CORPUS CHRISTI, TEXAS — Marcus & Millichap Capital Corp. (MMCC) has arranged an $18 million acquisition loan for a 250-unit multifamily property in Corpus Christi. Jamie Safier of MMCC structured the nonrecourse loan with a 10-year term, a fixed interest rate of 3.77 percent and five years of interest-only payments. The undisclosed borrower will use a portion of the proceeds to fund capital improvements. The direct lender and property name were also not disclosed.
MERIDEN, CONN. — CBRE has negotiated the $34.8 million sale of Alvista Willow Brook, a 180-unit apartment community in Meriden, located roughly midway between Hartford and New Haven. Built in 2005, the property offers amenities such as a fitness center, pool and a leasing office. A CBRE team of Jeffrey Dunne, Simon Butler, Biria St. John, Gene Pride, Jeremy Neuer, Steve Bardsley, David Gavin and Travis Langer represented the seller, an affiliate of Phoenix Realty Group, in the deal. The team also procured the buyer, Beachwold Residential.
GREENWOOD, IND. — A fund sponsored by CBRE Global Investors has provided a $56.7 million loan for the acquisition of two multifamily communities in Greenwood, a suburb approximately 15 miles south of Indianapolis. The floating-rate loan features an initial term of three years and can be extended up to two additional years. It also includes future funding to finance the borrower’s planned capital improvement program at the properties. The first asset, Barton Farms, includes 262 units and is located at 1630 Saddle Lane. The second property, Bexley Village, is located two miles away at 700 Bexley Place and includes 276 units. Both garden-style communities feature pools, fitness centers, clubhouses and outdoor grilling areas. The borrower was undisclosed.
NEW YORK CITY — Columbia Pacific Advisors has provided a $39.1 million, 36-month bridge loan for 68-70 Spring Street, a 24,357-square-foot multifamily and retail asset in Manhattan’s SoHo neighborhood. The undisclosed borrower will use the funds to support lease-up of the eight-story building, which includes 10 apartments with two- and three-bedroom floor plans.
CHICAGO — Interra Realty has negotiated the sale of a 12-unit apartment building in Chicago’s Wrigleyville neighborhood for $5.4 million. The property is located at 915 W. Addison St., just steps from Wrigley Field. The building was originally constructed in 1920, but recently underwent an extensive capital improvement program by the seller. The property was fully leased by the time of sale. Joe Smazal of Interra represented the private local buyer. Craig Martin of Interra represented the seller, Horizon Realty Group.
ALEXANDRIA, VA. — Aventon Cos. has broken ground on Aventon Huntington, a new apartment development located adjacent to the Huntington Metro station in Alexandria that is valued at more than $100 million. The 366-unit property will be situated just south of Washington, D.C., and within a few miles of Old Town Alexandria, the Capital Beltway, Ronald Reagan Washington National Airport and Amazon’s HQ2 in National Landing. The project is slated to be complete in the spring of 2023. Located on approximately four acres at 5919 N. Kings Highway, Aventon Huntington will offer studio, one-, two- and three-bedroom apartments that include smart home technology. The seven-story property will have over 15,000 square feet of indoor amenity space including remote-working lounges with private offices, fitness and yoga studios, gaming and media lounges, a podcast studio, video conference studio, rooftop deck and indoor sky lounge with private dining space, pet spa, automated package delivery, bike storage and repair shop and covered parking. Outdoor community amenities will include a private resort-style pool, summer kitchen, outdoor media lounge and outdoor remote-working courtyard. The building will be certified Silver under the National Green Building Standard for sustainability. In January 2020, Aventon began construction on Aventon Crown, …
LOS ANGELES — J.H. Snyder Co., with MVE + Partners as architect and designer, has completed One Museum Square, a 296,000-square-foot high-rise apartment tower in Los Angeles. Located at 640 S. Curson Ave., the 21-story building features 285 residential units; a large, open-air activity patio with dining and lounge seating; a residence lounge that opens to a patio; flexible workspaces; fitness center; and rooftop pool and hot tub. One Museum Square offers a mix of studio, one- and two-bedroom units, ranging from 495 square feet to 1,300 square feet, with private glass balconies; floor-to-ceiling windows; quartz countertops and full backsplashes; Kohler bathroom and kitchen fixtures; oversized soaking tubs or fully tiled showers; Bosch washers and dryers; custom-designed closets; extra bathroom and kitchen storage; and Fisher & Paykel appliances. The project team included SCA Engineers, NA & Associates, Limbach Engineer and Donald F. Dickerson Associates.
PHOENIX — San Diego-based MG Properties Group has purchased The Retreat Apartments, a garden-style multifamily community located in Phoenix’s Deer Valley submarket. Completed in 1997, the 480-unit property is a value-add opportunity for MG Properties. Brian Eisendrath and Cameron Chalfant of CBRE arranged an $81.5 million, seven-year, fixed-rate financing for the acquisition. Steve Gebing and Cliff David of Institutional Property Advisors, a division of Marcus & Millichap, represented the undisclosed seller.
DALLAS — Mill Creek Residential has topped out Modera Katy Trail, a 217-unit apartment community located at 5350 McKinney Ave. in Uptown Dallas. Designed by BKV Group, the property features studio, one-, two- and three-bedroom units with quartz countertops, custom cabinetry and wood-plank flooring. Amenities include a pool, fitness center, coworking spaces and conference rooms and a clubhouse with a lounge and wet bar. The development team expects to welcome its first residents in spring 2022.
LOS ANGELES — Kayne Anderson Real Estate and Watermark Retirement Communities have opened The Watermark at Westwood Village, a high-rise seniors housing community in Los Angeles. The community is the latest addition to Watermark Retirement Communities’ Elan Collection, a group of high-end senior living communities. The property offers independent living, assisted living and memory care. The Watermark at Westwood Village was previously a University of California, Los Angeles (UCLA) dormitory dating back to the 1960s, before going through a four-year renovation. The property has 188 residences with studio, one- and two- bedroom apartments. The fully renovated property includes two 14-story towers totaling 189,000 square feet. The asset features four dining venues. Taboon serves Mediterranean-inspired food, while The W Lounge serves traditional food along with cocktails, beer and wine. The Gallery Café offers coffee and small food options. Also, Watermark at Westwood Village offers dedicated room service or catering for events at the property’s private dining rooms. The community also features a salon and spa; library and lounge; event space; fitness and wellness center; and a courtyard with a fireplace and private dog run. Residents will have access to 24-hour assistance from onsite associates who provide room service, transportation, pet care …