CORONA, CALIF. — SL Residential Inc. has completed construction of the 203-unit, 275,000-square-foot Valencia Terrace, a full-service, senior-living rental campus located at 2300 S. Main St. in Corona. Carlsbad, Calif.-based Kisco Senior Living is the developer of the property, which consists of both independent and assisted-living units. With an IPA design reminiscent of a Spanish hacienda, Valencia Terrance provides a resort-like environment that includes a pool and spa, two beauty salons, a commercial kitchen, a theater room, an exercise gym, a library, a bistro and a resident lounge.
OCEANSIDE, CALIF. — Hendricks & Partners has negotiated the $16.1 million sale of the 136-unit Rancho Las Brisas apartment complex located at 3699 Barnard Dr. in Oceanside. Built in 1974, the property consists of 11 two-story buildings featuring 68 one-bedroom/one-bathroom units and 68 two-bedroom/two-bathroom units. Rancho Las Brisas’ community amenities include a swimming pool and spa, barbecue areas, a children's play area, a tennis and basketball court, a recreation room, and two laundry facilities. Represented by Hendricks & Partners’ Steve Huffman and Dick Bassett, Terra Las Brisas LLC sold the property to Lone Tree Empire LLC.
NEWPORT NEWS, VA. — Newport Housing has sold the 300-unit Townes at Jones Run townhouse development to Breeden Investment Properties for $23 million. The property consists of 38 one- and two-story buildings on 24 acres of land in Newport News. Amenities include a 4,000-square-foot clubhouse and a pool. Michael Early of Marcus & Millichap's Williamsburg, Va., office and Steve Witten and Victor Nolletti of the firm's New Haven, Conn., office brokered the sale.
MILWAUKEE — Milwaukee Institute of Art & Design (MIAD) has selected a 27,400-square-foot building, located at 252 E. Menomonee St., to house its new residence hall. General Capital Management Group, which owns the property, will redevelop and expand the building to accommodate the planned 250-bed resident facility. The company plans to add six stories on top of the existing two-story structure. The Historic Third Ward Association reviewed the architectural plans for the project, which is awaiting final approval.
BELLEVILLE, N.J. — Belleville Apartment Associates has purchased 43 units in a Belleville apartment property from an undisclosed buyer for $3.3 million. The development is located at 574-582 Washington Ave. The family-owned building is currently 98 percent occupied. Joseph Brecher, David Oropeza and Nicholas Nicolaou of Gebroe-Hammer Associates brokered the sale.
FRAMINGHAM, MASS. — Ventas has borrowed a $40.5 million loan for a 220-unit senior housing facility in Framingham. Fannie Mae financed the loan, which was secured by KeyBank Real Estate Capital.
KATY, TEXAS — The grand opening has been held for Solana at Cinco Ranch, a $37 million senior housing community located at 24001 Cinco Ranch Center Blvd. in Katy. The luxury rental community contains 126 independent living units and 32 assisted living units, with monthly rents starting at $2,795. Community amenities include a heated saltwater pool, a restaurant, a wine bar, a library, a theater, a game room, outdoor courtyards and a wellness center. The project was more than 30 percent leased at the time of the opening. Solana at Cinco Ranch was developed by Alpharetta, Ga.-based Formation Development Group and will be managed by Atlanta-based The Arbor Company. The project architect was Dallas-based Three Architects and the interior designer was StudioSix5.
POMPANO BEACH, FLA. — The Chetrit Group and Read Property Group have borrowed $28.2 million to acquire 138 units in the 186-unit Plaza at Oceanside resort. The loan also covers the purchase of 22,400 square feet of retail space. The Pompano Beach property includes a zero-edge pool, a fitness center and a wine-tasting lounge. Ladder Capital financed the 2-year loan. Ronnie Levine of Meridian Capital's New York office secured the loan.
ANTIOCH, TENN. — Jacksonville, Fla.-based Summit Contracting Group will construct the 312-unit VantagePointe Homes at Franklin Heights. The Antioch property, which is being built for Montgomery, Ala.-based VantagePointe Homes, encompasses 13 buildings. Lacy and Associates provided assistance with architectural and construction documentation.
COLUMBUS, OHIO — J Rosenbusch and Matt Gocksetter of Marcus & Millichap represented Winthrop Realty Trust in the disposition of Cross Key Row, a 144-unit REO multifamily property located in Columbus. A local investor acquired the property for $725,000 in an all-cash transaction. Built in 1971, the property offers one- and two-bedroom garden units and was 30 percent occupied at the time of closing.