SAN DIEGO — The Department of the Navy and Clark Realty Capital have completed the development of Pacific Beacon at Naval Base San Diego. The three-story luxury high-rise residences can accommodate more than 1,800 unaccompanied service members stationed in the San Diego metro area. Constructed by Clark Construction Group and Clark Builders Group, the property features 941 dual master suites; a Sky Terrace with a heated pool and hot tub; a rooftop lounge with fire pits, outdoor seating and barbecues; a WiFi café; game rooms; a poker room; a grand lobby with a large indoor fireplace; a courtyard with grill areas; three fitness facilities; two sand volleyball courts; two basketball courts; two horseshoe pits; a running track and a sports field. Torti Gallas and Partners provided architectural services for the project.
EL CAJON, CALIF. — John and Cynthia Grooms have acquired El Teroso Apartments in El Cajon for $3.8 million. Located at 434-456 S. Mollison Ave., the 41-unit, 32,875-square-foot property features studio, one- and two-bedroom units, as well as one- and four-bedroom houses. The property also features a pool and a landscaped courtyard. Eric Comer, Jim Neil and Merrick Matricadi of CB Richard Ellis represented the buyer and the seller, First Regional Bank, in the transaction.
MARATHON, FLA. — Miami-based Carlisle Development Group has broken ground on the 84-unit Sea Grape Apartments, an affordable housing development in Marathon. Rental rates for a one-bedroom apartment at the complex, which is located at 7155 and 7159 Overseas Highway, start at $250 per month. Amenities include a community clubhouse, a library and a domino court. The $23.3 million project is expected to deliver in December.
LOWELL, MASS — Fantini & Gorga has arranged $3 million in permanent financing for Sutton Place, a multifamily property in Lowell. The property contains five three-story buildings with 12 units in each building. The units range from one to two bedrooms. The loan was made on behalf of Bicknell Associates and was used to pay off a local bank, which resulted in a long-term fixed rate accommodation. The lender was a national life insurance company.
TULSA, OKLA. — Hendricks & Partners (H&P) has brokered the sale of The Highlands, a 593-unit apartment community located at 6000 S. Memorial Dr. in Tulsa, for $11.5 million. The Highlands is the second largest multifamily community in Tulsa and consists of 97 two-story, garden-style buildings on 33.39 acres. They contain a mix of studio, one-, two- and three-bedroom residences. Community amenities include a two-level fitness center, three swimming pools, several laundry facilities, a leasing office/clubhouse, a conference room and a business center. The buyer was Omaha, Neb.-based Tulsa Highlands LP, and the seller was the Federal Home Loan Mortgage Corp. Aaron Hargrove of H&P’s Tulsa office, Tim McKay of the firm’s Oklahoma City office and John Clayton of the firm’s Little Rock, Ark., office negotiated the transaction.
EL CAJON, CALIF. — San Diego-based The Conrad Prebys Trust has purchased The Grove, a 144-unit multifamily community located at 346 Jamacha Rd. in El Cajon, for $14.7 million. Constructed in 1973, the community offers one-, two- and three-bedroom units with vertical blinds, refrigerators and dishwashers in select units. Additionally, the property features a swimming pool and spa, a sauna, a fitness room, a playground and on-site laundry facilities. Allen Chitayat of Hendricks & Partners’ San Diego office represented the seller, Los Angeles-based Grove Apartments LLC, in the transaction.
NEW YORK CITY — New York-based Clipper Equity has completed an approximately $20 million renovation to Flatbush Gardens, a rent-stabilized apartment community located in the East Flatbush section of Brooklyn, New York City. Situated on 30 acres bounded by Newkirk, Nostrand, Farragut and Brooklyn avenues, Flatbush Gardens consists of 59 six-story brick buildings containing 2,469 units. The apartments range from studio to three-bedroom and rents range from $900 to $1,550 per month. Capital improvements to the property included new elevators in each building, updated boiler systems, new roofs for 40 percent of the buildings, repairs to the exterior masonry, the installation of a new laundry facility, the replacement of the mail room with a 24-hour center, new interior and exterior cameras, repairs to front-door intercoms, and the addition of a 24-hour, on-site security staff. In addition, a new courtyard designed by GreenbergFarrow will be complete this spring. Clipper Equity first acquired the community in 2005.
ANAHEIM, CALIF. — Houston-based The Hanover Company has developed 1818 Platinum Triangle, a 265-unit luxury apartment community located within Platinum Triangle in Anaheim. The community offers one- and two-bedroom units ranging in size from 758 to 1,328 square feet; spacious master suites, gourmet kitchens, expansive living and dining areas, a resort-style heated pool, cabanas, outdoor kitchens, a grilling area and dining lanais. KTGY Group Inc., Architecture and Planning provided architectural services for the project.
INDEPENDENCE, MO. — The St. Louis office of Love Funding has arranged $1.1 million in acquisition financing for Maple Manor Apartments, a 40-unit multifamily property located in Independence. The community is situated on 1.6 acres and receives HUD subsidies. Love Funding’s Harry Cheatham originated the loan, which carries a 6.4 percent fixed interest rate and a 30-year amortization schedule. The borrower was Prominent Properties; the lender was not disclosed.
PASADENA, TEXAS — Houston-based M.J. Spoor & Co. has arranged $5.8 million in fixed-rate, permanent financing for Maple Trail Apartment & Townhomes, a 202-unit multifamily community located in Pasadena. The lender in the transaction was Fannie Mae. The borrower and the terms of the loan were not disclosed.