AVON, CONN. — The Clairmont Group has acquired Avon Place Apartments, a 164-unit apartment community in Avon for $24 million. Located at 46 Avonwood road, the 45-year-old property consists of three buildings and a clubhouse. The Clairmont Group secured financing for the acquisition through private equity firm RealtyMogul. Matt Schneid of Cole Scholz P.C. served as legal advisor on the transaction. The seller was undisclosed.
DALLAS — Greysteel has arranged the sale of Meadows at Ferguson, a 264-unit affordable housing property in northeast Dallas. The garden-style community was built in 1983 and features one, two- and three-bedroom units averaging 723 square feet per unit. Communal amenities include two pools, a business center, picnic area, a playground and onsite laundry services. Doug Banerjee, Boyan Radic, Andrew Mueller, Daniel Hartnett and Scott Simon of Greysteel represented the seller in the transaction and arranged acquisition financing for the buyer. Both parties requested anonymity.
SAN ANTONIO — Sterling Real Estate Partners, which has offices in Scottsdale and Los Angeles, has acquired Sierra Ridge Apartments, a 230-unit multifamily community in San Antonio. The property was built in 1981 and was 94 percent occupied at the time of sale. The new ownership plans to upgrade the property’s unit interiors and amenity spaces, which include a pool, resident clubhouse and an outdoor grilling area. The seller was not disclosed. Walker & Dunlop provided an undisclosed amount of acquisition financing for the deal.
HYATTSVILLE, MD. — The Donaldson Group, Declaration Capital and Angelo Gordon & Co. have acquired Plaza Tower Apartments, a 288-unit apartment community in Hyattsville, for $42.6 million. Plans to upgrade the property include adding a new leasing center, as well as upgrading common areas, building exteriors and interior amenities. Work on the upgrades is expected to start in late spring. The property is situated at 6700 Belcrest Road, about one mile south of the University of Maryland and about eight miles northeast of downtown Washington, D.C.
NORTH BETHESDA, MD. — LCOR and Washington Metropolitan Area Transit Authority (WMATA) have broken ground on Arrowwood, a 294-unit apartment complex in North Bethesda. The six-story building will be located at 5410 McGrath Blvd., above WMATA’s White Flint Metro Station. This is the third residential phase within LCOR’s North Bethesda Center. Arrowwood will include 10,000 square feet of ground-level retail space, and apartment amenities will include a clubhouse, outdoor grills, fitness center and two music rooms. Design Collective designed Arrowwood, Davis Construction is the general contractor and M&T Bank is providing project financing.
VIRGINIA BEACH, VA. — Blackfin Real Estate Investors and GMF Capital LLC have purchased Baker Crossing, a 75-building, 600-unit apartment complex in Virginia Beach. Amenities at Baker Crossing include a clubhouse, swimming pool, sundeck, grilling area, fitness center, playground, basketball court and a racquetball court. As part of the transaction, the buyers assumed an agency loan originated by Newmark Knight Frank. The sales price and seller were not disclosed.
SUNNYVALE, CALIF. — Newmark Knight Frank (NKF) has secured $40.7 million in non-recourse construction financing and preferred equity for the development of 311 Mathilda Street, a multifamily property in downtown Sunnyvale. The borrowers and developers are Lane Partners and Bay West Development. The five-story development will feature 75 apartments, a landscaped courtyard, roof deck, state-of-the-art fitness center and clubhouse. Lane Partners and Bay West have secured entitlements for the project and will begin construction in the second quarter of 2019. California Bank & Trust provided the first mortgage construction loan, while PCCP provided the preferred equity investment. Chris Moritz and Ramsey Daya of NKF represented the borrowers in the financing.
PORTLAND, ORE. — Senior Living Investment Brokerage has arranged the sale of RN Villa Care Center, a 38-unit residential care facility in Portland. Residential care is a form of seniors housing that utilizes a smaller, more home-like atmosphere. The 22,165-square-foot community sits on a one-acre plot. A local operator sold the community to a Southern California-based private equity firm for $8.5 million, or $233,000 per unit. The seller plans to use the proceeds to invest in other real estate assets. The seller was seeking to expand its Pacific Northwest portfolio. Jason Punzel, Brad Goodsell and Vince Viverito of Senior Living Investment Brokerage handled the transaction.
The student housing sector continues to benefit from strong investor and consumer demand. Total annual deliveries nationally have averaged approximately 47,000 beds this cycle, according to data research firm RealPage. Proximity to campus is a major differentiator in student housing, as properties closer to campus historically have greater pre-leasing velocity and higher rents. Industry experts say that despite the current wave of construction, most college students live in dormitories or in rental housing near campus that weren’t designed to house students. That means the sector still has room to grow. During the recent MBA 2019 Commercial Real Estate Finance/Multifamily Housing Convention & Expo in San Diego, REBusinessOnline sat down with Joe Stepchuk, managing director of student housing lending for New York City-based Greystone, to gain his insight on the state of the market. Stepchuk joined Greystone in 2016 from Fannie Mae, where he served as director for 10 years and oversaw $3 billion in annual multifamily loan production. As a father of five children, including twins, Stepchuk is also a consumer of student housing. One of his children attends the University of Florida in Gainesville, another is at Xavier University in Cincinnati. REBusinessOnline: How did 2018 play out for Greystone …
LEXINGTON, KY. — Passco Cos. has acquired The Henry at Fritz Farm, a 306-unit multifamily community in Lexington, for $62.4 million. The apartment complex is situated about five miles south of downtown Lexington within The Summit at Fritz Farm, a mixed-use development offering a 120-room hotel, 44,000 square feet of office space and 285,610 square feet of retail space. Retail tenants at the Bayer Properties-developed development include Whole Foods Market, Shake Shack, Pottery Barn, Arhaus, Babalu and Lululemon. Amenities at The Henry include a saltwater swimming pool, sundeck, 24-hour fitness center, business center, fire pits, clubroom and a pet spa. Mike Kemether and Craig Collins of Cushman & Wakefield represented the seller, the Dobbins Group, in the transaction. Chris Black and Caleb Marten of KeyBank Real Estate Capital’s Commercial Mortgage Group arranged acquisition financing on behalf of the buyer.