PEMBROKE PINES, FLA. — Israel-based Gamla-Cedron Group has purchased the 26 remaining units at the 250-unit La Via Condominium complex from an undisclosed seller for $1.43 million. The property is a distressed asset that has been sold, piece by piece, since 2005. The apartment complex, which is located in Pembroke Pines, was converted to condominium units to facilitate its sale. Avery Klann of Apartment Realty Advisors’ Boca Raton, Fla., office arranged the deal.
CHICAGO — Essex Realty Group has brokered the sale of a 33-unit multifamily community located at 6506 N. Ashland in the Rogers Park neighborhood of Chicago. The property houses 31 studios, one one-bedroom unit and one two-bedroom unit. Additionally, the building includes two street-level commercial storefronts. David Goss and Jon Morgan of Essex represented the seller, a local bank, and the buyer in the transaction. The property commanded a sales price of approximately $1.8 million.
BELTON, TEXAS — Needham, Mass-based Potomac Realty Capital has arranged $7.3 million in permanent financing for a 202-unit apartment community located in Belton. The loan carries an interest rate of 6.41 percent and was provided by Fannie Mae. Proceeds were used to retire an existing bridge loan — also secured by Potomac — that was taken out 12 months ago by the Dallas-based owner to complete a capital improvements program to the property.
BURBANK, CALIF. — Burbank-based Burbank Holdings Corp. has purchased Verdugo Gardens, a 34-unit multifamily property located at 275 W. Verdugo Ave. in Burbank. The property sold for $7.26 million or $213,603 per unit. Built in 1985, the complex features two- and three-bedroom units. The buyer plans to upgrade the property and provide affordable housing. Kevin Lutz and Kevin Hurley of Hendricks & Partners’ Pasadena, Calif., office represented the seller, Los Angeles-based Jamco Holdings Corp., in the transaction.
HENDERSON, NEV. — Las Vegas-based Crisci Builders, serving as general contractor, has broken ground for the construction of Henderson Supportive Housing, which will be located at 600 N. Major Ave. in Henderson. Accessible Space Inc. contracted Crisci to build the two-story, 25-unit apartment complex. Designed by Creative Design Architecture Inc., the $3.6 million, 21,350-square-foot project is slated for completion in late November.
BIRMINGHAM, ALA. — Brokers at CB Richard Ellis Capital Markets have secured a $16.87 million loan for the acquisition of the 400-unit The Meadows at Brook Highland Apartments in Birmingham. Financing for the 7-year loan, which carries a 3.2 percent interest-only floating rate and a 30-year amortization, was provided by Freddie Mac. The borrower is planning $1.2 million in exterior upgrades and interior renovations totaling $6,000 per unit. The 22-year-old apartment is 96.3 percent occupied. Keith Braddish and Jason Gaccione of CB Richard Ellis’ New York City office and Robert LaChapelle, Richard Jordan and Matt Forgione of the firm’s Atlanta office closed the deal.
CARLSBAD, CALIF. — Ray Adams of Grubb & Ellis|BRE Commercial represented Glenn Goldman Family Trust in the disposition of Pirineos Pointe Luxury Townhomes, which is located at 2610-22 Pirineos Way in Carlsbad. Newkirk Family Trust purchased the property, which was built in 2003, for $4.5 million. Surrounded by the La Costat golf course, the property comprises 14 1,640-square-foot units, featuring three bedrooms and 2.5 baths with two-car garages. Dale Lawrence of Lawrence & Associates represented the buyer in the transaction.
SACRAMENTO, CALIF. — PNC ARCS has closed a $5.82 million loan for Ridgestone Apartments and Granite Springs Apartments in Sacramento. Offering 160 units, the properties features laundry rooms, children’s play areas and secured entry. The loan features a 6-year term with 30-year amortization at a fixed rate of 6.315 percent. The Calabasas Hills, Calif., office of PNC ARCS originated the loan through Fannie Mae.
LOS ANGELES — Los Angeles-based Ovada Garden LLC has acquired Ovada Garden Terrace, a 5-unit apartment property located at 11378-11382 Ovada Place in the Bel Air area of Los Angeles. The property sold for $1.57 million or $135,000 per square foot. Mark McDonald of Hendricks & Partners’ Los Angeles office represented the seller, Encino, Calif.-based Ovada Partners LLC, in the transaction.
KONA, HAWAII — Boston Capital has invested in Lokahi Kax‘u, a to-be-built, 309-unit multifamily development in Kona. The general partner is Hox‘loehua Management LLC, a subsidiary of Allied Pacific Development LLC. The project will feature 90 studios, 108 one-bedroom and 108 two-bedroom units targeting residences at 60 percent or less of the area median income (AMI). Six studios, six one-bedroom and five two-bedroom units will be restricted to tenants at 30 percent AMI. The 10-acre site will consist of 18 three-story, garden-style buildings and offers a community building/pavilion with a kitchen, BBQ area, game tables, exercise space for activities such as yoga and hula, volleyball courts, basketball courts and playgrounds.