TODAY’S DEALS: Gross & Cohen Purdue Acquires Student Housing Community for $14M, and Other Transactions
- Jan 21, 2009
By Anuradha Kher, Online News EditorWest Lafayette, Ind.–Gross & Cohen Purdue LLC has completed the acquisition of The Fairway student housing apartments (pictured) for $14.2 million.The Fairway represents Gross & Cohen’s entry into one of the strongest student housing markets in the Midwest. The 167-unit/298-bed complex is located one mile from the Purdue University campus adjacent to the university’s golf course.Originally built in three phases in the 1970s, The Fairway has had three new buildings added in the past two years. The older units have been completely rehabbed and the community is 100 percent occupied.“The Purdue market is very strong, as indicated by the number of investment sales in the past few years,” says Steve Gross, a principal with Gross & Cohen Real Estate Investors Ltd. “The Fairway offered us a chance to enter the market with a high-quality property and the opportunity to add additional value over time.”Love Funding Secures Refi Loan of Over $35M for 536-Unit CommunityRockville, Md.–Love Funding has secured a $35,116,300 refinance loan for a multifamily housing complex located in Rockville, Md. Financing for the 526-unit Rock Creek Terrace Apartments was secured by utilizing the HUD 223(f) loan program in a 6.2 percent fixed interest rate with a 35-year term for the borrower.The 774,061-sq.-ft. Rock Creek Terrace includes a 17-story tower, three-story garden apartments and numerous amenities, including a pool, clubhouse, two playgrounds, an adult education and training center and a youth center for summer camps and daycare activities. Rock Creek Terrace features one, two and three-bedroom units. 57-Unit Silver Oaks Apartments Sold for $4.5MEl Cajon, Calif.–CB Richard Ellis recently arranged the sale of the 57-unit Silver Oaks apartment complex from Provident Savings Bank for $4.5 million. Michael Contreras and Vivian Contreras bought the property. Located at 945 Estes St. in El Cajon, Calif., the community features one- and two-bedroom units ranging from 728- to 858-sq.-ft. with amenities including a swimming pool and spa, rental office and on-site laundry facilities.