ATLANTA — Atlanta-based Post Properties has sold its 206-unit Post Lenox Park apartment complex to Steven D. Bell & Co. of Greensboro, N.C., for $22.7 million. The property, which was built in 1995, is located at 100 Lenox Park Circle in Atlanta. With the sale, Post is expected to report a gain of $12 million.
WATERBURY, CONN. — PNC ARCS has arranged an $8.57 million loan for River’s Edge Apartments, a 156-unit multifamily community located in Waterbury. The gated community was built in 1974; amenities include a swimming pool with a cabana area, secured storage space and laundry rooms. The loan was originated by the Princeton, N.J., office of PNC ARCS through Fannie Mae. Terms of the financing include a 6.5 percent fixed interest rate and a 10-year term with 2 years of interest-only payments. The borrower was not disclosed.
VALLEJO, CALIF. — Stanford Jones, Phil Saglimbeni and Sal Saglimbeni of Marcus & Millichap represented both parties in the disposition and acquisition of Blue Rock Village, a 560-unit multifamily community located at 1900-2000 Ascot Pkwy. in Vallejo. The property sold for $54.4 million or $97,143 per unit. The 448,256-square-foot property features a mix of one- and two-bedroom units offering a private balcony or patio, functional kitchen layouts, generous walk-in closets and covered parking. Additionally, the gated community features swimming pools, a spa, a fitness center and picnic areas. The buyer and the seller were not disclosed.
LEMON GROVE, CALIF. — Hitzke Development Corp. has purchased a 0.8-acre land parcel, which is located at 3595 Olive St. in Lemon Grove, for $2 million. The buyer plans to redevelop the property into Citronica Two, an 80-unit senior mixed-use development. Jason Smithson of NAI San Diego represented the buyer; the seller, Coach of San Diego Inc., was represented in-house.
CHICAGO — Chicago-based Ventas Inc. has sold five senior housing assets to affiliates of Emeritus Corp. for an aggregate sale price of $62.5 million. The facilities, which are located in four states, house a total of 432 units. Prior to the sale, Emeritus was the operator of the five assets. The acquisition price represents a 6.7 percent capitalization rate on current annualized cash rent of $4.2 million. Ventas Inc. expects to record a gain of approximately $23 million on the sale. In addition to providing $10 million in seller financing for the transaction, the company was released from approximately $7 million of existing mortgage debt. The loan is guaranteed by Emeritus, and bears an interest at an average rate of 8.25 percent, which is payable monthly, and matures in 3 years. The company can accelerate the loan on the occurrence of various events. Emeritus remains a operator in 11 other senior housing properties owned by Ventas.
TAMPA, FLA. — Chicago-based Blackhawk Realty Advisors has purchased the 150-unit Palm Lake apartment complex from AIMCO for $6.7 million. The 153,700-square-foot property, which was built in 1972, is located at 13401 N. 50th St. in Tampa. Amenities include a swimming pool and a business center. Byron Moger and Luis Elorza of Cushman & Wakefield’s Tampa office brokered the sale.
WOODBRIDGE, VA. — Washington, D.C.-based Love Funding has arranged a $5.2 million loan for the 89-unit Potomac Place Apartments. The property is located at 2133 Montgomery Ave. in Woodbridge. Financing was secured through the FHA loan program. The deal comes with a 6 percent fixed-interest rate and a 35-year amortization.
VERNON, CONN. — Chozick Realty has completed the sale of two apartment properties, located in Vernon, for $1.76 million. The communities are Regency I and Regency II, and are located at 71 Loveland Hill Rd. and 55 Old Town Rd., respectively. The communities total 31 units; Regency I contains 18 one-bedroom units in two brick buildings, as well as a single-family home; Regency II contains 12 one-bedroom units in a single brick building. Tom Boyle of Chozick Realty represented the seller, West Boulevard Associated, and the buyer, a private individual investor. This transaction marks the fourth time that Tom Boyle has brokered the disposition of the properties.
NEW YORK CITY — Community Preservation Corp. (CPC) has secured a $5 million second mortgage for Executive Towers, a cooperative apartment building located at 1020 Grand Concourse in the Lower Concourse neighborhood of the Bronx, New York City. The 24-story building includes 455 units, 38,000 square feet of office space and a 284-space parking garage. CPC arranged the financing through Freddie Mac. Proceeds will be used to fund a capital improvements program for the community that includes restorations to the garage and façade, elevator upgrades, the replacement of convection units, and upgrades to the hallways and the lobby. The borrower is the building’s co-op, Executive Towers Owners Corp., which was sponsored by H&R Executive Towers LLC. CPC originally financed a $3.8 million construction loan for the property in 1996, which was also used for capital improvements. The loan was converted to a Freddie Mac loan in 1999.
EL CAJON, CALIF. — A partnership sponsored by R&V Management Corp. has acquired Coral Gardens, a 200-unit multifamily complex in El Cajon, for $19.75 million. Located at 425 E. Bradley Ave., the community offers one- and two-bedroom units ranging in size from 678 to 864 square feet. Additionally, the community features garages, a swimming pool and spa, a playground and on-site laundry facilities. The seller was Essex Property Trust. Ed Rosen, John Chu and Alejandro Lombrozo of Cushman & Wakefield represented both parties in the transaction.