CORPUS CHRISTI, TEXAS — JLL has brokered the sale of Sunchase Apartments, a 224-unit, garden-style apartment complex located at 5445 S. Alameda St. in Corpus Christi. Raybec Alameda LLC purchased the property, which features a pool, fitness center and an on-site laundry facility. Scott LaMontagne, Moses Siller and Zar Haro of JLL represented the seller, F1S Sunchase Associates LLC in the transaction. The sale includes the 9.2 acres on which the complex is situated.
NORTHFIELD, MINN. — Dougherty Mortgage LLC has provided a $4.6 million HUD loan for the refinancing of Summerfield Apartments in Northfield, about 40 miles south of Minneapolis. Per a land use restriction agreement, 20 percent of the 112 units at the property are designated for affordable housing. The property was built in 1980 and renovated in 2003. Dougherty’s Minneapolis office arranged the 35-year loan for the borrower, Summerfield Investments LLC.
CHARLOTTE, N.C. — Bluerock Residential Growth REIT Inc. has purchased Wesley Village Apartments, a 301-unit, Class A multifamily community located in Charlotte’s FreeMoreWest submarket. The REIT acquired the property from KBS Legacy REIT for $56.9 million using $16.5 million in equity and a Freddie Mac, fixed-rate loan totaling $40.5 million. Built in 2010, Wesley Village features studio, one- two- and three-bedroom units averaging 1,025 square feet. Community amenities include a resort-style saltwater pool with grilling area and wet bar, fitness center, game room with a billiards table, business center with Wi-Fi and a dog park.
GREER, S.C. — Love Funding has provided a $10.8 million loan to convert a former textile mill into Lofts by the Lake at Apache Mill, a proposed 97-unit apartment community in Greer. The development team is led by real estate veteran Dale Goodrich. Tammy Tate of Love Funding arranged the loan through HUD’s 221(d)(4) loan insurance program, which provides low-rate financing during construction and for a subsequent 40-year term. The transaction also makes use of federal and state historic tax credits, as well as state textile mill credits. Since the majority of the tax credits aren’t available until final completion, Tate also helped arrange a bridge loan for the borrower through Love Funding’s parent company, Midland States Bank. The 7.2-acre property was originally developed in the mid-1830s, and the first modern mill was constructed as a brick facility in 1988. The proposed apartment community will feature two-story windows, pine columns, exposed historic brick walls, lake views in 51 of the units and communal resources including lake access and kayak shoots. The project team includes architect Joe W. Hiller Jr. and general contractor Triangle Construction Co. Blue Ridge Property Management will manage Lofts by the Lake at Apache Mill upon completion.
DALLAS — EDGE Realty Capital Markets has brokered the sale of Westridge Apartments, a 124-unit multifamily property located at 2107 W. Ledbetter Drive on Dallas’ south side. Mart Martindale and John Mungioli of EDGE represented the seller, Edgewood Holdings LLC, in the transaction. Jon Krebbs of SVN represented the undisclosed buyer.
LOS ANGELES — Meta Housing Corp. has completed 5400 Hollywood Family Apartments, a 40-unit apartment community in East Hollywood, for $21.6 million. The five-story apartment community aims to provide affordable housing options for families throughout Los Angeles, and also includes 3,485 square feet of retail space. 5400 Hollywood Family Apartments includes a landscaped rooftop deck with barbecue and children’s play areas, as well as a clubhouse and computer room. The apartment community is located at 1655 N. Serrano Ave. and includes one-, two- and three-bedroom floor plans.
CHICAGO — Blueprint Healthcare Real Estate Advisors, a Chicago-based brokerage firm, has negotiated the sale of 18 skilled nursing facilities located throughout the Midwest for $82 million. The portfolio included nine properties in Kansas, six in Missouri, two in Iowa and one in Nebraska. The specific names and locations of the properties were not disclosed. The regional portfolio comprises 1,843 total licensed beds and generated approximately $110 million in revenue on a trailing basis at the time of sale. Most of the facilities are situated in suburban neighborhoods, while several of the centers were in secondary markets within driving distance from Kansas City. The seller, a publicly traded owner-operator, was looking to exit the Midwest region to create a tighter geographic density for its properties, as well as focus on hospital partnerships. The buyer is Illinois-based Cascade Capital Group, which went through several rounds of bidding. The sale includes an undisclosed level of HUD mortgage debt and two leased assets. The sales price equates to $45,000 per bed. Ben Firestone, Christopher Hyldahl and Michael Segal of Blueprint structured the transaction.
GRANTS PASS, ORE. — Mactrust LLC has acquired the 136-unit Riverwood Apartments and Townhomes in Grants Pass for $15.1 million. The community is located at 1625 S.E. N St. Riverwood was completed in stages between 1989 and 1992. The LLC plans to renovate the property. The seller was Camelot 16 LLC. HFO Investment Real Estate executed the transaction.
RICHMOND HEIGHTS, MO. — Associated Bank has provided an $8 million loan for the redevelopment of the former Manhasset Village apartment complex in Richmond Heights, a suburb of St. Louis. The four-building property is located at 1351 McCutcheon Ave. The project, the second phase of redevelopment at the community, will update a total of 46 apartments including a mix of one-, two- and three-bedroom floor plans ranging in size from 762 to 1,465 square feet. Residents moved into the first phase of the project, EVO, in fall 2016. Phase II is slated for completion in late 2017 or early 2018. Edward Notz of Associated Bank managed the loan for the borrower, Draper and Kramer Inc./MV Two LLC.
DALY CITY, CALIF. — CBRE has arranged an undisclosed amount of financing for a large private equity fund. The borrower will use the funds to refinance debt on Peninsula Del Ray, a 207-unit independent living and assisted living community in Daly City. The property totals 304,350 square feet and is situated 9.5 miles south of downtown San Francisco. Aron Will of CBRE National Senior Housing arranged the four-year, floating-rate loan. A regional bank provided the capital.
