Multifamily

Cabana-12th-Phoenix-AZ

PHOENIX — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Cabana on 12th, an apartment community located in Phoenix. Greenlight Communities sold the asset to JB Partners for $54.5 million, or $216,270 per unit. Constructed in 2020, Cabana on 12th features 252 units in a mix of studio, one- and two-bedroom apartments with nine-foot ceilings and a swimming pool. Steve Gebing and Cliff David of IPA represented the seller and procured the buyer in the transaction.

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Aura-Totem-Lake-Apts-Kirkland-WA

KIRKLAND, WASH. — Bell Partners, on behalf of its Bell Core Fund I vehicle, has purchased Aura Totem Lake, a multifamily property in the Seattle suburb of Kirkland. Bell Partners plans to rename the 202-unit property Bell Totem Lake. Built in 2020, Bell Totem Lake features three elevated courtyards with a covered outdoor entertaining kitchen, fire pits, hammocks and grills; a resident lodge with a demonstration kitchen and billiards table; an athletic center with cardio theater and free weights; two private business suites and workstations; a pet spa; bike storage; 24/7 parcel lockers; and a multi-level parking garage with elevator access and electric car charging stations. Apartments feature wood-like flooring, designer lighting, flat-panel kitchen cabinets with tile backsplash and under-cabinet lighting, quartz countertops with undermount sinks, energy-efficient stainless steel appliances, gas ranges with smart features, and soaking tubs. Terms of the transaction were not released.

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The Bentley

ORLANDO, FLA. — Centennial Bank has provided a $68 million loan to Unicorp National Developments Inc. for the construction of The Bentley, a 396-unit apartment tower in Orlando. The high-rise is part of Unicorp’s $1 billion mixed-use development O-Town West. Robby Barrows of Centennial Bank led the loan transaction for developer Unicorp. O-Town West will be a multi-phase, live-work epicenter delivering single-family homes, apartments, a Publix-anchored retail package and office space. Confirmed tenants for The Town Center at O-Town West include Publix, AT&T, Heartland Dental, McDonalds and Planet Smoothie. The Bentley is one of the first phases of the development, in addition to Town Center, both of which are slated to break ground soon. The Bentley is slated for completion at the end of next year. The Bentley’s amenities will include a resort-style swimming pool with a Jacuzzi, resident lounge with a coffee bar, social area featuring billiards and arcade games, theater room, entertainment lanai with a TV, Zen garden with hanging moon chairs and water features, outdoor walking trail, a firepit, 24-hour fitness center with TRX and yoga studio, conference room, bike rentals, outdoor gaming areas and electric car charging stations. Centennial Bank has financed more than $149 million …

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The Pointe North Hills

NORTH LITTLE ROCK, ARK. — The Minneapolis office of Colliers Mortgage, formerly Dougherty Mortgage, has secured a $36.8 million Fannie Mae loan for the refinancing of The Pointe North Hills in North Little Rock. The 305-unit, market-rate multifamily property was built in 2019. The gated community includes eight three-story buildings, a clubhouse, playground, community and corporate suites, fitness center, business center, pool, picnic area, golf simulator and an onsite maintenance and leasing office. Colliers Mortgage arranged the 10-year Fannie Mae loan with a 30-year amortization schedule on behalf of the borrower, an entity doing business as The Pointe North Hills LLC.

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Gallery 64

WASHINGTON, D.C. — Lowe and joint venture partner Mitsui Fudosan America have broken ground on Gallery 64, a 492-unit, 12-story apartment building that sits at the site of the former Randall Junior High School in Washington, D.C. The 500,000-square-foot redevelopment of the 2.7-acre site includes the preservation and repurposing of existing historic buildings into the Rubell Museum. Gallery 64’s apartment residences, 98 of which are designated as affordable, will include studio, one-, two- and three-bedroom floorplans. The property will have 19 two-level, townhouse-style residences as well. Community amenities will include rooftop gathering spaces with fire pits, grilling stations and outdoor kitchens, a dog walk and a resort-style pool. Indoor communal areas will include a lounge with fireplace, game room, fitness center and a maker space with sound studio. A landscaped area will be in between Gallery 64 and the Rubell Museum. The Randall School buildings closed in 1982. Two of the school’s three buildings will be transformed into the approximately 31,000-square-foot Rubell Museum, presenting contemporary paintings, sculptures, photographs and installations. Entry to the museum will be free of charge to all residents of Washington, D.C. The West Randall building will be reconfigured as an approximately 18,000-square-foot creative office building designed …

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Ryan-Cos.-Mueller-Austin

AUSTIN, TEXAS — Minneapolis-based Ryan Cos. will develop a 350-unit apartment community within the Mueller District, the 700-acre site of a former airport in Austin. The project will include 2,500 square feet of retail space, and 15 percent of the units will be reserved for renters earning 60 percent or less of the area median income. Details about the development’s floor plans and amenities were not released. Construction is expected to begin in the fourth quarter.

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HOUSTON — The Montrose Center (TMC), a locally based owner-operator that offers health, mental wellness, education and housing services for Houston’s LGBTQ community, has opened Law Harrington Senior Living Center, a 112-unit independent living facility in Houston. The project, valued at $26.5 million, is currently the largest LGBTQ-affirming seniors housing community in the United States and the only one in Texas, according to TMC. Units are available in one- and two-bedroom formats and are reserved for low-income renters age 62 and above. TMC is holding a grand opening this summer for Law Harrington, but move-ins are already underway. Amenities and services include recreational programs and a dog park. Additionally, TMC is partnering with Legacy Community Health to offer Law Harrington residents medical care onsite, including services for seniors living with HIV.

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MOUNT PROSPECT, ILL. — Wingspan Development Group has begun pre-leasing for Maple Street Lofts, a 192-unit luxury apartment community in Mount Prospect, a northwest suburb of Chicago. Located at 207 S. Maple St., the six-story property includes an Angelo Caputo’s Fresh Market grocery store on the ground floor. The transit-oriented development is situated across the street from the Mount Prospect Metra station. First move-ins are slated to begin this summer. Designed by Chicago-based Studio 222 Architects, Maple Street Lofts offers studio, one- and two-bedroom floor plans ranging from 591 to 1,180 square feet. Monthly rents range from $1,550 to $2,885. Amenities include a business center with four private offices for working from home, a fitness center, yoga studio, resident lounge, pool, gaming area, sun deck, bark park and package room. The 16,000-square-foot grocery store is slated to open this fall. Wingspan’s sister company, Nicholas & Associates, is the general contractor. Lincoln Property Co. will oversee leasing and property management.

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CHICAGO — Cresset Partners and Diversified Real Estate Capital have formed a partnership of their real estate groups, expanding Cresset’s real estate investment platform. The partnership formalizes and builds upon the existing relationship between the two companies, which have sourced, structured, capitalized and executed $1.6 billion in real estate projects since 2019. The combined entity, which is named Cresset Real Estate Partners, will target institutional-quality investment opportunities in a variety of asset types, including multifamily, office, industrial and hospitality.

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CHICAGO — Interra Realty has brokered the $3.4 million sale of an 18-unit multifamily property in Chicago’s Lincoln Square neighborhood. Located at 4841 N. Rockwell St., the asset comprises one-bedroom units, all of which were occupied at the time of sale. Craig Martin of Interra represented the seller, a local family office, which had owned the property for more than 50 years. Martin also represented the private buyer.

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