OREM, UTAH – An 80-unit student housing complex near Utah Valley University in Orem has sold to an out-of-state investor. The 64,500-square-foot complex was built in 1985 at 643 West 1200 South. Daniel Shin of Marcus & Millichap’s Salt Lake City office represented the buyer in this transaction.
Multifamily
CARY, N.C. — Ann Arbor, Mich.-based McKinley has acquired the 248-unit Geneva Park, an apartment complex located at 200 Wrenn Dr. in Cary, on behalf of one of its institutional clients. McKinley will manage the community. The buyer plans to renovate the property, including the sales office, BBQ area, landscaping, lighting and signage, as well as roofing, siding and hallway repairs.
MIAMI — Miami-based Aztec Group has arranged $9.15 million in senior debt financing for the 296-pad Colonial Acres Mobile Home Park, a manufactured housing community located at 9674 NW 10th Ave. in Miami. Howard Taft and Charles Penan of Aztec Group secured the 10-year loan with a 30-year amortization schedule and a 5.45 percent fixed interest rate through Ladder Capital Finance on behalf of the borrower, Liberty Investments.
SPARTANBURG, S.C. — Vesta Equity has provided a $5.2 million bridge loan for the acquisition and renovation of the 369-unit Wildewood Apartments, located at 350 Bryant Rd. in Spartanburg. David Borge of CBRE's Orlando, Fla., office originated the 18-month loan on behalf of the borrower, Bowman Investments.
CAMBRIDGE, MASS. — Two apartment buildings in Cambridge have sold for $16 million. Located in Harvard Square, the 53-unit portfolio includes 48 JFK and 115 Mt. Auburn streets. The property at 115 Mt. Auburn St. is a 31-unit building, while 48 JFK St. is a 22-unit building with one retail suite. Boston Realty Advisors represented the seller, Benicon Moskow Trust. Ross Duncan of Hammond Residential procured the buyer.
SPARTANBURG, S.C. — The 369-unit Wildewood Apartments, located at 350 Bryant Rd. in Sparatanburg, has sold for $6.4 million. Tony Bonitati, John Gray and Kay Hill of Greenville, S.C.-based NAI Earle Furman represented the seller in the transaction. Bowman Investments, the buyer, plans to invest $1 million to renovate the property and rebrand it as Woodland Park Apartments.
NEW YORK CITY — A development site at 1002 Bushwick Ave. in Brooklyn's Bushwick neighborhood has sold for $1.3 million. The site includes an 8,810-square-foot building with an auditorium, common kitchen and a 5,000-square-foot parking lot. The building is currently used to host international volunteers for a local non-profit. The site offers approximately 26,740 buildable square feet. Michael Amirkhanian of Massey Knakal represented the buyer, a local developer, and the seller in the deal. The new owner plans to convert the building into apartments.
TEMPE, ARIZ. — The Villas, a 137-unit apartment community in Tempe, has sold to RND11, LLC for $5,975,000. The community is located at 1718 S. Jentilly Lane. The seller, LBUBS 2007-C7 South Jentilly Lane, LLC, an entity controlled by LNR Partners, was represented by David Fogler and Steven Nicoluzakis of Cassidy Turley’s Multi-Family Service Group.
BRADENTON, FLA. — The 80-bed Langdon Hall, an assisted living facility located at 1120 33rd Ave. W. in Bradenton, has sold for $4.9 million. The 55,275-square-foot building is 88 percent leased. Kenneth Carriero and Damien Carriero of Colliers International's Clearwater, Fla., office represented the seller, Ohio-based Langdon Hall LLC, in the transaction and procured the buyer, Chicago-based Aviv REIT.
LA VISTA, NEB. — Harrison Heights, a112-unit senior apartment community has opened in LaVista, a suburb of Omaha. Harrison provides independent living with no income restrictions for those age 55 and above. Located at 7544 Gertrude St., the apartments include one- and two-bedroom apartments. The apartments include a community room with kitchen, a lounge with fireplace and community laundry. Wheatfield, N.Y.-based Calamar owns the $10 million property.