ARLINGTON, TEXAS — Arizona-based MC Companies has acquired the management portfolio of Arlington-based Encore Management Co. as part of an effort to increase the company’s Texas presence. The portfolio comprises more than 7,000 units of multifamily housing located across the state of Texas that are currently managed by Encore. As part of the transaction, the portfolio will be brought under the new division MC Residential of Texas; Encore’s, Jackie Jackson, will remain as president of the new division. The rest of Encore’s management and staff will also remain in place.
HENDERSON, NEV. — The Bellevue Apartments LLC has acquired Wood Creek Villas, a 75-unit multifamily property located at 6551 Annie Oakley Dr. in the Green Valley area of Henderson. The sellers, Donia Family LP and Donia Investments LP, sold the property for $7.5 million. Patrick Sauter and Bonnie Densmore of The Sauter Companies brokered the transaction.
LOS ANGELES — Greg Bassirpou of Marcus & Millichap represented both undisclosed parties in the disposition and acquisition of a nine-unit apartment property in Los Angeles. Located at 3250 Andrita St. and built in 1988, the property sold for $1.145 million.
PUNTA GORDA, FLA. — Punta Gorda Acquisitions Associates, a subsidiary of Pasadena, Calif.-based Evergreen Realty Group, has landed a $2.8 million loan for the purchase of the 56-unit Punta Gorda Elderly Care Center. The 15-year-old property, which spans 22,271 square feet, is located at 2295 Shreve St. in Punta Gorda. Kristopher Wood and Charlie Peterson of Philadelphia-based NAI Bluestone Real Estate Capital secured the 3-year, fixed-rate loan. Financing for the loan, which comes with a 7.75 percent rate and a 25-year amortization, was provided by the National Bank of Southwest Florida.
RYE BROOK, N.Y. — Cleveland-based Forest City Enterprises has disposed of Sterling Glen of Rye Brook, a supported-living senior housing facility located in Rye Brook. The 168-unit community traded at a price of $70 million. It was acquired by Atria Senior Living Group as part of a larger transaction, agreed upon in 2007, in which Atria has agreed to acquire a majority of Forest City’s supported living portfolio.
FORT WORTH AND DENTON, TEXAS — Irving, Texas-based The LaSalle Group is developing two new locations for its Autumn Leaves senior care brand in Texas. The new facilities will be located at 7100 Dutch Branch Rd. in Fort Worth and on Brinker Road in Denton. They will total approximately 26,000 square feet each and will feature 36 to 38 units, as well as 10,000 square feet of outside space. Amenities will include gardening areas and greenhouses, games rooms, and living rooms. Autumn Leaves specializes in memory care and assisted living services for seniors suffering from Alzheimer’s disease and dementia. The LaSalle Group is developing both projects; a partnership between LaSalle and Silverado Interest is the owner. The project architect for both facilities is Curtis Group Architects and the general contractor is Lake Superior Contracting, which is a wholly owned subsidiary of The LaSalle Group. The Fort Worth facility is under construction and is slated for a June completion. The Denton facility will break ground in March, with completion slated for November.
NEW YORK CITY — Community Preservation Corp. (CPC) has provided a $1.26 million permanent loan for the refinancing of an apartment building located at 37 S. Third St. in the Williamsburg neighborhood of Brooklyn, New York City. The property received a CPC construction loan 8 years ago, which helped fund its renovation into eight loft apartments with ground-floor retail space. Rents currently average $2,450 per month. Terms of the loan, as well as the borrower, were not disclosed.
SARASOTA AND TAMPA, FLA. — iStar Financial has sold the 286-unit Turnbury Park at Palm Aire apartment complex to B&M Development Co. for $21.13 million. The property, located at 6104 Turnbury Park Dr. in Sarasota, features a lakeside swimming pool and a 6,000-square-foot clubhouse. The 298,702-square-foot complex was built in 1998. Byron Moger and Luis Elorza of Cushman & Wakefield’s Tampa office brokered the sale. Moger and Elorza also represented Crescent Resources in its sale of the 176-unit Bay Oaks complex to Carter-Haston Real Estate Services for $11.35 million. Built in 1974, the 106,896-square-foot property is located at 3105 Bay Oaks Court in Tampa. Amenities include a pool and a fitness center.
HURST, TEXAS — Dallas-based Henry S. Miller Brokerage (HSMB) has arranged the sale of Cavender Manor, a 74-unit apartment community located in Hurst. The property was constructed in 1965; it features on-site laundry facilities and a swimming pool. HSMB’s Richard Keeling and John St. Clair represented the seller, San Diego National Bank. The buyer, Texas-based Cavender Manor LLC, was represented by Maurice Benita of the Beverly Hills, Calif., office of Keller Williams. The acquisition price was not disclosed.
SEATTLE — Seattle-based West Lee LLC has purchased The Max, a 30-unit apartment community in Seattle, for $7.1 million or $236,667 per unit. Bellevue, Wash.-based Maxville Partners LLC sold the property, which is located at 8520 Evanston Ave. in Seattle. Kenny Dudunakis, John Shaw, Josh Blake and Heather Wade of Hendricks & Partners’ Seattle office represented the seller in the transaction.