LEAWOOD AND SPRING HILL, KAN. — NorthStar Healthcare Income Inc. has acquired two assisted living and memory care facilities in the metro Kansas City area for $15.6 million. The properties include a 70-unit facility in Leawood and a 48-unit property in Spring Hill. An affiliate of Advantage Health Group operates the facilities.
GLENDALE, ARIZ. — The 208-unit Acacia Pointe Apartments in Glendale has sold to Acacia Pointe, LLC for $8.5 million. The community is located at 8344 N. 67th Ave. It was built in 1985. The buyer was represented by Joe Dietz of US Investment Realty. The seller, Paradise Urban Apartments, LLC, dba Bank of America, was represented by Jim Crews and Brett Polachek of Cushman & Wakefield’s Multifamily Advisory Group.
TALLAHASSEE, FLA. — ARA has arranged the sale of Victoria Grand, a 320-unit apartment community located in Tallahassee’s Northeast submarket. The property, which was constructed in 2008, sold for approximately $42.2 million. The apartment community’s average unit size is more than 1,100 square feet and offers a mix of one-, two- and three-bedroom floor plans. Matt Wilcox, Kevin Judd and Patrick Dufour represented the buyer, Ramsey, N.J.-based Raia Properties Corp., in the transaction.
UNION CITY, GA. — NorthMarq Capital has arranged $12.5 million in acquisition financing for Hidden Lake Apartments, a 320-unit multifamily community located in Union City. Bill Matone of NorthMarq Capital’s Charlotte, N.C., office, arranged the 10-year loan with a 30-year amortization schedule through Freddie Mac.
AUDUBON, PA. — NorthMarq Capital has arranged a $9 million loan for the refinancing of Audubon Court Apartments in suburban Philadelphia. Joseph Sweeney, managing director of NorthMarq’s Philadelphia regional office, arranged the 10-year loan with a 30-year amortization schedule through Freddie Mac. The 174-unit, market-rate community is located at 2828 Egypt Road in Audubon.
ARLINGTON, TEXAS — Stonemark Equities and equity partner 29th Street Capital have acquired Southern Hills Apartment Homes, a 250-unit multifamily complex in Arlington. The property, located at 2624 South Hills Boulevard, offers one-, two- and three-bedroom layouts. Stonemark will rebrand the property as The Mark at 2600 and invest $1.3 million in renovations, including improvements to the clubhouse, fitness center, pool, playground and interior appliances. The seller was a group of individual owners/investors.
GLENDALE, ARIZ. — The 208-unit Acacia Pointe Apartments in Glendale has sold to Acacia Pointe, LLC for $8.5 million. The community is located at 8344 N. 67th Ave. It was built in 1985. The buyer was represented by Joe Dietz of US Investment Realty. The seller, Paradise Urban Apartments, LLC, dba Bank of America, was represented by Jim Crews and Brett Polachek of Cushman & Wakefield’s Multifamily Advisory Group.
SEATTLE — Invesco Real Estate has purchased 206 Bell, a new 122-unit apartment community in Seattle’s Belltown neighborhood, for an undisclosed sum. The community is located near the offices of Amazon, Twitter, Facebook, Google and the Bill and Melinda Gates Foundation. It was developed by HB Management. The transaction was executed by David Young,Corey MarxandSeth Heikkilaof Jones Lang LaSalle Capital Markets.
SAN JOSE, CALIF. — TruAmerica Multifamilyhas purchased the 168-unit Avenel Apartments in San Jose for $38 million. The Class B community is located at 750 N. King Road near the offices of Cisco Systems, eBay, Adobe and Intel. TruAmerica plans to execute an extensive renovation at the property. This acquisition was completed in partnership with Vista Investment Group and Western Investments Capital. TruAmerica Multifamilyis led by Robert E. Hart and The Guardian Life Insurance Company of America. This is the investment firm’s second acquisition in two weeks. It also recently purchased Piazza D’Oro in Oceanside for $81 million. The seller, Fairfield Mabury Village LLC, was represented by Stanford Jones, Salvatore Saglimbeni and Philip Saglimbeni of Institutional Property Advisors.
HOUMA, LA. — Greystone has provided $24.3 million in HUD financing for the Belmere Luxury Apartments, a 249-unit multifamily complex in Houma, about 60 miles southwest of New Orleans. The gated community features a resort-style pool, Jacuzzi, fitness center, jogging trail, barbecue area and a dog park. Nathan Schuss of Greystone’s New York office arranged the 40-year, fully amortizing HUD 223(a)7 loan on behalf of Robert Aiello, the borrower of record in partnership with Ronald Turner.