DENVER — Phoenix-based Alliance Residential Co. has opened Broadstone Vesta, a 212-unit apartment community located at 3310 S. Kenton St. in Denver. The property comprises six buildings with a mix of one-, two- and three-bedroom units. Building amenities include a resort-style pool with a tanning shelf and a spa, an athletic club, a clubhouse with a gourmet kitchen and wireless Internet access, a social lounge with a plasma television and a coffee bar, and an outdoor patio with barbecue grills and picnic tables.
OAKLAND, CALIF. — The Roman Catholic Diocese of Oakland has sold the Cathedral of St. Francis de Sales and rectory to EAH Housing for an undisclosed price. The Oakland site was the former location of a cathedral that was destroyed by the Loma Prieta earthquake. EAH plans to build the 100-unit Cathedral Gardens affordable housing development on the land. The rectory will be preserved and incorporated into the new development. TRI Commercial/CORFAC International’s Frank Arthur represented the seller, and the firm’s Bill Karr, Robert Ligon and Larry Westland represented the buyer.
ARLINGTON, VA. — Washington, D.C.-based Federal Capital Partners has acquired a $28 million senior secured mortgage loan on an Arlington residential project. A subsidiary of FCP Fund 1 purchased the loan. Federal Capital Partners will service the loan.
BLOOMINGTON, MINN. — NAI Welsh has arranged the sale of Cedar Bridge Apartments, which is a multifamily community located at 2308 Old Shakopee Rd. in Bloomington, to Mound Spring Terrace LLC for $2.2 million. Kevin Doyle and Ryan Dunlay of NAI Welsh negotiated the deal on behalf of the seller, Hillbridge Properties. Erik Johnson of Welsh Capital arranged financing for the buyer.
NORWICH, CONN. — The Hartford, Conn., office of CB Richard Ellis – New England (CBRE) has arranged the sale of two multifamily properties located in Norwich for $17.37 million. The properties include Meadow Ridge Apartments, a 120-unit community located on Plumtree Drive, and Cambridge Estates Apartments, a 92-unit community located on Oxford Drive. Amenities include outdoor pools, townhouse-style units and private decks. CBRE’s Michael Stone and Jessa Kurzman represented the seller, Equity Residential Properties Trust, and procured the undisclosed buyer. In addition, Michael Riccio and Christine Kubas of CBRE Capital Markets secured more than $14 million in acquisition financing for the transaction.
NEW YORK CITY — Marcus & Millichap has completed the sale of an eight-unit multifamily building located at 237 Troy Ave. in Brooklyn, New York City. Daniel O’Brien with the firm’s Brooklyn office represented the seller, a private investor. The undisclosed buyer was secured and represented by an outside broker. The property traded at a price of $645,000 and a 6.59 percent capitalization rate.
EDMONDS, WASH. — Norris Beggs & Simpson has secured $3.7 million in financing for the 38-unit Fairway Apartments. The 15-year-old complex is located at 7310 208th St. S.W. in Edmonds. The 3-year loan comes with a 6.25 percent interest rate and a 30-year amortization schedule. Erich Guenther of NBS’ Seattle office arranged the loan.
SEATTLE — Timothy McKay of Marcus & Millichap’s Seattle office represented a private investor in the sale of a four-unit apartment complex to an undisclosed party for $1 million. The complex, located at 2331 Minor Ave. E in Seattle, includes two two-bedroom/one-bathroom units and two one-bedroom/one-bathroom units. Amenities include four garages and three off-street parking spots.
BIRMINGHAM, ALA. — Birmingham-based Colonial Properties Trust has closed a $350 million credit facility secured by 19 multifamily properties for repurchase by Fannie Mae. The 10-year facility, which carries an interest rate of 6.04 percent, was originated by PNC ARCS LLC. Colonial Properties will use the proceeds to pay down its $675 million unsecured line of credit and pay debt maturities through 2010.
ATLANTA — Atlanta-based Isakson Living is eyeing a 2009 groundbreaking on its 266-unit Peachtree Hills Place retirement community. The $200 million project spans 23.3 acres on Peachtree Hills Avenue in Atlanta. The development includes a 58,000-square-foot clubhouse and a 15,000-square-foot fitness center with a pool. Delivery is expected in 2011.