PHOENIX — Boston-based Boston Capital has invested in Amber Pointe Apartments, a to-be-built, affordable senior-living project in Phoenix. Located south of downtown Phoenix, the property will feature 32 one-bedroom/one-bath units and 24 two-bedroom/two-bath garden-style units in a three-story building. The units are restricted to residents aged 62 or older with incomes at or below 40 and 50 percent of the area median income. The community will feature a community center, a computer room, laundry facilities and an intercom entry system. Boston Capital provided the tax credit equity for the development; Boston Capital Finance provided a $7 million construction loan and $1.1 million permanent loan. The general partner is Ohio-based NRP Group LLC.
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FORT COLLINS, COLO. — UPR Investments LLC has acquired a 24-unit multifamily property for approximately $1.1 million. The property is located at 632-636 N. Shields in Fort Collins. Erik Broman and Brian Mannlein of Marcus & Millichap’s Fort Collins office represented the undisclosed seller in the transaction.
PORTLAND, ORE. — Guardian Management LLC has signed preliminary agreements to acquire the real estate portfolio of Orange County, Calif.-based Atherton-Newport Investments, which filed for Chapter 11 bankruptcy protection in January 2008. The assets include more than 4,000 apartment units located in Las Vegas, Phoenix, Seattle and Miami. Guardian plans to acquire the assets through the implementation of its first strategic investment fund, which was utilized to acquire the Southern California and Arizona offices of Sperry Van Ness. Pacific Northwest-based Avalon Holdings initiated and structured the transaction.
MORGAN HILL, CALIF. — Mission West Properties Inc., through its unconsolidated joint venture, TBI-MWP, has completed the disposition of two research and development assets in Morgan Hill. Selling for $65 million, the properties offer approximately 311,000 square feet of rentable space. Mission West received approximately $16.9 million in cash, its share of the net proceeds, for the transaction. In January 2003, Mission West acquired a 50 percent interest in the joint venture from the Berg Group under the Berg Land Holdings Option Agreement.
PORTLAND, ORE. — The Macerich Company has agreed upon a $250 million loan for the refinancing of Washington Square Mall in Portland. The 7-year, fixed-rate loan is slated to close in December 2008 and the interest has been locked at 6 percent. The company’s current $128 million loan for the property is expected to mature in February 2009.
MURRIETA, CALIF. — Tri-Valley Urology Medial Group has purchased an 8,590-square-foot office building in Murrieta for $2.6 million. The property is located at 25495 Medical Center Dr., Suites 204-208. Rob Crisell of Lee & Associates’ Temecula Valley, Calif., office represented the buyer and the seller, Rancho Springs Medical Venture LLC, in the transaction.
LAS VEGAS — Lane Jacobs of Marcus & Millichap’s Las Vegas office represented the undisclosed buyer in the acquisition of a 5,000-square-foot retail strip center in Las Vegas. Located at 3805 E. Flamingo Rd., the two-tenant property sold for $2.5 million. The asset is currently long-term leased to Starbucks Coffee and Moneytree. The seller was not disclosed.
SAN FRANCISCO — Boston Properties Inc. has completed the financing of its Four Embarcadero Center in San Francisco. Terms of the 8-year, $375 million secured loan include a fixed rate of 6.10 percent per annum. A syndicate of insurance companies provided the financing. Located in San Francisco’s North Financial District, 47-story, Class A property offers approximately 937,000 square feet of rentable office space.
CHULA VISTA, CALIF. — Chula Vista-based Imperial Villa Apartments FLP has acquired Casa La Paz, an apartment complex located at 370 K St. in Chula Vista. San Diego-based Salomon Development Co. sold the 96-unit property for $12 million. Steve Huffman of Hendricks & Partners’ San Diego office represented the buyer in the transaction.
MANTECA, CALIF. — Vancouver, Wash.-based Prestige Care Inc. has completed the development of Prestige Senior Living at Manteca, an $11.5 million senior-living facility. Located at 1130 Empire Ave. in Manteca, the 114-unit property is one of the city’s first assisted-living facilities. The 85,000-square-foot, one- and two-story building features 90 assisted-living units, each with its own balcony, and a 24-unit memory care wing for residents with Alzheimer’s and related illnesses. Community amenities include large kitchen and dining facilities, a hair salon, a computer area, a spa, a fitness room and a convenience store. Additionally, the property offers two outdoor areas with planter-box gardens for use by the residents. Sundt Construction Inc. served as general contractor, while LPA Sacramento Inc. provided architectural services for the project.