SUNNY ISLES BEACH, FLA. — A private foreign investor has acquired the 17-unit Bella Apartments, located at 225 179th Drive in Sunny Isles Beach, for $5.7 million, or $251 per square foot. Completed in 2007, the gated seven-story property is fully occupied. Apartment amenities include private terraces, luxury appliances, 9-foot ceilings and storage facilities. The units average 1,337 square feet. CBRE represented the seller, Unimar Property Holdings of Miami, in the transaction.
COLUMBIA, S.C. — UC Funding LLC has arranged a $4.7 million bridge loan for the acquisition and renovation of a 180-unit, Class C apartment complex in Columbia. The borrower is a real estate professional with more than 15 years of experience in acquiring multifamily properties in Texas, South Carolina and Florida. The borrower currently owns and manages 5,300 units.
ST. PETERSBURG, FLA. — Senior Management Advisors Inc. (SMA) and ValStone Partners have acquired the Palazzo Di Oro, a former assisted living facility that closed in 2011 in St. Petersburg, for $2 million. The buyer plans to renovate and reopen the 150-unit community, named Grand Villa of St. Petersburg, which will offer assisted living and memory care services. Construction is expected to be complete in late 2014. The property was built as a hotel in 1971 and converted into an assisted living facility in the 1990s. A syndicate of lenders foreclosed on the property in 2011. This is the 11th senior living community SMA and ValStone have acquired, renovated and rebranded.
CHARLOTTE — Cedar Ridge Group LLC has acquired the Markets at Cedar Ridge, a 27,920-square-foot retail center located at 7520 S. Tryon St. in Charlotte. Shane Buckner of NorthState Capital Partners and David Dupree of BCB Investments represented the buyer in the transaction. David Morris of Legacy Real Estate Advisors represented the seller. The center is less than 72 percent occupied, and the value-add deal falls under the company's strategy of buying “real estate assets in good locations that can be acquired below replacement cost,” says Buckner.
NASHVILLE — UMH Properties Inc. has purchased Holiday Mobile Village, a 274-site manufactured home community on 68 acres in Nashville, for $7.2 million. The property is 82 percent occupied. With the deal, UMH now owns 68 manufactured home communities consisting of 12,800 developed home sites. The buyer plans to increase occupancy at the new property by implementing its sales and rental program.
STATESBORO, GA. — Grandbridge Real Estate Capital has arranged an $11.2 million first mortgage loan for University Village at Southern, a 532-unit student housing community in Statesboro, home of Georgia Southern University. Robert Hukill of the firm's Raleigh office arranged the refinancing loan through Freddie Mac.
ORLANDO — Harvest Holdings has acquired Sand Lake Plaza, a 25,116-square-foot retail center in Orlando for $4.7 million. Built in two phases in 1995 and 2005, the property is fully leased and located at 1431 W. Sand Lake Road. The property is just east of South Orange Blossom Trail and across from the Florida Mall, the largest shopping mall in Central Florida. Daniel Baker of CBRE represented the seller, an affiliate of Ram Realty Services and Square Mile, in the transaction.
ATLANTA — Sage Hospitality has purchased six Courtyard by Marriott hotels in partnership with Whitman Peterson, including three in Georgia. The deal includes the 146-room Courtyard by Marriott 75 North in Marietta, the 127-room Courtyard by Marriott Atlanta Windy Hill in Atlanta and the 131-room Courtyard by Marriott Atlanta Norcross Peachtree Corners in Atlanta. Al Calhoun and Mark Fair of Jones Lang LaSalle represented the seller, an affiliate of Clarion Partners LLC. The additional properties are located in other “key select service markets,” in Dallas and Southfield, Mich., according to Calhoun. “The portfolio has the ability to substantially increase RevPar penetration, grow NOI and provide strong investment returns.”
BOCA RATON, FLA. — Bob Dockerty of Dockerty Romer & Co. has arranged $16.4 million in permanent mortgage financing for a 60,000-square-foot office building, along with a 105,000-square-foot warehouse space and a 17,000-square-foot Office Depot store in Boca Raton. Florida Community Bank provided the 10-year, fixed-rate loan for the borrower, Reel State Adventures and Southern State Properties Inc. The property is located on the north side of Glades Road at 123 N.W. 13th St.
AMORY, MISS. — Love Funding has arranged three loans totaling $15 million to refinance a portfolio of skilled nursing facilities in Mississippi. Laura Saull-Smith of Love Funding obtained the loans through the U.S. Department of Housing and Urban Development's Section 232/223(a)(7) LEAN program. The properties include the River Place Nursing Center in Amory, The Nichols Center in Madison and The Carrington Nursing Center in Starkville. All three facilities are operated by Briar Hill Management LLC and include 105 units.