BELOIT, WIS. — Red Mortgage Capital has provided a $13.38 million loan for Hawks Ridge Apartments in Beloit. The 193-unit multifamily property is owned by Elkhorn, Wis.-based Teronomy Builders Inc. The loan was financed through the FHA 223(f) program. Red Mortgage Capital is the banking arm of Red Capital Group.
El Paso — Pebble Hills, a 105-unit multifamily property built in 1978, has sold in El Paso for an undisclosed price. Located at 10865 Edgemere Blvd., the property features 32 one-bedroom and 73 two-bedroom units. San Antonio-based American Opportunity for Housing-PH Apartments, represented by Mike Miller and Winston Black of Hendricks & Partners, sold the property to El Paso-based Pomajest, which is planning substantial upgrades.
HARTSELLE, AL. — Columbia Cottage – Hartselle LLC has acquired Sierra Springs in Hartselle for $1.8 million or $56,000 per unit. LSJ Investments sold the assisted-living property, which was built in 2000. At the time of acquisition, the property was 87 percent occupied. Ryan Maconachy and Scott Corbin of ARA Seniors' Dallas office represented the seller in the transaction. The property will be managed by Huntsville, Ala.-based Cottage Senior Living.
QUINCY, MASS. — LNR has announced that a new senior housing facility will be developed within the SoutField master-planned community. William B. Rice Eventide Home will build a new independent living and skilled nursing facility on 9.4 acres within SouthField Highlands, the community's first residential neighborhood. It will contain 192 independent living units and 46 beds of skilled nursing housing. Rogerson Communities is serving as developer for the project, and locally based Shesky Architects is designing it. Construction for the $45 to $50 million project is expected to begin in 2012. Formerly the South Weymouth Naval Air Station, SouthField will feature, at full build-out, 2 million square feet of commercial space, 2,850 units of housing, a movie studio, a golf course and an indoor/outdoor sports and recreation complex.
WINTER HAVEN, FLA. — Michael Regan, Francesco Carriera and Nicholas Meoli of Marcus & Millichap's Tampa, Fla., office have brokered the sale of The Landings and Brandywyne, a two-property multifamily portfolio in Winter Haven. A Florida-based investor acquired the 141-unit portfolio sold for $3 million or approximately $21,000 per unit. The seller was a Pennsylvania-based developer.
GOLDEN VALLEY AND ELK RIVER, MINN. — The Minneapolis office of Grandbridge Real Estate Capital has originated and closed two loans, totaling $5.6 million, for properties in Minnesota. The first loan was secured by Sedona Hills, a 102-unit multifamily property in Golden Valley. The loan was financed with Fannie Mae and features a 10-year term, 30-year amortization and a fixed-rate interest rate of 4.75 percent. The second loan was secured by a 36-unit apartment complex in Elk River. The 5-year term loan carries a 4.04 interest rate. Tony Carlson and Dave Rasmussen of Grandbridge originated both transactions.
LOS ANGELES — Marcus & Millichap has brokered the $15 million sale of Sherman Village, a 150,000-square-foot development site located at 12629-12729 Riverside Drive in the Valley Village area of Los Angeles. The 3.45-acre site near the Sherman Oaks Fashion Square and the Sherman Oaks Galleria is entitled for the development of 264 multifamily units on eight parcels. Marcus & Millichap’s Greg Harris represented both the Los Angeles-based buyer, IMT Capital, and the Southern California-based private-investor seller.
LYNNWOOD, WASH. — Alderbrooke Associates LLC has completed the $9.4 million sale of the 115-unit Alderbrooke Apartments, a garden-style multifamily complex located at 18505 36th Ave. West in Lynnwood, to Alderbrooke Investments LLC, a Seattle-area investor. GVA Kidder Mathews’ Jim Nichols represented both the buyer and the seller in the transaction.
NORWALK, CALIF. — Marcus & Millichap has closed the $5.075 million sale of Plantation Apartments, a 46-unit multifamily property located at 12809 Kalnor Ave. in Norwalk. The real estate investment services firm’s John Susank represented the private-investor seller and also secured the buyer, a partnership.
LAWRENCE, KAN. — New York City-based Vesper Holdings has acquired Hawks Pointe Apartments in Lawrence for an undisclosed price. Located near the University of Kansas' main campus, the 248-unit multifamily property features 20 two- and three-story buildings offering a mix of studio, garden-style, loft and townhouse apartments. Community amenities include a swimming pool, picnic and grilling areas, and a two-story clubhouse featuring a 24-hour fitness center, a 24-hour business center, a game room and a tanning bed. Philadelphia-based Campus Apartments will manage the property. Terms of the transaction were not released.