HOUSTON — CBRE Strategic Partners U.S. Value 6, a fund sponsored by CBRE Global Investors, has acquired The Connection at Buffalo Pointe, a 352-unit, Class A apartment community in Houston. The property, located at 10201 Buffalo Speedway near the Texas Medical Center, is 93 percent occupied. CBRE Global Investors will manage the property and implement an upgrade program, which will add granite countertops, new plumbing and updated light fixtures to the units. The Connection at Buffalo Pointe is the first component of a larger mixed-use development, according to Steve Gullor of CBRE Global Investors.
DALLAS — ARA has arranged the sale of Timberlodge Apartments, a 216-unit multifamily community located in Dallas. Brian O'Boyle Sr., Brian O'Boyle Jr. and Richard Furr of ARA represented the seller, San Francisco-based The Reliant Group, in the transaction. The buyer is Salt Lake City, Utah-based Bridge Investment Group Partners. The multifamily community was built in 1981 and is 92 percent occupied. Timberlodge was built alongside a creek and it features two sports courts, a swimming pool and hot tub.
DALLAS — Hendricks-Berkadia has arranged the sale of St. Francis, a 200-unit apartment complex located at 8943 Senate St. in Dallas. The apartment community was built in 1968 and offers one-, two- and three-bedroom floor plans. Peter Hartnett of Hendricks-Berkadia's Dallas office arranged the sale. Dallas-based St. Francis Investment Partners LP sold the community to Dallas-based TACP SFRANCIS LP.
PHOENIX – The Avalon Hills condominiums in Phoenix has sold to BH Properties for $5.6 million. The community is located at 3535 West Tierra Buena Lane. It contains 348 units, although only 250 were acquired by BH Properties. Both the buyer and the seller, Michael Carmel (trustee), were represented by Bill Hahn, Jeffrey Sherman and Trevor Koskovich of Colliers International’s HSK Multifamily team.
COSTA MESA, CALIF. – The 21-unit Orange Elden apartments in Costa Mesa has sold to an investment group for $5.2 million. The community is located at 2151 Orange Ave. Peter M. Hauser and Steven C. Brombal of Hendricks-Berkadia’s Newport Beach office represented both the buyer and the seller, CTF6-Elden, LLC, in this transaction.
OHIO — Aviv REIT Inc. (NYSE: AVIV) has acquired a post-acute and long-term care skilled nursing facility in Ohio for $14.4 million. The property is triple-net leased to existing tenant Saber Healthcare Group. Saber is an operator of 71 skilled nursing and assisted living facilities in five states. The 10-year lease includes an initial cash yield of 10 percent and annual rent escalators. The transaction was funded with the company's revolving credit facility. Aviv has closed $29 million in investments this year.
WEST JORDAN, UTAH – The 280-unit Boulder Canyon Apartments in West Jordan has received a $27.5-million loan. The community is located at 5517 W. Slate Canyon Drive just southwest of Salt Lake City. The non-recourse loan features a fixed interest rate in the mid-2 percent range and a 40-year amortization schedule. It was funded by Huntoon Hastings, a wholly owned subsidiary of Johnson Capital. The loan was arranged by Greg Richardson and Scott Watson of Johnson Capital’s Irvine officein conjunction with the acquisition of the property by Eight Bay Advisors, LLC.
LITHONIA, GA. — Variant Commercial Real Estate has acquired the Oaks at Stonecrest, a 280-unit apartment property in Lithonia. Apartment units average 995 square feet and the property totals 270,000 square feet of living space. Variant plans to make minor exterior renovations to the property and CFLane will serve as the new property manager. The property is located minutes from metro Atlanta and is close to the newly built, 1.3 million-square-foot Mall at Stonecrest. Following the deal, Variant now has 7,000 units in its commercial portfolio.
NEW YORK CITY — Meadow Partners has received a $30 million senior loan from PCCP LLC for the recapitalization and conversion of a 98,000-square-foot, nine-story office/retail building into a multifamily/retail project. The building is located at 42-15 Crescent St. in Long Island City in Queens. The ownership plans to convert the property to a Class A multifamily/retail property, which will contain 124 units in the 10-story building. Constructed in 1953, the building is located across the East River from Midtown Manhattan. Meadow acquired the property in December 2012 in an off-market, all-cash transaction and has plans to complete pre-development in the next few months. The project is slated for completion in early 2015. Allen & Overy LLP represented PCCP LLC and Ackman-Ziff Real Estate Group LLC arranged the financing.
NEW YORK CITY — Castellan Real Estate Partners has acquired a four-story, 62-unit multifamily building in the Flatbush section of Brooklyn for $6 million, or $98,000 per unit. The walk-up apartment building was built in 1926 and includes one 47,680-square-foot store. Yosef Katz of GFI Realty Services Inc. represented the seller, a local investor. Josh Orlander, also of GFI Realty Services, represented the buyer in the transaction. The building is located at 1084 New York Ave.