MIAMI — Love Funding has secured a $26.8 million construction loan for the construction of the 240-unit Alta Mira Apartments, a market-rate apartment complex located in Miami. Construction is slated to begin in July, with the first units scheduled for completion in February 2013. Carolyn Whatley of Love Funding's Palm Beach, Fla., office secured the 40-year permanent loan through HUD.
BELVIDERE, ILL. — National Foundation for Affordable Housing Solutions Inc. (NFAHS) has acquired Shadley Apartments, a 119-unit property in Belvidere, for $7.6 million. Orput Companies Inc. and Shadley Apartment Associated were the sellers. Orput developed the apartment property in 1978 and has been retained by NFAHSI as the property's managing agent.
NEW YORK CITY — Marcus & Millichap has arranged the $1.7 million sale of 452 Atlantic Ave., an eight-unit apartment building in Brooklyn. Matthew Rosenzweig of Marcus & Millichap's Brooklyn office represented the seller, a local investor. He also secured the buyer, a local investor.
HOUSTON — ARA has brokered the sale of the 256-unit Briar Meadows Apartments, located at 1414 S. Dairy Ashford St. in Houston's West Memorial/Briar Forest submarket. The complex is 94 percent occupied and features a swimming pool, heated outdoor spa, indoor sauna, tennis courts and a business center. David Mitchell of ARA's Houston office represented the seller, Austin-based Falcon Southwest, in the transaction. The buyer was San Francisco-based Stockbridge.
INDIO, CALIF. — The 186-unit Andorra apartments in Indio has sold to ROC | Bridge Partners for $12,025,000. The community was built in 1987 at 81720 Ave. 46. The seller, The Situs Companies, was represented by Alex Mogharebi of Hendricks & Partners’ Ontario office in this all-cash transaction.
QUINCY, MASS. — Berkshire Property Advisors has acquired Highpoint Apartments, a 394-unit apartment community in Quincy. Built in 2004 by Roseland Property Co. and The Congress Group, Highpoint is located on 22 acres. The property includes an 8,000-square-foot clubhouse, a health and fitness facility, a community lounge and heated swimming pool. Richard Robinson and Terence Scott represented the seller, Highpoint Apartments LLC, in the transaction. They also procured the buyer.
HOUSTON — ARA has arranged the sale of The Bristol, an 856-unit, REO apartment community located at 1221 Redford Road in Houston. David Wylie, Russell Jones, Matt Saunders and Zach Springer represented the seller, Atlanta-based TriMont Real Estate Advisors. Philadelphia-based Resource Real Estate purchased the community in an all-cash transaction.
DENTON — National Asset Services (NAS) has directed the revitalization and refinancing of the 240-unit Cooper Glen, a 212,000-square-foot multifamily property located in Denton. NAS reorganized and consolidated the tenant-in-common co-owners into a new, limited liability company. Additionally, the occupancy of the community has increased from 75 percent to approximately 95 percent after one year.
SANTA CLARA, CALIF. – A new affordable senior housing complex broke ground at 2525 El Camino Real in Santa Clara. The $15-million complex is being developed by EM Corporation,in conjunction with Pacific Housing and theCity of Santa Clara. The 48-unit complex, called 2525 El Camino Real Senior Apartments, is set to open in the summer of 2013. It is being designed by KTGY Group.
NORMAN, OKLA. — HFF has secured $23 million in refinancing for the 268-unit, 792-bed Crimson Park, a student housing community located near the University of Oklahoma in Norman. Timothy Wright and Zack Holderman of HFF arranged the 10-year loan thorough Freddie Mac's CME Program on behalf of the borrower, San Diego-based Pierce Education Properties. The student housing property features a 24-hour fitness center, a basketball court, sand volleyball court, putting green, three-tier resort-style pool, hot tub, fire pit, tanning bed and media room.