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.
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.
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.
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.