VINCENNES, IND. — Sperry Van Ness has arranged the sale of St. Clair Place Apartments, a 53-unit student housing community located near Vincennes University at 201 St. Clair Street in Vincennes. The property features five buildings, comprising 47 two-bedroom units and six five-bedroom units with monthly rents ranging from $750 to $1,875. Randall Forster of the Evansville, Ind., office of Sperry Van Ness represented the seller, Evansville-based St. Clair Place LLC. The property was acquired by New York City-based Titan for an undisclosed price.
Multifamily
SAN ANTONIO — Hendricks & Partners has finalized the sale of Spice Creek Apartments, a 192-unit property located at 8802 Cinnamon Creek Dr. in San Antonio. Golden Valley, Minn.-based MHC Spice Creek Partners LP sold the apartment complex to Mascoutah, Ill.-based Chadric Spice Creek LLC. The sale price was undisclosed. Mike Miller of Hendricks & Partners’ San Antonio office and Chip Nash of the company’s Houston office represented the seller in the transaction.
PLEASANTON, CALIF. — Continuing Life Communities LLC is planning to develop Stoneridge Creek, a continuing care retirement community for residents aged 62 and older. Located on a 46-acre campus in Pleasanton, the gated community will feature two- and three-bedroom single-story villas and one-, two- and three-bedroom apartment units offering fully-equipped kitchens, attached garages and state-of-the-art appliances. The new community will also offer multiple restaurants, a library, billiards and card rooms, a computer lab, a business center, 24-hour security services, indoor/outdoor maintenance of residences, regular linen, maid and cleaning services, scheduled transportation to shopping, local medical offices and places of worship, a 24-hour emergency response system, utilities, a spa, a fitness center, an indoor and an outdoor pool, a sauna and a Jacuzzi.
RICHMOND, VA. — Sam Berns of NorthMarq Capital’s Upstate New York office has secured $8.3 million in financing on behalf of a borrower through its correspondent relationship with AmeriSphere Multifamily for Chamberlayne Garden Apartments, a 216-unit complex in Richmond. The loan is structured as an 80 percent loan-to-loan value for first mortgage financing based on a 10-year term and one year of interest, followed by a 30-year amortization schedule.
NEW YORK CITY — The Moinian Group is currently redeveloping 95 Wall St. in Downtown Manhattan, New York City, into a 507-unit luxury rental property. Dwell will feature studios and loft studios, as well as one- and two-bedroom residences. Amenities at the first Yoo Starck designed rental property will include onsite parking, complimentary breakfast and an indoor/outdoor lounge. Occupancy is slated for spring 2008.
PORTSMOUTH, R.I. — GMH Capital Partners has brokered the sale of Rainbow Heights, a multifamily property in Portsmouth. The facility features 10 duplexes that contain a total 18 three-bedroom units and two four-bedroom units. Dave Forrest and Randall Calvert of GMH Capital represented the seller, Northeast Housing, which sold the 6.95-acre property to Arbour Development Group for an undisclosed price. The new owner plans to fully renovate the facility.
BROWNSVILLE, TEXAS — Green Park Financial has provided a $10.08 million acquisition loan for La Mansion del Paseo apartments in Brownsville. Details of the loan include a 7-year term, 3 years of interest only followed by a 30-year amortization. La Mansion del Paseo features 168 units in 14 two-story buildings with a mix of one-, two- and three-bedroom units. The Class B property is situated on 10.28 acres and is 97 percent leased. Jason Rice of Quantum First Capital originated the loan and Andrew Tapley led the Green Park Financial team.
DALLAS — California-based Nottinghill Gate has acquired Hillside Apartments in Dallas from an Irving, Texas-based private seller. The nine-building property features 118 one-bedroom units and 66 two-bedroom units. Located at 2910 Prichard Ln., the property is situated on 6.33 acres and is 92 percent leased. Heather Konopka of Hurst, Texas-based Sperry Van Ness/Konopka and Company represented the seller in the transaction. The acquisition price was undisclosed.
REDWOOD CITY, CALIF. — San Francisco-based Kirby Sack Properties has purchased two apartment communities located in Redwood City from MJW Investments and Craig and Barbara Rogers for $21.5 million. The properties include the 64-unit Sequoia Apartments and the 48-unit Whipple Avenue Apartments. The buyer plans to renovate and combine the properties into one 112-unit property, which will be called Sequoia at Wellesley Crescent. David Silver and Ryan Wagner of Arroyo & Coates represented both parties in the transaction.
ATLANTA — An affiliate of ECI Groups has acquired the Veranda apartment community in Atlanta from an affiliate of Norfolk, Va.-based Harbor Group for $32 million. The garden-style apartment complex features one-, two- and three-bedroom units averaging 964 square feet; walking trails to the Chattahoochee River; fitness center; and a pool. Kevin Geiger, Paul Berry and Malcolm McComb of CB Richard Ellis brokered the transaction.