscaped courtyard with picnic/cookout area. The mid-rise multifamily property was constructed in 2009 during the third phase of development at The Crossing, a 20-acre, master-planned community.
HOUSTON — Behringer Harvard has purchased the 392-unit Uptown Post Oak from a private party for an undisclosed amount. The property is located on a 4.4-acre parcel at 1111 Post Oak Blvd. in Houston's Uptown district. Amenities include a resort-style pool, a coffee bar, an athletic club and an Internet lounge.