SCOTTSDALE, ARIZ. – The 24-unit Los Porticos apartments in Scottsdale has sold to 2778 Loker, LLC for $1.7 million. The community is located at 1221 North 85th Place. The buyer was represented by Marc Huisken of Cassidy Turley BRE Commercial in Phoenix. The seller, a private real estate partnership, was represented by Brian Tranetzki and Rich Butler of Marcus & Millichap’s Phoenix office.
LONG BEACH, MISS. — HFF has arranged a $12.3 million refinancing loan for Beach Club Apartments, a 220-unit, garden-style community in Long Beach. The property, located at 2012 W. 2nd St., is less than a half mile from the Gulf of Mexico. The 20-building community includes a fitness center, clubhouse, swimming pool and playground. Units average 1,061 square feet. Travis Anderson and Cory Fowler led the HFF team that arranged the 10-year, fixed-rate loan through M&T Realty Capital Corp. on behalf of the borrower, Dawn Properties Inc.
EAST LANSING, MICH. — Chicago-based HFF has closed on the $101 million sale of an off-campus, three-property student housing portfolio serving Michigan State University in East Lansing. The 852-unit, 2,772-bed student housing property has an average occupancy of 96 percent. Properties in the portfolio include The Club at Chandler Crossing located at 3850 Coleman Road; The Village at Chandler Crossings located at 3839 Hunsaker St.; and The Landings at Chandler Crossings located at 16789 Chandler Road. HFF also arranged the financing. The long-term, fixed-rate $85 million loan is with a CMBS lender on behalf of the buyer, Westpac Investments. HFF represented the seller, Boston-based Long Wharf Real Estate Partners LLC, in the deal.
SCOTTSDALE, ARIZ. – The 24-unit Los Porticos apartments in Scottsdale has sold to 2778 Loker, LLC for $1.7 million. The community is located at 1221 North 85th Place. The buyer was represented by Marc Huisken of Cassidy Turley BRE Commercial in Phoenix. The seller, a private real estate partnership, was represented by Brian Tranetzki and Rich Butler of Marcus & Millichap’s Phoenix office.
MONROE TOWNSHIP, N.J. — A joint venture between Chelsea Senior Living and Focus Healthcare Partners and Artemis Real Estate Partners has acquired The Residence at Forsgate for $7.1 million via a court-ordered receivership sale. The 69,000-square-foot assisted living facility was developed in 1996 and was 64 percent occupied at the time of sale. The three-story property has 89 units of assisted living and a separate 28-unit memory care wing.
ALPHARETTA AND GREENVILLE, S.C. — Grandbridge Real Estate Capital has closed financing for three multifamily properties totaling $76 million. Mike Ortlip of Grandbridge arranged a $21 million first mortgage loan for Stoneleigh at Deerfield, a 370-unit community in Alpharetta. He also secured a $14 million acquisition loan for City Edge Apartments in Greenville, which was funded through BB&T Real Estate Funding. The three-year loan will also be used for the redevelopment of the property. Additionally, the company arranged a $39 million permanent loan for the Preserve at Travis Creek, a 608-unit community in Austin.
CHICAGO — Fifield Cos. and national developer Wood Partners have received a partial certificate of occupancy for the $198 million K2, a 496-unit luxury apartment building in Chicago’s River West neighborhood. The certificate of occupancy is valid for the basement through the seventh floor of the 34-story apartment tower, and the first move-ins will take place March 1. Residences at K2 include studio, one-, two- and three-bedroom apartments. Interiors feature nine-foot ceilings, stainless steel appliances, granite counter tops and plank flooring. Rents range from $1,650 for a studio to $6,500 for a three-bedroom, three-bath penthouse. Locally based Fifield partnered with Wood Partners to break ground on K2 in October 2011. Construction for the entire building is nearly complete and leasing has begun.
NORTH EAST, MD. — A joint venture between The Dolben Co. Inc and Klein Enterprises has secured $31.4 million in construction financing for The Apartments at Charlestown. The 332-unit multifamily property is set within the larger Charlestown Crossing Planned Unit Development, a community of townhomes, single-family homes and future retail stores. The total project cost is $42.2 million with the construction loan from Cleveland-based KeyBank and $10.8 million of equity. Construction is under way with the first units expected to be complete by the end of the first quarter.
HOUSTON — CBRE has arranged the sale of the 480-unit Stone Park Apartments, a 414,564-square-foot multifamily community located along Sam Houston Parkway in northeast Houston. The community was completed in two phases in 2004 and 2007. Ryan Epstein of CBRE represented the seller in the transaction.
SAN ANTONIO — Institutional Property Advisors (IPA), a multifamily brokerage division of Marcus & Millichap, has arranged the sale The Manor at Castle Hills, a 306-unit apartment community located at 1835 Lockhill-Selma Road in the Castle Hills enclave of San Antonio. Will Balthrope, Scott Lamontagne and Drew Kile advised both the buyer and seller in the transaction.