BOCA RATON, FLA. — A private Canadian buyer has purchased the 360-unit Arbor Oaks at Boca Raton from an undisclosed institutional investor for $40 million. The property, which is 91 percent occupied, is located at 9817 Arbor Oaks Lane in Boca Raton. Amenities include a business center, a clubhouse and a heated swimming pool. Avery Klann, Hampton Beebe and Richard Donnellan of Apartment Realty Advisors’ Boca Raton office represented the seller.
PRATTVILLE, ALA. — The Montgomery, Ala.-based firms HomeCorp and Alfa Properties have broken ground on the first phase of the 439-unit The Park Apartment Homes. More than 250 apartments will be built as part of the first phase. The property is spread across 34 acres on Legends Drive in Prattville and sits in a planned 2 million-square-foot retail development. Complex amenities include a clubhouse, a fitness center and a pool. The Park is scheduled for delivery in August.
ROSEMONT, ILL. – McShane Construction Company has completed the first of two phases of the Senior Star at Weber Place in Romeoville, Ill. The first phase is a two-story, 44,354-square-foot facility with 77 Memory Care apartments that are designed to support patients with Alzheimer’s disease and other forms of dementia. A second phase of 360,720 square feet will open in January 2010. Senior Star at Weber Place is located at 600 and 605 S. Edward Dr. and is owned by Senior Star Living.
AUSTIN, TEXAS — The Dallas regional office of NorthMarq Capital has arranged $2.5 million in first-mortgage financing for The Oaks Apartments, a 100-unit multifamily property located in Austin. The loan carries a 4-year term and a 30-year amortization schedule. David Mott of NorthMarq arranged the financing on behalf of the undisclosed borrower through a correspondent life insurance company.
LONG BEACH, CALIF. — Holliday Fenoglio Fowler’s (HFF) Los Angeles office has secured a $6.4 million loan for Esther Ridge Apartments in Long Beach. Located at 630-800 E. Esther Ave., the 78-unit multifamily property features 20 one-bedroom/one-bath units, 40 two-bedroom/one-bath units, eight two-bedroom/two-bath units and 10 three-bedroom/one-bath units. The borrower is Westland Industries Group, a Long Beach-based diversified real estate development and management organization. Wachovia’s Multifamily Capital provided financing for the loan.
MILFORD, OXFORD AND LOVELAND, OHIO — Investment Property Advisors has brokered the sales of three Ohio apartment communities for a total of approximately $6 million. The first property is Lila Chateau, a 96-unit community located in Milford. The property traded for $3.42 million at an 8.5 percent capitalization rate. The second property is Pinehurst Apartments, a student housing community located adjacent to Miami University in Oxford. The property was acquired by an undisclosed party based in upstate New York for $1.42 million. Finally, Miami Hills, an apartment community located in Loveland, was purchased by a Cincinnati-based investor for $1.15 million. The seller was the property’s original developer. Jeff Dilbone of Investment Property Advisors represented the sellers in all three transactions.
SHERMAN OAKS, CALIF. — An undisclosed private Southern California investor has purchased the Regency at Sherman Oaks. Located at 4606-4616 Willis Ave., the 69-unit, 82,269-square-foot property sold for $16.5 million or $183 per square foot. The community comprises two three-story buildings offering nine one-bedroom/one-bath units and 60 two-bedroom/two-bath apartments. Greg Harris of Marcus & Millichap’s Encino, Calif., office represented both parties in the transaction. The seller was not disclosed.
WOODLAND, CALIF. — Sacramento, Calif.-based Crosswood Investment Co. has completed the disposition of Crosswood, an apartment community located at 641-645 Second St. in Woodland. An undisclosed buyer acquired the property for $2.2 million. Steven Nelson and Al Inouye of Hendricks & Partners represented the seller in the transaction.
WINTER PARK, FLA. — Patrick Skinner and Kevin Yaryan of Marcus & Millichap’s Orlando, Fla., office represented a local partnership in the $4 million sale of the 96-unit Golden Oaks Apartments to an LLC. The property is located at 7701 Acorn Woods Circle in Winter Park. Armand Tiberio, Robert Sheppard and Spencer Hurst of Marcus & Millichap’s Seattle office helped broker the sale.
PEORIA, ILL. — Stamford, Conn.-based Alliant Capital has arranged $8.7 million in Fannie Mae DUS funding for the refinancing of The Grove of Peoria, located in Peoria. The garden-style apartment community contains 318 units and occupancy was approximately 93 percent at the time of closing. The loan carries a 5.39 percent interest rate, a 5-year term with a 4.5-year yield maintenance and a 75 percent loan-to-value ratio. The loan was originated by John Starr of Alliant Capital. The borrower was not disclosed.
