STERLING, VA. — M&T Realty Capital Corp. has provided a $17.1 million Fannie Mae acquisition loan for Cascades Village, a 150-unit affordable seniors housing community in Sterling. Matthew Hodson of M&T originated the 10-year loan on behalf of the borrower, Avanath Capital Management. The financing features 10 years of interest-only payments and a fixed interest rate of 2.58 percent. Amenities at Cascades Village include community room with a kitchen, library, TV room, movie theater, beauty parlor, onsite dentist and podiatrist, exercise room, sitting porch and a patio with a grill and a gazebo.
EULESS, TEXAS — First Capital Advisors, a private investment firm with offices in metro Chicago and Austin, has purchased Riverside Villas, a 180-unit apartment community located near DFW International Airport in Euless. Built in 2019, Riverside Villas offers one-, two- and three-bedroom units and amenities such as a pool, fitness center and a business center. Chris Deuillet, Jeremy Faltys and William Hubbard of CBRE represented the seller, Dallas-based Trinity Postoak Ltd., in the transaction. Jeff Stein, Michael Thompson and Brock Hudson of CBRE arranged acquisition financing on behalf of First Capital Advisors. The property was 94 percent occupied at the time of sale.
PITTSBURGH — Los Angeles-based investment firm Broadshore Capital Partners has acquired Liberty Pointe, a 338-unit apartment community in Pittsburgh. Situated on 10.5 acres in the Bethel Park area, the property offers a mix of one- and two-bedroom units with individual washers and dryers and private balconies/patios. Amenities include a pool, fitness center, outdoor grilling and picnic area, pet park, cybercafé and a clubhouse. The seller was not disclosed.
NEW YORK CITY — Locally based brokerage firm Rosewood Realty Group has arranged the $5.3 million sale of a 33-unit multifamily building in the Pelham Bay area of The Bronx. The property was originally built in 1929 and spans 27,000 square feet. Aaron Jungreis of Rosewood Realty represented the seller, Morgan Group, in the transaction. Jungreis and Alex Fuchs of Rosewood Realty procured the buyer, locally based investment firm Arber Realty LLC. The building consists of 29 one-bedroom units and four two-bedroom units and sold at a cap rate of 5.85 percent.
CHICAGO — A joint venture between Oxford Capital Group LLC and Quadrum Global has sold Essex on the Park, a 56-story, 479-unit apartment tower that it developed and opened on Chicago’s Michigan Avenue in 2019. A West Coast-based investment firm purchased the asset for an undisclosed price. The Oxford-Quadrum venture retains ownership of the adjacent Hotel Essex, which continues to be managed by Oxford Hotels & Resorts LLC. Essex on the Park is the luxury apartment portion of a larger mixed-use development that includes Hotel Essex. Residents of Essex on the Park have convenient access to hotel amenities and services, including Grant Park Bistro and SX Sky Bar. Amenities in the apartment tower include an indoor pool, fitness center, yoga studio, party room, cocktail lounge, game room and private conference room. JLL acted as advisor to Oxford and Quadrum, and also arranged acquisition financing on behalf of the buyer.
DULUTH, GA. — Venterra Realty has purchased The Maddox Apartments, a Class A, 372-unit multifamily community located in Duluth. The $75 million acquisition is Venterra Realty’s first since the onset of the COVID-19 pandemic and marks the 60th property in the Houston-based company’s portfolio. The seller was not disclosed. Built in 2007, the property is located at 4370 Satellite Road in metro Atlanta’s Gwinnett County. The Maddox features one-, two- and three-bedroom floor plans ranging from 946 to 1,422 square feet. Rents start at $1,275 per month. Nearly half of the units have been updated with interior finishes including stainless steel appliances, granite countertops and wood-plank flooring. Communal amenities include a saltwater swimming pool, 24-hour fitness center, playground and dog park. Venterra Realty plans to update the remaining units.
GREENVILLE AND SPARTANBURG, S.C. — Commercial real estate services firm NAI Earle Furman has merged operations with Pulliam Investment Co., a real estate owner and developer. Pulliam Investment is based in Spartanburg, S.C., and has been in business since 1970. Terms of the merger were not disclosed. Under the new partnership, John Easterling, CEO of Pulliam Investment, will focus on expanding NAI Earle Furman’s seniors housing division and growing the firm’s investment platform. Easterling is the past chairman of the Spartanburg County Transportation Committee and chairman of the City of Spartanburg Planning Commission. He has also served on the Project Design and Architectural Review Committee of the Spartanburg Development Council. Easterling is a graduate of Clemson University with an MBA from the University of South Carolina.
MIDDLETON, WIS. — McShane Construction Co. has broken ground on The Trotta Apartments in Middleton near Madison. Impact Seven is the developer for the 126-unit apartment project, which is situated on a site that formerly housed a motel owned by the Trotta family. The four-story development will include amenities such as a clubroom, fitness center, dog wash, common room and three rooftop decks. Completion is slated for April 2022. Ramaker & Associates is the architect of record.
PALATINE, WAUKEGAN, ELGIN AND CHICAGO, ILL. — Walker & Dunlop Inc. has structured $38.4 million in HUD financing for four skilled nursing properties in Illinois, all within 50 miles of Chicago. The collection of properties includes Aperion Care Plum Grove, a 69-bed facility in Palatine; Pavilion of Waukegan, a 112-bed property in Waukegan; Park View Rehab Center, a 112-bed facility in Chicago; and River View Rehab Center, a 203-bed asset in Elgin. Joshua Rosen of Walker & Dunlop led the origination team. The loans feature fixed rates, a declining prepayment schedule and terms ranging from 30 to 34 years.
FORT WORTH, TEXAS — Tampa-based multifamily investment firm American Landmark has acquired The View at Fort Worth, a 300-unit apartment community located just north of the city’s downtown area. Built in 2018, the property features studio, one- and two-bedroom units ranging in size from 594 to 1,169 square feet that are furnished with stainless steel appliances, tile backsplashes, quartz countertops, in-unit washers and dryers and private patios/balconies. Amenities include a pool with a sundeck, clubhouse with a lounge, coffee bar, business center, fitness center and two outdoor courtyards. The new ownership will add luxury lighting fixtures and electronic smart locks, as well as upgrade the landscaping and several amenity spaces. American Landmark, which now owns 18 apartment communities in the metroplex, has rebranded the property as The Shelby at Northside.