Irvine, Calif.-based Western National Realty Advisors’ $50 million private equity fund, Fund I, acquired Monte Vista, a 207-unit apartment community in La Verne, Calif., a submarket of Los Angeles. The 207-unit community has 119 one-bedroom units, 64 two-bedroom units, and 24 three-bedroom units.
Regency Pacific, in Issaquah, Wash., has refinanced two properties: Good Samaritan Health Care/Samaritan House, located in Yakima, Wash., and Fair View Transitional Health in Grants Pass, Ore. Red Mortgage Capital structured an interim refinancing and construction loan for the Good Samaritan property and FHA-insured mortgage loan financing under HUD’s Multifamily Accelerated Process program for the Fair View property.
National Church Residences in Columbus, Ohio, acquired Vanderbilt Apartments, a nine-story, 155-unit affordable senior housing community in Asheville, N.C. NCR assumed $3 million of existing debt and is performing a $5 million renovation to convert vacant efficiency units into one-bedroom apartments. The property, named after industrialist George Vanderbilt, was built between 1910 and 1912 as the Vanderbilt Hotel building and was converted to senior apartments in the 1970s.
Ashkenazy & Agus Ventures in Boca Raton, Fla., bought Cypress Pointe at Lake Orlando, a 236-unit luxury garden-style apartment community located in Orlando, Fla., for $19.1 million, or $81,000 per unit. The Florida headquarters of Apartment Realty Advisors brokered the sale. The property has 11 two- and three-story apartment buildings. It also has a two-story, lofted clubhouse and leasing office.
Biltmore Condominiums at the Palms in Phoenix bought the Biltmore Palms Apartments, also in Phoenix, from Biltmore Palms in Carmichael, Calif., for $9.17 million. The buyer plans to turn the property into condos. The property, which was built in 1982, has 106 apartment units totaling approximately 84,570 square feet.
Watt Genton Associates, an affiliate of Watt Commercial Properties in Santa Monica, Calif., secured a two-year, adjustable-rate loan for the Coronado Bay Club Apartments in Las Vegas. The company received the $40 million bridge loan for a condominium conversion of the property. The property, completed in April, has 29 buildings with 346 one-, two-, and three-bedroom units averaging 1,018 square feet.
