WASHINGTON, D.C. — The National Housing Partnership Foundation (NHPF) has purchased Takoma Place Apartments, a seven-building, 105-unit complex located at 6676 Georgia Ave. in Washington, D.C. The Department of Housing and Community Development committed $13.7 million to the $16 million transaction. Citibank and the undisclosed seller also provided bridge financing for the property.
NASHVILLE, TENN. — Proffitt Dixon Partners will host a grand opening for Peyton Stakes, a 249-unit apartment complex in Nashville, on March 31. Located at 1401 Third Avenue North in the city’s Germantown neighborhood, the property will feature a music studio that will host local bands throughout the year, a creative art studio, a clubroom with collaborative workspaces and a coffee bar. Interiors of all units feature designer countertops, custom cabinetry and wood-style flooring.
OOLTEWAH, TENN. — Cushman & Wakefield has arranged the sale of Village at Apison Pike, a 248-unit apartment community located at 8605 Tradewind Circle in Ooltewah, an eastern suburb of Chattanooga. Built in 2015, the property features a resort-style pool, fitness center, outdoor lounge and a pet park. Robert Stickel and Jimmy Adams of Cushman & Wakefield represented the seller, StoneRiver Co., in the transaction. The representative of the buyer, Hudson Capital Properties, was not..
CASA GRANDE, ARIZ. — HSL Desert Sands Properties has received $21.5 million in financing for a 323-unit apartment complex in Casa Grande. The community is located at 720 W. O’Neil Drive. The property was built in 2008. Casa Grande is about 45 miles south of the Phoenix central business district and 70 miles northwest of Tucson. The funds will be used to refinance the property. The 10-year Fannie Mae loan features a 30-year amortization schedule. HSL Desert Sands Properties LLC is an..
EAST RUTHERFORD, N.J. — New Brunswick Development Corp. (Devco) has begun site preparation on the Ferren Mall Parking Deck for The Hub @ New Brunswick Station in East Rutherford. Devco expects site construction of the 1.7 million-square-foot mixed-use redevelopment project to begin in April. JLL is Devco’s marketing agent for The Hub, which will be located on four acres in downtown New Brunswick directly across from the New Brunswick train station. When completed, The Hub @ New Brunswick..
TROY, N.Y. — KeyBank has provided a total of $18.2 million in financing for the Martin Luther King Revitalization Apartments in Troy. The Troy Housing Authority partnered with Beacon Communities Development to renovate and preserve 104 units of affordable housing through HUD’s Rental Assistance Demonstration Program. The property was built in 1971. Key’s Community Development Lending & Investing group (CDLI) provided a $6.2 million construction loan and will also invest up to $12..
DENVER — Griffis Residential has obtained an $81.9M acquisition loan to purchase the 400-unit Skye 2905 Urban Flats apartment community in Denver. The property is situated across from 20th Street from the Union Station neighborhood. The property was formerly named Skye 2905. HFF’s Eric Tupler and Josh Simon represented the borrower to place the 10-year, 3.98-percent, fixed-rate loan with five years of interest-only payments. A correspondent life insurance company provided the..
NAPA, CALIF. — A private investor has purchased the 42-unit Marina Vista Apartments in Napa for $10.3 million. The community is situated approximately one mile from Highway 29 and nearby to the 150,000-square-foot River Park Shopping Center. It was built in 1978. Greg Cohn of Capital Realty Group and Ron Karp represented the buyer. Vincent Schwab of Marcus & Millichap represented the seller, a syndicator based in Southern California, in this transaction.
VISALIA, CALIF. — Blueprint Healthcare Real Estate Advisors, a Chicago-based brokerage firm, has arranged the sale of Park Visalia Assisted Living, a 100-unit assisted living community in Central California. The community is located in Visalia in the San Joaquin Valley, approximately midway between Los Angeles and the Bay Area. The sellers, a Chicago-based private equity firm, acquired Park Visalia in 2014, investing in several capital improvement projects and bringing in a..
EAST ORANGE & ORANGE, N.J. — Gebroe-Hammer Associates’ David Oropeza has arranged the $29.2 million sale of two apartment properties in East Orange and Orange. Oropeza represented the sellers and identified the buyers of each property. The first transaction was the $15.7 million sale of 151 units in East Orange. Oropeza also arranged the sale of 157 total units in Orange for $13.5 million.