PHOENIX — Somera Capital Management has partnered with 3 Street Financial LLC to acquire Quail Point Apartments, a 264-unit apartment community located on 67th Ave. in Phoenix, from Newcastle Investments for an undisclosed price. Built in 1988, the property consists of 145 two-bedroom units and 119 one-bedroom units in 12 two- and three-story buildings. Additionally, the property features a swimming pool and spa, basketball, tennis and volleyball courts, a clubhouse, a fitness center, and open space for picnic and play areas. Somera Realty Value Fund II L.P., a value-added, closed-end private-equity real estate fund, provided Somera’s equity to the joint venture.
Multifamily
BOCA RATON, FLA. — Ronald Levine of Meridian Capital Group’s New York office has arranged financing in the amount of $49 million for the construction and conversion of Bacara located at 3201 Clint Moore Rd. in Boca Raton. The 224-unit, 388,792-square-foot luxury condominium complex will be amended to include the ground-up construction of 28 new townhomes. The developer, Ceebraid Signal Corp., is using a portion of the financing to convert the existing 224 units into luxury condominiums.
LEXINGTON, KY. — Todd Harrett of Sperry Van Ness/Skeeters and Associates in Louisville, Ky., has represented the seller, Wexford Property Group, in the sale of Delzan Terrace Townhomes located at 569 Delzan Pl. in Lexington. The 49-unit multifamily community was sold to a Salinas, Calif.-based private investor for $2.9 million. The nine-building community is situated on 2.8 acres and is 92 percent occupied. Chad Sirk of Central Purchase Realty represented the buyer.
MYRTLE BEACH, S.C. — Myrtle Beach-based Shroff Development is building the Towers On The Grove, a 539,024-square-foot, two-building condominium complex in Myrtle Beach. The first 19-story, 269,512-square-foot tower began construction last June and will deliver in November. The building features 221 one-, two- and three-bedroom units, a full-service restaurant and a 10-story parking garage. The second building will also be 19 stories and 269,512 square feet. North Myrtle Beach-based Landmark Builders is the general contractor, and the property is being leased by The Hoffman Group.
LAFAYETTE, LA. — Stephen St. Clair of Marcus & Millichap’s Orlando office and Tom Pate of its Lafayette office have arranged the sale of Diamond Lakes Apartments, a 312-unit, 249,100-square-foot multifamily community in Lafayette, on behalf of the seller, a Mass.-based private investment group, to a La.-based private investment group, for $20 million. St. Clair also represented the buyer. The garden-style community is comprised of 16 two-story buildings featuring one- and two-bedroom units, ranging from 650 to 1,000 square feet. Amenities include two swimming pools, two lighted tennis courts and a fitness center. The property is situated on a 13-acre lot, located at 2700 Ambassador Caffery Pkwy., near Interstate 10 and the Southwest Medical Center.
WAUKEGAN, ILL. — Chicago-based Redwood Capital Partners has acquired Lakes at Fountain Square, a 384-unit apartment community located in Waukegan. The property comprises one-, two- and three-bedroom units with rents ranging from $855 to $1,260. The project was 93 percent occupied at the time of closing. Redwood plans to implement an interior and exterior capital improvements program. The seller, as well as the acquisition price, was undisclosed.
HIALEAH, FLA. — L & D Investors has acquired two multifamily complexes, Nina’s Apartments and Queens Apartments in Hialeah, from Samuel and Nina Levy, for $6 million. Nina’s Apartments, a 36-unit complex located at 1288 W. 29th St., sold for $3.1 million. The building features one- and two-bedroom apartment homes. Queens Apartments, a 34-unit community located at 1271 W. 29th St., sold for $2.9 million. Evan Kristol and Still Hunter of Marcus & Millichap’s Fort Lauderdale, Fla., office represented the sellers.
GALLOWAY, OHIO — Meridian Capital Group has secured $16 million for the refinancing of Harvest Glen, a 320-unit apartment community located at 1919 Georgesville Rd. in Galloway. The loan carries a 5.3 percent fixed interest rate over a 7-year term with 2 years interest only. Michael Brown and Brad Gladsden with Meridian’s Florida office arranged the loan. The borrower and lender were undisclosed.
NEW YORK CITY — Efrat Sharon of CB Richard Ellis’ Capital Markets Group in New York has arranged a $3.2 million construction loan on behalf of RGS Holdings. The borrower plans to develop a six-story condominium building located at 271 W. 122nd St. in the neighborhood of Harlem in Manhattan, New York City. The loan was funded by Bank of Smithtown.
TIGARD, ORE. — Cohen Financial has secured a $12.5 million loan for the acquisition of Brightwaters at Redhawk Apartments, a 224-unit apartment community located at 16100 SW 108th Ave. in Tigard. Pringle Construction Co. acquired the 210,000-square-foot property, which features one- and two-bedroom apartments. Paul Schroeder and Michael Mason of Cohen Financial’s San Francisco office arranged the non-recourse, 50 percent loan-to-value, 10-year term loan through an undisclosed regional bank.