COOK, MINN. — Ryan Companies US has completed the construction of Carefree Living – Cook, a senior housing project in Cook. Owned by Spectrum Health Co., the 20,000-square-foot property features 16 assisted-living suites and 13 memory-care units. DJR Architects provided architectural services for the $3.1 million project.
TAMPA, FLA. — Gamla-Cedron Group has purchased 144 units of the 240-unit Promenade at Tampa Palms condominium complex from Guaranty Bank for $6 million. Guaranty had foreclosed on the property, which is located at 16200 Enclave Village Drive in Tampa, in February. T. Sean Lance and John Burpee of NAI Tampa Bay represented the buyer. Marcus & Millichap's Still Hunter represented the bank.
FERGUSON, MO. — Clayton, Mo.-based Oakmont Partners has acquired Oakmont Townhomes in Ferguson. Located at 1624 Northwinds Estates Dr., the 184-unit multifamily community was 89 percent occupied at the time of closing. Blue Valley Apartments sold the property for an undisclosed price. Ken Aston, Paul Cunningham and Andrea Kendrick of Hendricks & Partners’ St. Louis office represented both parties in the transaction.
JACKSONVILLE, FLA. — A private party has borrowed an $8.43 million acquisition loan for the 400-unit Summer Oak at St. John's Apartments, which was purchased for $12.4 million. The Jacksonville property is currently 85 percent occupied. Freddie Mac financed the loan, which carries a 5.65 percent interest rate. Grandbridge Real Estate Capital arranged the funding.
NEW YORK CITY — Construction is complete for 580 Carroll by Enrique Norton, a five-story, 17-unit residential condominium building located in Brooklyn's Park Slope neighborhood. The condos are a mix of one-, two- and three-bedroom units that range from 744 to 1,400 square feet in size. Prices start at $540,000. Amenities at 580 Carroll include a private 3,500-square-foot garden and an onsite parking garage. Black House Development Co. was the developer for the project and Enrique Norton's TENARQUITECTOS was the project architect. Brown Harris Stevens SELECT is serving as leasing and marketing agent.
NEW YORK CITY — Meltzer/Mandl has been selected to design an affordable housing project in the Hunts Point neighborhood of the Bronx. The eight-story building will be located at 920 Westchester Ave. It will contain 108 two- and three-bedroom apartments, 11,000 square feet of ground-floor retail space, a small medical/ambulatory space and a below-grade parking garage. The project will also be applying for LEED certification. Construction is expected to begin later this year and be complete by 2012. Westrock Development is the developer.
LEWISVILLE, TEXAS — Mike Ortlip of Grandbridge Real Estate Capital's Charlotte, N.C., office has secured an $18.14 million loan for the 270-unit Alta Vista Ridge Apartments in Lewisville. The original loan was refinanced under FHA Section 223(f). The 35-year loan carries a 35-year amortization period.
RANCHO PALOS VERDES, CALIF. — Marcus & Millichap has brokered the more than $22.8 million sale of The Madison, a 90-unit luxury apartment building located at 6507 and 6510 Ocean Crest Drive in Rancho Palos Verdes. The 118,874-square foot property features 19 one-bedroom/one-bath units and 71 two-bedroom/two-bath apartments. Marcus & Millichap’s Ron Harris represented both the Phoenix-based buyer, Alliance Residential, and the seller, a Northern California-based investment group, in the transaction.
TACOMA, WASH. — Gramor Development Washington has purchased the 53-unit Pine Villa Townhomes in Tacoma. Completed in 2009, the multifamily complex was originally intended to offer for-sale units, but was foreclosed on by Venture Bank, which was then subsequently closed by the FDIC. Afterwards, First Citizen’s Bank of North Carolina acquired Venture’s assets, including the 69,479-square-foot, 16-building Pine Villa Townhomes, which consists of 2-, 3- and 4-bedroom floor plans.
LAKEWOOD, COLO. — Apartment Realty Advisors has brokered the $1.35 million sale of a 34-unit multifamily property located at 1205-1225 Yukon Street in Lakewood. Built in 1961 and 90 percent occupied at the time of the sale, Twin Arms Apartments is situated within 300 yards of a future light-rail station. ARA’s Shane Ozment and Terrance Hunt represented the un-named seller in the transaction.