EVANSVILLE, IND. — Hendricks & Partners has brokered the sale of Leisure Living West, a 226-unit senior apartment community located at 2518 Leisure Lane in Evansville. The community features a community center with a library and exercise room, planned activities, covered parking at the front of each unit, golf practice areas, and backyards with private, covered patios. The sale also included five undeveloped parcels of land totaling 53.6 acres, and located adjacent to the property; the parcels are zoned commercial. Ken Aston of Hendricks’ St. Louis office represented the seller, Evansville-based Leisure Living West LLC. The property was acquired by St. Louis-based Leisure Living Apartments LLC and Leisure Living Land LLC for an undisclosed price.
Multifamily
MANITOWOC, WIS. — Butler, Wis.-based Berghammer Construction Corp. has been selected by Chicago-based Felician Sisters to complete renovations to the 24-acre Felician Village senior living campus located in Manitowoc. Approximately 225,000 square feet of existing structures will be demolished and replaced with 105,000 square feet of new construction, which will include new community-based residential facilities, residential care apartment complexes and long-term care households. The project will be completed in three phases beginning in April, with completion expected in 2010.
PORTLAND, ORE. — Portland-based Real Estate Recovery Associates-13th Street Investors LLC has purchased Forest & Garden Apartments, a 51-unit apartment community located at the intersection of 20th and Hoyt/Irvine streets in Portland, for $4.75 million. Built in 1925, the two-building property was 100 percent occupied and offers 22 studio units, 28 one-bedroom units and one two-bedroom unit. Bill Younce of Sperry Van Ness’ Portland office represented the buyer; Riverview Bank Trust Department represented the seller, a private investor from Portland, in the transaction.
MCDONOUGH, GA. — Silver-McCann Apartment Group, a joint venture of Richmond, Va.-based McCann Realty and Washington, D.C.-based Silver Companies, has acquired Carrington Green Apartments, a 264-unit garden-style complex in McDonough, from an affiliate of Atlanta-based Davis Development. The seller was represented by Ron Cameron of Atlanta-based Primary Capital Advisors, and the buyer was represented in-house.
NEW YORK CITY — Wrightwood Capital has provided $15 million in financing for the construction of a 12-story condominium building located at 1055 Park Ave. in Manhattan, New York City. Developed by Davis Development Holdings, the facility will include eight units within more than 16,000 square feet of space. The opportunity was sourced through Sam Spinner and Laurie Shapiro of Meridian Capital.
ROCKLIN, CALIF. — Auburn, Calif.-based SRP Terrace has acquired Granite Creek, an 80-unit apartment community located at 1501 Cobble Creek Circle in Rocklin. Richmond, Calif.-based Granite Creek Apartments Inc. sold the property for $10.25 million. Steven Nelson, Al Inouye and Jackie Van Steyn of Hendricks & Partners’ Sacramento, Calif., office represented the buyer in the transaction.
INDIANAPOLIS — Indianapolis-based Tikijian Associates has brokered the sale of four apartment communities totaling 644 units in two separate transactions. In the first sale, Tikijian, along with CB Richard Ellis, represented an affiliate of Indianapolis-based Barrett & Stokeley in the sale of three apartment communities for more than $24 million. The properties were the 196-unit Muirwood Village located in Zanesville, Ohio; the 136-unit Sheffield at Sylvan located in Circleville, Ohio; and the 112-unit Residence at Newark located in Newark, Ohio. The buyers are affiliates of Pasadena, Calif.-based Evergreen Realty Group. In the second sale, Tikijian represented Zidan Management Group in the sale of Stonegate Apartments, a 200-unit community located in Carmel, Ind. The property was acquired by Barrett & Stokeley, which plans to upgrade the property and combine marketing and operations with an adjacent apartment community that it owns. The sale price was undisclosed.
VINCENNES, IND. — Sperry Van Ness has arranged the sale of St. Clair Place Apartments, a 53-unit student housing community located near Vincennes University at 201 St. Clair Street in Vincennes. The property features five buildings, comprising 47 two-bedroom units and six five-bedroom units with monthly rents ranging from $750 to $1,875. Randall Forster of the Evansville, Ind., office of Sperry Van Ness represented the seller, Evansville-based St. Clair Place LLC. The property was acquired by New York City-based Titan for an undisclosed price.
SAN ANTONIO — Hendricks & Partners has finalized the sale of Spice Creek Apartments, a 192-unit property located at 8802 Cinnamon Creek Dr. in San Antonio. Golden Valley, Minn.-based MHC Spice Creek Partners LP sold the apartment complex to Mascoutah, Ill.-based Chadric Spice Creek LLC. The sale price was undisclosed. Mike Miller of Hendricks & Partners’ San Antonio office and Chip Nash of the company’s Houston office represented the seller in the transaction.
PLEASANTON, CALIF. — Continuing Life Communities LLC is planning to develop Stoneridge Creek, a continuing care retirement community for residents aged 62 and older. Located on a 46-acre campus in Pleasanton, the gated community will feature two- and three-bedroom single-story villas and one-, two- and three-bedroom apartment units offering fully-equipped kitchens, attached garages and state-of-the-art appliances. The new community will also offer multiple restaurants, a library, billiards and card rooms, a computer lab, a business center, 24-hour security services, indoor/outdoor maintenance of residences, regular linen, maid and cleaning services, scheduled transportation to shopping, local medical offices and places of worship, a 24-hour emergency response system, utilities, a spa, a fitness center, an indoor and an outdoor pool, a sauna and a Jacuzzi.