DALLAS AND HOUSTON — CIM Group has purchased a four-property apartment portfolio totaling 820 units from Gables Residential Corp. for an undisclosed amount. Three of the properties — a 334-unit property, a 103-unit property and a 75-unit property — are located in Dallas. Also included in the sale is the 308-unit Memorial Hills complex in Houston. Gables Residential will continue its property management duties.
WHEATON, ILL. — Des Moines, Iowa-based Life Care Services (LCS) has purchased Wyndemere Senior Living Community in Wheaton. The property’s former owner, Central DuPage Hospital, selected LCS to purchase and improve the community. Located at 200 Wyndemere Circle, the property serves adults in Chicago’s western suburbs. Terms of the acquisition were not disclosed.
STARKVILLE, MISS. — Wood Partners has sold the 240-unit 21 Apartments in Starkville to McKinney Properties for an undisclosed price. The private student housing complex, built in 2006, is located near Mississippi State University and was 98 percent leased at the time of sale. Ryan Reid, national student housing director for CB Richard Ellis, along with Blake Pera of CBRE Memphis, negotiated the sale of the property for Wood Partners. CBRE’s James Tramuto and David Meese provided the debt financing services on behalf of McKinney Properties by securing a 10-year Freddie Mac fixed-rate loan with 2 years of interest-only payments, followed by a 30-year amortization schedule.
SOUTHFIELD, MICH. — Hendricks & Partners has brokered the sales of two North Park Place properties in Southfield. In the first transaction, a private investment group acquired North Park Place (16400 Building), which is located at 16400 N. Park Place Dr. in Southfield. The 79-unit apartment community sold for an undisclosed price. The seller was Philadelphia-based North Park Place Owner A LLC/North Park Place Owner B LLC/North Park Place Owner C LLC. Kevin Dillon of Hendricks & Partners’ Michigan office represented the seller in the transaction. In the second transaction, North Park Place (16300 Building) was sold for $2.2 million to an undisclosed entity. Located at 16300 N. Park Dr., the apartment property offers 127 units. The property was sold through a court-appointed receiver, Troy, Mich.-based The Hayman Company. The seller was Troy-based AG-BR NPP 16300A OWNER LLC/AG-BR NPP 16300B OWNER. Cary Scott Belovicz and Dillon of Hendricks’ Michigan office represented the seller in the transaction.
PITTSBURGH — Pittsburgh-based Grant Street Associates has brokered the sale of a 24-unit apartment property located at 131 Edgewood Ave. in Pittsburgh for $750,000. The six-building property was 85 percent occupied at the time of closing. Michael Sell of Grant Street represented the seller, RSME Holdings. Ned Shekels of Pennsylvania Commercial represented the buyer, Cambridge Court Associates.
NEW YORK CITY — The Jericho Project has received $10.6 million in federal stimulus funding for the construction of a new supportive housing community for veterans in the Bronx. Residence at Kingsbridge will feature 76 units. The community will also provide professional counseling services for returning veterans as well as employment assistance and family reunification services. The building is applying for LEED certification and should be complete in the next 18 months. It will mark The Jericho Project's fifth Veterans Residence community, which are located in the Bronx and Harlem. Additional funding for the Kingsbridge project is coming from the New York City Department of Housing Preservation and Development, Bronx Borough President Ruben Diaz, Jr., and private donations.
WASHINGTON, D.C. — Quality Housing Partners has sold the 28-unit Truman House apartment complex to an undisclosed buyer for $4.2 million. The property is located at the intersection of 14th Street NW and N Street NW in Washington. Marcus & Millichap's Firoozabadi Group represented the seller in the transaction.
NEW YORK CITY — Massey Knakal Realty Services has completed the $3.12 million sale of a residential building located on the Lower East Side of Manhattan. The six-story building contains ground-floor retail space and 22 rent-stabilized apartments above. Apartment occupancy was 40 percent at the time of closing, and the retail space was occupied under a short-term lease. Michael DeCheser of Massey Knakal handled the all-cash deal between the two undisclosed parties.
NEW YORK CITY — CB Richard Ellis (CBRE) Capital Markets has arranged $5.25 million for an apartment building located in the Bronx, New York City. The six-story property features 78 rent-stabilized units, 90 percent of which are occupied. The loan carries a 1-year, interest-only term followed by a 30-year amortization schedule. Max Herzog and Michael Diaz of CBRE Capital Markets' Debt & Equity Finance Group arranged the loan on behalf of the undisclosed borrower through a local bank.
SUMMERVILLE, S.C. — The owner of Cobblestone Village Apartments, a 320-unit multifamily complex in Summerville, has received a $20 million loan, which will replace existing construction financing. The 10-year loan carries a 5.88 percent interest rate and a 30-year amortization schedule. Arbor Commercial Funding arranged the loan.