TORRANCE, CALIF. — Marcus & Millichap has handled the $28.1 million court-appointed receiver’s sale of the 152-unit Hampton at South Bay, a luxury multifamily apartment property located at 20707 Anza Ave. in Torrance. The buyer is a Los Angeles-based private investor. Marcus & Millichap’s Greg Harris and Ron Harris represented the receiver, Michael Fiorina of Los Angeles-based Total Cos.
Multifamily
DENVER — Pinnacle Real Estate Advisors LLC has brokered the $2.45 million sale of the 39-unit Lincoln Street Apartments, located at 6 Lincoln St. in the West Washington Park neighborhood of Denver. Built in 1964, the complex had only three vacancies at the time of sale. Pinnacle’s Bobby Hutchinson and Joe Hornstein represented the seller, BPMA Apartments LLC, and Greg Price of Marcus & Millichap represented the buyer, 6 Lincoln LLC.
SHILOH, ILL. — Metro Asset Group and Shiloh-based J2K Development have broken ground for the development of Cedarhurst of Shiloh Assisted Living Community, which will be located at 429 S. Main St. in Shiloh. The three-story facility will offer 87 studio and one-bedroom apartments and an attached 20,000-square-foot, single-story memory care wing. Additionally, the center will feature a nurse call station, multiple gathering and living rooms, craft and activity spaces, a library, a wellness center, a fitness room, a full service beauty and barber shop, resident laundry rooms and private and common dining areas. IMPACT Strategies is serving as general contractor for the project, which is slated for completion in September 2010.
ARLINGTON, VA. — A partnership between Cornerstone Real Estate Advisers and Kettler has sold the 326-unit Metropolitan at Pentagon Row multifamily complex to Equity Residential for nearly $100 million. The property, located at 1401 S. Joyce St. in Arlington, is currently 95 percent occupied. Apartment amenities include a rooftop lounge equipped with a kitchen, a rooftop swimming pool, a cyber cafe, a business center and a fitness center. Dave Nachison and Alan Davis of Holliday Fenoglio Fowler’s Washington, D.C., office represented the seller.
WAUKEGAN, ILL. — A limited liability company organized by Colorado-based Monarch Investment and Management Group has acquired Northgate Apartments in Waukegan. The 363-unit REO property sold for $22 million or $60,606 per unit. Located at 2330 N. Samson Way, the 348,930-square-foot property features 15 one-bedroom/one-bath units, 45 large one-bedroom/one-bath units, 108 two-bedroom/one-bath units, 90 large two-bedroom/two-bath units, 90 extra-large two-bedroom/two-bath units and 15 three-bedroom/two-bath units. Additionally, the community features a clubhouse, a fitness center, a playground, a swimming pool and a tennis court. Scott Harris of Marcus & Millichap represented the seller, an East Coast-based lender, in the transaction.
CARROLLTON, TEXAS — Arizona-based MC Cos. has acquired Saddle Creek Apartments, a workforce housing community located in the Dallas suburb of Carrollton. The Class B, garden-style property contains 238 units. MC purchased the community from Equity Residential. Acquisition financing was arranged by PNC ARCS through the Federal Home Loan Mortgage Corp. The acquisition price was not disclosed.
LOS ANGELES — Charles Dunn Co. has brokered the $4.52 million sale of a 29-unit, bank-owned luxury apartment property at 700-704 N. Hill and 709-711 N. Yale streets in Los Angeles. The property is currently vacant and slated for completion in spring 2010. Charles Dunn’s Michel Hibbert represented both the seller, Gateway Business Bank, and the buyer, Super A Logistics Services LLC.
BRADENTON, FLA. — CB Richard Ellis has brokered the sale of the 226-unit Manatee Woods multifamily complex between two undisclosed parties for an undisclosed amount. Located in Bradenton, the 16-year-old property is 92 percent occupied. Shelton Granade, Luke Wickham, Jim Bobbitt and John Selby of CB Richard Ellis represented the seller.
PHOENIX — Colliers International has brokered the $47.8 million acquisition of San Melia, a 488-unit luxury apartment community located at 14435 S. 49th St. in Phoenix. Built by Mark Taylor in 1998, San Melia features amenities such as a resort-style swimming pool with sand beaches, two sand volleyball courts, two basketball courts, tennis courts, two spas, a luxurious clubhouse, a state-of-the-art fitness center and garage parking. Colliers’ Cindy Cooke and Brad Cooke represented the buyer, Investment Property Associates LLC, and Apartment Realty Advisors’ Brad Goff and Bret Zinn represented the seller, TIAA-CREF.
RICHMOND, VA. — The 46-unit Pine Court Apartments, located on the edge of the Virginia Commonwealth University campus in Richmond, has received a $3.57 million loan. The 10-year loan carries a 30-year amortization and a 5.79 percent interest rate. Walker & Dunlop secured the financing.