WAUKESHA, WIS. — Oak Grove Capital has arranged an $18.3 million loan for the refinancing of Avalon Square, a 143-unit seniors housing community in Waukesha. The property includes senior apartments, assisted living and specialty care. Ken Dayton arranged the financing through the HUD Lean 232/223(a)(7) refinance program.
NEW YORK CITY — Harling Chan has sold a six-story apartment building at 109 Madison St. in Manhattan for $4.5 million. The 9,480-square-foot building contains 22 units and two stores. The property is located in southeast Chinatown, which is also known as Two Bridges, situated between the Manhattan and Brooklyn bridges. Roni Abudi of GFI Realty Services represented the buyer, a local investor, in the transaction. Jeremy Curtin of GFI Realty Services represented the seller.
WESTMINSTER, COLO. – The 228-unit Park Place apartments in Westminster has sold to the Bascom Group for $16.6 million. Financing for the purchase was arranged by HFF’s Charles Halladay, Josh Simon, Jake Young and Anthony Ansevin. The property will be managed by Apartment Management Consultants. Bascom was represented in-house by Scott McClave and Paul Miszkowicz.
MARINA DEL REY, CALIF. – The 205-unit Bay Club apartments in Marina Del Rey has sold to an Archstone-sponsored partnership for $43.95 million. The community, which is also home to an on-site marina with more than 200 boat slips, will undergo a major renovation and rebranding in 2013. It will be renamed Archstone Marina Bay.
AURORA, COLO. – The 320-unit Vistas at Saddle Rock apartment community in Aurora has sold to Advenir for $45.2 million. This is the highest price per unit ever paid for a multifamily asset in Aurora, according to ARA, which represented the seller, Bascom Group, in this transaction. The community was built in 2002 and updated in 2009 and 2010. It is currently 95 percent leased. Bascom was represented by principals Terrance Hunt, Shane Ozment, Doug Andrews and Jeff Hawks.
SOUTH KINGSTOWN, R.I. — Washington Trust's Commercial Real Estate Group has provided a $1.9 million loan to 138 Development Associates for the construction of Brandywine, a 40-unit active adult residential community in South Kingstown. The property will be situated on 23.3 acres off Mooresfield Road. Cate Fusco of Washington Trust served as the lead lender for the project.
AUSTIN — Marcus & Millichap has brokered the sale of 38th Street Condos, a 15-unit apartment property located at 407 W. 38th St. in Austin. Kent Myers and Joe James of Marcus & Millichap's Austin office represented the buyer and seller, both limited liability companies, in the transaction.
MARINA DEL REY, CALIF. – The 205-unit Bay Club apartments in Marina Del Rey has sold to an Archstone-sponsored partnership for $43.95 million. The community, which is also home to an on-site marina with more than 200 boat slips, will undergo a major renovation and rebranding in 2013. It will be renamed Archstone Marina Bay.
AURORA, COLO. – The 320-unit Vistas at Saddle Rock apartment community in Aurora has sold to Advenir for $45.2 million. This is the highest price per unit ever paid for a multifamily asset in Aurora, according to ARA, which represented the seller, Bascom Group, in this transaction. The community was built in 2002 and updated in 2009 and 2010. It is currently 95 percent leased. Bascom was represented by principals Terrance Hunt, Shane Ozment, Doug Andrews and Jeff Hawks.
PHOENIX, AVONDALE, MESA, ARIZ. — The Bascom Group has purchased three apartment complexes in Arizona for $77.1 million. The acquisition includes 301-unit Coldwater Springs Apartments at 12115 W. Van Buren Ave. in Avondale for $27.2 million; 256-unit Madera Point at 445 S. Dobson Road in Mesa for $14.3 million; and the 528-unit Foothills at 4424 E. Baseline Road in Phoenix for $35.5 million. Bascom was represented in these transactions by Jim Crews, Brett Polachek and Tara Lewis of Cushman & Wakefield of Arizona.