WILMINGTON, DEL. — Philadelphia-based Rittenhouse Realty Partners has brokered the sale of a 204-unit multifamily portfolio in Wilmington, about 30 miles south of Philadelphia. The portfolio offers one-, two-, three- and four-bedroom units and had an occupancy rate above 90 percent at the time of sale. Corey Lonberger, Robert DiPasquale, Mark Duszak, Ken Wellar and Domenick Peronti of Rittenhouse brokered the deal. The buyer and seller were not disclosed.
PRINCETON, N.J. — NorthMarq has arranged a $16.2 million loan for the refinancing of two five-story multifamily and retail buildings in Princeton. The first property is located at 25 Spring St. and consists of 52 apartments and three retail spaces. The second property is located at 55 Witherspoon St. and comprises 24 units and two retail spaces. Principal Financial provided the funds. The borrower was a public-private partnership between Nassau HKT Associates and the Borough of Princeton.
KISSIMMEE, FLA. — JLL Capital Markets has secured $59 million in bridge financing for the development of Dolce Living Royal Palm, a 326-unit multifamily property located in Kissimmee. Gregory Nalbandian and Jesse Wright of JLL led the team representing the borrower, Sovereign Properties, to secure a three-year, non-recourse bridge loan through Värde Partners. The property is set to open in May. The lease-up bridge financing will retire the existing constriction loan and preferred equity, lower the sponsor’s cost of capital as it begins to lease-up the property, fund remaining construction costs to complete the project and return a portion of the sponsor’s invested equity. Dolce Living Royal Palm apartments will include one-, two- and three-bedroom units averaging 956 square feet. Community amenities will include a swimming pool, media center, movie theater, billiards and game room and golf simulator. Located at 3250 Orleans Ave., the property is situated 5.3 miles from Walt Disney World Resort, 26 miles from Orlando International Airport and 31 miles from downtown Orlando.
COLUMBIA, S.C. — In a joint venture partnership, Arch Cos. and Drake Real Estate Partners have acquired a four-property portfolio of garden-style multifamily properties in Columbia totaling 672 units. Walker & Dunlop financed the acquisition. The sale and loan amount were not disclosed. The portfolio includes the 240-unit Austin Woods apartment located at 7648 Garners Ferry Road; the 200-unit Harbour Landing at 7625 Garners Ferry Road; the 120-unit Mallard Pointe located at 1101 Hallbrook Drive; and the 112-unit Ravenwood Hills located at 4215 Bethel Church Road. Arch Cos. plans to implement a capital improvements program to address deferred maintenance and deliver substantial interior upgrades. Arch’s in-house management team will operate the properties. Marcus & Millichap worked with both the buyers and sellers on the portfolio transaction.
ARLINGTON, TEXAS — Dallas-based StreetLights Residential has broken ground on Phase II of Viridian, a project in Arlington that will add 343 luxury apartments to the local supply. Units will feature one-, two- and three-bedroom floor plans ranging in size from 588 to 1,674 square feet. The development will also feature 32 townhomes averaging 1,902 square feet. Residences will be furnished with granite countertops, tile backsplashes, custom flooring and cabinetry, smart home features and individual washers and dryers. Communal amenities will include a pool, lounge with coworking space, fitness center, an outdoor exercise and event lawn, pet park, golf simulator and a clubroom with a TV. StreetLights Creative Studio is the architect of record for the project, and SLR Construction LLC is the general contractor. Completion is slated for spring 2023. Viridian is a 2,000-acre mixed-use development with residential, retail and entertainment uses, along with multiple lakes and open green spaces.
BELLEVUE, WASH. — PMF Investments has completed the disposition of BelleVista Place, a mixed-use, master-planned development site located at 100 112th Ave. NE in Bellevue. An undisclosed buyer acquired the 4.9-acre site for $152.2 million. Designed by CollinsWoerman, the project will feature residential, office and retail space, as well as subterranean parking. According to the City of Bellevue’s first-quarter 2020 Downtown Bellevue Major Projects List, the development team is seeking approval for a two-phase project with a 17-story office tower and five-story residential building in the initial phase and a 17-story office tower and 15-story office building in the second phase. In total, the proposed project would bring approximately 138 residential units, 987,140 square feet of office space and 1,051 parking spaces. With substantial work already completed on the design and city entitlements, the Class A project is slated to begin delivery in 2024. Kevin Shannon, Ken White, Tim O’Keefe, Nick Kucha and Rob Hannan of Newmark represented the seller in the transaction.
SPOKANE, WASH., AND TUALATIN, ORE. — Next Wave Investors has expanded its Pacific Northwest multifamily portfolio and entered the Oregon market with the purchase of two apartment communities in Washington and Oregon. The firm acquired Serrano North and South in Spokane for $34.4 million, and River Lofts in Tualatin for $14.2 million. Located at 121 E. Wedgewood Ave. in Spokane, Serrano North and South features 300 apartments in a mix of studio, one-, two- and three-bedroom units with fully equipped kitchens, large closets, private balconies and patios. Community amenities include a swimming pool with sundeck, laundry facilities, clubhouse, detached garages and carports. Next Wave plans to reposition Serrano North and South by renovating all units and improving the community amenities. River Lofts, at 18540 SW Boones Ferry Road in Tualatin, offers 74 apartments in a mix of one-, two- and three-bedroom layouts, averaging 976 square feet. The seller renovated eight units, and Next Wave plans to upgrade the remaining 66 units.
DAVIS, CALIF. — HighBridge Properties has started construction of The Ryder on Olive, a 706-bed development near the University of California, Davis. The 260,000-square-foot community is set for delivery in August 2021 and will offer a mix of fully furnished two-, three-, four- and five-bedroom units. Shared amenities will include a fitness center, yoga room, study areas, game rooms, a swimming pool, karaoke room, dog park and a 24-hour micro-market offering food and drinks. The project’s development team includes partner Grand Peaks Development; general contractor Brown Construction; Humphreys & Partners Architects; and South Park Interiors. Asset Living will manage the community.
TUCSON, ARIZ. — Chicago Pacific Founders (CPF) and its subsidiaries, CPF Living Communities and Grace Management Inc., have acquired The Ranch Estates of Tucson, a 107-unit senior living community in Tucson. The property was previously known as Sage Desert Assisted Living and Memory Care. Grace Management will take over operations. The Ranch Estates of Tucson is located in North Tucson’s Casas Adobes community, near Oro Valley. The seller and price were not disclosed. The new owner plans to make investments into the campus but did not release details.
HACKENSACK, N.J. — JLL has negotiated the $114.4 million sale of Prospect Place Apartments, a 360-unit multifamily community located outside Manhattan in Hackensack. The property offers one-, two- and three-bedroom units with stainless steel appliances, granite countertops and individual washers and dryers. Amenities include two fitness centers, a pool, game room, resident lounge and a business center. Jose Cruz, Steve Simonelli, Kevin O’Hearn, Michael Oliver, J.B. Bruno and Michael Kavanagh of JLL represented the seller, Kushner Cos., in the transaction. The buyer was a partnership between Khosla Capital LLC and DKJ Equity LLC.