HILTON, N.Y. — The Rose Hill Group of Western New York (RHG) has arranged an $8 million bridge loan for Hilton East Assisted Living, a 175-bed senior housing facility located in Hilton. The property had a more than 90 percent occupancy rate at the time of closing. Thomas Grzebinski of RHG arranged the loan on behalf of the Rochester, N.Y.-based borrower through a regional bank. Terms of the financing were not disclosed.
MANCHESTER, CONN. — Chozick Realty has negotiated the sale of Mansion Apartments, a 15-unit multifamily community located at 20-28 Otis St. in Manchester, for $1.26 million. The property comprises seven two- and three-bedroom units located in a mansion construction in 1886, as well as eight two-bedroom townhomes constructed in 1972. The mansion includes the original woodworking, working fireplaces with hand-carved mantels, original etched brass door hardware, electrified gaslights and canvas ceilings. It has been upgraded with new HVAC systems, plumbing and electrical service. Rick Chozick of Chozick Realty represented the buyer, Otis Manch LLC. The seller, Stephen Grimaldi, was represented by Michele Lizee of Century 21 Alaimo. The community traded at a price of $84,000 per unit.
HILLSBORO, ORE. — Beaverton, Ore.-based SKL Properties LLC has acquired Regis Arms, a 20-unit multifamily property in Hillsboro. Located at 2050 NE Barberry Dr., the property sold for $1.3 million. The seller was Seattle-based P&R Management LLC. Grayson Pounder of Hendricks & Partners’ Portland, Ore., office brokered the transaction on behalf of the seller.
ANN ARBOR, MICH. — Co-developers Kensington/Marquette Partners and Allen & O’Hara Development have completed the first phase of The Courtyards, an off-campus student apartment complex situated adjacent to the University of Michigan North Campus in Ann Arbor. The final phase of the 896-bed, three-building community is scheduled to open in the summer of 2009. The property houses one-, two-, three- and four-bedroom units, each with private bathrooms. Located at 1780 Broadway, the community features 24-hour study rooms, tanning domes, a video game room and an on-site 20-seat movie theater. The estimated cost of completion was not disclosed.
NEWTON, N.J. — Livingston, N.J.-based Gebroe-Hammer Associates (GHA) has brokered the sale of Town Square Garden, a 41-unit multifamily community located at 54 Mill St. in Newton, for $3.67 million. The property consists of a two-story, Class A building containing 19 one-bedroom, 18 two-bedroom and four three-bedroom units. Stephen Tragash and Elliot Schechter of GHA represented the seller, Town Square Gardens LLC, and procured the undisclosed buyer. The new owner plans to complete extensive capital improvements to the property.
OAKLAND AND CONCORD, CALIF. — Kevin Turner and Nolan Jones of Marcus & Millichap’s Oakland office represented both undisclosed parties in the sale and acquisition of a 39-unit multifamily community. Located at 2833 High St. in Oakland, the 31,720-square-foot property sold for $2.9 million. The community features a full-length patio, gated parking and on-site laundry facilities. In a separate transaction, Jason Snyder and Marc Guillion, also of Marcus & Millichap’s Oakland office, represented the undisclosed buyer in the acquisition of Woodstone Apartments, a 20-unit multifamily community in Concord. The 18,778-square-foot property sold for $2.3 million. The community offers a swimming pool, on-site laundry facilities, 20 carports and 10 additional open parking spaces. The property is located at 4819 Clayton Road. The seller was not disclosed.
LANCASTER, PA. — Woodbridge, N.J.-based The Kislak Company has completed the sale of Ambassador Apartments, a 68-unit multifamily community located in Lancaster, for $3.4 million. The property comprises four three-story, brick buildings; occupancy was at 95 percent at the time of closing. Robert Holland of Kislak represented the seller, Sentry Realty, and Janet Bortz, also of Kislak, represented the New Jersey-based buyer. The buyer also owns Lancaster Court, an adjacent, 88-unit apartment complex.
AUSTIN, TEXAS —Hendricks & Partners (H&P) has completed the sale of two Austin apartment communities. The first property, Princeton, is a 90-unit community located at 4411 Airport Blvd. Princeton is situated on approximately 2.75 acres, and it contains an average unit size of 814 square feet. The property was remodeled in 2007. The second property, Stony Creek, is a 132-unit community located at 4911 Manchaca Rd. It comprises two- and three-story, garden-style buildings situated on approximately 5.9 acres. Unit sizes range from 481 to 917 square feet. Ellen Muskin and George Deuillet III of H&P’s Austin office represented the seller, San Antonio Alternative Housing Corporation No. 4. The properties were acquired by Santa Barbara, Calif.-based M3 Multifamily. The acquisition price was not disclosed.
WEBSTER, TEXAS — Capmark Finance has arranged $9.45 million in acquisition financing for El Dorado Ranch, a 324-unit apartment community located at 265 El Dorado Blvd. in Webster. Situated on 9.7 acres, the community comprises 21 two-story, garden-style buildings. The property was 95 percent occupied at the time of closing. Brant Smith of Capmark’s Houston office originated the financing on behalf of the borrower, El Dorado Ranch LLC, which is an affiliate of Houston-based Concierge Asset Management. Terms of the loan include a 6.11 percent fixed interest rate, a 5-year term and a 30-year amortization schedule. The lender was Freddie Mac.
REDONDO BEACH, CALIF. — Bascom Group and Rockpoint Group LLC have completed the disposition of The Waterfront, a 161-unit beachfront multifamily community in Redondo Beach. A private investor acquired the property for $49 million, which represents $304,348 per unit or $392 per square foot. Located at 211 Yacht Club Way, the 125,050-square-foot community features a swimming pool, a spa, a state-of-the-art fitness center and a clubroom, as well as a private beach for residents. Additionally, the property features a 10,000-square-foot restaurant, which is operated by The Chart House. Greg Harris and Ron Harris of Marcus & Millichap represented the seller in the transaction.