SAN DIEGO — The Meadows Apartment Homes, an 86-unit multifamily community in the Vista submarket of San Diego, has sold to the Apartment Company for $11.3 million. The community is located at 1110-1155 Meadowlake Drive. The Apartment Company represented itself in this transaction, while the seller, a private partnership controlled by MG Properties Group, was represented by Kevin Mulhern, Dixie Hall and Rachel Parsons of CBRE San Diego.
GILBERT, ARIZ. – The 120-unit Legacy Village in Gilbert has received $10 million in first-mortgage acquisition financing. The community is located at351 S. Civic Center Drive. Financing was based on a 10-year term with two years of interest-only followed by a 30-year amortization schedule. Financing was arranged by Gardiner Champlin and Marty Meagher of NorthMarq Capital’s San Diego office through the firm’s seller-servicer relationship with Freddie Mac. The borrower was The Reserve at Gilbert Towne Centre, LLC.
DENVER — The DESCi Apartments, a 93-unit multifamily community in Denver, has sold to Brian Botnick for $8.3 million. The complex was built in 1963 by Denver Educational Senior Citizens Inc. (DESCi), a local non-profit organization. It provides affordable housing to Denver Public School employees, retirees, their relatives and those in related professions who are age 55 and older. Jeff Johnson of the Johnson Ritter Team at Pinnacle Real Estate Advisors represented both the buyer and the seller in this transaction.
CLEARWATER, FLA. — HEI Hotels & Resorts has acquired the 115-room Residence Inn Clearwater Downtown in Clearwater. The private hotel owner/operator purchased the property as part of its growing portfolio of high-quality, select-service hotels. The hotel will continue to operate under Marriott's Residence Inn brand. The company also recently acquired the 170-room Stoneleigh Hotel in Dallas.
NORCROSS, GA. — PointOne Holdings LLC has purchased Steeple Chase Apartments, a 305-unit community located at 5940 Singleton Road in Norcross for $13.2 million, or $43,525 per unit. The property, situated one mile from I-85, is 96 percent occupied. Mike McGaughy and Jon Kleinberg of Transwestern represented the seller, Cortland Partners, in the transaction.
JACKSONVILLE — Johnson Development has started construction on a 60,000-square-foot medical office building in Jacksonville. The property will be located next to St. Vincent's Medical Center Clay County hospital, a new 64-bed hospital scheduled to open in 2013. The medical office building will house facilities for cardiology, wound care, orthopedics, rehabilitation, neurology and include a sleep center. Johnson Development will own the property with a group of area physicians. The medical office building is slated for completion in October.
MARION, IND. — Landmark Commercial has arranged the sale of University Marketplace in Marion for $8 million. TJ Maxx, PetSmart and Hobby Lobby anchor the recently developed shopping center. Other retailers include Kohl’s and Meijer, which also own their own parcels in the shopping center. Daniel Kukes and Kevin Baker of Landmark Commercial represented the buyer, a non-traded REIT, and the seller, a Michigan-based developer, in the transaction.
LIVONIA, MICH. — Bernard Financial Group has arranged a $7.8 million loan for the refinancing of an industrial property in Livonia, located about 19 miles west of Detroit. The refrigerated industrial warehouse building includes 383,649 square feet of space. The 12-year, nonrecourse loan is self-amortizing and includes a 4.75 interest rate. Ashley Mastronardi LLC was the borrower. Dennis Bernard and Kevin Kovachevich of Bernard Financial originated the loan. Protective Life Insurance Co. and its subsidiaries provided the loan.
NILES, OHIO — A Cleveland-based investor has purchased a 4,500-square-foot retail building in Niles, located about 50 miles east of Akron, for $1.3 million. Vitamin Shoppe Inc. is the sole tenant of the building located within Cafaro’s Eastwood Mall complex at 5704 Youngstown Warren Road. Vitamin Shoppe has a long-term lease in place through 2022 and is corporately guaranteed. Dan Cooper of Cooper Commercial Investment Group represented the buyer in the transaction.
ROCKFORD, ILL. — A Chicago-based lender has sold a three-property multifamily portfolio at 3432 Harrison Ave. in Rockford for $800,000. The properties include a total of 52 units. James Clough of Marcus & Millichap represented the seller, a Chicago-based lender. The buyer, a private investor, was secured and represented by Edward Liss and Eric Bell of Marcus & Millichap.