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.
DALLAS — Tampa, Fla.-based CLW Health Care Services Group has completed the sale of Caruth Haven Court, a 91-unit assisted living facility located in the Park Cities neighborhood of northern Dallas, for $20.5 million. The three-story building was constructed in 1999; it is situated on 2.2 acres and totals 74,647 square feet. CLW represented the seller, SHP II Caruth LP, which consists of a partnership between Prudential Real Estate and 12 Oaks Senior Living. Caruth Haven Court was acquired by Cornerstone Growth & Income REIT through its affiliation with Servant Healthcare Investments. Operation of the facility will be handled by 12 Oaks Senior Living, the current operator the property.
POLK COUNTY, FLA. — PAC Land Development has broken ground on the 348-unit Victoria Park Apartments in Polk County. The complex will feature a 19,000-square-foot clubhouse that includes a fitness room, a play area, a game room and an indoor basketball court. A pool and an outdoor fire pit round out the property’s amenities. SGM Engineering, Paul J. Ford & Co. and Bowyer-Singleton & Associates are assisting with engineering duties.
DURHAM, N.C. — Chapel Hill, N.C.-based Great House has sold the 24-unit Birchwood Apartments to Rougemont, N.C.-based Cagle Apartments for $1.17 million. The complex sits on 1.05 acres of land at 2918 Chapel Hill Rd. in Durham. The property, which was built in 1990, consists entirely of one-bedroom units and is currently 100 percent occupied. Jim Scofield of Sperry Van Ness’ Raleigh, N.C., office represented the seller, and the firm’s Derrick Minor represented the buyer.
CAMBRIDGE, MASS. — Jones Lang LaSalle has completed NorthPoint Residences, two residential condominium towers located within the NorthPoint master-planned community in Cambridge. The buildings comprise 1 Earhart Way, which rises eight floors and contains 99 one-bedroom lofts, and 2 Earhart Way, a 12-story building that contains 230 one- to three-bedroom flats and duplexes. The former building also contains one level of underground parking and the latter building contains two levels of underground parking. The community includes an interior courtyard with a bamboo garden. The 1 Earhart Way building was designed by CBT Architects; 2 Earhart Way was designed by Architects Alliance. The project is being developed by Pan Am Systems.
WEBSTER AND PINELLAS PARK, N.Y. — NorthMarq Capital has arranged two loans in New York totaling approximately $25 million. NorthMarq’s Upstate New York office secured approximately $18 million in first-mortgage financing for Webster Manor Apartments, a 308-unit multifamily community located in Webster. Sam Berns of NorthMarq originated the loan, which carries a 7-year term and a 30-year amortization schedule. The lender was AmeriSphere Multifamily Finance, a Fannie Mae DUS lender. Additionally, NorthMarq’s New York Metro office arranged $7 million in first-mortgage financing for a 46,817-square-foot Wal-Mart located in Pinellas Park. Craig Bjornsund of NorthMarq, along with Carl Amorosino of Estreich & Co., secured the loan, which also carries a 7-year term and a 30-year amortization schedule. The borrowers in both transactions were undisclosed.
NORTH HOLLYWOOD, CALIF. — Los Angeles-based IPX has acquired Otsego Villas, a 40-unit apartment community located at 11109 Otsego St. in North Hollywood. Beverly Hills, Calif.-based Otsego Villas LLC sold the property for $7.7 million. Melinda Russell of Hendricks & Partners’ Los Angeles office represented both parties in the transaction.
OCEANSIDE, CALIF. — In an all-cash transaction, Pelican Cove Business Holdings LLC has acquired Pelican Cove Apartments in Oceanside for $4.6 million. The 24-unit property, which is located at 707-09 Eaton St., offers mostly two-bedroom units with garages, lagoon views, and a pool, paddle tennis and patio area. Will Creagan of Southwest Equity Partners represented the buyer; Ray Adams of Grubb & Ellis|BRE Commercial represented the seller, Glenn Goldman Family Trust, in the transaction.
ATLANTA — Dayton, Ohio-based The Connor Group has purchased the 357-unit Northlake apartment complex from an undisclosed seller for $42 million. The complex is located at 3421 Northlake Parkway in Atlanta. Property amenities include a fitness center, a pool and meditation gardens.
BOYNTON BEACH, FLA. — William Johnson of NorthMarq Capital’s Boca Raton, Fla., office has arranged a $30 million first mortgage for the 319-unit Gateway Club Apartments. The property is located at 3930 Max Place in Boynton Beach. Financing for the 7-year loan was provided by Freddie Mac. The loan comes with a 30-year amortization schedule.