SHIPPENSBURG, PA. — Shippensburg University is partnering with Philadelphia-based Campus Apartments to develop new on-campus housing. The $63 million first phase of the project will add 900 beds in three new residence halls. Two of the dorms will be located on North Campus, and one of which will feature a 13,000-square-foot wellness center. The third building will be a live-learn community located on South campus that will provide housing as well as the new home for the school's Honors College. The projects will break ground in 2011 and plan to open in time for the fall 2012 semester. The development team for the project includes CUBE 3 Studio, Harkins Development Corp., Greenman-Pedersen and RBC Capital.
NAPA, CALIF. — Cassidy Turley BT Commercial has brokered the $14.8 million sale of the 162-unit Napa Garden Apartments located at 2513 Laurel Street in Napa. Built in multiple phases from 1971 through 1976, the apartment complex offers one-, two- and three-bedroom units and consists of 22 multifamily structures, six triplexes and a single-family dwelling. Cassidy Turley’s Ric Russell and Scott MacDonald represented the seller, Los Angeles-based 3D Investments, in the transaction; the San Francisco-based private-investor buyer assumed the existing Fannie Mae debt on the property.
CHICAGO — Beech Street Capital has provided a $3.375 million loan for a multifamily property in Chicago. Constructed in 1924 and renovated in 2004, the property offers 44 apartment units. The permanent, fixed-rate financing has a 10-year term and a 30-year amortization schedule. The Fannie Mae DUS loan was originated by Meridian Capital Group and financed by Beech Street Capital.
SAN DIEGO — California Landmark Group has purchased the 45-unit Serenata, a townhome community located in San Diego’s College Grove neighborhood, for $10.15 million. Currently 96 percent leased, the collection of three-bedroom, two-bath units started off as condominiums when completed in 2009 before being converted to apartments. Situated across the street from the Marketplace at the Grove shopping center, the three-level homes include attached two-car garages.
FOLSOM, CALIF. — TRI Commercial/CORFAC International has closed the $50.4 million sale of the 336-unit Sherwood Apartments located in Folsom. Constructed in 2002 and 96 percent occupied at time of sale, the Class A multifamily complex is situated adjacent to a planned 440-bed Kaiser Hospital and the nearly completed 600,000-square-foot Palladio at Broadstone mixed-use development. TRI/CORFAC’s John Gallagher and Dean Bagneschi represented both the buyer and the seller — Bay Area investor Sherwood Iron Point LP and Sherwood Apartments LLC, respectively — in the transaction.
CHICAGO — McShane Construction Co., serving as general contractor, has completed the construction of Casa Maravilla, a 73-unit senior-living complex in Chicago’s Pilsen neighborhood. Located at 2021 S. Morgan St., the five-story property features 70,000 square feet of affordable senior rental housing in studios, one- and two-bedroom floorplans. Additionally, the complex offers a community rooms, laundry facilities, a dining area, a fitness rooms, a library and recreation rooms. The Resurrection Project, a community-based nonprofit organization supporting neighborhood development, developed the property. Chicago-based Weese Langley Weese provided architectural services for the project.
FOX LAKE, ILL. — Ryan Companies US, along with its joint venture development partner Jim Bergman, has completed the construction of Thomas Place Fox Lake in Fox Lake. The 100-unit affordable and age-restricted apartment community is located at 229 Thomas Lane. The $24 million four-story community offers 33 one-bedroom/one-bath units and 67 two-bedroom/two-bath units. Each unit features a balcony, a full kitchen equipped with modern appliances, a washer and dryer, and 9-foot ceilings. Residents are expected to take occupancy in September. Design Build Architectural Services, a wholly owned Ryan subsidiary, provided architectural design and engineering services for the project. The project is being financed under the Section 42 affordable housing program, which is administered by the Illinois Housing Development Authority.
SAN ANTONIO — Marcus & Millichap has brokered the sale of a 130-unit apartment complex between two undisclosed parties. The 107,952-square-foot Meadow Run, which was built in 1970, is located at 5347 Blanco Road in San Antonio. The firm's Moses Siller and Ryan Eric Epstein represented the seller. Siller also represented the buyer.
RIVERSIDE, CALIF. — Raintree Partners has completed the $24.6 million acquisition of the 264-unit Boulder Creek Apartments in Riverside. Located near the University of California at Riverside and set against the Box Springs Mountains, the 25-year-old, 96-percent occupied multifamily property was sold by a public REIT. Within the next 18 to 24 months, Laguna Niguel, Calif.-based Raintree Partners will begin both interior and exterior renovations of the property, which offers studio, one- and two-bedroom units.
GREENBELT, MD. — An affiliate of Harbor Group International has purchased Hanover Apartments from Federal Capital Partners and Angelo, Gordon & Co. for $39.5 million. The 320-unit property is located near the intersection of Capital Beltway and Interstate 95 in Greenbelt. The seller purchased Hanover in 2006 and has invested more than $9 million in upgrades to the property. Ideal Realty Group's Allen Manesh and Dean Sigmon brokered the sale.