SAN DIEGO — Cassidy Turley BRE Commercial has closed the $3.3 million purchase of the Diamond 24 Apartments, located at 1742 and 1754 Diamond Street in the Pacific Beach area of San Diego. Built in approximately 1967 and 1972, the Diamond 24 Apartments consist of adjacent eight-unit and 16-unit courtyard buildings. Cassidy Turley BRE Commercial’s Diane Miramontes, Darcy Miramontes and Kip Malo represented the buyer, and Grubb & Ellis’ Robert Vallera represented the sellers, Eric Moore, Martha Moffett, Roger Moore and Sara Moore, successor trustees under the Vincent/Sara Irrevocable Trust Agreement.
JACKSONVILLE AND WILMINGTON, N.C. — Walker & Dunlop has provided two loans totaling $8 million for multifamily properties in North Carolina. The 134-unit Cardinal Village in Jacksonville received a $3 million loan. Built in 1964, the property features an outdoor pool, a barbecue area, laundry rooms and a clubhouse. The 10-year loan has a 30-year amortization schedule and was underwritten to a 55 percent loan-to-value with a 1.55x debt service. Cypress Grove, a 208-unit property in Wilmington, received a $5 million, 10-year loan with a 30-year amortization schedule. The loan was underwritten to a 75 percent loan-to-value with a 1.30x debt service coverage ratio. Ryan Greer of Meridian Capital Group originated the loans. Will Baker led the Walker & Dunlop team in the transactions.
EL CAJON, CALIF. — LeBeau Realty Advisors has arranged the nearly $2.08 million purchase of an 11-unit multifamily property, located at 420 Hart Drive in El Cajon. Built in 2008, the property consists entirely of three-bedroom/three-bath units. David LeBeau represented the buyer, Tracy and Cathy Patrick, in the transaction, and Pacific Multifamily Properties represented the seller, Mt Helix Real Estate Trust.
SAN DIEGO — Apartment Consultants Inc. has brokered the $1.2 million acquisition of a 10-unit apartment property located at 3151-69 Lincoln Ave. in the North Park area of San Diego. Built in 1952, the multifamily complex consists of all one-bedroom/one-bath units. ACI’s Norm Root represented the buyer, James and Margaret Blankinship, in the transaction; the seller, L-20 LLC, represented itself.
SEBRING, FLA. — Stevens Construction has completed the construction of the Bud & Donna Somers Hospice House and Resource Center for Good Shepherd Hospice in Sebring. Located at 1110 Hammock Road, the 33,636-square-foot hospice house offers 61 beds. The property features private suites, a children's play area, a chapel, a kitchen and a library. Architecture Inc. provided architectural services for the project.
SORRENTO, FLA. — Walker & Dunlop has provided a $5.86 million loan for the refinancing of Oak Springs manufactured housing community in Sorrento. Built in 1973, the 431-pad community features a clubhouse, an outdoor pool, tennis courts, a fitness center, basketball courts, a playground, a laundry room, shuffleboard courts and RV storage. The loan was structured with a 10-year term and a 25-year amortization with a 1.30 debt-service coverage ratio. Cary Monroe and Mike Giordano of Monroe & Giordano originated the loan. Andrew Tapley of Walker & Dunlop led the firm's team.
PHILADELPHIA — Marcus & Millichap has completed the sale of a student housing property located on the campus of Temple University in Philadelphia for $5.85 million. Sydenham Commons is a four-story masonry structure that was built in 2006. It contains 90 beds in 27 units and has remained fully occupied since its completion. Ken Wellar and Corey Lonberger of Marcus & Millichap's Philadelphia office represented the seller, Sydenham Commons LLC, as well as the buyer, a local partnership.
HI-NELLA, N.J. — Gebroe-Hammer Associates has negotiated the 1031 exchange sale of Eagle Run Apartments, a 120-unit community located in Hi-Nella. The property was purchased for $5.1 million by an undisclosed buyer. The party had recently sold Brooklawn Apartments in nearby Brooklawn, N.J., and the purchase of Eagle Run will satisfy the second part of the exchange. The buyer will complete a capital improvements program to the property in the near term. Joel Schwartz of Gebroe-Hammer Associates represented the seller, Village of Hi-Nella LLC, in this deal and helped the buyer arrange its sale of Brooklawn Apartments.
WESTFORD, MASS. — Fantini & Gorga has secured $26 million in financing for the historic redevelopment of Abbot Mill in Westford. The property, a series of brick structures constructed in the late 1800s, will be redeveloped into 130 luxury apartments with 103 garage parking spaces. A waterside park will also be constructed. Tim O'Donnell and Derek Coulombe of Fantini & Gorga secured the financing, which consists of a $17 million construction loan and a $9 million bridge loan that is tied to Federal, State and Historic Tax Credits. The lender was a regional bank.
DALLAS — McCallum Meadows, a 297-unit multifamily property located at 7760 McCallum Blvd. in Dallas, has traded. Built in 1988, McCallum Meadows includes 11 studio units, 283 one-bedrooms units and three two-bedroom units. Peter Hartnett and George Deuillet III of Hendricks & Partners represented the seller, Newport News, Va.-based Texas McCallum Meadows Partners Ltd. Saratoga, Calif.-based MMeadows Apts LLC purchased the property.