LOS ANGELES — Redwood Partners has purchased a 27-unit apartment building, which is located at 3325 S. Canfield Ave. in Los Angeles for $8.2 million. At the closing of escrow, the 30,590-square-foot property was 100 percent occupied. Michel Hibbert of Charles Dunn Company, a partner of GVA Worldwide, represented the seller, N2 Ventures LLC and Silver Oak Holdings LLC, in the transaction. Michael Balson of Miller & DeSatnik represented the buyer.
Multifamily
TOMS RIVER, N.J. — Boston Capital Finance has provided $10.75 million in construction financing for the development of Toms River Crescent Apartments in Toms River. Upon completion, the facility will include 15 buildings that contain 60 two-bedroom, one-bath garden style units; 24 two-bedroom, two-bath townhome style units; and 36 three-bedroom, two-bath townhome style units. The multifamily development will provide much need affordable housing in the area. The community will also feature a 1,750-square-foot community building. Boston Capital also provided the tax credit equity for the development. The general partner is Community Investment Strategies.
ITHACA, N.Y. — Stephen York of Arbor Commercial Funding has originated a $2.12 million loan for the acquisition of Vista Circle Apartments, a 58-unit complex in Ithaca. The loan was provided to an undisclosed borrower. Funding was provided by Fannie Mae’s DUS 3Max Express program.
SAN ANTONIO — Hendricks & Partners has finalized the sale of Bentwood Place, a 121-unit apartment complex located at 1111 Austin Hwy. in San Antonio. San Antonio-based Bentwood Apartments LLC sold the property to Houston-based Chancellor Austin Highway Apartments LP, which plans to redevelop the site into a 360-unit, mid-rise luxury apartment community. Construction is scheduled to begin this summer. The sale price was undisclosed. Scott Weems of Hendricks & Partners’ San Antonio office represented the seller in the transaction.
SIMI VALLEY, CALIF. — Greg Harris of Marcus & Millichap has completed the sale and acquisition of Garden Apartments, an 84-unit apartment community located in Simi Valley. Redfern Family Trust sold the property to an undisclosed private family partnership for $10.52 million or $125,298 per unit. Located at 1851 Buyers St., the 57,800-square-foot property consists of a two-story building offering 68 one-bedroom/one-bath units and 16 two-bedroom/two-bath units. The community also features wall air conditioning and heating units, an on-site laundry facility, a swimming pool and a central courtyard. Harris represented both parties in the transaction.
ENCINITAS, CALIF. — Erwin & Mertz Investments has purchased Fogcutter Apartments, a 29-unit apartment complex located at 925 N. Vulcan Ave. in Encinitas, for $6.1 million or $210,345 per unit. Built in 1985, the property consists of 14 one-bedroom units, 11 two-bedroom/one-bath units, four two-bedroom/two-bath units and 22 one-car garages. Ray Adams of Grubb & Ellis|BRE Commercial represented the seller, Philip J. Cleary Trust et al, in the transaction; Mike Brawner of Exchange Properties represented the buyer.
GAINESVILLE, FLA., AND ATHENS, GA. — St. Augustine-Fla.-based FortGroup Development sold four student housing properties, totaling 1.3 million square feet, 1,212 units and 3,409 beds, to Chicago-based Excelsior LaSalle Property Fund for $148.5 million. The portfolio includes two properties in the Southeast; the 504-unit Cabana Beach at 1601 SW 51st Terrace in Gainesville and the 240-unit Lodge of Athens at 211 North Ave. in Athens. Also, the sale involved a property in Texas and one in Missouri. Average prices for the portfolio were $122,525 per unit, $43,561 per bed and $114.59 per square foot. Marcus & Millichap’s Peter Katz, based in the Phoenix office, and Dorothy Jackman, of the Tampa office, represented both the seller and the buyer in conjunction with Kansas City, Mo.-based Laurel Wallerstedt, John Brigle in Tampa and Joe Dowdle of the Austin, Texas office.
ALEXANDRIA, VA. —Trammel Crow Residential and Olayan America Corp.’s New York office are developing Alexan Carlyle in a joint venture for $94 million in Alexandria, Va. The 280-unit, five-story luxury apartment building will be located on a 2.8-acre parcel at 800 John Carlyle St., two blocks from the new 2 million-square-foot U.S. Patent and Trademark Office. The property will feature resort-style amenities including a pool, clubhouse, exercise room, billiards room and business center. Architects Cubellis DCA designed three distinct portions of the building to reflect the classic Federal architecture of the nearby Old Town Alexandria, the art-deco period and an urban lofts look, respectively. The Alexan Carlyle is part of the 77-acre master planned urban mixed-use center. The first units are expected to deliver in the third quarter of 2009.
ALEXANDRIA, VA. —Trammel Crow Residential and Olayan America Corp.’s New York office are developing Alexan Carlyle in a joint venture for $94 million in Alexandria, Va. The 280-unit, five-story luxury apartment building will be located on a 2.8-acre parcel at 800 John Carlyle St., two blocks from the new 2 million-square-foot U.S. Patent and Trademark Office. The property will feature resort-style amenities including a pool, clubhouse, exercise room, billiards room and business center. Architects Cubellis DCA designed three distinct portions of the building to reflect the classic Federal architecture of the nearby Old Town Alexandria, the art-deco period and an urban lofts look, respectively. The Alexan Carlyle is part of the 77-acre master planned urban mixed-use center. The first units are expected to deliver in the third quarter of 2009.
SOUTHEAST APARTMENT PARTNERS ARRANGE SALES IN FLORIDA AND NORTH CAROLINA JACKSONVILLE, FLA., AND WINSTON-SALEM, N.C. — Brian Moulder of Southeast Apartment Partners’ Jacksonville, Fla., office brokered the sale of Island Pointe Apartments in Jacksonville for $18.6 million. The multifamily complex features 288 garden-style units. The seller is an affiliate of Denver-based Sagebrush Realty Holdings, and the buyer is Atlanta-based D.E.L. Development. Daniel Eller of Southeast Apartment Partners’ Raleigh-Durham, N.C. office has represented Steven D. Bell and Company in the sale of Deerwood Crossing and Dutch Village, a two-property multifamily portfolio located in Winston-Salem, N.C., for $19.3 million. Combined, the properties contain 288 townhome units and are situated on more than 42 acres of land. Vaios Theodorakos of Framingham, M.A.-based VTT Properties purchased the properties.