SANTA ROSA, CALIF. — Cushman & Wakefield has negotiated Anvil Development’s acquisition of four acres in Santa Rosa, just north of San Francisco, for $1.5 million. The developer plans to build a 59-bed skilled nursing facility on the property. A.J. Ventures sold the plot. The skilled nursing facility will be 37,000 square feet once completed. The Cushman & Wakefield team of Travis Ives, Matt Davis, Terry Jackson and Curtis Buono represented the buyer in the transaction.
TAMPA, FLA. — The RADCO Cos. has purchased St. Croix, a 540-unit, Class B apartment community in Tampa, for $58.5 million. The Atlanta-based multifamily investor plans to rebrand the asset Radius Tampa Palms and invest $7 million in capital improvements to the property’s amenities and interiors. RADCO is financing the acquisition and renovations using a $45.4 million Freddie Mac loan and $23 million in private capital. RADCO’s property management division, RADCO Residential, will manage Radius Tampa Palms. Built in two phases in 1988 and 1990, the apartment community comprises one- and two-bedroom units averaging 754 square feet. Community amenities include a fitness center, two pools, lighted tennis courts, sand volleyball court, clubhouse, business center and a dog park.
ATLANTA — Grandbridge Real Estate Capital has closed a $41.4 million acquisition loan for Collier Ridge Apartments, a 300-unit multifamily community situated in Atlanta’s West Midtown district. Alan Tapie and Thomas Wiedeman of Grandbridge’s Atlanta office arranged the Freddie Mac loan with three years of interest-only payments and two 12-month extension options on behalf of the borrower, a repeat client of Grandbridge. The loan features an 85 percent LTV ratio and qualified for Freddie Mac’s Green Up program due to sustainable renovations planned by the borrower. Collier Ridge’s community amenities include a fitness center, swimming pool, leasing center/clubhouse, dog park and tennis courts.
CHICAGO — Essex Realty Group Inc. has brokered the sale of an eight-unit apartment building in Chicago for $1.1 million. The building is located at 2020 N. Spaulding Ave. in Logan Square. The property is comprised of six three-bedroom units and two two-bedroom units. The undisclosed buyer plans to completely renovate the building. Jim Darrow and Jordan Gottlieb of Essex brokered the transaction.
PORTLAND, ORE. — Portland Housing Bureau has acquired The Ellington, a 263-unit apartment community in Portland, for $47 million. The community is located at 1610 N.E. 66th Ave. The property is adjacent to the Rose City Golf Course. The sellers were Guardian Real Estate Services and partner Broadreach Capital Partners. HFF’s Ira Virden and director Carrie Kahn executed the sale.
SEATTLE — An affiliate of Champion has acquired the 73-unit Union Bay Apartments in the South Lake Union neighborhood of Seattle for $24 million. The community is located at 526 Yale Ave. N. It was built in 1994. Union Bay is situated near Amazon, Dropbox, Google, Facebook, WeWork, the Paul Allen Brain Institute, Fred Hutch Cancer Research and Zymogenetics.
NEW YORK CITY — Clipper Realty has entered into an agreement to acquire a residential property located at 107 Columbia Heights in Brooklyn. The Jehovah’s Witnesses is selling the apartment property for $87.5 million, or $569 per square foot. The 154,000-square-foot property features 161 apartment units. The buyer plans to create 12 additional units by converting various public spaces on the property. The acquisition is expected to close in May.
JERSEY CITY, N.J. — KeyBank Real Estate Capital has originated a $62 million first mortgage loan for Cast Iron Lofts Phase II in Jersey City. The name of the borrower was not released. The 26-story apartment community features 232 units. Tom Peloquin of KeyBank’s commercial mortgage group arranged the financing through a correspondent life company relationship.
UNION CITY, N.J. — Marcus & Millichap has arranged the sale of a multifamily building located at 4322 Kennedy Blvd. in Union City. A developer acquired the seven-unit property for $1 million. Jonathan Zamora of Marcus & Millichap represented the seller, a private investor, and the buyer in the transaction.
DENTON, TEXAS — Newport Beach, Calif.-based Arrimus Capital has purchased Forum at Denton Station, a student housing property located at 201 Inman St. near the University of North Texas in Denton. Boca Raton, Fla.-based Parkland Development sold the purpose-built property for an undisclosed price. The 420,684-square-foot development features 14 three-story buildings offering a total of 348 units, or 1,044 beds. The units are available in one-, two-, three- and four-bedroom layouts and are fully furnished. On-site amenities include a pool with a deck lounge, sand volleyball courts, indoor sports court, outdoor grilling and picnic areas and a 24-hour fitness center. Jaclyn Fitts and Casey Schaefer of CBRE represented the buyer and seller in the deal.