ORMOND BEACH, FLA. — ARA has negotiated the sale of the 184-unit Shadow Lakes, a REO community located at 500 Shadow Lakes Blvd. in Ormand Beach. The property is currently 92 percent leased. Kevin Judd of ARA's Orlando, Fla., office, Patrick Dufuor of ARA's Tampa, Fla., office and Matt WIlcox of ARA”s Jacksonville, Fla., office represented the undisclosed seller in the transaction. The buyer was self-represented.
ORLANDO, FLA. — Nashville, Tenn.-based Robbins Property Group has purchased the 68-unit Windward Apartments, located at 1744 Bowen Dr. in Orlando, from Ocwea for $1.6 million. Cole Whitaker and Hal Warren of Hendricks & Partners' Orlando office represented the seller in the transaction.
PASADENA AND AMARILLO — LTC Properties has recently acquired a 196-bed skilled-nursing facility, located in Pasadena, for $15.5 million in a sale-lease back transaction. LTC has also purchased a vacant parcel of land in Amarillo for $844,000 for the construction of a 120-bed skilled-nursing facility. The new skilled-nursing facility is slated for completion in mid to late 2012.
CARY, N.C. — Walton Street Capital has sold the 176-room Woodland Terrace, a senior housing community located at 300 Kildaire Woods Dr. in Cary. CLW Health Care Services Group represented the seller in the transaction. The buyer was a Prudential-related entity. Kisco Senior Living, which was a minority partner for both the buyer and seller, will continue to manage the property.
GREENSBORO, N.C. — Coastal Apartment Advisors has brokered the $1.52 million sale of the 36-unit Wendover Ridge Apartments, located at 514 Coapman St. in Greensboro. Coastal Apartment Advisors represented the seller, CW Capital, and procured the undisclosed buyer.
OVIEDO, FLA. — NorthMarq Capital has arranged $17.75 million in first mortgage financing for the 240-unit Oviedo Grove, a multifamily property located on Oviedo Grove Circle in Oviedo. Lamar Sarra of the firm's Jacksonville, Fla., office secured the 7-year loan with a 30-year amortization schedule through Freddie Mac.
NEWARK, N.J. — TreeTop Development has purchased the 115-unit Aspen Stratford, a HUD subsidized rental community located at 19 and 29 Stratford Place in Newark. Andrew Daitch of Marcus & Millichap's Detroit office represented both parties in the transaction. TreeTop is planning to spend $1 million on renovating the building systems, common areas and unit interiors.
GRAND PRAIRE — Johnson Capital has arranged a $21.65 million loan for the 350-unit Lakeside Villas, located on Riverside Drive in Grand Prairie. Dave Susank of Johnson Capital's Phoenix office arranged the 10-year, fixed-rate loan through Fannie Mae.
LOS ANGELES — George Smith Partners has arranged a $4.2-million refinancing loan for a Downtown Los Angeles apartment property. The 196-unit, Single Resident Occupant (SRO) property was originally built as a hotel in 1910. It is currently undergoing a major rehabilitation and, thus, is completely vacant. GSP’s arrangement included a 10-year loan with a 6.25 percent fixed interest rate and a 30-year amortization. It also features a step-down pre-payment penalty prior to stabilization. The GSP team was led by vice president Bryan Shaffer.
COLORADO SPRINGS, COLO. – ARA Colorado has sold the 258-unit Rustic Hills Park Apartments in Colorado Springs for $4.2 million. The value-add property was under control of a court-appointed receiver at the time of sale. It was purchased by Connexion Asset Group. The receiver, Trigild, was represented by ARA’s Ken Greene and Kevin McKenna in the disposition.
