CHARLOTTE, N.C. — Blaze Partners has acquired The Gibson, a 250-unit apartment community in Charlotte’s Plaza Midwood neighborhood. Delivered in 2015 by Pollack Shores Real Estate, the property offers one-, two- and three-bedroom floor plans. Community amenities include a swimming pool, outdoor recreation area, courtyard with a firepit, grilling stations, fitness studio and a clubhouse. The seller and sales price were not disclosed.
WASHINGTON, D.C. — MAC Realty Advisors has arranged an equity partner for Channel Square Apartments, a 232-unit affordable housing community in Washington, D.C., that is owned by Somerset Development Co. and NHT Communities. The Jonathan Rose Cos. invested $15 million in the renovation of the property, situated at 325 P St. SW, about three miles south of downtown Washington, D.C. The renovation included a $1.3 million solar energy system. Andrew McAllister, Bruce Levin and Nick Rubenstein of MAC Realty Advisors arranged the financing on behalf of Somerset and NHT Communities.
CHARLOTTE, N.C. — The Mattoni Group has invested $9.3 million in the construction of Middleburg’s Mosby University City, a 309-unit apartment community in Charlotte. The property will comprise six four- and five-story buildings spanning 14 acres. Interior amenities will include Nest Thermostats and Bluetooth keyless entry. Mosby University City will be located about two miles from the University of North Carolina at Charlotte and across from a recently opened LYNX Blue Line light rail stop. Mosby University City is the first joint venture between Mattoni Group and Middleburg. Telly Fathaly and Elliot Howell of Walker & Dunlop arranged the equity financing. A timeline for construction was not disclosed.
LYNN, MASS. — Cornerstone Realty Capital has arranged a $3.4 million loan to refinance a 27-unit multifamily building in Lynn. The four-story property was recently renovated and consists of a mix of studios, one- and two-bedroom units. Andrew Saccone of Cornerstone secured the fixed-rate, nonrecourse financing with a 30-year amortization schedule on behalf of the undisclosed borrower. The lender was Greystone.
ARVADA, COLO. — Pinnacle Real Estate Advisors has brokered the sale of an apartment building located at 5351-5361 Everett St. in Arvada. An undisclosed buyer acquired the property for $3 million, or $152,500 per unit. Built in 1961, the property features 20 apartment units. Josh Newell of Pinnacle Real Estate Advisors brokered the transaction.
PLANO, TEXAS — Chicago-based NXT Capital has provided a $29 million first mortgage loan for the acquisition of a 250-unit apartment community in Plano. The property is located within half a mile of U.S. Highway 75 and offers a pool, fitness center, outdoor grilling area, business center, tennis court, media room and an indoor basketball court. Jeremy Sain of HFF placed the loan with NXT Capital on behalf of the undisclosed borrower.
PHOENIX — FSC Realty has purchased Alta Midtown, a multifamily community located in midtown Phoenix. Wood Partners sold the asset for $52 million, or $231,111 per unit. Developed in 2017, Alta Midtown features 225 apartments with contemporary interiors and nine-foot or taller ceilings. Community amenities include a resort-inspired pool and spa, rooftop lounge and on-site beer garden. Steve Gebing and Cliff David of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the transaction.
RENO, NEV. — Carson City, Nev.-based Mission Senior Living has broken ground on Mountain Lakes Estates Retirement Community in Reno. The 121,000-square-foot, four-story building will feature 130 active adult apartments for residents of at least 55 years of age. The project is scheduled for completion in spring 2020. The new property will be one of six Mission Senior Living communities, with additional locations in Nevada, Arizona and Oregon.
EL MONTE, CALIF. — Marcus & Millichap has arranged the sale of Villas Raintree Apartments, a seniors housing property located at 11905 Ferris Road in El Monte. A private investor sold the asset for $16 million. Built in 1978, the property features 70 one-bedroom/one-bath units totaling 553 square feet each with air conditioning, balconies and storage units. On-site amenities include gated security, laundry facilities, a community room, shuffle board and social areas. Alexander Garcia Jr. of Marcus & Millichap represented both the seller and buyer, also a private investor, in the deal.
NEWARK, N.J. — Marcus & Millichap has negotiated the $4.3 million sale of a 36-unit apartment building in Newark. Located at 140 Chancellor Ave., the property consists of 34 one-bedroom and two, two-bedroom units. Richard Gatto, Fahri Ozturk and Thomas Cleary of Marcus & Millichap’s New Jersey office represented the seller, a private investor, in the transaction. The buyer was also a private investor.
