MESA, ARIZ. — BH Properties has purchased the 320-unit Fiesta Park apartment complex, located at 1033 S. Longmore Street in Mesa, from Fiesta Park LLC for $5.5 million. Built in 1979 and approximately 50 percent occupied at the time of the sale, the multifamily property comprises 10 three-story, garden-style buildings consisting of 192 one-bedroom units and 128 two-bedroom units. NAI Capital’s Tom Papoulias represented both parties in the short-sale transaction.
WEST BEND, WIS. — Lighthouse Acquisitions Group has purchased a 7.68-acre land parcel near the northwest corner of Continental Drive and Corporate Center Drive within the West Bend Corporate Center in West Bend. Beverly West Bend Acquisition LLC sold the property for an undisclosed price. Lighthouse is planning to construct a 150-unit senior-living facility on the site. The $20 million development, which will include a memory care unit as well as independent and assisted living facilities, will be operated by Edina, Minn.-based New Perspective Senior Living. David Buckley of Cassidy Turley Barry brokered the transaction. Terms of the deal were not released.
HIGHLAND PARK, N.J. — Gebroe-Hammer Associates (GHA) has completed the sale of a 46-unit multifamily community in Highland Park for $4.92 million. The two-story complex is located at 481 S. 2nd Ave. It features 26 one-bedroom units and 20 two-bedroom units. A majority of the units have been recently renovated. Occupancy was 95 percent at the time of the sale. The undisclosed buyer plans to complete renovations to the remaining units to bring rents up to market levels. Joseph Brecher of GHA represented the buyer as well as the seller, Lighthouse Highland Park LLC.
TUCSON, ARIZ. — Colliers International–Greater Phoenix has negotiated the sale of a five-property, 1,347-unit multifamily portfolio in Tucson to Gaines Investment Trust. Terms of the deal were not disclosed. Boasting an average occupancy of 90 percent, the Class B portfolio consists of Summit Ridge (360 units), La Hacienda (275 units), Pavilions at Pantano (314 units), Sienna Ridge (305 units) and Verrano Park (93 units). Colliers International’s Cindy Cooke, Brad Cooke, Carrie Burton and Nicholas Eggert represented the undisclosed seller in the all-cash transaction; the La Jolla, Calif.-based buyer was self-represented. Part of a 1031 exchange, it was the first Tucson multifamily acquisition for Gaines Investment Trust. This is the second multifamily portfolio that the Colliers team has sold in Tucson in the last 30 days.
APPLE VALLEY, MINN. — Arbor Commercial Funding, a wholly owned subsidiary of Arbor Commercial Mortgage, has funded a $1.85 million loan for Grand Manor Apartments in Apple Valley. The property offers 36 multifamily units. The loan, which was under the Fannie Mae DUS Small Loan product line, has a 10-year term and a 30-year amortization schedule. Patrick McNulty of Arbor’s Chicago office originated the financing on behalf of the undisclosed borrower.
SAN DIEGO — Raintree Partners has completed the $68.2 million acquisition of the 302-unit Trieste Apartment Villas, located at 3950 Mahaila Ave. in the prestigious La Jolla area of San Diego. More than 95 percent occupied at the time of sale, the 11-building complex offers one- and two-bedroom units configured as flats, lofts and a single townhouse unit. Laguna Niguel, Calif.-based Raintree has planned several upgrades to the multifamily property, including renovation of the existing clubhouse and improvements to the fitness center. CB Richard Ellis’ Kevin Mulhern, Dixie Hall and Rachel Hemingway represented the seller, Trieste Apartments LLC, in the transaction; Raintree Partners represented itself.
LONG BEACH, CALIF. — Marcus & Millichap has negotiated the $8 million sale of the 186-unit Magnolia Senior Living, a 109,548-square foot senior-housing property located at 3360 Magnolia Ave. in Long Beach. The brokerage firm’s Pasha Darvishian, Alex Mobin, Christopher Hyldahl and Mark Myers represented the seller in the all-cash transaction involving a first-time senior-housing buyer.
ASHBURN, VA. — Richmond Heights, Ohio-based Associated Estates Realty Corp. has acquired The Ashborough, a Class A multifamily property located in Ashburn. Built in 2004, the property offers 504 units and is currently approximately 97 percent occupied. Associated Estates now owns 2,340 units at eight apartment communities in Maryland and Virginia. Terms of the transaction were not released.
SLIPPERY ROCK, PA. — NorthMarq Capital has arranged $18.84 million in acquisition financing for Ivy Apartments, a 632-bed, 200-unit student housing community located in Slippery Rock. Constructed in 2008, the property is situated near Slippery Rock University. It was sold through the bankruptcy courts to the loan's borrower, Oculus Capital Group. Frank Relihan of NorthMarq's Washington, D.C., office secured the loan, which carries a 10-year term and a 30-year amortization schedule. The lender is Freddie Mac.
WHITESTOWN, IND. — Indianapolis-based Flaherty & Collins Properties has acquired the second phase of the blvd at Anson, a luxury multifamily complex at the master-planned, 1,700-acre Anson mixed-use development in Whitestown. The $25.5 million project will feature 213 apartment units, a resort-style swimming pool, a fitness center, an outdoor firepit and a clubroom. The second phase will be located on approximately 9 acres adjacent to Lake Anson and contiguous to the 80 apartment units in the first phase. Anson is owned by Duke Realty Corp. The second phase of the blvd is being financed with a HUD 221(d)(4) loan through P/R Mortgage & Investment Corp.