LEMON GROVE, CALIF. — Hitzke Development Corp. has purchased a 0.8-acre land parcel, which is located at 3595 Olive St. in Lemon Grove, for $2 million. The buyer plans to redevelop the property into Citronica Two, an 80-unit senior mixed-use development. Jason Smithson of NAI San Diego represented the buyer; the seller, Coach of San Diego Inc., was represented in-house.
TAMPA, FLA. — Chicago-based Blackhawk Realty Advisors has purchased the 150-unit Palm Lake apartment complex from AIMCO for $6.7 million. The 153,700-square-foot property, which was built in 1972, is located at 13401 N. 50th St. in Tampa. Amenities include a swimming pool and a business center. Byron Moger and Luis Elorza of Cushman & Wakefield’s Tampa office brokered the sale.
WOODBRIDGE, VA. — Washington, D.C.-based Love Funding has arranged a $5.2 million loan for the 89-unit Potomac Place Apartments. The property is located at 2133 Montgomery Ave. in Woodbridge. Financing was secured through the FHA loan program. The deal comes with a 6 percent fixed-interest rate and a 35-year amortization.
CHICAGO — Chicago-based Ventas Inc. has sold five senior housing assets to affiliates of Emeritus Corp. for an aggregate sale price of $62.5 million. The facilities, which are located in four states, house a total of 432 units. Prior to the sale, Emeritus was the operator of the five assets. The acquisition price represents a 6.7 percent capitalization rate on current annualized cash rent of $4.2 million. Ventas Inc. expects to record a gain of approximately $23 million on the sale. In addition to providing $10 million in seller financing for the transaction, the company was released from approximately $7 million of existing mortgage debt. The loan is guaranteed by Emeritus, and bears an interest at an average rate of 8.25 percent, which is payable monthly, and matures in 3 years. The company can accelerate the loan on the occurrence of various events. Emeritus remains a operator in 11 other senior housing properties owned by Ventas.
VERNON, CONN. — Chozick Realty has completed the sale of two apartment properties, located in Vernon, for $1.76 million. The communities are Regency I and Regency II, and are located at 71 Loveland Hill Rd. and 55 Old Town Rd., respectively. The communities total 31 units; Regency I contains 18 one-bedroom units in two brick buildings, as well as a single-family home; Regency II contains 12 one-bedroom units in a single brick building. Tom Boyle of Chozick Realty represented the seller, West Boulevard Associated, and the buyer, a private individual investor. This transaction marks the fourth time that Tom Boyle has brokered the disposition of the properties.
NEW YORK CITY — Community Preservation Corp. (CPC) has secured a $5 million second mortgage for Executive Towers, a cooperative apartment building located at 1020 Grand Concourse in the Lower Concourse neighborhood of the Bronx, New York City. The 24-story building includes 455 units, 38,000 square feet of office space and a 284-space parking garage. CPC arranged the financing through Freddie Mac. Proceeds will be used to fund a capital improvements program for the community that includes restorations to the garage and façade, elevator upgrades, the replacement of convection units, and upgrades to the hallways and the lobby. The borrower is the building’s co-op, Executive Towers Owners Corp., which was sponsored by H&R Executive Towers LLC. CPC originally financed a $3.8 million construction loan for the property in 1996, which was also used for capital improvements. The loan was converted to a Freddie Mac loan in 1999.
EL CAJON, CALIF. — A partnership sponsored by R&V Management Corp. has acquired Coral Gardens, a 200-unit multifamily complex in El Cajon, for $19.75 million. Located at 425 E. Bradley Ave., the community offers one- and two-bedroom units ranging in size from 678 to 864 square feet. Additionally, the community features garages, a swimming pool and spa, a playground and on-site laundry facilities. The seller was Essex Property Trust. Ed Rosen, John Chu and Alejandro Lombrozo of Cushman & Wakefield represented both parties in the transaction.
NORWALK, CALIF. — Advanced Real Estate Services Inc., a TIC syndicator, has acquired The Courtyards, a 153-unit apartment community located at 12401 Studebaker Rd. in Norwalk, for $21.9 million. The garden-style community offers 72 one-bedroom/one-bath units and 20 three-bedroom/two-bath units. Additionally, the property features two swimming pools, a whirlpool spa, an arbor-covered picnic/barbeque area, a recreation room, a fitness center and two laundry facilities. Stewart Weston of Marcus & Millichap represented both parties in the transaction. Kennedy Wilson Multifamily Management Group sold the property.
AURORA, COLO. — Davis, Calif.-based Pilgrim Partners LLC has acquired Turnberry at Heather Ridge, a 268-unit apartment community located at 2038 S. Vaughn Way in Aurora. San Diego-based Fairfield Duck Creek LP sold the property for $15.1 million or $56,343 per unit. Built in 1972, the property offers one- and two-bedroom units ranging in size from 665 to 1,090 square feet. Community amenities include a clubhouse with a business center; carports; an on-site laundry facility; a playground; two heated pools; and a fitness center. John Laratta of Hendricks & Partners’ Denver office represented the buyer in the transaction.
CLEARWATER, FLA. — Wisco 1 has purchased the 184-unit Long Branch Apartments from Denver-based New South Properties for $6.99 million. The Clearwater property is 30 percent vacant, and Wisco plans on spending $1 million to renovate the complex. NAI Tampa Bay’s John Burpee brokered the purchase, and John Stone of Colliers Arnold’s Clearwater office represented the seller.