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.
HOLLADAY, UTAH – The 366-unit Sandpiper Apartment Homes in Holladay has sold to Kennedy Wilson for an undisclosed sum. The community is located at 1492 East Spring Lane. The seller, DiNapoli Capital Partners LLC, was represented by Stan Jones, Phil Saglimbeni and Sal Saglimbeni of Institutional Property Advisors, a multifamily brokerage division of Marcus & Millichap. They were assisted by Danny Shin of Marcus & Millichap’s Salt Lake City office.
ANKENY, IOWA — Houser Enterprises Inc. and Baxter Construction Co. are building Campus Town, a $15 million, 96-unit student housing development in Ankeny, a northern suburb of Des Moines. The 334-bed student housing project is currently preleasing to students at the Ankeny campus of Des Moines Area Community College. The development will include ground-floor retail and amenities such as a 24-hour fitness center, rooftop deck, game and theater room and a food court. Construction is slated for completion in August.
WAUKEE, IOWA — A grand opening celebration was held Tuesday for The Winhall of Williams Pointe, a new $18.7 million, 206-unit apartment community located along University Avenue in Waukee. Hubbell Realty Co., along with its equity partner, Washington, DC.-based Persimmon Capital Partners, is developing the project. Construction of The Winhall began in May 2012. Currently, four of the eight buildings are completed as well as the community clubhouse. The remainder of the buildings will be delivered throughout 2013. Hubbell Construction Services is building the multifamily property. Hubbell Apartment Living will manage the community.
SAYVILLE, N.Y. — Rochester, N.Y.-based Home Properties has sold two multifamily communities in New York and Maryland for a combined total of $109.1 million. South Bay Manor, a 61-unit multifamily property in Sayville, traded for $11.1 million. Net proceeds to the seller, after closing costs and debt assumed by the buyer, were approximately $4.4 million. The second apartment property, Falkland Chase, a 450-unit apartment complex in Silver Spring, Md., sold for $98 million. Falkland Chase consists of three parcels and is approved for 70,000 square feet of retail space. Net proceeds to Home Properties, after closing costs and debt repayments, were $60.3 million.
CORSICANA, TEXAS — Marcus & Millichap has arranged the sale of the 243-unit Kenwood Apartments, located at 3242 Hillsdale St. in Corsicana. Michael Ware and William Jarnagin of Marcus & Millichap's Dallas office represented the seller, a private investor from California, in the transaction.
HOLLADAY, UTAH – The 366-unit Sandpiper Apartment Homes in Holladay has sold to Kennedy Wilson for an undisclosed sum. The community is located at 1492 East Spring Lane. The seller, DiNapoli Capital Partners LLC, was represented by Stan Jones, Phil Saglimbeni and Sal Saglimbeni of Institutional Property Advisors, a multifamily brokerage division of Marcus & Millichap. They were assisted by Danny Shin of Marcus & Millichap’s Salt Lake City office.
CHANDLER, ARIZ. — The Fairways, a 352-unit apartment community in Chandler, has sold to the Bascom Group for $35.2 million. Bascom completed the acquisition in conjunction with its local affiliate, Bascom Arizona Ventures LLC. The community is located at 777 West Chandler Blvd. on the San Marcos Golf Resort. The seller, Situs Holdings LLC, was represented by Cliff David and Steve Gebing of Marcus & Millichap’s Phoenix office.
SUNNY ISLES BEACH, FLA. — A private foreign investor has acquired the 17-unit Bella Apartments, located at 225 179th Drive in Sunny Isles Beach, for $5.7 million, or $251 per square foot. Completed in 2007, the gated seven-story property is fully occupied. Apartment amenities include private terraces, luxury appliances, 9-foot ceilings and storage facilities. The units average 1,337 square feet. CBRE represented the seller, Unimar Property Holdings of Miami, in the transaction.
COLUMBIA, S.C. — UC Funding LLC has arranged a $4.7 million bridge loan for the acquisition and renovation of a 180-unit, Class C apartment complex in Columbia. The borrower is a real estate professional with more than 15 years of experience in acquiring multifamily properties in Texas, South Carolina and Florida. The borrower currently owns and manages 5,300 units.