TEMPLE, TEXAS — Treetop Development has added its seventh Texas U.S. Department of Housing and Urban Development (HUD) -sponsored apartment complex with the recent acquisition of Wayman Manor in Temple. Situated at 1811 E. Ave. K, Wayman Manor consists of 160 one-, two- and three-bedroom rent-assisted apartments. Wayman Manor was part of a larger portfolio-style acquisition of four rental complexes by Treetop Development. Treetop purchased all four assets, which total 588 units, from GHC Housing Partners of Sherman Oaks, Calif., for $22.1 million. The acquisition brings the number of homes acquired by Treetop Development from HUD in the past two years to more than 5,000. Marcus & Millichap represented Treetop Development in the transaction. Steven Fleissig of Greenberg Traurig served as attorney.
SAN DIEGO — Campus Advantage has hired Rosemary Whaling as vice president of communications and marketing to help continue its growth. Whaling joined Campus Advantage to lead the company’s awareness-building activities, including corporate marketing, public relations and employee communications. Whaling joins the company with more than 20 years of consumer marketing and public relations experience at companies such as Procter & Gamble, Dell, Commemorative Brands and Sweet Leaf Tea. Campus Advantage’s portfolio includes properties in San Diego, Reno, Nev., and Eugene, Ore.
WICHITA, KAN. — Marcus & Millichap has brokered the sale of The Shores Apartments, a 342-unit multifamily property located at 2701 S. Emporia St. in Wichita. Kirkland, Wash.-based Weidner Apartment Homes purchased the property for an undisclosed price from a Florida-based private investor. Built in 1985, the property consists of 19 three-story buildings with 174 one-bedroom/one-bath units and 168 two-bedroom/two-bath units. Apartment amenities include private patios/balconies, eat-in kitchens, dishwashers, disposals and ovens with ranges. Community amenities include a pool, clubhouse, business center, fitness center, playground, tennis court, on-site management and maintenance staff, dry cleaning services and laundry facilities. Brett Meinzer, Michael Sullivan, Grant Kollman, Alex Blagojevich and David Gaines of Marcus & Millichap represented the seller in the transaction. Greg Bates, also of Marcus & Millichap, is the broker of record in Kansas.
NEW YORK CITY — Marcus & Millichap has arranged the sale of a multifamily building located at 2405 Tilden Ave. in Brooklyn. The six-unit property sold for $1.1 million. The property sold within 99 percent of the asking price. Derek Bestreich, Erik Rodriguez and Seth Schiffman of Marcus & Millichap’s Brooklyn office represented the seller and buyer, both private investors, in the transaction.
OMAHA, NEB. — Grandbridge Real Estate Capital has secured a $25.5 million first mortgage loan for a multifamily property in Omaha. The funding was provided by a Grandbridge correspondent life insurance company and features a 10-year term and a 30-year amortization schedule. Built in 1958 as an office building and later converted to residential, the 300-unit Class A apartment building is 100 percent leased. Dick Riley and Brett Olson of Grandbridge’s Minneapolis office originated and closed the refinance transaction.
ELMWOOD PARK, ILL. — Marcus & Millichap has brokered the sale of an apartment building located at 2646-50 N. Harlem Ave. in Elmwood Park. The 12-unit property sold for $850,000. The property consists of two one-bedroom/one-bath units, two two-bedroom/one-bath units and eight two-bedroom/one-bath units. Andrean Angelov, Ryan Engle and Jordan Gilbert of Marcus & Millichap’s Chicago Oak Brook office represented the seller, a private investor, and secured the buyer, a limited liability company, in the transaction.
MESQUITE, TEXAS — Marcus & Millichap has arranged the sale of Princeton Apartment Homes, a 164-unit apartment property located in Mesquite. John Barker and Mark Allen of Marcus & Millichap’s Fort Worth office marketed the property on behalf of the seller, a limited liability company. Barker and Daniel Burton also secured the buyer, a limited liability company. Marcus & Millichap’s Barker Multifamily Group conducted numerous showings and generated multiple competitive offers prior to going under contract. Princeton Apartment Homes is located at 4300 Gus Thomasson Road. The community offers one- and two-bedroom floor plans ranging from a 506-square-foot one-bedroom/one-bath to a 1,020-square-foot two-bedroom/two-bath.
SAN DIEGO – The 98-unit Park Grove Apartments in San Diego has sold to 3635 College Ave LLC for $9.6 million. The community is located at 3635-75 College Ave. Park Grove is situated just two miles from San Diego State University. The buyer plans to rebrand the multifamily property after it completes major interior and exterior upgrades. Peter Scepanovic and Corey McHenry of Colliers International’s San Diego Multifamily Advisory Group represented both the buyer and the seller, the William R. Mundt Trust, in this transaction.
SAN DIEGO — California-based real estate firm Merrill Commercial Real Estate Inc. has arranged the sale of Golden Living of Point Loma in San Diego for $5.1 million. The assisted living community consists of 55 units (113 beds) within 30,832 square feet on a 0.75-acre lot. New ownership plans to convert a portion of the existing units to memory care.
BURLINGAME, CALIF. — Sunrise Senior Living opened its newest community — Sunrise of Burlingame near San Francisco — on June 29, marking the 40th community in California for the owner/operator. The new four-story, 65,000-square-foot assisted living and memory care community on Trousdale Drive contains about 80 units, with a resident capacity of 97. Sunrise expects to open a new community in Dublin, Ohio, in August and Sunrise at Palos Verdes in the Los Angeles area next year.