BEVERLY HILLS, CALIF. – The 27-unit Lanshire House apartment complex in Beverly Hills has sold to Palm Heights LLC for $8.8 million. The community is located at 3325 Canfield Ave. It was fully occupied at the time of sale. The buyer plans to reposition the property as a boutique/hotel-like community. Sami Dinar and Michael Balson of Keller Williams Commercial in Beverly Hills represented both the buyer and the seller, Redwood Residential Investments LLP, in this transaction. The acquisition’s financing was arranged by Todd Sherman of First Pacific Financial.
TIGARD, ORE. — Washington Gardens Memory Care, a 48-unit Alzheimer’s facility in Tigard, has received $7.3 million in refinancing. The facility is located at 9000 SW 91st Ave. near Downtown Portland. The cash-out refinancing was structured as a 20-year, fixed-rate, Freddie Mac loan. The loan was facilitated by Doug Harper of Berkeley Point. Washington Gardens is operated by Frontier Management, LLC and was developed by Seabold Construction Co.
SAN DIEGO — A 22-unit apartment community in the San Diego submarket of Ocean Beach has sold to an unnamed buyer for $4.7 million. The community is located at 5041-5043 Santa Monica Ave. The seller, U.S. Bank National Association as Successor Trustee of The Keen Family Trust, was represented by Raymond S. Choi of Marcus & Millichap’s San Diego office.
CARSON CITY, NEV. – The 98-unit Royal Vista Apartments in Carson City has sold to a Southern California-based apartment investment firm for $3.2 million. The community is located at 3230 Imperial Way. It was 86 percent occupied at the time of sale. The seller, a Southern California-based limited liability company, was represented by Kenneth N. Blomsterberg of Marcus & Millichap’s Reno office.
TRACY, CALIF. – The West Valley Mall in Tracy has received a $52-million refinance. The 886,903-square-foot shopping center is located at 3200 Naglee Road along I-205, which connects the San Francisco Bay Area with San Joaquin County. The mall is anchored by Macy's, Target, Sears and JC Penney. Other notable tenants include Bath and Body Works, Foot Locker, The Children's Place, Victoria's Secret and Zumiez.The non-recourse mortgage carries a floating interest rate of LIBOR plus 175 bps. It matures in five years, and includes a five-year extension option. The mall is owned by Rouse Properties.
LONE TREE, COLO. – The 208-unit Regency at RidgeGate apartment complex in Lone Tree has received $22.5 million in financing. The community is located at 10320 Commonwealth Street southeast of Denver. It was 88.5 percent leased at the time of funding. The 25-year, fully amortizing loan carries a fixed rate of 4.55 percent. The loan was funded prior to full stabilization. Proceeds will replace the property’s maturing construction financing. The community was completed this past August. Financing was arranged by HFF’s Eric Tupler, Josh Simon and Leon McBroom through Nationwide Insurance, a correspondent lender. HFF worked on behalf of Regency Residential Partners.
CARLSBAD, CALIF. — Drawbridge Realty Trust has purchased Pacific View Corporate Center, an 80,862-square-foot office building in Carlsbad, for $22.3 million. The Class A building is located at 5759 Fleet Street within the Carlsbad Ranch subdivision. It is fully leased to Synteract and RF Micro Devices. Drawbridge was represented by Rick Reeder, Joe Anderson and Dennis Visser of Cassidy Turley. The seller, TA Associates Realty, was represented by Jeff Cole, Ed Hernandez, Michael Roberts and Brunson Howard of C&W Capital Markets Division.
WASHINGTON, D.C. — Cassidy Turley has secured $150 million in acquisition financing for Jamestown LP in its $307.5 million purchase of One Metro Center in Washington, D.C. from Clarion Partners. One Metro Center is a 421,235-square-foot, Class A office tower located at 701 13th St. N.W. in Washington's East End, three blocks from the White House. The property is fully leased. John Campanella and Paul Spellman of Cassidy Turley arranged the floating-rate loan through a bank.
WASHINGTON, D.C. — Greysteel, a Washington, D.C.-based investment real estate services firm, has arranged the sale of a two-building, midrise portfolio containing 92 apartments and one ground-floor retail unit. The portfolio is located at 7611 and 7701 Georgia Ave. N.W. in northwest D.C., one block from Silver Spring, Md. Ari Firoozabadi, Kyle Tangney, John Mullen, Caleb Brown and Lance Ahmadian represented the seller, BBS Associates, in the transaction. The buyer was WC Smith, a generational family-operated real estate company based in D.C.
BIRMINGHAM, ALA. — Rock Apartment Advisors, a Birmingham-based apartment brokerage services firm, has closed the $3.2 million sale of The Blach's Lofts at North 20th Street in downtown Birmingham. The community features 24 loft-style units and approximately 5,000 square feet of commercial space, which is fully leased. The property was built in 1923 and renovated in 2008-2009. Justin Uffinger of Rock Apartment Advisors brokered the sale.