MODESTO AND STOCKTON, CALIF. — Dwight Mortgage Trust, the affiliate REIT of Dwight Capital, has closed two acquisition bridge loans totaling $60 million for a portfolio of four apartment complexes in Modesto and Stockton. Totaling 347 units spread across 57 buildings on more than 16 acres, the portfolio includes Robinhood Manor, Tully Manor, Standiford Court and Villa de la Paix. Common area amenities include a courtyard garden, outdoor lounge and pool. Proceeds from the bridge loans will provide acquisition funding for the borrower, Tesseract Capital Group, along with substantial capital expenditure funding for both interior and exterior improvements. Following the renovations, the communities will also feature fitness centers and additional lounge areas.
PORTLAND, ORE. — Genworth has completed the sale of The Gregory, an office and retail asset located at 425 NW 10th Ave. in Portland. Jewell Capital purchased the asset for $5.7 million, or $121 per square foot. Constructed in 2001, The Gregory is part of a larger mixed-use project, including 133 condominiums that were not included in the sale. The acquisition totals 50,000 square feet of improvements with three floors of office space over street-level retail space. At the time of sale, The Gregory was 55 percent occupied by local retailers and a mix of professional office users in a variety of suite sizes. Darren Tappen, Sean McCarthy and Brandon O’Leary of Kidder Mathews represented the seller in the transaction.
LOS ANGELES — THG Multifamily, a Marcus & Millichap brokerage team, has arranged the sale of 1185 Myra Avenue, an apartment building located in the Silver Lake neighborhood of Los Angeles. A private owner sold the asset to an undisclosed buyer for $12 million. The seller significantly renovated the 21-unit property, which was built in 1964. Kevin Green and Joseph Grabiec of THG Multifamily represented the seller and procured the buyer in the deal.
KENNEWICK, WASH. — Berkadia has brokered the sale of 720 Arthur, a garden-style apartment property in Kennewick. The community traded for $5.8 million, or $146,250 per unit. The names of the seller and buyer were not released. Built in 1976, the property features 40 three-bedroom apartments averaging 1,200 square feet. Steven Chattin, Mitchell Belcher, Jay Timpani, Chad Blenz, Brandon Lawler and Beau Krueger of Berkadia Seattle represented the seller in the deal.
CANTON, GA. — Capstone Cos. has brokered the $26.1 million sale of Lancaster Ridge Apartments, a 145-unit multifamily community located in Canton, roughly 40 miles north of Atlanta. Built in 1994, the community features apartments in one-, two- and three-bedroom floorplans. Amenities include a clubhouse, playground, picnic area and swimming pool. Eric Liebich and Ron Corrao of Capstone represented the undisclosed seller in the transaction. Emma Capital acquired Lancaster Ridge, which was 96 percent occupied at the time of sale.
ATLANTA — GID has acquired ARIUM Vinings Station, a 315-unit apartment community located at 4695 N. Church Lane in Atlanta’s Vinings district. The buyer plans to implement renovations and rebrand the property as Windsor Vinings. Amenities at the community include a dog park, pool, fitness center, grilling areas, a clubhouse, tennis court and a business center. The seller and sales price were not disclosed.
SAN ANTONIO — JLL has arranged the sale of Connection Park Logistics Center, a 490,083-square-foot distribution center in San Antonio. Completed earlier this year, Connection Park Logistics Center sits on 42.2 acres and features 36-foot clear heights, six ramped doors and 348 trailer and car parking spaces. Trent Agnew and Josh Villarreal of JLL represented the seller, Houston-based Triten Real Estate Partners, in the transaction and procured the buyer, CAPSTAR Real Estate. Jarrod McCabe and Blake Jones, also with JLL, arranged an equity partnership between CAPSTAR Real Estate and an undisclosed investor and secured a floating-rate, interest-only acquisition loan from Prime Finance for the buyer.
DENTON, TEXAS — Vesper Holdings has acquired 33 North, a 427-bed student housing community located near the University of North Texas in Denton. Built in 2013, the mid-rise property offers a mix of one-, two-, three- and four-bedroom units with bed-to-bath parity. Shared amenities include a pool, fitness center, study lounge, clubroom, gaming centers, package lockers and an outdoor kitchen. The property was acquired in an off-market transaction, the terms of which were not disclosed. Vesper plans to implement capital improvements to the community’s clubhouse, fitness center and pool area. Technological upgrades will also be implemented throughout the property, which will be managed by Vesper’s in-house management firm, Campus Life & Style.
LEAGUE CITY, TEXAS — Cushman & Wakefield has brokered the sale of Sorrento at Tuscan Lakes, a 204-unit apartment community located in the southeastern Houston suburb of League City. Built in 2008, the property offers one-, two- and three-bedroom units and amenities such as a pool, business center, coffee bar, fitness center, game room, multiple lounges and courtyards and a pet play area. John Carr, Jennifer Campbell, Ben Fuller, Josh Hoffman, Avery Klatt, Asher Hall and Grant Raymond of Cushman & Wakefield represented the seller, New York City-based Sachs Cos., in the transaction. The buyer and sales price were not disclosed.
NEW YORK CITY — An affiliate of Empire State Realty Trust (ESRT) has purchased two adjacent commercial buildings in Brooklyn’s Williamsburg neighborhood for $26.4 million. The buildings total a combined 11,000 square feet across six market-rate apartments and 5,600 square feet of retail space. ESRT acquired the buildings, which were both fully occupied at the time of sale, via a 1031 exchange. The seller was not disclosed. Global law firm Fried Frank advised ESRT on the deal.