Pacifica Acquires Florida Community for $33M

IPA completes a 400-unit sale in Florida; Colliers negotiates a 110-unit student housing disposition in Tempe; and Centerline Capital provides $3.7 million to refinance a property in Oak Park, Ill.

The Abbey at Forest Lakes

Oldsmar, Fla.—Pacifica Companies is the new owner of The Abbey at Forest Lakes, a 400-unit community located in Oldsmar, Fla. The firm acquired the asset from Abbey Residential is a sale brokered by IPA, a multifamily division of Marcus & Millichap. IPA Florida executive director Jamie May handled the deal.

“The Abbey at Forest Lakes is a well-maintained, late ’80s constructed property situated in a high barrier-to-entry location,” says May. “The property has tremendous potential to add value through strategic capital investments in unit interiors and also offers the new ownership an opportunity to capitalize on rental rate increases as the apartment market enters a prolonged recovery period.”

The property is located at 100 Old Village Way on the eastern edge of north Pinellas County near the Tampa Bay. Built in 1984, the community it situated on 42 acres and includes two pools with sundecks, a tennis court, putting green, four laundry centers, a fitness center, car care center, sand volleyball, boat storage and several picnic and barbecue areas.

Colliers completes Tempe student housing sale

Tempe, Ariz.—Colliers International in Greater Phoenix has completed the sale of the Campus Walk and Campus View Apartments in Tempe, Ariz., for approximately $5.8 million. The two communities consist of a combined 110 units. Renue on Orange LLC of Scottsdale acquired the asset. The seller was Steve Heimler of Calabasas, Calif.

The 62-unit Campus Walk is a two-story community located at 1137 E. Orange Street; the 48-unit Campus View is a three-story community located directly across the street at 1140 E. Orange Street, in Tempe. Both properties were built in 1968.

Centerline provides $3.7M refinance loan property in Oak Park, Ill.

Oak Park, Ill.—Centerline Capital Group provided a 10-year Fannie Mae DUS loan in the amount of $3.7 million to refinance a multifamily property in Oak Park, Ill.

Built in 1922, Mills Park Apartments is a vintage courtyard garden apartment community that consists of 76 units housed within two three-story buildings. The property is located at 1033-045 West Pleasant Street in Oak Park, a nearby suburb of Chicago.

“Oak Park is renowned for the architectural influences of Frank Lloyd Wright, and Mills Park Apartments is located immediately adjacent to Mills Park and the Pleasant Home, an acclaimed Prairie style home that is listed on the National Register of Historic Places,” notes Adam Klingher, senior vice president at Centerline Capital Group. “In addition, the property is situated within one and a half blocks of public transit which provides direct access to Chicago’s city center.”

The borrower is Melvyn Kushner, a highly regarded real estate investor for over 35 years. The property has been very well maintained by Kushner who has owned the facility since 1983. The property’s excellent curb appeal is exceeded by interior appeal and large apartment units.

“It is always a pleasure working with Mel Kushner and his incredible team on projects such as Mills Park,” continues Klingher. “This beautiful apartment complex embodies the charm and elegance that Oak Park is known for, while providing the modern conveniences contemporary renters demand.”

Mills Park Apartments is well-located near various shopping, entertainment and dining options in Oak Park. Property amenities include a fitness center and two laundry facilities.

The loan was closed by members of Centerline’s Chicago office, including Klingher and Felicia Bell.