VISTA, CALIF. — RREEF has completed the disposition of Bella Terra, a 460-unit apartment community located at 365 Pomelo Dr. in Vista. Hillcrest Montecito LP, VLC Bonnie Brae LP and Vista Bella Terra LP, three R&V Management sponsored partnerships, acquired the property for $69.5 million. The community features one-, two- and three-bedroom units ranging in size from 700 to 1,160 square feet. Community amenities include two swimming pools and spas, an onsite clubhouse, a fitness facility, a business facility and a playground. Ed Rosen, John Chu and Alejandro Lombrozo of Cushman & Wakefield represented all parties in the transaction.
TEMPLE, SAN ANTONIO AND ABILENE, TEXAS — Mission Viejo, Calif.-based The Ensign Group, the parent company of the Ensign brand of senior care facilities, has acquired four Ensign skilled nursing facilities for $10.4 million. Three of the properties are located in Texas; they include the 140-bed Wellington Place Living & Rehabilitation Center in Temple, the 120-bed Salado Creek Living & Rehabilitation Center in San Antonio and the 96-bed Northern Oaks Living & Rehabilitation Center in Abilene. The fourth property is a 70-bed, skilled nursing facility located in Willits, Calif. The properties were acquired from the seller, a long-time Ensign landlord, by four separate Ensign holding subsidiaries. Ensign operating subsidiaries previously have been operating the facilities, and will continue to operate them under new long-term leases with the acquisition entities. Proceeds from Ensign’s recent initial public offering were used to complete the purchase.
JACKSONVILLE, FLA. — Marcus & Millichap has brokered an Aventura, Fla.-based company’s sale of the 151-unit Arlington Village apartment complex to a Jacksonville-based developer for $4 million. The buyer took out a Fannie Mae loan to finance the purchase. Arlington Village, located at 840 & 1000 Bert Rd. in Jacksonville, consists of 17 two-story buildings and is 60 percent occupied. Tal Frydman and Daniel Draizin of Marcus & Millichap’s Fort Lauderdale office brokered the sale.
COLUMBUS AND MARYSVILLE, OHIO — KeyBank Real Estate Capital has closed $21.5 million in Fannie Mae and Freddie Mac-funded loans for four apartment communities located in Columbus and Marysville. Sawmill Ridge Acquisitions LLC has secured $9.1 million in Fannie Mae acquisition loan funding for the purchase of Sawmill Ridge apartments, a 192-unit apartment community located at 6564 Millridge Circle. Hidden Acres Acquisition LLC has secured $3 million in Fannie Mae acquisition loan funding to purchase Hidden Acres East. The 84-unit community is located at 1359 Parkland Rd. Additionally, on behalf of the borrower, JMW Parkleigh Co. LLC, KeyBank Real Estate Capital has provided $6 million in Freddie Mac funding. The loan was secured for Parkleigh North Apartments, a 216-unit complex located at 4187 Beechwold Dr. The firm has also provided Watkins Glen Holdings Ltd. with $3.65 million in Coterminous DUS Supplemental financing for Watkins Glen Apartments, a 256-unit multifamily community located in the Cleveland suburb of Marysville.
CINCINNATI — Dayton, Ohio-based The Connor Group has sold Kensington Park apartments located at 11651 Norbourne Dr. in Cincinnati. Newport Beach, Calif.-based Core Realty Holdings has purchased the 316-unit property for $19.5 million. The Connor Group acquired the complex in 2005, and investors made a 52 percent overall return on the Kensington Park sale in 3.5 years.
MONROVIA, CALIF. — Urban Housing Group is breaking ground for The Courtyards at Old Town, a multifamily complex in Monrovia, in early November. Designed by KTGY, the four-story property will feature 163 luxury apartments and 6,000 square feet of ground-level retail space. Units will offer granite countertops, maple cabinets, broadband wiring, in-unit laundry and 9-foot ceilings. The community will feature a pool, a spa, a fitness center, a clubhouse and seven landscaped courtyards. HSBC Realty Credit Corp. is providing financing for the project, which is slated for completion in April 2010.
LOS ANGELES — Bogert Investment LLC has acquired an 18-unit luxury apartment building in Los Angeles. Located at 1317 S. Westgate Ave., the 21,656-square-foot property sold for $7.3 million. At the time of acquisition, the property was 100 percent occupied. Michael Marechal of Marechal Commercial Real Estate represented the buyer; Michel Hibbert of Charles Dunn Company’s West Los Angeles office represented the seller, 1060 Sherbourne Associates LP, in the transaction.
CHICAGO — Essex Realty Group has arranged the sale of 10 S. Mason, a 41-unit corridor property located within the Austin neighborhood of Chicago. The building houses 26 studio; 13 one-bedroom; and two two-bedroom units. The sales price was approximately $1.08 million. Jon Morgan and David Gross of Essex represented both parties in the transaction.
LA MESA, CALIF. — Encinitas, Calif.-based The Villas Apartment Homes LP has purchased The Villas at La Mesa, an 86-unit multifamily community located at 8515 Chloe Ave. in La Mesa. Beverly Hills, Calif.-based KW/WDC La Mesa LLC sold the property for $11.54 million. Built in 1971, the community offers 67 one-bedroom/one-bath units, two two-bedroom/one-bath units and 17 two-bedroom/two-bath units. Additionally, the property features tropical landscaping, a swimming pool, a spa, on-site laundry facilities, and ample open and covered parking. Steve Hoffman of Hendricks & Partners’ San Diego office represented the seller in the transaction.
RACINE, WIS. — The Commercial & Investment Division of Milwaukee-based Ogden & Co. has brokered the sale of a 71-unit assisted living facility located at 5737 Erie St. in Racine. John and Richard Coury of Elizabeth Residence and Ramsey Woods Residence, respectively, have acquired the property from Villa St. Anna Inc., a subsidiary of Franciscan Ministries Inc. The property is situated within the Wind Point area of the Village of Caledonia. The new owners, which have plans to operate a 50-unit community-based residential facility at the property, will renovate the existing building, enlarging the units, adding full bathrooms and expanding the living area. Additionally, the new owners have plans to construct a 24-unit residential care apartment complex at the approximately 4-acre site. Dave Nance of Ogden & Co. represented the seller; James Ried represented the buyer in the transaction. The acquisition price was not disclosed.