LANCASTER, CALIF. — MG Properties Group (MGPG) has purchased a four-property, 1,190-unit multifamily portfolio in Lancaster for $91.75 million. The acquisition includes 416-unit Cordova Park, 320-unit Granada Villas, 314-unit Sienna Heights and 140-unit Woodlands West. The acquisitions were financed separately with a 10-year, fixed-rate loan of $75.60 million that was provided by Rob Prouty at KeyBank Real Estate Capital and Fannie Mae. MGPG plans to upgrade the properties’ exterior and common areas, as well as address any deferred maintenance issues. The firm represented itself in this transaction, while the private seller was represented by Greg Harris, Ron Harris, Kevin Green and Joseph Smolen of Institutional Property Advisors.
MAULDIN AND SPARTANBURG, S.C. — The Terrace at Butler, a 132-unit Class B apartment complex located at 771 E. Butler Rd. in Mauldin, has traded for $8.4 million to a California-based investor seeking to expand an apartment portfolio into the Carolinas. Tony Bonitati, Kay Hill and Gwinna Cahal of Greenville, S.C.-based NAI Earle Furman represented the local seller. The NAI Earle Furman team also represented the seller of the 89-unit Schuyler Apartments, located at 275 S. Church St. in downtown Spartanburg, which was sold to an Alabama-based buyer that plans to redevelop the building as part of a revitalization effort in downtown Spartanburg. The building, which was a lender-owned asset, was originally built in the 1950s and NAI Earle Furman worked with the City of Spartanburg in obtaining approvals to ensure redevelopment.
CLEARWATER, FLA. — A $7.1 million construction loan has been arranged for Seasons Largo, an assisted living facility located at 1475 E. Bay Dr. in Clearwater. Robert Hernandez of NorthMarq arranged the financing for the borrower, Center Bay Office Inc., through NorthMarq’s relationship with a national bank on a 60-month term with interest-only for 36 months then a 30-year amortization schedule.
FALL RIVER, MASS. — TAG Fall River Real Estate II LLC has acquired the 49-unit Clearview Apartments in Fall River for $3.4 million. The property, located at 4000 N. Main St., includes two buildings containing 42 two-bedroom units and seven one-bedroom units. The apartments feature central air conditioning and either a balcony or ground-level patio. Carl Christie and Dan McGee of NAI Hunneman represented the seller, Clearview Investments, in the transaction. They also procured the buyer.
FORT WORTH — Colliers International has arranged the sale of Edge 55, a 55-unit, off-campus student housing development, located at 3517 S. University Drive in Fort Worth, that serves the students of Texas Christian University (TCU). The complex is located a half mile away from TCU's campus. Dorothy Jackman and Travis Prince of Colliers Student Housing Group represented the seller, investor Steve Berry's Campus Village Centre, in the transaction. Nick Fluellen of Marcus & Millichap represented the buyer, Shore to Shore Properties.
DALLAS — NorthMarq Capital has arranged a construction/permanent loan and joint venture financing for the 263-unit Uptown Victory Apartments, a luxury multifamily development located in Dallas. The apartment community boasts views of Victory Park and Dallas' Central Business District. William Jackson of NorthMarq's Dallas office arranged the financing with a regional commercial bank and a Texas-based equity fund company.
SACRAMENTO, CALIF. – Bayside Communities has purchased the 220-unit Azure Park Apartments in Sacramento for an undisclosed sum. The affordable housing community is currently 85 percent leased. Bayside plans to renovate and rebrand the property as Lotus Landing. Financing was provided by Pembrook Capital Management.
DUMFRIES, VA. — Shorehaven Apts GP plans to build the $41 million, 240-unit Shorehaven Apartments, located in Dumfries. Amenities will include a clubhouse, resort-style pool, exercise facility and dog park. Bill Overman and John Wessling of S.L. Nusbaum Realty Co. represented Shorehaven Apts LP, in the $8.1 million acquisition of the land where the project will be constructed. Full completion is slated for 18 months from when construction begins.
NASHVILLE, TENN. — Beech Street Capital has secured $92.6 million in Freddie Mac Capital Markets Execution loans for the acquisition of a three-property multifamily portfolio, located in Nashville. The properties include the 627-unit Cherry Creek Apartments, the 346-unit Arbors at Brentwood Apartments and the 360-unit Cambridge at Hickory Hollow. Aaron Birnbaum of Meridan Capital Group originated the loans, which were financed by Beech Street as part of its correspondent relationship with Meridian. The seven-year loans have two years of interest-only payments.
ORLANDO — KeyBank Real Estate Capital has arranged a $55.1 million Fannie Mae loan on behalf of CNL Healthcare Trust. Monique Bimler of KeyBank negotiated the 10-year, fixed-rate loan. The funds will be used to refinance the bridge loan for CNL's acquisition of five seniors housing properties in February 2012. The properties total 394 units and include Primrose Retirement Communities in Grand Island, Neb.; Marion, Ohio; Mansfield, Ohio; Casper, Wyo.; and Billings, Mont.