CARLSBAD, CALIF. — Continuing Life Communities has completed Phase IV of La Costa Glen Carlsbad, a retirement community located in Carlsbad. The final phase features 211 apartment homes, 52 villas and a 32,000-square-foot Fairway Clubhouse. New amenities include a 12,000-square-foot recreation/fitness center featuring a sauna, yoga, massage and exercise facilities, a heated indoor swimming pool, a movie theater, and a pitch-and-putt golf course. The 281-acre community, located at 1940 Levante St., first opened in 2002.
Multifamily
SAN DIEGO — San Diego-based Benson & Bohl Architects have been chosen to design Merrill Gardens at Bankers Hill in San Diego. The 84-unit senior residential community will be situated on 1.38 acres at the corner of Laurel Street and Second Avenue. The 131,018-square-foot, five-story property will feature 18 studio units, 46 one-bedroom units and 20 two-bedroom units. Construction is slated to begin in early 2009.
CHARLOTTE, N.C. — Chicago-based The Laramar Group has acquired Waterford Lakes, a 694-unit, 43-acre lakeside property in Charlotte, from an undisclosed buyer. The property is located at 8000 Waterford Lakes Dr., and features one-, two- and three-bedroom apartments as well as tennis courts, two swimming pools, a fitness center, indoor racquetball court and a cinema room. Laramar plans to upgrade the property with $4 million in improvements. Prior to purchasing Waterford, Laramar managed it for the previous owner.
SHAWNEE, KAN. — NorthMarq Capital has secured $13.6 million in first mortgage financing for The Retreat of Shawnee, a 342-unit multifamily community located in Shawnee. The loan was based on a 10-year plus-one term, with 5 years interest only and a 30-year amortization schedule. Greg Duvall of the Kansas City, Mo., office of NorthMarq arranged the loan on behalf of the borrower, KC Retreat Associates, through Freddie Mac.
KENT, OHIO — The Cleveland office of NAI Daus has brokered the sale of a 42-unit apartment building, located at 548 E. Summit St. in Kent, for $2.1 million. James Samuels of NAI represented the undisclosed seller in the transaction; the property was acquired by Summit Hill Apartments LLC.
HOUSTON — NorthMarq Capital has arranged $17.2 million in first mortgage financing on behalf of KC Palms LLC for Palms of Clear Lake, a multifamily property located at 1300 Gemini St. in Houston. Greg Duvall of NorthMarq’s Kansas City regional office arranged the loan for the 240-unit property through the company’s seller/servicer relationship with Freddie Mac.
TORRANCE, CALIF. — Dean Zander and David Casper of Hendricks & Partners have brokered the $11 million sale of Alondra Park apartment community in Torrance. Torrance, Calif.-based Diversified Holdings acquired the 68-unit community from Los Angeles-based DMC Investment Group. Alondra Park is located at 3338 Redondo Beach Blvd. and has received substantial upgrades.
SANDY SPRINGS, GA. — Centerville, Ohio-based The Connor Group has acquired The Stratford, a 269-unit multifamily complex in Sandy Springs, from Dallas-based Invesco Real Estate for $28.5 million. The property is located directly off Glenridge Rd., and features one- and two-bedroom units with high-end amenities including a pool, fitness center and business center. The property was approximately 90 percent occupied at the time of sale. Derrick Bloom, John Weber and Sean Henry of Apartment Realty Advisors represented the seller.
CHICAGO — PEAK Development has completed renovations to Wolcott Flats, a multifamily community located at 1901 West Newport and 1849 West Cornelia in the Roscoe Village neighborhood of Chicago. Construction consisted of the complete structural renovation and conversion of two existing three-story apartment buildings, with each building now containing 18 units and a total of 30,000 square feet. Amenities in the buildings include granite countertops, stainless steel appliances, hardwood floors and private decks. Summit Design + Build serves as general contractor for the project, with Funke Architects providing design services.
CARBONDALE, ILL. — Needham, Mass.-based Potomac Realty Capital has secured an $8.1 million permanent loan for a 121-unit apartment community located in Carbondale near the campus of Southern Illinois University. The property is being positioned as an off-campus student housing community. The borrower is a locally based developer; the lender and the terms of the loan were undisclosed.