RICH SQUARE, N.C. — Ken Carriero and Michael Pardoll of Marcus & Millichap’s Charlotte, N.C., office have represented Roanoke Valley Nursing Home, Inc., in the $2.6 million sale of Roanoke Valley Nursing Home, located at 310, 320 and 400 N. Main St. in Rich Square. Hickory, N.C.-based Agemark Acquisitions acquired the 69-bed operating skilled nursing facility, plus two additional buildings that are licensed for 70 additional beds.
Multifamily
TAMPA, FLA. — Byron Moger and Luis Elorza of Cushman & Wakefield have represented Camden Property Trust in the $35.8 million sale of Camden Isles, a 484-unit, 349,506-square-foot multifamily community located at 6202 Sheldon Rd. in Tampa. The Lightstone Group purchased the property. The community offers a mix of one- and two-bedroom units. Amenities include two lakeside pools, racquetball and tennis courts and a fitness center.
NEWPORT NEWS AND PORTSMOUTH, VA. — The joint venture of Bonaventure Realty Group and Walker & Dunlop Apartment Fund I have purchased a multifamily portfolio in Newport News and Portsmouth. The Class B communities, Newport Trace, Warwick Landing and Chowan Trace, consist of 370 units. The joint venture plans extensive renovations totaling approximately $16,000 per unit and the properties will be rebranded as part of the repositioning process.
LYNN, MASS. — NAI Hunneman has brokered the $2.6 million sale of 1-4 Kingsley Terrace, an apartment complex in Lynn. The two detached, identical apartment buildings comprise a total of 22,320 square feet and 48 one-bedroom units. Carl Christie, Robert Tito and Dan McGee of NAI Hunneman represented the seller, High Street Property Management, and the buyer, Yan Schecter, represented himself in the transaction.
WEST DEPTFORD, N.J. — Ted Pomeroy of CB Richard Ellis Debt and Equity Finance has arranged on behalf of the borrower, Grove Street Realty Urban Renewal, $32.3 million in construction and permanent-debt financing for Riverwinds Cove Apartments in West Deptford. Funding was provided by Merrill Lynch Capital. Located at 390 Grove St., the 259,500-square-foot luxury apartment complex is slated for completion in 2010. Riverwinds Cove Apartments will be situated on 1,100 acres along the bank of the Delaware River across from the Philadelphia International Airport. Amenities will include a recreation complex, an outdoor amphitheatre, a 2.8-mile walking trail along the Delaware River, five indoor tennis courts and a golf course. A full-service restaurant and a hotel are also planned.
THOUSAND OAKS, CALIF. — San Mateo, Calif.-based APIP Pavilion LLC has purchased Pavilion Apartments, a 142-unit apartment community located at 550 N. Laurie Ln. in Thousand Oaks, from Corona Del Mar, Calif.-based Pavilion Associates for approximately $42.57 million. Built in 1967, the property consists of 26 two-story buildings situated on an 8.88-acre land site. The property also features a two-story clubhouse with a large fitness center and two pools and a spa, as well as oversized units in a variety of one-, two- and three-bedroom floorplans. Dean Zander of Hendricks & Partners’ Los Angeles office represented both parties in the transaction.
CLAYTON, MO. — St. Louis-based Brinkmann Constructors has completed The Crescent in Clayton, a $73 million, nine-story condominium tower located at 155 Carondelet Plaza in Clayton. The 390,000-square-foot building features 72 luxury condos ranging in price from $900,000 to more than $2 million, as well as 26,000 square feet of ground-floor retail. Retailers include Araka, Kaldi’s Coffeehouse, Pulaski Bank, Lusso, Extra Virgin – an Olive Ovation, Elements of Denim and Sweet Petunia. The building is being developed by Mark S. Mehlman Realty. Currently, 70 percent of the condos are under contract, and 80 percent of the retail space is leased.
WYNCOTE, PA. — Matrix Development Group is developing Wyngate Townhomes, a planned 198-unit gated community at Limekiln Pike in Wyncote, 20 minutes from Center City Philadelphia. Situated on more than 34 acres of permanent deed-restricted open space, the community’s flexible unit floorplans will allow for two- and three-bedroom townhomes. Standard homes will contain two-and-a-half bathrooms and 9-foot first-floor ceilings, while master suites will feature large closets and bathroom ensuites. All units will include an attached garage. Unit configuration options for buyers include first-floor sunrooms with skylights and second-floor dual master suites, as well as third-level lofts. Pre-construction sales have begun at Wyngate Townhomes, with prices ranging from $239,900 to $299,900.
AURORA, COLO. — Irvine, Calif.-based Lowry Village Apartments LLC – The Bascom Group LLC has purchased Lowry Village, a 450-unit apartment community located at 9913 E. First Ave. in Aurora, for $15 million. Built in 1973, the property consists of nine three-story, interior-hallway buildings offering a mix of 342 one-bedroom units and 108 two-bedroom/two-bath units. The property also features a leasing center, a clubhouse with a fitness center, a heated pool, six laundry facilities and two play areas. Chuck Sweeney of Hendricks & Partners’ Denver office represented the seller, Timberleaf Apartments LLC – Maxx Properties of Mamaroneck, N.Y., in the transaction.
LENEXA, KAN., AND KANSAS CITY, MO. — BPG Properties has acquired a 483-unit apartment portfolio for $22.4 million. The portfolio comprises three apartment communities: Woodridge and Oaks at Mill Creek, which are located in Lenexa, and Woodlands of Kansas City, which is located in Kansas City. The communities contain a mixture of one- and two-bedroom units, and each features a swimming pool. Woodridge also features a fitness center, a sauna, a tennis court and a volleyball court. The acquisition was made by BPG on behalf of BPG Investment Partnership VIII & VIIIA, the company’s $850 million fully discretionary private equity fund. BPG plans to implement a $3 million capital improvement program at each of the communities. The properties will be manages by Madison Apartment Group, an affiliate of BPG. The seller was not disclosed.