MCDONOUGH, GA. — Passco Cos. has acquired Sundance Creek, an apartment community located at 575 McDonough Parkway in McDonough. Built in 2004, the property offers 232 one- and two-bedroom townhome units, a clubhouse, a resort-style swimming pool and a state-of-the-art fitness center. Additional details of the transaction were not released.
PALM SPRINGS, FLA. — CB Richard Ellis Capital Markets has arranged $7.3 million in financing for Advenir Station at Springdale Apartments, a multifamily community located in Palm Springs. The 151-unit community features a pool, a playground and a neighborhood lake. Terms of the fixed-rate financing include a 10-year term, a 30-year amortization schedule and 77 percent loan-to-value. Charles Foschini, Christian Lee and Christopher Apone of CB Richard Ellis Capital Markets arranged the financing through Freddie Mac on behalf of Advenir@Pines LLC.
EVANSTON, ILL. — Jeff Baasch of Sperry Van Ness recently brokered the acquisition of The Sheridan Terrace, a multifamily property in Evanston. Located at 515 Sheridan Road, the 18-unit property sold for $2.86 million or $160,000 per unit. An undisclosed buyer acquired the property, which was bank-owned at the time of closing.
CHICAGO — Trinitas Ventures and Chicago-based Harrison Street Real Estate Capital have formed a $100 million joint venture partnership to develop and manage urban-infill student housing communities across the country. The joint venture recently acquired two properties totaling $69 million. The assets are the 668-bed The Village at Muller Park in Bloomington, Ind., which was developed by Trinitas in 2008, and the under construction 667-bed 1201 Indiana in Indianapolis, which is being developed by affiliates of Trinitas and scheduled to open in August 2011.
MIDDLETOWN AND TORRINGTON, CONN. — Marcus & Millichap has brokered the sale of two Connecticut apartment communities for $6.07 million. The properties include Fernwood Apartments, a 96-unit community located at 44-46 Camp St. in Middletown, and Westridge Apartments, a 33-unit community located at 270 High St. in Torrington. Steve Witten and Victor Nolletti of Marcus & Millichap's New Haven, Conn., office arranged the deal between the seller, Hunter Realty, and the buyer, CT Metro Holdings I & II Corp.
HARTFORD, CONN. — Marcone Capital has arranged a total of $25 million in Fannie Mae DUS financing for a portfolio of apartment properties located in the greater Hartford area. A separate loan was arranged for each of the seven properties, which total more than 400 units. The loans carry 10-year terms and interest-only payments. Mike Marcone of Marcone Capital secured the financing on behalf of the borrower.
BELLEVUE, WASH. — Essex Property Trust has purchased the 110-unit Courtyard Off Main Apartments, located in the heart of Bellevue, for $30 million. Constructed in 1999 by local developer and seller Courtyard Off Main LLC, the property includes 7,573 square feet of commercial space. GVA Kidder Mathews’ Philip Assouad and Giovanni Napoli handled the transaction. The Palo Alto, Calif.-based apartment REIT’s acquisition is its first in the city located east of Seattle and west of Interstate 405.
BROOMFIELD, COLO. — PCCP LLC has provided Griffis Group a $50 million loan to finance the acquisition of the 376-unit Terracina Villas in Broomfield. Developed and constructed in 2009 by Catalina Development Co., the Class A apartment property consists of four four-story buildings with one- and two-bedroom configurations. PCCP worked closely with the Denver-based borrower/multifamily owner to structure a short sale among the seller, the senior lender and the mezzanine lender.
TUPELO, MISS.; AND GULF BREEZE, FLA. — CLW Health Care Services Group has negotiated the sale of two assisted living communities in Tupelo and Gulf Breeze. Herbert J. Sims and a joint venture partner sold the two properties for a total of $13.9 million or $110,317 per unit. LTC Properties acquired the assets. AvonLea in Tupelo features 65 assisted-living units and 20 independent-living cottage and Gulf Breeze Courtyard in Gulf Breeze features 61 assisted-living/memory-care units.
WICHITA, KAN. — Laham Development is developing Cypress Springs, a 35,000-square-foot Alzheimer's and memory support residence located within Wilson Estates Medical Park in Wichita. The 66-bed assisted-living facility will offer therapeutic activities, a specially-trained staff and multi-sensory experiences and activities for residents. Constructed is expected to begin in November. Dallas-based Curtis Group Architects LTD is providing architectural services for the project.
