ST. PETERSBURG, FLA. — An undisclosed bank has sold the 18-unit Colton on 4th Avenue Apartments to a Canadian investor for $1.05 million. The property is located at 249 4th Ave. North in St. Petersburg. Casey Babb and Bill Renje of Marcus & Millichap's Tampa, Fla., office represented the seller. The firm's Francesco Carriera represented the buyer.
SANTA ROSA, CALIF. — Arroyo & Coates has handled the sale of the 78-unit Mountainview Villas Apartments located in Santa Rosa. Terms of the deal were not disclosed. Built in 2000 at the corner of Kawana Springs and Petaluma Hill roads, Mountainview Villas consists of one-, two- and three-bedroom units averaging approximately 858 square feet. Arroyo & Coates’ Jamie Clifford, David Silver and Pedro Arroyo represented 2146 Bedford Street LLC, a California-based private owner, in its disposition of the multifamily community to Bedford Santa Rosa Associates LLC.
ANAHEIM, CALIF. — Marcus & Millichap has brokered the almost $4.3 million sale of the 29-unit Los Arcos Apartments located at 3340 W. Orange Ave. in Anaheim. The brokerage firm’s Greg Bassirpou and Nicholas Petrosian represented the seller, a limited liability company, in its disposition of the multifamily property to a 1031-exchange buyer.
OCEANSIDE, CALIF. — Cushman & Wakefield has negotiated the $9.7 million sale of the 88-unit Forest Glen multifamily property located at 612 Los Arbolitos Blvd. in Oceanside. The 89,119-square-foot for-rent condominium development features one-, two- and three-bedroom units ranging from 700 to 1,220 square feet. Cushman & Wakefield’s Alejandro Lombrozo and Rachel Stankowski represented both the buyer, Virtu Investments, and the seller, Pacifica Companies, in the transaction.
SOUTH CAROLINA — Royal Senior Care has brought on Cornerstone Healthcare Plus REIT as an 80 percent partner in two assisted living properties in a deal worth $27 million. The developments are located in South Carolina and total 180 units. Royal Senior Care will continue managing the properties. CLW Health Care Services Group represented Royal Senior Care in the transaction.
DOUGLASVILLE, GA. — Batson-Cook has finished the construction of the 39,000-square-foot Benton House senior housing facility in Douglasville. The $3.7 million project has 59 units and can house 130 residents. Amenities include an activity kitchen and a hair salon. Marietta, Ga.-based Lamas Architects designed Benton House.
OAKLAND, CALIF. — BRIDGE Housing Corp. has begun redevelopment for the 84-unit St. Joseph's Senior Apartments property located at 2647 International Blvd. in Oakland. Slated for completion in June 2011, the multifamily property will offer affordable apartments for very-low-income seniors, age 62 and older, within the main building of the Oakland historic landmark, “St. Joseph's Home for the Aged,” which closed in 1979. On-site amenities will include a spacious, ground-floor community room opening onto a senior garden and approximately 3,200 square feet of commercial office space.
CHICAGO — A private investor has acquired Madison Terrace, which is located at 3153 W. Madison St. in Chicago. The 96-unit multifamily property was listed for $3 million. The property features a mix of two-, three- and four-bedroom units in eight buildings. Ralph DePasquale of Hendricks & Partners’ Chicago office represented the seller, Atlanta-based LB Madison Terrace LLC, in the transaction.
PARSIPPANY, N.J. — Gebroe-Hammer Associates has brokered the sale of a rental retirement community in Parsippany for $19 million. Baldwin Oaks is located on 10.5 acres at 299 Baldwin Ave. It consists of two four-story buildings containing 251 units. Amenities include life safety services, a community room, a billiards rooms, a bocce court, a courtyard and on-site parking. The community was fully occupied at the time of closing and currently has a 2-year waiting list. Joseph Brecher and Stehen Tragash of Gebroe-Hammer represented the seller, AIMCO, and the undisclosed buyer.
NEWARK, N.J. — Development plans have been unveiled for what will be Newark's tallest building. One Theater Square will be a 44-story residential building located on 1.2 acres downtown, adjacent to the New Jersey Performing Arts Center. The tower will contain more than 300 units, 20 percent of which will be set aside as affordable housing for artists. In addition, the tower will contain more than 20,000 square feet of ground-floor commercial space for restaurants, cafés, galleries and other retail uses. A partnership between The N.J. Performing Arts Center and Dranoff Properties is developing the project. The New Jersey Economic Development Authority has already awarded the project a $38 million Urban Transit Tax Hub Tax Credit.
