SANTA CRUZ, CALIF. — Essex Property Trust has purchased Chestnut Town Homes and Apartments, a 96-unit multifamily property located at 525 Laurel St. in Santa Cruz. The 87,640-square-foot property, which also offers four commercial units, sold for $22.05 million or $220,500 per unit. Built in 2002, the community consists of two buildings offering a mix of one- and two-bedroom units. Jamie D’Alessandro and Brian Henry of Marcus & Millichap represented the seller, Wavecrest Development, in the transaction; Marcus & Millichap also represented the buyer.
SURPRISE, ARIZ. — Scottsdale, Ariz.-based PM Canyon Ridge LLC has completed the disposition of Canyon Ridge, a 192-unit apartment community located in Surprise. Logan, Utah-based Wasatch Acquisitions and Capital Inc. purchased the Class A property for $17.65 million. The community consists of two-story rental buildings offering a mix of one-, two- and three-bedroom units. Community amenities include a resort-style pool and spa, an exercise facility and mountain views. The units feature 9-foot ceilings, washer/dryers, balconies/patios, air conditioning and fully equipped kitchens with refrigerators, microwaves, dishwashers and disposals. Bob Bruno and Mark Forrester of Hendricks & Partners’ Phoenix office represented the seller in the transaction.
MT. VERNON, N.Y. — Meridian Capital Group has arranged $53.2 million in acquisition financing for Westchester Plaza, an 850,000-square-foot residential community located in Mt. Vernon. The community consists of four residential buildings spread out over 8.9 acres, as well as a 75,000-square-foot shopping center. The property contains 698 apartment units; tenants in the retail portion include Washington Mutual Bank, Radio Shack and Eckerd. Elliot Treitel of Meridian’s New Jersey office secured the loan on behalf of the borrower, Urban American Management. Terms of the financing include a 5.5 percent fixed rate with interest-only payments for the first 3 years.
STRONGVILLE, OHIO — PNC ARCS has arranged $6 million in financing for Southwest Commons Assisted Living community, which is located at 18090 Pearl Rd. in Strongville. Financing was based on a 10-year term, with a 30-year amortization schedule, at a rate of 6.77 percent. The 68-unit property contains 25,912 square feet of residential living space. The loan was originated by PNC ARCS’ Bend office, through Fannie Mae’s Senior Housing loan product.
WEST CALDWELL, N.J. — Union, N.J.-based Del-Sano Contracting Corp, has been selected to provide general contracting services for the construction of Phases II and III of Crane’s Mill, a 35-acre senior housing facility located in West Caldwell that is being developed by Lutheran Social Ministries of New Jersey. The project is expected to cost $27 million, and construction will begin this month. Phase II will include the construction of 70 independent units with 47 underground parking spaces, as well as 10 cottages with attached garages. The independent living units will be located in a two-story building attached to the existing central facility. Phase III of Crane’s Mill will encompass 20,000 square feet of new and existing space. A new wing will be added that will house the memory support area, a dementia courtyard and renovated common areas for the assisted living areas. Construction will also include the conversion of 18 of the facility’s 60 assisted living units into dementia units. Upon completion, Crane’s Mill will contain 286 independent living units, 48 assisted living units and 18 dementia units, with 66 of the units set aside for skilled nursing and rehabilitation services. The first phase of the community was completed in …
APOPKA, FLA. — Patrick Skinner, Kevin Yaryan and Steven Sussman of Marcus & Millichap Real Estate Investment Services have represented Housing Partners of Florida in its purchase of the 101-unit Taylor Apartments, located at 131 E. 15th St. in Apopka, from an undisclosed seller for $3.2 million. Rents at the housing complex are subsidized by the government under the U.S. Department of Housing and Urban Development’s Section 8 program. Winter Park, Fla.-based Hara Management represented the seller.
CHICAGO — New York City-based Meridian Capital Group has arranged more than $6 million in financing for three multifamily properties in Chicago. Tannie Schnell of Meridian’s Illinois office has arranged $3.28 million in financing for a multifamily building located at 1441 W. Howard St. in Chicago. The 62-unit apartment community is situated within the East Rogers Park neighborhood. Financing was based on a 5-year term mortgage, with a rate of 5.13 percent. Gershon Friedman, also of Meridian’s Illinois office, has brokered approximately $2.92 million in financing for two Chicago apartment buildings located at 6810 N. Lakewood Ave. and 3915 N. Fremont Ave. Combined, the properties contain 51 units. Financing was based on a 5-year term mortgage, with a rate of 5.33 percent.
RANTOUL, ILL. — Marcus & Millichap Real Estate Investment Services has brokered the sale of the Parkview Rentals located at 1400 Hobson Dr. in Rantoul. The sales price for the 128-unit apartment community was $1.65 million. A Southern California investment group has acquired the 12.78-acre property, which consists of one-, two-, three- and four-bedroom units, from an undisclosed seller. Shaun Buss and Sean Lyons of Marcus & Millichap’s downtown Chicago office represented both parties in the transaction.
LEVITTOWN, PA. — Marcus & Millichap has brokered the sale of Avalon Court Apartments, a 120-unit, garden-style apartment community located in Levittown. Situated on 6 acres on Bristol Oxford Valley Road, the property contains 11 three-story brick buildings. Clark Talone and Ridge MacLaren of Marcus & Millichap’s Philadelphia office represented the seller, Avalon Partners, and procured the buyer, a regionally based partnership. The acquisition price was not disclosed.
PORT ARANSAS, TEXAS — Houston-based architect Meeks + Partners has finished the design for The Palmilla at Port Aransas, a 30-acre luxury condominium community located on Mustang Island at Port Aransas. The project will include four residential buildings with 94 condos over structured parking. The buildings will contain a mix of two- and three-bedroom residences ranging in size from 1,441 to 1,830 square feet. The unit mix also will include eight four-bedroom penthouses averaging 2,584 square feet. The community will contain three levels of recreation amenities, including a game room with billiards, card tables and gaming systems; and Internet café with a coffee bar; a fitness center; and a large deck on the third level. Outdoor amenities include a fully equipped outdoor kitchen, and a resort-style, negative edge pool with tanning decks, poolside cabanas, and tropical landscaping. The project is owned and is being developed by San Antonio-based Koontz McCombs. Groundbreaking is expected to occur in spring 2009.