HOUSTON — ARA has brokered the sale of the 256-unit Briar Meadows Apartments, located at 1414 S. Dairy Ashford St. in Houston's West Memorial/Briar Forest submarket. The complex is 94 percent occupied and features a swimming pool, heated outdoor spa, indoor sauna, tennis courts and a business center. David Mitchell of ARA's Houston office represented the seller, Austin-based Falcon Southwest, in the transaction. The buyer was San Francisco-based Stockbridge.
INDIO, CALIF. — The 186-unit Andorra apartments in Indio has sold to ROC | Bridge Partners for $12,025,000. The community was built in 1987 at 81720 Ave. 46. The seller, The Situs Companies, was represented by Alex Mogharebi of Hendricks & Partners’ Ontario office in this all-cash transaction.
QUINCY, MASS. — Berkshire Property Advisors has acquired Highpoint Apartments, a 394-unit apartment community in Quincy. Built in 2004 by Roseland Property Co. and The Congress Group, Highpoint is located on 22 acres. The property includes an 8,000-square-foot clubhouse, a health and fitness facility, a community lounge and heated swimming pool. Richard Robinson and Terence Scott represented the seller, Highpoint Apartments LLC, in the transaction. They also procured the buyer.
HOUSTON — ARA has arranged the sale of The Bristol, an 856-unit, REO apartment community located at 1221 Redford Road in Houston. David Wylie, Russell Jones, Matt Saunders and Zach Springer represented the seller, Atlanta-based TriMont Real Estate Advisors. Philadelphia-based Resource Real Estate purchased the community in an all-cash transaction.
DENTON — National Asset Services (NAS) has directed the revitalization and refinancing of the 240-unit Cooper Glen, a 212,000-square-foot multifamily property located in Denton. NAS reorganized and consolidated the tenant-in-common co-owners into a new, limited liability company. Additionally, the occupancy of the community has increased from 75 percent to approximately 95 percent after one year.
SANTA CLARA, CALIF. – A new affordable senior housing complex broke ground at 2525 El Camino Real in Santa Clara. The $15-million complex is being developed by EM Corporation,in conjunction with Pacific Housing and theCity of Santa Clara. The 48-unit complex, called 2525 El Camino Real Senior Apartments, is set to open in the summer of 2013. It is being designed by KTGY Group.
NORMAN, OKLA. — HFF has secured $23 million in refinancing for the 268-unit, 792-bed Crimson Park, a student housing community located near the University of Oklahoma in Norman. Timothy Wright and Zack Holderman of HFF arranged the 10-year loan thorough Freddie Mac's CME Program on behalf of the borrower, San Diego-based Pierce Education Properties. The student housing property features a 24-hour fitness center, a basketball court, sand volleyball court, putting green, three-tier resort-style pool, hot tub, fire pit, tanning bed and media room.
FORT WORTH — Berkadia Commercial Mortgage has originated a $22.49 million loan for the 273-unit Enclave on Golden Triangle, a Class A multifamily community located in Fort Worth. Steve Mentesana and John Koeijmans of Berkadia arranged the 35-year loan with a 35-year amortization schedule through the Fort Worth Housing and Urban Development Multifamily Center on behalf of the borrower, Daymark Realty Advisors. The property is currently 96 percent occupied and features a two-story business and fitness center.
CHULA VISTA, CALIF. — The 127-space Cabrillo Mobile Lodge senior mobile home park in Chula Vista has sold to Robert Bruce and Brenda F. Kleege for $6.85 million. The park is located at 731 G Street. The purchase was financed with a loan of $4,999,000 through Union Bank’s Ron Hernandez. The park’s title will be transferred into Cabrillo Mobile Home Park LLC, but it will continue to operate as Cabrillo Mobile Lodge. The Kleeges were represented by Rob Morgan and Victor Krebs of Colliers International. The seller was Cabrillo Mobile Lodge LLC, with Richard F. Beck and Betty A. Beck as the co-trustees of the Richard F. Beck and Betty A. Beck Trust. The Becks are co-managers of Cabrillo Mobile Lodge.
PHOENIX – The 124-unit Brookfield apartment community in Phoenix has sold to LWH Brookfield LP, a limited partnership formed by The Sheiner Group, for $5.65 million. It was developed by Pacific West Development in 1984 and is located at 12021 North 43rd Ave. The seller, AG Brookfield, LLC, was represented by Cliff David and Steve Gebing of Marcus & Millichap’s Phoenix office.
