Palm Desert, Calif.—Real estate investment group Real Capital Solutions and California-based builder Family Development have purchased Villa Portofino, a 72-unit gated adult community located in Palm Desert, Calif. Family Development is constructing 48 new homes scheduled for sale in September 2011. The next phase of the community is planned to include approximately 300 new residences for homeowners 55 and over.
“We have identified Villa Portofino as having all of the critical components needed to become one of the desert’s finest active-adult communities,” says Rudy Herrera, principal at Family Development. “It has an incredible location, beautiful views, excellent architecture, a wonderful group of current residents and a clubhouse that offers nearly every amenity imaginable.”
The 30,000 square-foot club house offers dining venues, a computer lab, library, arts and crafts studio, billiard room, movie theater, and business office. There is also a putting course and walking trails on the 50-acre property.
Silver Capital, McCann Partners acquire Indiana community
Zionsville, Ind.—McCann Realty Partners and Silver Capital, a division of Silver Companies, have bought Quail Run Apartments, a 166-unit community location in Zionsville, Ind. Quail Run Apartments is the fourth asset acquired by the pair in Indianapolis. The acquisition was funded in part by a 10-year Fannie Mae fixed-rate loan with a 5.29 percent rate originated by Beech Street Capital. The two firms have been working together since April 2005 when they formed the Silver-McCann Apartment Group L.P.
The garden-style community was built in 1972 and will be managed by Buckingham Management LLC. Silver Capital and McCann Realty Partners plan to upgrade the asset over the next three years with new amenities and redesigned interiors. Current community amenities include a tree-lined pool, playground, and basketball and tennis courts.
“We’ve had success with our other Indianapolis area apartments,” says Larry Silver, chief executive officer of Silver Companies. “Quail Run provides us with the opportunity to upgrade and reposition a very well located, older community in one of Indianapolis’ best submarkets and to be rewarded for doing it.”
Marcus & Millichap sells 22-unit building for $2.3M
Walnut Creek, Calif.—Marcus & Millichap Real Estate Investment Services has brokered the sale of Broadway Plaza Apartments, a 22-unit apartment building located at 1170 Lincoln Ave. in Walnut Creek, Calif. The sales price was $2.3 million.
Brandon Geraldo and Kevin Turner, investment specialists at Marcus & Millichap’s Oakland/San Francisco office, secured and represented the buyer, a private investor, and marketed the property for the seller, a limited liability company.
Broadway Plaza Apartments consists of 20 one-bedroom/one-bath units averaging 510 square feet in size, and two studio units that average 405 square feet in size.