SCOTTSDALE, ARIZ. — A private investor from Regina, Saskatchewan, Canada, has purchased Fountain Villas, a 20-unit apartment community in Scottsdale, for $3.1 million or $155,000 per unit. Located at 7325 E. Belleview St., the four-building community offers two studio units, 16 two-bedroom/one-and-a-half bath units and two three-bedroom/two-and-a-half bath units. At the time of acquisition, the property was 100 percent occupied. Robin Orscheln of Sotheby’s International Realty represented the buyer; Jeff Sherman and Bill Hahn of Sperry Van Ness’ Phoenix office represented the seller, a private investor from Phoenix, in the transaction.
DURHAM, N.C. — Capmark Financial has provided $16 million in fixed-rate refinancing at 5.96 percent for Oak Creek Village Apartments, a multifamily property located at 4230 Garrett Rd. in Durham. Approximately 15 miles northwest of Raleigh, N.C., the property includes 25, two-story buildings totaling 501 units. The 70 percent LTV loan was based on a 9-year term, with interest-only payments for the duration of the loan. Chad Hagwood of Capmark Finance’s Birmingham, Ala., office originated the transaction through the company’s Freddie Mac program. The borrower was an affiliate of RCP General.
CHICAGO — Cambridge Realty Capital Cos. has arranged a $10.5 million FHA-insured HUD loan to refinance and provide funding for construction and rehabilitation at Alden Wentworth, a 300-bed nursing home in Chicago. The 40-year term loan was underwritten for the owner, an Illinois limited liability company, by Cambridge Realty Capital Ltd. of Illinois. The interest rate was not disclosed.
SPOKANE, WASH. — Cohen Financial has arranged a $6.59 million loan for the refinancing of Bentley Apartments in the Airway Heights area of Spokane. Located at 1715 S. Hayford, the 100-unit property offers one- and two-bedroom floorplans. Nearing occupancy, the property is the first phase of a two-phase multifamily development. Peter Norrie of Cohen’s Portland, Ore., office secured the 7-year, fixed-rate, non-recourse, 75 percent loan-to-value financing for the borrower, Liberty Lake, Wash.-based Rudeen Development LLC.
OCEANSIDE, CALIF. — John Nguyen and Jonathan Mitchell of Marcus & Millichap’s Newport Beach, Calif., office, represented both parties in the disposition and acquisition of Country Club Apartments, an apartment community located at 201 Country Club Lane in Oceanside. The 91-unit property sold for $10.2 million or $112,088 per unit. The 76,638-square-foot community consists of one two-story building offering a mix of one-, two- and three-bedroom units. The property also features a courtyard, a laundry room and tuck-under parking. The buyer and seller were not disclosed.
CHINO, CALIF. — Meadow Square, a 250-unit apartment complex, has opened in Chino. Located at 7750 Desert Holly Street within master-planned The Preserve at Chino, the complex features 106 affordable housing units with rents ranging from $563 to $1,998. The property also offers one-, two- and three-bedroom floorplans ranging in size from 728 to 1,109 square feet. Each unit includes a full-size washer and dryer, complete kitchen appliance packages, double stainless steel sinks, oversized closets and hardwood-style flooring in the kitchens and entries. Western National Property Management, the property management arm of Western National Group, will manage the property.
PLANTATION, FLA. — The Florida office of Cushman & Wakefield has brokered the sale of 43.7 acres of residential land located at Interstate 595 and N.W. 136th Avenue in Plantation. Atlanta-based Trammell Crow Residential and an institutional partner advised by JP Morgan Asset Management have acquired the parcel for $25 million, or approximately $581,395 per acre. Brad Capas and Rosendo Caveiro of Cushman & Wakefield facilitated the transaction on behalf of the seller, Colorado-based Affordable Residential Communities. Upon acquisition, Trammell Crow will develop Alexan Plantation, a 481-unit multifamily development that will house garden apartments and townhouses.
NEW YORK CITY — Developer Leviev Fulton Club LLC has converted a group of one-bedroom residences within its District at 111 Fulton Street residential development into live/work units. The residences are larger than traditional one-bedrooms offered at the project, and feature living and working areas separated by a gallery or hallway. The units average 1,800 square feet, and are priced at approximately $900 per square foot. District at 111 Fulton Street is a 163-unit condominium building located in New York City. The building includes 19 penthouse units, and building amenities such as a 12,000-square-foot rooftop terrace with four lighted reflecting pools, chaise lounges, and eight cabanas; a fitness center with an indoor pool, a 16-jet spa, and a cold plunge; a screening room; and a residents lounge/library with a fireplace and a billiards table.
HOUSTON — Hendricks & Partners (H&P) has brokered the sale of Garden City, a 256-unit, HUD/HAP-subsidized apartment community located at 9601 W. Montgomery Rd. in Houston. Kevin McCarthy and Jeff Eisenhardt of H&P’s Houston office represented the seller, Houston-based KMR-Garden City LP. The property was acquired by Sherman Oaks, Calif.-based Garden City Investors for an undisclosed amount.
DEERFIELD BEACH, FLA. — Carlisle Development Group and Broward County Housing Authority have completed construction of Phase I and II of Tallman Pines, the first ever LEED silver affordable housing development in Florida. Located at 700 NE 41st St. in Deerfield Beach, the $40 million project includes 200 completed apartment units and 42 single-family homes expected to be built this summer. The multifamily community features a 901-square-foot floor plan as well as a 1,022-square-foot floor plan, with monthly rents ranging from $402 to $1,019. Green features of the facility include water conserving plumbing fixtures, solar panel system generating power for the clubhouse and a nature park adjacent to the community. Financing for the project was provided by a variety of sources.