DENVER — The DESCi Apartments, a 93-unit multifamily community in Denver, has sold to Brian Botnick for $8.3 million. The complex was built in 1963 by Denver Educational Senior Citizens Inc. (DESCi), a local non-profit organization. It provides affordable housing to Denver Public School employees, retirees, their relatives and those in related professions who are age 55 and older. Jeff Johnson of the Johnson Ritter Team at Pinnacle Real Estate Advisors represented both the buyer and the seller in this transaction.
SAN MATEO, CALIF. – A 111-unit, $43.7-million apartment complex recently broke ground in San Mateo. The 2.4-acre site is located at 2090 S. Delaware Street at the north end of Silicon Valley. The project is scheduled to be complete and ready for leasing in spring 2014. It is being developed by Wood Partners.
PITTSBURG, CALIF. – The 208-unit Presidents Park Apartments in Pittsburg has sold to
WASHINGTON, D.C. — Jones Lang LaSalle's capital markets team has closed on the sale of four multifamily properties in the Washington, D.C., area totaling $608 million. In the largest deal, Dweck Properties purchased Archstone Crystal Towers, two 912-unit apartment towers in Arlington, Va., from Equity Residential for $322.2 million. The deal broke the record for the largest sale of a multifamily property in the region. Archstone Crystal Towers was completed in 1968 and underwent a comprehensive renovation in 2002. Al Cissel and Scott Melnick of Jones Lang LaSalle represented the seller in the transaction. WAFRA Investment Advisory Group and Stella Advisors bought the Avalon at Decoverly, a 564-unit apartment community in Rockville, Md., from Avalonbay Communities Inc. for $135 million. Amenities at the Class A property include two outdoor swimming pools, tennis courts and a dog park. Cissel, Melnick and Christine Epenshade of Jones Lang LaSalle represented the seller. JBG Cos. acquired Falkland Chase, a 450-unit garden apartment community in Silver Spring, Md., from Home Properties for $98 million. The community features 57 two- and three-story brick buildings. Cissel and Melnick represented the seller. In the final deal, a joint venture between Laramar and Lubert-Adler purchased Woodvale Apartments, a 24-building …
HUDSON COUNTY, N.J. — NorthMarq’s North New Jersey regional office has arranged $33.8 million in first mortgage refinancing for three affordable housing properties in Hudson County. Eastview Apartments, a 79-unit apartment community located at 58-72 Washington St. in Hoboken, received $15.6 million. New Floral Gardens 1A, a 91-unit property located at 2515-2517 Cottage Ave. in North Bergen, received $8.9 million. Park View East Apartments, a 71-unit apartment community located at 4300 Park Ave. in Weehawken, received $8.8 million. Financing for the transactions was based on a 10-year term and a 30-year amortization schedule. NorthMarq arranged this financing through a local bank.
BETHESDA, MD. — Beech Street Capital LLC has closed seven Fannie Mae DUS loans totaling $42.8 million for seven manufactured home communities in Texas, Arizona and Michigan. The portfolio includes five communities in Michigan, one in Texas and one in Arizona totaling 2,232 home sites. Damon Reed of Beech Street's Birmingham, Ala., office originated the 10-year loans with a 30-year amortization schedule on six loans and a 25-year schedule on the other loan.
SAN MATEO, CALIF. – A 111-unit, $43.7-million apartment complex recently broke ground in San Mateo. The 2.4-acre site is located at 2090 S. Delaware Street at the north end of Silicon Valley. The project is scheduled to be complete and ready for leasing in spring 2014. It is being developed by Wood Partners.
PITTSBURG, CALIF. – The 208-unit Presidents Park Apartments in Pittsburg has sold to Fowler Property Acquisitions for $21.2 million. It is located at 1128 East Leland Road in San Francisco’s East Bay region. The seller, Friedkin Realty Group, was represented by Stanford Jones, Philip Saglimbeni and Salvatore Saglimbeni of Institutional Property Advisors and Kevin Turner of Marcus & Millichap.
PORT HURON, MICH. — Love Funding has closed a $4.7 million loan for the refinancing of Porthaven Manor, a 102-unit, independent living community in Port Huron. Bruce Gerhart of Love Funding secured the financing through the U.S. Department of Housing and Urban Development’s 223(f) loan insurance program. Porthaven Manor is an age-restricted apartment community built in 1989 with low-income housing tax credits administered by the Michigan State Housing Development Authority. The refinancing will allow the property’s owners to pay off Boston Financial Institutional Tax Credits, which financed the tax credits.
MCKINLEYVILLE, CALIF. – A 100-unit assisted-living facility in McKinleyville has received a $4.4-million refinance loan. The facility is located on the Pacific Coast three miles north of Eureka. The non-recourse, FHA-insured loan has a 40-year term. It was funded by Huntoon Hastings, a wholly owned subsidiary of Johnson Capital. The loan was arranged by Rick Hayward of Johnson Capital’s San Francisco office on behalf of the borrower, a Northern California investment group.