FALLBROOK, CALIF. – Summer Ridge, a 96-unit affordable housing complex in Fallbrook, has sold to Summer Ridge 96 LP for $6.8 million. The community is located at 818 East Alvarado Street. The buyer is a California limited partnership with Social Services & Affordable Housing Corporation. Chris Hutchison of Alcole Capital and Gregory Reed of Beech Street Capital arranged $5.4 million in financing for the transaction. The transaction was executed by Allen Chitayat and Steve Huffman of Hendricks & Partners’ San Diego office and Douglas Simmons of DWS Real Estate.
LA MESA, CALIF. – The 26-unit La Mesa Villas apartments in La Mesa has sold to Pine Street Park LLC for $3.75 million. The community is located at 8862 La Mesa Blvd. The seller, First Fund LLC, was represented by David Andrews of Hendricks & Partners’ San Diego office.
WEST HOLLYWOOD, CALIF. – A seven-unit apartment complex located at 144 North Wetherly Drive in West Hollywood has sold to KLB Holding Company for $2.35 million. The 10,830-square-foot complex was built in 1963. KLB was represented by Rachel Neuwirth of Nelson Shelton & Associates. The seller, a local private investor, was represented by Hamid Soroudi of Charles Dunn Company.
CHARLOTTE, N.C. — Equity One has sold the 98-unit Laurel Walk, a garden-style apartment complex located at 908 Summit Walk Dr. in Charlotte, to Eller Capital and Parsons Commercial for $6 million. The buyers plan to complete an interior upgrade, specifically in the kitchen of each unit. Jordan McCarley of Southeast Apartment Partners' Charlotte office represented the seller in the transaction.
HOOVER, ALA. — Berkeley Point Capital has provided $22.65 million in first mortgage financing for the acquisition of the 342-unit Barrington on the Green Apartments, a garden-style multifamily community located at 5775 Summer Place Pkwy. in Hoover. The 10-year loan has the first 5 years interest only, followed by a 30-year amortization schedule. The sponsor plans to initiate a $1.4 million capital improvement program, including major upgrades to unit interiors, common areas and amenities.
OKLAHOMA CITY — Steadfast Income REIT has purchased the 360-unit Montclair Parc, an apartment community located at 10900 S. Pennsylvania Ave. in Oklahoma City. The apartment complex is the second Oklahoma City acquisition for the REIT this year. The property is 98 percent occupied and features fully equipped kitchens, washer/dryer connections, private terrace/patio, a heated spa, a 24-hour fitness facility, intrusion alarms, oval Roman tubs, wood-burning fireplaces and attached garages.
SEATTLE — Seattle-based Leisure Care has taken over for the management contract for all five Conservatory Senior Living retirement communities in Texas. The portfolio include The Conservatory at Plano in Plano, The Conservatory at Keller Town Center in Keller, The Conservatory at Wells Branch in Austin, The Conservatory at Champion Forest in Spring and The Conservatory at Alden Bridge in The Woodlands.
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. The lot is located at 6229 Montezuma Road. The site is fully approved for a 94-bed student housing complex. Warmington represented itself in the transaction, while the seller, Aztec Greystone Associates, was represented by David Santistevan and Gunder Creager of Colliers’ San Diego office.
PORT ROYAL, S.C. — Olympus Property has purchased the 400-unit Preserve at Port Royal, an apartment complex located at 1 Preserve Ave. W. in Port Royal, for $31.25 million. Amenities include a free YMCA membership, fitness center, two swimming pools, a business center, an internet lounge with coffee bar, walking trails, a pool-side cabana with grills and a playground. Jim Sewell and Steve Mack of Hilton Head, S.C.-based Coastal Apartment Advisors represented the seller, Preserve at Port Royal LLC, in the transaction.
ATLANTA — NorSouth Constructs has started construction on the 48-unit Betmar Village, a seniors housing property located in the Betmar LaVilla community at 345 Ashwood Ave. in Atlanta. National Church Residences is the developer for the project. HUD provided a $3.9 million 202 Elderly Housing Grant for construction of the property, and the Georgia Department of Community Affairs is providing 4 percent tax credits and Invest Atlanta is issuing tax-exampt bonds.