LOS ANGELES — Concord Capital Partners has acquired The Park Wilshire, a multifamily building in Los Angeles’ Wilshire corridor. Kitty Wallace and Simmi Dhillon of Colliers represented the institutional seller and the buyer in the deal. The sale included an adjacent 14,002-square-foot parking lot. Originally constructed as a hotel, The Park Wilshire offers 170 apartments and a variety of amenities.
GLENDALE, CALIF. — Northmarq has brokered the sale and financing of TENTEN Glendale, a mid-rise apartment community at 111 N. Louise St. in Glendale. Amidi Group sold the asset to Regent Properties for $33.5 million. Built in 2019, TENTEN Glendale features 66 studio, one- and two-bedroom apartments with floor-to-ceiling windows, stainless steel appliances, in-home washer/dryers and quartz countertops. Community amenities include a rooftop pool and spa, a fitness center, business center and onsite office/retail space. Northmarq also arranged a $22.7 million bridge loan for the buyer, Regent Properties, through a correspondent relationship with a life insurance company. The transaction was structured on an initial two-year term with three one-year extension options. Vince Norris, Jim Fisher, Mike Smith and Tommy Yates of Northmarq’s Multifamily Investment Sales team represented the seller and secured the buyer in the deal. Joe Giordani, Brendan Golding and Scott Botsford of Northmarq’s Debt + Equity team arranged the financing for the buyer.
HOUSTON — Multifamily investment firm The Brem Group has purchased The Milo on Westheimer, a 230-unit apartment complex in West Houston that was built in 2015. According to Apartments.com, the property features one- and two-bedroom units and amenities such as a pool, fitness center, business center, playground, outdoor grilling and dining stations and package handling services. Brem Group obtained Freddie Mac financing and a $4.5 million preferred equity investment from Chicago-based investment firm 29th Street Capital to secure the acquisition. The seller was not disclosed.
DALLAS — Lee & Associates has brokered the sale of a 15-acre multifamily development site in Dallas. The site at 1200 N. Walton Walker Blvd. is located on the city’s west side and is approved for the development of 300 units, construction of which is now underway. Alex Wilson and Jarrett Huge of Lee & Associates represented the seller, England Products, in the land deal. Local broker David Cook represented the buyer, Kentucky-based LDG Development.
CHICAGO — A joint venture between Kayne Anderson Real Estate and CEDARst Cos. has acquired Millie on Michigan, a newly built luxury apartment tower in Chicago’s Loop. Completed in 2022 and located at 300 N. Michigan Ave., the property rises 47 stories with 289 apartment units and 25,000 square feet of retail space. Amenities include a rooftop pool and lounge, coworking spaces, a fitness center, dog run and integrated smart home features. The asset was 95 percent occupied at the time of sale. CEDARst, which owns and operates more than 5,000 apartment units in Chicago, utilized its Opportunistic Fund I, which launched in February.
CHICAGO — Interra Realty has arranged the sales of three multifamily buildings on the North Side of Chicago for a combined $12.4 million. The properties included 931 W. Leland Ave., a 22-unit building in Uptown that sold for $5 million; 1909-13 W. Larchmont Ave., a 16-unit building in North Center that sold for $3.6 million; and 7240 W. Devon Ave., a 13-unit asset in Edison Park that traded hands for $3.8 million. Joe Smazal of Interra represented the buyer and seller of the Leland property. For the Larchmont deal, Smazal represented the seller and Interra’s Joe Braun represented the buyer. Smazal and colleague Colin O’Malley represented the buyer and seller of the Devon property. Sold in an off-market deal, 931 W. Leland features 17 one-bedroom and five two-bedroom units, all of which were recently remodeled. The Larchmont property includes 16 one-bedroom units and sold at more than 97 percent of the list price. Capital improvements were recently made to upgrade the building systems and envelope. The Devon building includes four one-bedroom and six two-bedroom apartments as well as three ground-floor retail units that are fully leased to a Dunkin’ location, private offices for the franchisee and a residential real estate …
NEWTON, MASS. — MassDevelopment has provided $134.8 million in tax-exempt bond financing for Lasell Village, a seniors housing community located in the western Boston suburb of Newton. The owner, an entity doing business as Lasell Village Inc., will use the proceeds to renovate and expand the property. Regarding the renovation aspect of the deal, ownership plans to revamp its main building by adding seven supported living units and modernizing its skilled nursing program to include all-private rooms. Regarding the expansion, ownership has purchased a 1.4-acre tract with plans to construct a new building with 42 independent living units, a bistro, fitness and wellness centers, a multi-purpose room and common spaces.
NEW YORK CITY — A partnership between locally based developer Witkoff and an affiliate of global investment firm Apollo Global Management has delivered The Brook, a 52-story apartment building in downtown Brooklyn. The Brook houses 591 apartments in studio, one- and two-bedroom floor plans, as well as 21,000 square feet of retail space. Thirty percent of units are reserved as affordable housing. Income restrictions for these units were not disclosed. Amenities include a pool, basketball court, lounge, fitness center, library, communal terraces, playground, dog run and coworking spaces. Beyer Blinder Belle designed the community, and Bonetti/Kozerski Architecture provided interior design services. Suffolk Construction served as the general contractor. Rents start at $3,870 per month for a studio apartment.
JERSEY CITY, N.J. — LeFrak has completed Bisby, a 34-story apartment tower in Jersey City that is located within the 600-acre Newport master-planned community in the city’s downtown area. Designed by Minno & Wasko Architects and Planners with interiors by Woods Bagot, Bisby houses 385 units in studio, one-, two-, three- and four-bedroom configurations. Amenities include a coworking lounge, golf simulator, dedicated content studio and a dog spa, as well as a 33,000-square-foot landscaped rooftop terrace with a pickleball court, dog run and an outdoor kitchen. Leasing launched last summer. Rents today start at about $3,400 per month for a studio apartment.
NEW YORK CITY — Marcus & Millichap has brokered the $7.5 million sale of a 97-unit apartment building in The Bronx. The six-story, elevator-served building at 1154 Ward Ave. was originally constructed in 1929 in the borough’s Soundview neighborhood. According to Apartments.com, the building exclusively houses one-bedroom units with an average size of 713 square feet. Michael Fusco, Seth Glasser and Benjamin Myerow of Marcus & Millichap represented the seller and procured the buyer, both of which were private investors that requested anonymity, in the transaction.
