BEDFORD — Marcus & Millichap has arranged the sale of the 84-unit Bedford Hills, a multifamily property located at 942 Simpson Terrace in Bedford. Al Silva of Marcus & Millichap's Fort Worth office represented the seller, a private investor, and the buyer, a local partnership, in the transaction. Bedford Hills is 95 percent occupied.
SAN JOSE, CALIF. — An affiliate of Republic Urban Properties LLC has received an $8.37-million first-mortgage bridge loan to acquire a 2.36-acre land parcel in San Jose. A 218-unit Class A apartment complex is planned for the site, along with 14,000 square feet of retail space. Chris Simon of Pembrook Capital Management originated the loan. Curtis Palmer and Ted Fentin from Multi-Housing Capital Advisors acted as advisors on behalf of the sponsor.
STONE MOUNTAIN, GA. — The 474-unit Park Springs, a continuing care retirement community located at 500 Springhouse Cir. in Stone Mountain, has received $47.3 million in refinancing. Richard Swartz, Phil Anderson, Jay Wagner and Aaron Rosenzweig of Cushman & Wakefield Sonnenblick Goldman's Boston office arranged the financing on behalf of the borrower, Isakson Living. Bank of America and Atlantic Capital Bank provided the financing.
ORLANDO, FLA. — Orlando-based CNL Lifestyle Properties has entered into an agreement to acquire four assisted living communities in Georgia from Solomon Holdings III Dogwood Four for $80 million. The properties include Dogwood Forest in Alpharetta, Dogwood Forest of Eagles Landing in Stockbridge, Dogwood Forest in Fayetteville and Dogwood Forest in Gainesville. The company expects to close the purchase in May.
LAWRENCEVILLE, GA. — Grandbridge Real Estate Capital has arranged a $9.28 million first mortgage loan for the 192-unit Lealand Place Apartments, located at 2945 Cruse Rd. in Lawrenceville. Alan Tapie of Grandbridge's Atlanta office arranged the 10-year loan with 2-years interest only followed by a 30-year amortization schedule through Freddie Mac's CME program.
NORWICH, CONN. — Old Lyme, Conn.-based Hamilton Point Investments has acquired Stonington Estates, a 69-unit luxury apartment complex in Norwich, for $6.4 million. The 56,100-square-foot property is located at 102 Stonington Rd. and includes on-site tennis courts and a fitness center. Average rents are $1,080 per month. Louis Zuckerman and Enzennio Mallozzi of Colliers International represented the seller, CW Capital, in the transaction. They also represented the buyer.
PEARLAND — HFF has closed the sale of the 472-unit St. Andrews Apartments, a Class A multifamily community located on a 20-acre site at 9900 Broadway St. in Pearland. The property is 99.6 percent occupied. Craig LaFollette, Todd Stewart, Todd Marix, Tre Banks and Chris Curry of HFF's Houston office represented the seller, a TIC ownership group managed by Joseph Mandelbaum and Henry Mandelbaum of RealTax Inc., in the transaction. Cortney Cole of HFF's Houston office arranged the financing through PPM Finance on behalf of the buyer, Venterra Realty. Holly Wathan represented PPM Finance in-house during the negotiations.
EL CAJON, CALIF. – The 132-unit affordable housing property at 380 Mollison Ave. in the San Diego submarket of El Cajon has sold to Highland Property Development for $15.25 million. The buyer plans to invest $5.5 million in capital improvements for the property, which is also known as Key Largo Apartments. The seller, Key Largo Partners, was represented by CBRE’s Dixie Hall, Kevin Mulhern and Rachel Parsons, along with Jim Lampman and Jerry Low of Affordable Housing Group.
SCOTTSDALE, ARIZ. — Broadstone Scottsdale Waterfront, LLC, a partnership between Alliance Residential and JP Morgan Asset Management, has purchased the 3.35-acre Lot 4 development site at Scottsdale Waterfront for $13.5 million. Alliance plans to build a 259-unit luxury apartment community on the site. David Fogler, Steven Nicoluzakis and Don Arones with Cassidy Turley BRE Commercial represented the seller, Scottsdale Waterfront LLC, a partnership between Starwood Capital Group and Golub & Co., in this transaction.
BOYNTON BEACH, FLA. — Advenir has acquired the 214-unit Colony Club, located at 7132 Colony Club Dr. in Boynton Beach, from New York-based Holiday Organization for $26.65 million. The buyer has renamed the property Advenir at Boynton and will implement a capital improvement program, focused on beautifying the exterior of the buildings and upgrading community amenities. Currently, amenities include a clubhouse, pool with spa, fitness center, two tennis courts, a basketball court and picnic areas. Avery Klann and Hampton Beebe of ARA's Boca Raton, Fla., office represented the seller in the transaction. The buyer was self-represented.
