FORT WORTH, TEXAS — Pacific Retirement Services Inc. (PRS) will develop a new high-rise residential building within Trinity Terrace, a senior living facility located at 1600 Texas Street in Fort Worth. The building, called River Tower, will offer penthouses, apartment homes and brownstone-style patio homes offering underground parking. The property’s amenities will include a penthouse view dining room and a health care center, which will provide nursing and rehabilitation care in all private suites. Portland, Ore.-based Ankrom Moisan Associated Architects will provide architectural services for the project.
ST. CHARLES, ILL. — Inland Real Estate Sales has brokered the sale of St. Charles Place Apartments, a 126-unit community located at 100-207 N. 15th St. and 1400-1620 W. Indiana Ave. in St. Charles, for $8.35 million. The community includes 11 buildings comprising 21 one-bedroom units and 105 two-bedroom units. Rich Artman and Bill Goodwin of Inland’s Yorkville, Ill., office brokered the transaction on behalf of the undisclosed seller; Bob Edmiston, also of Inland, represented the undisclosed buyer.
LONG BRANCH, N.J. — Alan Lieberman and Steven Follman of Gebroe-Hammer Associates have brokered the $7.75 million sale of Patten Point Shores in Long Branch. The 68-unit garden apartment complex is located at 581 Patten Ave. The six-building complex features 52 one-bedroom units and 16 two-bedroom units that range between 650 and 900 square feet. Lieberman and Follman represented the seller, Patten Point Inc., in the disposition. The buyer was undisclosed.
KENT, WASH. — GE Real Estate has provided a $30 million loan to Beverly Hills, Calif.-based Kennedy Wilson Inc. for the acquisition and repositioning of James Street Crossing Apartments. Located in Kent, the 300-unit complex includes 21 garden-style apartments buildings, a leasing office, a clubhouse and a fitness center. At the time of acquisition, the property was 93 percent occupied. The borrower plans to invest $3.81 million for interior and exterior renovations and increase the number of outdoor parking spaces.
SAN BERNARDINO, CALIF. — George Smith Partners Inc. has arranged a $22.5 million bridge loan for the acquisition of Mountainside Village Apartments, which is located at 1660 Kendall Dr. in San Bernardino. Mountainside Village Apartments LP and Griffin Investments LLC purchased the community from RSV Mountainside Partners LLC for $26.5 million or $134,518 per unit. The borrower plans to complete extensive renovations and implement an aggressive management program to bring the rents up to current market levels. Steve Bram and Allison Higgins of George Smith Partners arranged the non-recourse, 36-month bridge loan at Libor plus 3.05 percent.
VALLEY PARK, MO. — Hendricks & Partners (H&P) has brokered the sale of Park Commons, a 174-unit apartment community located at 600 Park Commons Ct. in Valley Park. The garden-style community contains a mix of one- and two-bedroom units, with individual units averaging 1,004 square feet. Unit amenities include patios and balconies, as well as wood-burning fireplaces. Community amenities include a pool with a cabana, barbecue and picnic areas, a 24-hour fitness center, a private clubroom and a business center. Ken Aston of H&P’s St. Louis office represented the sellers, St. Louis-based Park Commons LLC and Five-O-One LLC, as well as the buyer, St. Louis-based Park Commons Apartments #100 LLC. The acquisition price was not disclosed.
ROSELLE PARK, N.J. — The Kislak Company has completed the $1.85 million sale of 22 Westfield Ave. in Roselle Park. The 17-unit multifamily facility was purchased by Warinanco Gardens from Esquire Realty in an all-cash transaction. Jeffrey Squires of Kislak represented both parties in the disposition.
WACO AND SAN ANTONIO, TEXAS — CB Richard Ellis (CBRE) Detroit multi-housing group has closed the sale of two Texas student housing properties to White Plains, N.Y.-based Woodlark Capital LLC. Champaign, Ill.-based Royal Properties sold the properties for an estimated $60 million. The Outpost, a 543-bed apartment complex in Waco, comprises six buildings totaling 224,577 square feet. The 12.51-acre property is located off Interstate 35 near Baylor University. The Reserve is a 753-bed complex that spans eight buildings. The 288,168-square-foot property sits on 33 acres near the University of Texas-Austin campus in San Antonio. Rob Stone of CBRE Detroit represented both the buyer and the seller.
NEW YORK CITY — Joseph Koicim of Marcus & Millichap’s Manhattan office has completed the $1.03 million sale of an 11-unit multifamily building in the Morris Heights section of the Bronx. The property, located at 1917 Andrews Ave. S. between West Burnside Avenue and W. 197th St., features all large three-bedroom apartments and totals 12,500 square feet. Koicim represented the undisclosed buyer, a local Bronx landlord, and the undisclosed seller, a private investor.
MIDLAND, ODESSA AND LONGVIEW, TEXAS — Arbor Commercial Funding LLC (Arbor), a subsidiary of Arbor Commercial Mortgage LLC, has arranged approximately $130.6 million in financing for the acquisition of a 21-property multifamily portfolio in Texas. The properties, known as the Midland/Odessa Portfolio, house a total of 3,128 units located in Midland, Odessa and Longview. The 10-year loan was originated by Jay Porterfield of Arbor’s Plano, Texas, office through Fannie Mae. The borrower was undisclosed.