DENVER – The 23-unit Xenia Heights apartments in Denver has sold to King Realty Holdings, LLC for $1 million. The community is located at 1371 Xenia Street. It was built in 1961. Josh Newell of Pinnacle Real Estate Advisors represented both the buyer and the local seller in this transaction.
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SAN FRANCISCO — The 514-unit NorthPoint Apartments in San Francisco has received $70 million in financing. The community is located at 2211 Stockton Street between Fisherman’s Wharf and the North Beach neighborhood. It was built in 1968. NP Apartments LLC will use the fixed-rate, 10-year loan to refinance existing debt and to carry out renovations. Financing was arranged by Mitch Thurston and Andy Ahlers of Berkadia Commercial Mortgage LLC through ING Investment Management LLC, the authorized agent for ING Life Insurance and Annuity Company. The pair also recently arranged $15 million for the borrower’s other property, the 282-unit Golf Creek Apartments in Portland, Ore. This community is located at 1807 SW Golf Creek Drive in the West Slope neighborhood. The fixed-rate, 10-year loan will be used to refinance an existing life company loan.
SAN DIMAS, CALIF. – CNS Focused Investments has acquired the 288-unit Waterstone San Dimas apartment community for $47 million. The community is located at 444 North Amelia Ave. in San Dimas. The seller, a private California investment firm, was represented by Gregory Harris, Kevin Green and Joseph Grabiec of Institutional Property Advisors. CNS is a joint venture between NNC Apartment Ventures LLC and Shane Shafer. The JV is looking to acquire, renovate and manage Class B and C multifamily investments in 35 core, workforce markets in Southern California.
CORAL GABLES, FLA. — Greystone, a real estate investment and development firm, has closed on the purchase of a parcel near the Miracle Mile commercial section of downtown Coral Gables, about seven miles southwest of downtown Miami. The lot, located at 3622 S.W. Coral Way, will be the future site of The Mile, a planned 13-story, 119-unit mixed-use community. The project is a joint venture between Greystone, Miami-based Alta Developers and Strategic Properties. The Mile’s property value is expected to exceed $40 million upon completion. The community will include a swimming pool, garage parking, fitness center and concierge. Coral Gables-based Behar Font & Partners will design the project. Construction is slated to begin in early 2014.
MIAMI — Eastern Consolidated has brokered the $30 million sale of a retail property located in Miami’s South Beach neighborhood at 530 Lincoln Road. The property sold for $3,000 per square foot, a record price for Miami’s South Beach retail market, according to Eastern Consolidated. The 10,000-square-foot asset is part of Lincoln Road Mall. Tristar Capital purchased the property from Yaniv Sananes, a local seller. The family of Gloria Estefan once owned the two-story trophy retail asset, which now features two short-term, ground-floor leases. Robert K. Futterman & Associates is handling the leasing of the property, and Eric Goldberg of Olshan Grundman Frome Rosenzweig & Wolosky LLP was the buyer’s attorney in the transaction.
LAUDERDALE-BY-THE-SEA, FLA. — CBRE has arranged the $17 milllion sale of the 147-room Lauderdale Beachside Hotel, located at 4660 N. Ocean Drive in Lauderdale-by-the-Sea, a town north of downtown Fort Lauderdale in Florida’s Broward County. Florida Development Group purchased the hotel, which features two swimming pools, 150 feet of beachfront access, a restaurant and tiki bar on the sand. The Miami-based CBRE Hotels team involved in the transaction include Christian Charre, Robert Taylor, Paul Weimer and Natalie Castillo. Ken Pearson and Chris Shamaly of CBRE’s Dallas office managed the sales process on behalf of Maria Yip, the Chapter 11 Bankruptcy Trustee for Ocean 4660 LLC. The asset was once subject to foreclosure but filed for bankruptcy protection instead. CBRE worked closely with the trustee’s legal counsel, Drew Dilworth of Stearns Weaver Miller Weissler Alhadeff & Sitterson, P.A. in Miami.
BATON ROUGE, LA. — NorthMarq Capital has arranged $13 million in refinancing for the Bellemont Victoria Apartments, a 583-unit apartment community located at 3225 Victoria Drive in Baton Rouge. Elliot Auerbacher of NorthMarq’s New York City office arranged the 10-year loan with a 30-year amortization schedule through a CMBS lender.
PENSACOLA, FLA. — Beech Street Capital has provided a $6.7 million Freddie Mac CME loan for the acquisition of Meadowrun, a 200-unit, garden-style apartment community located in Pensacola. Chad Thomas Hagwood and Monica Schroeder of Beech Street originated the acquisition loan, and Brandon Pate of Beech Street managed the transaction. The seven-year loan features a fixed interest rate and a 30-year amortization schedule.
ELMURST, ILL. — Marcus & Millichap has arranged the $1.2 million sale of Lexington Apartments, a 12-unit multifamily property in Elmhurst, a suburb of Chicago. Ryan Engle and Andrean Angelov, investment specialists in Marcus & Millichap’s Oak Brook, Ill., office, marketed the property on behalf of the seller, a private investor. Engle and Angelov also represented the buyer, a private investor. Lexington Apartments is located at 15W630 Lexington St. and includes four one-bedroom and eight two-bedroom units. The property also features 24 off-street parking spaces, on-site laundry facilities and one storage space per unit.
KANSAS CITY, MO. — Rockwood Real Estate Advisors has arranged the sale of the Q Hotel and Spa – Kansas City, a 123-room hotel located in the Westport area of Kansas City. Rockwood represented The Quarterage LLC in the sale of the hotel to Noble Investment Group, which intends to reposition the property as an AC Hotel by Marriott. The Q Hotel and Spa is minutes from downtown Kansas City, the Crown Center and the Country Club Plaza.