WACO, LONGVIEW AND WICHITA FALLS, TEXAS — Cleveland-based KeyBank Real Estate Capital has secured $19.6 million in Freddie Mac financing for three Texas assisted living facilities. Meadowlands Terrace, located in Waco, received a $7.9 million loan; Eastman Estates, located in Longview, received a $6.4 million loan; and Wichita Falls, located in a city of the same name, received a $5.3 million loan. The fixed-rate credit facility has a weighted average interest rate of 6.65 percent and a term of 10 years. The borrower was not disclosed.
FRESNO, CALIF. — CMR Mortgage Fund has completed the disposition of a 33-unit multifamily community in Fresno. Built in 1970, the property features two-bedroom, garden-style units. The undisclosed buyer plans to renovate the community. Jamie Clifford and Steve Carne of Arroyo & Coates represented the seller in the transaction. The acquisition price was not disclosed.
LOS ANGELES — Hiu Chan of Marcus & Millichap has completed the disposition and acquisition of an apartment building located at 2054 Argyle Ave. in Los Angeles. The 31-unit property sold for $4.5 million. Built in 1957, the property is situated on a 21,562-square-foot site. The seller and buyer were not disclosed. Chan represented both parties in the transaction.
VIRGINIA BEACH AND WILLIAMSBURG, VA. — An affiliate of Harbor Group International has purchased Mariner’s Cove Apartments and Steeplechase Apartments from an affiliate of AIMCO for $69.2 million. The 458-unit Mariner’s Cove, located in Virginia Beach, is 95 percent occupied. Harbor Group will invest $2.3 million in the 38-year-old apartment, which was renovated in 2002. Located in Williamsburg, the 220-unit Steeplechase was built in 1986 and renovated in 2006. Harbor Group will invest $1.3 million in the property for renovations. Steeplechase is 98 percent occupied. Dan Johnson, Hank Hankins and Sean Cunningham of CB Richard Ellis brokered the transaction.
ELYRIA, OHIO — Douglas Wilson in the Columbus, Ohio, office of Irvine, Calif.-based Sperry Van Ness has represented both parties in the sale of a multifamily community located at 103 Cheshire in Elyria. Situated on 3.8 acres, the 66-unit Hampshire Apartments houses 10 efficiency units, 51 one-bedroom units and five two-bedroom units. The complex was 91 percent occupied at the time of escrow. Ashland, Ohio-based Aspen Properties has purchased the community from Elyria-based 4M Investments for approximately $1.73 million.
TOLEDO, OHIO — Toledo-based Health Care REIT has terminated its previously announced agreement with an affiliate of Arcapita Inc. to acquire 90 percent interest in a 29-property senior housing portfolio managed by Sunrise Senior Living Inc. The properties are located mainly in the New York, Los Angeles and Chicago metropolitan areas. Given the uncertainty in the capital markets, Health Care REIT has decided not to move forward in negotiations.
NEW YORK CITY — Manhattan, New York City-based Fifth Square Partners is advancing construction for The Steelworks Lofts, a residential loft conversion project located on North Fourth Street in the Williamsburg neighborhood of Brooklyn, New York City. The project comprises the conversion of the 130,000-square-foot Lewis Steel Products building into 88 residential loft units, ranging in size from 640 to 1,683 square feet. Units will range from studio to three bedroom lofts and penthouses, and will feature 7-foot tall factory windows and ceiling heights ranging from 11 to 20 feet. Living spaces will have white oak flooring, custom wood detailing made from recycled building joists, and a specially crafted light at each unit entrance made from an original Brookfield Insulator. Reclaimed lumber from the conversion will be used to create shelving and interior details throughout the building, as well as a rough-hewn wood reception desk in the lobby. Building amenities include an 8,500-square-foot, landscaped roof deck that will feature a skyline cinema, open air bungalows, outdoor communal kitchens, private rooftop cabanas, and stone fire pits. Other amenities include a two-story library, a mezzanine lounge, a fitness center, refrigerated storage for residents, and a secure parking garage. Units will be price …
HOUSTON — The Houston office of Alliance Communities has held the groundbreaking for the development of Broadstone Voss, a 307-unit rental apartment community located in the Galleria corridor of Houston. Designed by locally based Meeks + Partners, the project will consist of nine buildings arranged in clusters that will wrap the apartment units around three courtyards and a six-story parking garage. The architecture of the building includes rectangular volumes, flat roofs, and a façade composed of brick, stone, exposed steel and glazed glass. The exterior of the unit balconies will also have movable sunscreens that residents can use to adjust the amount of light coming into individual units. Units will range from one to three bedrooms with sizes ranging from 632 to 1,445 square feet. Community amenities will include a 7,000-square-foot clubhouse with a lounge and entertainment kitchen, a fitness center, a business center, and a conference room. Broadstone Voss also features a resort-style pool and fountain with a sundeck and a fireplace. The project consists of the redevelopment of a former apartment complex that was built in the 1970s on the 4.89-acre site.
CONCORD, CALIF. — Concord-based B. Mann’s Properties has purchased Woodstone Apartments in Concord for $2.3 million. Built in 1963, the 20-unit property features two-bedroom/one-bath units, a swimming pool and on-site laundry facilities. Jamie Clifford of Arroyo & Coates represented the seller, CMR Mortgage Fund, in the transaction.
ATLANTA — BPG Properties has purchased the 494-unit Post Woods from Post Apartment Homes for $52.75 million. The Class B+ community, located 1 mile from the interchange of Interstates 75 and 285 in Atlanta, spans 50 acres and encompasses walking trails and two lakes. BPG Properties will invest $6 million for interior and exterior renovations to the property.