LOS ANGELES — A 20-unit apartment community located at 225 N. Ave. 53 in the Los Angeles submarket of Highland Park has sold to Remedy Investors 2, LLC for $2,075,000. The property was built in 1991 and was 90 percent occupied at the time of sale. Albert Shilton and Blake Rogers of Charles Dunn Company represented both the buyer and the seller, 225 Avenue 53, LLC, in this transaction.
SAN DIEGO — An 18,000-square-foot residential lot in the College Area of San Diego has sold to Warmington Residential California for $2.7 million. It is fully approved for a 94-bed student housing complex. The lot is located at 6229 Montezuma Road. Warmington represented itself in this transaction, while the seller, Aztec Greystone Associates, was represented by David Santistevan and Gunder Creager of Colliers International of San Diego.
NORTH BETHESDA, MD. — Bethesda-based LCOR has broken ground on the $86 million, 341-unit Aurora, a luxury apartment tower located in the 32-acre North Bethesda Center, a mixed-use development project in North Bethesda. The 18-story property is the second residential phase in the development. The first is the 312-unit Wentworth House, which opened in 2008. Amenities include a fully equipped business center, roof deck, state-of-the-art fitness center, swimming pool and community gardens. Sovereign/Santander provided a $43 million construction loan for the project, which is expected to begin leasing in early 2014.
CASSELBERRY, FLA. — IMT Capital and its affiliate IMT Residential have purchased the 476-unit Newport Colony, a garden-style apartment community located at 1166 Pointe Newport Terrace in Casselberry. Kevin Judd, Patrick Dufour and Matt Wilcox of ARA’s Orlando, Fla., office represented the seller, a real estate investment advisor, in the transaction. Constructed in 1991, Newport Colony has undergone significant capital improvements since 2005, including replacement of all roofs, the addition of new cement board siding, installation of new gutters and an additional 80 balconies on 1BR floor plans.
CANON, OHIO — AFL-CIO Housing Investment will invest $10 million toward a $14 million project to rehabilitate the Mayfield Manor Apartments in Canon. The scope of work includes interior repairs and upgrades. The installation of low-flow plumbing fixtures will reduce energy consumption. The National Steelworkers Oldtimers Community Urban Redevelopment Co. developed the apartment building in the early 1980s to provide low-income seniors with access to affordable housing. Since its completion in 1982, the property has been managed by the Elderly Housing Development & Operations Corp.
STAMFORD, CONN. — A joint venture between Jonathan Rose Cos. and Malkin Properties has opened a new apartment community called Metro Green Residences in Stamford. Perkins Eastman Architects designed the mixed-income development, which was built at the Stamford Transportation Center. The building includes 50 rental units. Of the total, 40 units will be marketed as affordable homes, while the remaining units will be market-rate apartments. The project also includes more than 1,600 square feet of retail space on the ground floor, adjacent to a plaza and rain garden. Amenities include a landscaped courtyard, gardening spaces and a meditation space. The development is the first phase of the Metro Green master plan, which will offer 283 mixed-income residential units and a 350,000-square-foot office tower.
AUSTIN — Newport Beach, Calif.-based MIG Real Estate has acquired The Cottages, a 330-unit luxury apartment community located at 8515 Interstate 35 S. in Austin. The apartment community is currently 94 percent occupied. MIG was self-represented in the transaction, and Alliance Residential Co. will manage The Cottages.
AUSTIN — ARA has arranged the sale of the 156-unit Summer Wind, an apartment complex located at 883 Fairfield Drive in Austin. Andrew Shih of ARA's Austin office represented the seller, who foreclosed on the property. Kansas City, Mo.-based Spectrum Business Ventures is the buyer. The property is 93 percent occupied and features a swimming pool, wood-burning fire places and bay garden windows.
ORLANDO, FLA. — CNL Healthcare Trust has signed an agreement with Sunrise Senior Living to enter a $226 million joint venture that will own seven seniors housing communities. With the transaction expected to close within 60 days, the joint venture, of which CNL will own 55 percent, will assume ownership of Sunrise of Santa Monica in Santa Monica, Calif.; Sunrise on Connecticut Avenue in Washington, D.C.; Sunrise at Siegen in Baton Rouge, La.; Sunrise of Metairie in Metairie, La.; Sunrise of Gilbert in Gilbert, Ariz.; Sunrise of Louisville in Louisville, Ky.; and Sunrise at Fountain Square in Lombard, Ill.
CHARLESTON, S.C. — Capital Advisors has arranged $22 million in refinancing for the 228-unit Riverland Woods Apartments, located at 1001 Riverland Woods Place in Charleston. Cooper Willis of Capital Advisors arranged the 10-year loan with 12 months of interest-only payments and a 30-year amortization schedule on behalf of the borrower, Riverland LLC, through Walker & Dunlop.