INDIANAPOLIS — Dougherty Mortgage has arranged a $6.7 million HUD 223 (f) loan to refinance Fountainhead Apartments, a 176-unit market rate rental townhome property in Indianapolis. Dougherty’s Minneapolis office arranged the 35-year loan with a 35-year amortization schedule for the borrower, Fountainhead Associates LLC. The complex includes individual outside entrances to each apartment, seven different floor plans, a tennis court, swimming pool, sand volleyball court, lighted dog run and washers and dryers.
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CHICAGO — Essex Realty Group Inc. has brokered the $4.7 million sale of 3355 N. Clark St. in Chicago. The mixed-use elevator building is located in Chicago's Wrigleyville neighborhood. The property includes eight condo apartments, two 1,200-square-foot street retail spaces, a garage and parking spaces. Jim Darrow and Jordan Gottlieb of Essex Realty represented the undisclosed buyer and seller in the transaction.
VANCOUVER, WASH. — Dermody Properties has acquired a six-acre site in Vancouver for an undisclosed sum. The site is located at Northeast 60th Ave. Dermody plans to develop LogistiCenter 205 on the site. LogistiCenter 205 will be a 98,400-square-foot industrial facility. It will be the only Class A industrial facility available in the Vancouver/ Clark County submarket, according to Dermody. The facility will be built by Perlo Construction and designed by Mackenzie. Tony Reser, Tom Talbot and Scott Murphy of Kidder Mathews will serve as the facility’s leasing agents. The site was purchased from a private seller.
LOS ANGELES — The Praedium Group has sold three Los Angeles-area apartment complexes for a total of $27.2 million. The disposition includes El Palacio, The Lotus and The Ventana Apartments. The buyer was a local investor. El Palacio and The Lotus contain a total of 32 units. The historic trophy apartment buildings are located at 8491 Fountain Ave. and 1216 La Cienega Blvd., respectively. They are steps from the Sunset Strip in West Hollywood. The Ventana Apartments contains 52 units. It is located at 7225 Crescent Park West, near Beverly Hills. El Palacio and The Lotus sold for $13.5 million. The Ventana went for $13.7 million. The Praedium Group was represented by Darin Beebower and Bob Safai of Madison Partners. Valentin G. Aguilar II of Venable LLP served as Praedium’s legal counsel.
LAS VEGAS — Tierra Partners III LLC has acquired LaPour Corporate Center, a 70,188-square-foot office building in Las Vegas, for $17.3 million. The Class A building is located at 9075 W. Diablo Drive. The three-story office building is situated next to the 215 Beltway between Russell Road and Tropicana Avenue. It is fully occupied by tenants like Chicago Title, NV Energy, KGA Architecture and State of Nevada Public Utilities Commission. Tierra Partners was represented by Greg Tassi of CBRE Las Vegas. The seller, LaPour 215 LLC, was represented by Charles Moore, Marlene Fujita Winkel and Ashley Kolaczynski of the same firm.
COSTA MESA, CALIF. — Cameron Properties has acquired the 62-unit Costa Mirage apartment community in Costa Mesa for $12.9 million. The community is located at 393 Hamilton Street. Costa Mirage is situated east of Harbor Boulevard and west of Newport Boulevard, just above Newport Bay. Community amenities include a fitness center, clubhouse, and pool and spa. Costa Mirage is currently 95 percent leased. Costa Mirage was purchased by CT Realty as part of the firm’s strategy to acquire several smaller Costa Mesa multifamily properties over the past few years. The firm then renovated and repositioned the properties before executing their dispositions. Costa Mirage is CT’s fourth property to be sold. Cameron Properties represented itself in this transaction. CT was represented by Steven Brombal and Peter Hauser of Hendricks-Berkadia.
ESCONDIDO, CALIF. – A Canada-based private investment group has purchased the 96-unit Tanglewood Apartment Homes in Escondido for $10.8 million. The community is located at 1920 East Grand Ave. in the San Diego submarket. Tanglewood is situated near a major retail corridor that contains Albertsons, Big Lots, Big 5 Sporting Goods, CVS, Home Depot, Vons and Walmart. The Escondido Transit Center is within two miles, while the Palomar Medical Center is one mile away. Tanglewood is also near Palomar College’s 80,583-square-foot Escondido campus, which just received a $10-million renovation. Community amenities include a swimming pool and spa, tennis court, a clubhouse with a pool table and kitchen area and various courtyard areas. The seller, Chrismark LLC, was represented by Christopher Zorbas and David Sperling of Marcus & Millichap’s San Diego office.
DALLAS AND FORT WORTH — HFF has arranged the sale of a six-property, 16-building industrial portfolio totaling 462,618 square feet in the Dallas-Ft. Worth Metroplex. HFF marketed the properties on behalf of the seller, AEW Capital Management LP, who sold the portfolio for one of its institutional clients. Red Tail Acquisitions purchased the assets for an undisclosed amount. The properties are located at 1360-1420 Presidential Drive and 85-890 N. Dorothy Drive in Richardson and at 1420 Halsey Way, 1406 Halsey Way, 2122 Country Club Drive and 2855 Trinity Square Drive in Carrollton. The properties are 87 percent leased to 41 tenants. HFF’s team included Randy Baird, Jud Clements, Robby Rieke and Justin Kundrak.
HOUSTON — The Buckingham, a senior living community in Houston, will undergo a $56 million expansion that will add 186 new residences. The project includes the addition of 103 independent living apartment homes, 33 assisted living suites, 18 memory care residences and 32 private skilled nursing rooms. The new independent living units will be offered in one-, two- and three-bedroom floor plans. The Senior Quality Lifestyles Corp.-owned community opened in 2005 with 204 apartments, 43 assisted living suites, 16 memory care residences and 60 private skilled nursing rooms. Irving-based Greystone Development Co. LLC will develop and manage the expansion. Dallas-based D2 Architecture will design the project.
HOUSTON AND HUMBLE, TEXAS — TNRG has arranged the sale of two industrial properties in Houston and Humble. In the first, Long View Equity Partners II LTD purchased a 28,270-square-foot facility on 4553 Aldine Bender Road in Houston. Mike Spears and Mary-Elizabeth Moore with TNRG represented the buyer. Travis Land and John Ferruzzo with NAI Houston represented the seller, BRG Cornerstone Development Partners LLC. In the second transaction, Timothy Ray purchased a 3,000-square-foot facility on 2407B S. Houston Ave. in Humble. Thomas Leger and Chase Cribbs from TNRG represented the seller, LWS S. Houston Ave. LLC. Jason Kieschnick with Zann Commercial represented the buyer.