CHICAGO -- Ashford Hospitality Prime Inc. (NYSE: AHP) has acquired the 415-room Sofitel Chicago Water Tower hotel for $153 million, or $369,000 per key. The purchase price represents a cap rate of 6.8 percent on a forward 12-month basis.

In 2013, the Sofitel Chicago Water Tower recorded revenue per available room (RevPAR) of $182, average occupancy of 82 percent and average daily rate (ADR) of $222. AHP, which was created in November of last year in a spin-off from Ashford Hospitality Trust, funded the acquisition with a five-year, $80 million non-recourse mortgage with a floating rate of LIBOR plus 2.3 percent.

"Aside from being our first acquisition since the spin-off from Ashford Trust, the purchase of the Sofitel Chicago Water Tower is an extremely attractive transaction for Ashford Prime," says Monty Bennett, AHP chairman and CEO. "We have gained a high-RevPAR luxury hotel in the heart of Chicago, a key U.S. gateway market. Additionally, the hotel will increase Prime's overall average RevPAR and broaden our portfolio by market, brand and manager."

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ELKHORN, NEB. -- NorthMarq Capital's Omaha based regional office has arranged a $16.2 million loan for the refinancing of Elk Ridge Independent Living, a 118-unit seniors housing facility in Elkhorn, a western suburb of Omaha. Jason Kinnison of NorthMarq arranged the 18-year loan, which is self-amortizing, through a life company. The property is located at 19303 Seward St. 

INDIANAPOLIS -- Hamilton Point Investments has sold Woodbrook Apartments, a 196-unit community located directly on Georgetown Road in Indianapolis, to CAPREIT for $6.7 million. Hamilton Point purchased Woodbrook as a distressed asset in March 2011 from a lender. The property was repositioned, stabilized and brought to market in early 2013. The Philadelphia-based owner and management company plans to further reposition the property by updating the clubhouse, adding new landscape and renovating the interiors of select units. Tikijian Associates represented the seller, Hamilton Point Investments, a Connecticut-based owner and management company, in the transaction. Oak Grove Capital arranged the acquisition financing through Freddie Mac.

SOUTH BEND, IND. -- Triad Real Estate Partners has arranged the $5.3 million sale of Darby Row and The Belfry, a two-property, 71-bed student housing portfolio serving the University of Notre Dame in South Bend. The sale price represents a 7.74 percent capitalization rate. Locally based Holladay Properties developed the property in 2012 and 2013. The buyer is a relatively new student housing investment company based in Southern California that is looking to expand its Midwest footprint. Both properties are located within walking distance to campus and were fully leased for the 2013-14 school year.