LAKEWOOD, COLO. – The Radco Companies has acquired Parc Belmar in Lakewood for $95 million. The community is located at 7301 W. Ohio Ave. Michael Hartman and Alex Lacher of Reznick Capital Markets Securities arranged a $13.5-million preferred equity investment from Related Fund Management of New York for this acquisition. Radco plans to reposition this property. It has already been rebranded as Ashford Belmar.
Multifamily
PHOENIX – A joint venture between TruAmerica Multifamily and an affiliate of Berkshire Group have acquired the 254-unit Avenue 25 Apartments in Phoenix for $35.4 million. The community is located at 18250 North 25th Ave. The community is situated along Interstate 17, near the U.S. 101 interchange. Major employers in the area include American Express, PetSmart and Safeway. The seller, NextGen Apartments, was represented by Alon Shnitzer and Rue Bax of Abi Multifamily. The off-market transaction was completed with pre-stabilization debt financing provided by Capital One Commercial Bank.
SAN BERNARDINO, CALIF. – The 44-unit Brentwood Apartments in San Bernardino has sold to an unnamed buyer for $2.4 million. The community is located at 1415 East Date Street, near Interstate 210. The seller, a private investor, was represented by Reza Ghaffari of Marcus & Millichap’s Ontario office.
BILOXI, MISS. — CBRE has arranged $23.2 million in refinancing for Arbor Place Apartments, a 328-unit, Class A multifamily community located at 1955 Popps Ferry Road in Biloxi. The property features an average unit size of 1,310 square feet in one-, two- and three-bedroom floorplans. Arbor Place’s amenity package includes a swimming pool, walking trails, business center, fitness center, playground, picnic pavilions, outdoor fireplaces, dog park and a clubhouse/leasing office. Glenn Housman of CBRE arranged the 10-year loan through Fannie Mae’s Structured Adjustable Rate Mortgage (SARM) program on behalf of the borrower, Arbor Properties Inc.
LANSING, MICH. — Farmington Hills, Mich.-based Commercial Property Advisors has brokered the sale of Woodland Lakes Apartments, a 344-unit, Class A apartment community located in Lansing. Mount Auburn Capital Group, a California-based multifamily investment and management firm, purchased the property for more than $30 million. The deal marks Mount Auburn’s expansion into Michigan. Built in 2003, Woodland Lakes is situated on 60 acres. The property, which is currently 97 percent occupied, sold at a high 6 percent cap rate based on the 2013 year-end financials. Cary Belovicz of Commercial Property Advisors represented the seller, Woodland Lakes Investment Group LLC, an institutionally managed fund. K. Conly Chi of Mount Auburn says the transaction closed in less than 30 days from contract.
CHICAGO — Marcus & Millichap has arranged the $1.9 million sale of a 29-unit apartment property in Chicago The property is located at 4815 N. Springfield Ave. Built in 1927, the building has been upgraded within the past 10 years. Kyle Stengle, an investment specialist in Marcus & Millichap’s Chicago downtown office, represented the seller, a partnership. Stengle also represented the buyer, Windy City RE LLC.
FLOWER MOUND, TEXAS — StoneCreek Real Estate Partners has begun construction on Elan Oaks, an 82-unit assisted living and memory care facility. Elan Oaks will be located at 3281 Long Prairie Road in Flower Mound, Texas and is expected to create more than 100 new jobs. The property will be owned and funded by a joint venture between StoneCreek and The Collin Fund with financing from NorthStar Bank of Texas. The building’s design includes 58 studio, one-bedroom and two-bedroom assisted living apartments along with 24 private and semi-private memory care suites. The project is expected to be completed in July 2015.
NILES, ILL. — Holladay Properties has arranged the lease of a new 4,000-square-foot medical office building in Niles, a suburb northwest of Chicago. North Suburban Physicians Group will occupy space at The Park at Golf Mill, a senior independent living community located at 8975 West Golf Road. North Suburban Physicians Group is expanding its practice in Niles to meet the needs of its growing patient base in the northwest suburban areas of Chicago. Liza Passarelli of Tenant Advisors Inc. represented the tenant in the transaction. Michael O’Connor of Holladay Properties represented the owner.
NEW YORK — Formation Capital and Safanad Limited have acquired a portfolio of 14 skilled nursing facilities in the mid-Atlantic region for approximately $150 million. The 1,658-bed portfolio includes 11 facilities in Virginia, two in Maryland and one in Pennsylvania. Consulate Health Care, the sixth-largest skilled nursing care provider in the United States, operates the 14 properties.
RESTON, VA. — HFF has arranged $95 million in financing for the development of BLVD at Reston Station, a 21-story, 448-unit apartment building in Reston. The property will sit atop the entrance of the Wiehle-Reston East Metro Station. The upscale apartment community is the initial phase of the Reston Station mixed-use development that will include 550,000 square feet of office space, a 200-room hotel and an additional multifamily project. BLVD at Reston Station will feature one- to three-bedroom floor plans averaging 868 square feet. The property will also feature a resort-style rooftop swimming pool, fitness center, yoga room and private entertainment area with a glass fireplace, wet bar, media screen and billiard room. Walter Coker and Brian Crivella of HFF arranged the four-year construction loan through Citizens Bank on behalf of the borrower, Comstock Partners.