AMELIA, OHIO — Marcus & Millichap has arranged the sale of an 8,250-square-foot property net leased to Rainbow Child Care in Amelia, about 20 miles east of Cincinnati, for $1.3 million. The property is located at 3669 Appomatox Drive. Eric Luhrsen, Chad Lieber and Dominic Sulo of Marcus & Millichap marketed the property on behalf of the seller, a developer. Michael Glass, also of Marcus & Millichap, assisted in closing the transaction. The buyer was not disclosed.
SEATTLE AND FULLERTON, CALIF. — Berkadia has arranged the sale of two student housing properties located in Washington and California for an aggregate price of $146 million. The two properties are AVA University District, located near the University of Washington in Seattle, and Fullerton University Village, located near California State University – Fullerton in Fullerton, roughly 26 miles outside Los Angeles. Kevin Larimer, Greg Gonzalez, Kenny Dudunakis, David Sorensen and Ben Johnson of Berkadia represented the seller, Avalon Bay Communities Inc., in the disposition of AVA University District. The same team worked alongside Shane Shafer of Berkadia to represent the seller, an undisclosed local TIC group, in the Fullerton University Village disposition. The buyers in both transactions were undisclosed.
MODESTO, CALIF. — A private Southern California-based investor has purchased a two-property multifamily portfolio in Modesto for a total of $32.5 million. The portfolio includes the Commons Apartment Homes, a 100-unit community on Standiford Avenue, and Summerview Apartment Homes, a 136-unit community on Prescott Road. Built on a 4.3-acre site in 1989, the Commons is located at 1600 Standiford Ave., while Summerview is situated on a five-acre site on Coffee Road. Alex Mogharebi and Otto Ozen of the Mogharebi Group represented the seller, a Massachusetts-based investor, in this transaction.
BOULDER, COLO. — Blue Moon Capital Partners, a Boston-based private equity investor, has acquired The Carillon at Boulder Creek, a 117-unit seniors housing community near the University of Colorado in Boulder. The price was not disclosed. Blue Moon replaces affiliates of Legacy Capital Partners, an Ohio-based private equity investor, in an existing joint venture. The remaining partners are MGL Partners, a Denver-based real estate developer/investor, and Leisure Care, a seniors housing operator. This marks the second Colorado investment for the Blue Moon, MGL and Leisure Care relationship. Northwestern Mutual provided the debt. MGL led the acquisition and redevelopment of The Carillon in 2006 when it was a nine-story assisted living and nursing care building. MGL completely gutted and renovated the existing structure and added two four-story wings on either side of the original building.
DEPOE BAY, ORE. — An unnamed buyer has acquired the 57-room Quality Inn and Clarion Surfrider Resort in Depoe Bay for $6.2 million. The hotel is located at 3115 NW Highway 101, southwest of Portland. It was built in 1996. The full-service, beachfront hotel has ocean-view rooms and amenities including a spa, fitness center, and free Wi-Fi. Brian Resendez of Bluestone and Hockley represented both the buyer and the seller in this transaction.
LAS VEGAS — CBRE has arranged financing for The Echelon, a 116-unit independent living community in Las Vegas. The borrower is Chicago Pacific Founders, which acquired the property in 2014. Since that acquisition, the new owners have increased occupancy from around 75 percent to 98 percent. Grace Management, a wholly owned subsidiary of Chicago Pacific Founders, operates the community. CBRE secured a non-recourse, five-year, fixed-rate loan that includes 24 months of interest-only payments. A CMBS lender provided the capital. The amount and use of the financing were not disclosed.
MIAMI — Berkshire Group has purchased Aviva Coral Gables, a recently built, 276-unit apartment community located at 3880 Bird Road in Miami, a little more than one mile outside of Coral Gables. Ponce & Bird Miami Development LLC sold the property for $100 million, according to The Real Deal. The property, which will be renamed Berkshire Coral Gables, features a heated saltwater swimming pool and spa, outdoor courtyard and kitchen, cyber café, dog spa and a sports lounge.
NEW YORK — The Carlton Group has arranged approximately $55 million of equity and debt for a 511-room hotel portfolio acquisition in North and South Carolina. Comprising five hotels branded by Marriott, IHG and Choice flags, the portfolio is located in North Myrtle Beach, S.C., and the North Carolina metros of Charlotte, Gastonia, Goldsboro and Wilmington. Michael Campbell, Steven Weiss and Steven Fenster of Carlton secured a roughly $36.5 million first mortgage and $8 million of preferred equity from a West Coast wealth manger, as well as $9 million of common equity from an undisclosed investor. The undisclosed hotel manager also invested capital along with the sponsors.
BOYNTON BEACH, FLA. — TruAmerica Multifamily has purchased Ashley Lake Park, a 300-unit apartment community located in Boynton Beach, for $49 million. Richard Donnellan, Marc de Baptiste, Hampton Beebe and Avery Klann of ARA Newmark marketed the property on behalf of the seller, a joint venture between Robbins Electra and LEM Capital. Berkeley Point Capital’s Mitch Clarfield arranged financing for the acquisition through Freddie Mac’s Green Rewards program. Ashley Lake Park includes a mix of one-, two- and three-bedroom units and features a clubhouse, fitness center, internet café, two pools, dog park and picnic areas. TruAmerica’s renovation plans include updated interiors, upgraded appliances and improvements to the pool, clubhouse and fitness center.
ATLANTA — Atlanta-based real estate investment firm Atlanta Property Group has acquired six office properties in Florida, North Carolina, South Carolina and Pennsylvania. The deal marks Atlanta Property Group’s first acquisitions outside metro Atlanta and adds nearly 1.3 million square feet of space to its portfolio. The properties include the 164,766-square-foot Baldwin Point and the 226,548-square-foot 11950 Corporate Blvd. in Orlando, Fla.; the 254,808-square-foot Tampa Commons in Tampa, Fla.; the 226,865-square-foot LakePointe Corporate Center, Buildings 3 and 5 in Charlotte, N.C.; the 175,145-square-foot Edgewater Corporate Center One in Fort Mill, S.C.; and the 234,859-square-foot 2000 Park Lane in Pittsburgh. The buildings were acquired in a single transaction, the terms of which were not disclosed.
