DALLAS — Completion is nearing for Churchill Estates at Lake Highlands, a 175-unit senior housing community located at 8501 Lullwater Dr. in Dallas. Amenities for the community include a wellness center and library, a movie studio, a billiards rooms, a fitness center and an art studio. Dining options include two dining rooms, a bistro and a wine room. The community is currently open to residents, along with some of the amenities; the entire project should be finished by late 2009. Churchill Residential is the developer of Churchill Estates. Galier, Tolson, French Architects designed the project, with KWA Construction serving as general contractor. Faulkner Design Group is the interior designer.
Multifamily
PINELLAS PARK, FLA. — Chicago-based Oceanside Affordable Housing has purchased the 104-unit Oceanside Apartments from Mallah Family Investments for an undisclosed amount. The Senior HUD Master HAP property is located at 6700 102nd Ave. in Pinellas Park. John Burpee of NAI Tampa Bay brokered the sale, which took more than 1 year to complete.
PINELLAS PARK, FLA. — Chicago-based Oceanside Affordable Housing has purchased the 104-unit Oceanside Apartments from Mallah Family Investments for an undisclosed amount. The Senior HUD Master HAP property is located at 6700 102nd Ave. in Pinellas Park. John Burpee of NAI Tampa Bay brokered the sale, which took more than 1 year to complete.
RIVERVIEW, FLA. — The FDIC, acting as a receiver for Corus Bank, has sold 199 units in the 432-unit Allegro Palm condominium complex to a local private investor for $6.25 million. The property, which was built in 2000, is located at 5501 Legacy Crescent Place in Riverview. Evan Kristol and Still Hunter of Marcus & Millichap¹s Fort Lauderdale, Fla., office brokered the sale.
ACTON, MASS. — CB Richard Ellis/New England (CBRE) has brokered the sale of Spring Hill Commons, a 105-unit apartment community located in Acton. The community comprises four buildings situated at 421 Great Rd. It contains a mix of one- and two-bedroom units and was approximately 94 percent occupied at the time of the sale. CBRE's Paul Donahue, Travis D'Amato and Bill Moylan represented the seller, Chicago-based Equity Residential, and procured the buyer, Needham, Mass.-based Universal Realty. The acquisition price was not disclosed.
MORRIS COUNTY, N.J. — NorthMarq Capital has secured $8 million in permanent financing for a 222-unit, garden-style apartment community located in Morris County. The loan carries a 15-year term; a 6.12 percent fixed interest rate and is self-liquidating. Mark Scott of NorthMarq's New Jersey office arranged the deal through a regional bank.
NEW YORK CITY — Massey Knakal Realty Service has completed the sale of 1001 Avenue H, a 38-unit, walk-up apartment building located in the Flatbush neighborhood of Brooklyn, New York City, for $3.16 million. The building traded at a 6.4 percent capitalization rate. Eric Greenfield of Massey Knakal negotiated the transaction between the two undisclosed parties.
MOUNT VERNON, N.Y. — Houlihan-Parnes Realtors has arranged $1 million in first-mortgage financing for two apartment buildings located in Mount Vernon. The two five-story buildings are located at 239-253 W. First St. The properties contain a total of 44 apartments and eight retail spaces. Jeremiah Houlihan of Houlihan-Parnes secured the loan, which contains a 10-year term at a market interest rate. The lender is a Long Island-based savings bank.
CHICAGO — An undisclosed buyer has acquired 1514 West 77th Street, a 19-unit apartment building located in Chicago’s Auburn Gresham neighborhood. Doug Fisher and Jon Morgan of Essex Realty Group brokered the sale. Additional details about the sale were not disclosed.
LYNN, MASS. — Arbor Commercial Funding has arranged $1.87 million in Fannie Mae DUS funds for Mayflower Apartments, a 48-unit multifamily community located in Lynn. Edward Petti of Arbor's New York City office originated the loan, which contains a 10-year term, a 30-year amortization schedule and a 6.18 percent interest rate. The borrower is using the funds to complete a 1031 exchange.