AUSTIN, TEXAS — Austin-based Roscoe Property Management (RPM) has been awarded the B/K portfolio, which consists of 14 apartment communities totaling approximately 3,500 units, the majority of which are located in the Dallas-Fort Worth (DFW) and Houston markets. RPM has now added more than 50 communities to its management portfolio in 2019 alone.
HOUSTON — JLL has negotiated the sale of the historic Dakota Lofts apartment building, a 53-unit property in Houston’s Warehouse District. The property was originally built in 1911 and housed the Bute Paint Factory. The Randall Davis Co. renovated the building in 1993, when the facility was converted to multifamily housing featuring vintage loft-style units. Chip Nash and Bob Heard of JLL, along with Jim Hurd and Bishale Patel of Houston Income Properties, represented Randall Davis in the sale. Dakota Lofts was more than 90 percent occupied at the time of sale.
HASBROUCK HEIGHTS, N.J. — Marcus & Millichap has brokered the sale of Grandview Gardens Apartments, a 20-unit multifamily property located in Hasbrouck Heights, a northwestern suburb of New York City. The property offers one-, two- and three-bedroom floor plans ranging from $1,475-$1,930. Kevin Taub, Daniel Aviles and Casey Egan of Marcus & Millichap represented the seller, a limited liability company, in the transaction. The team also secured and represented the buyer, a private investor.
SCOTTSDALE, ARIZ. — Liv Communities and Ryan Cos. US Inc. have started construction of LivGenerations Mayo Blvd., a luxury senior living community approximately 1.5 miles from the Mayo Clinic hospital campus in Scottsdale. Upon completion, the 285,212-square-foot seniors housing property will offer 181 units of independent living, assisted living and memory care. Todd & Associates is the architect of record and interiors were designed by Thoma-Holec Design. Ryan Cos. is leading construction, with a planned completion of third-quarter 2021. Liv Communities will be the community’s operator. Ryan Companies and Liv Communities celebrated the grand opening of LivGenerations Pinnacle Peak in March 2019, which is now 80 percent occupied. That project is also located in Scottsdale.
KNOXVILLE, TENN. — Passco Cos. has acquired Tapestry at Turkey Creek, a 220-unit multifamily community in Knoxville, for $40.4 million. The seller, Arlington Properties, developed the property in 2018. The community offers one- through three-bedroom floor plans. Communal amenities include a saltwater swimming pool, dog park, fitness center, coffee bar and a game room. Tapestry at Turkey Creek is located at 810 Tapestry Way, 16 miles west of downtown Knoxville and 15 miles west of the University of Tennessee.
BIRMINGHAM AND PHENIX CITY, ALA. — Berkadia has arranged the sales of two apartment complexes totaling $39.5 million in Alabama: The Park at Alloa in Birmingham and Steeple Crest in Phenix City. Peak Capital Partners acquired The Park at Alloa, a 270-unit complex in Birmingham’s Avondale Entertainment District, from Blue Magma Residential for $21 million. The Park at Alloa offers one-, two- and three-bedroom floor plans. Communal amenities include a breakfast bar, business center, car care area, fitness center, swimming pool and a playground. In the other deal, Pillar Income Asset Management acquired Steeple Crest from its original developer for $18 million. Located near Columbus, Ga., the 200-unit property offers one- through three-bedroom floor plans. Community amenities include a car wash area, pet play area, business center, clubhouse, tanning salon and outdoor grilling areas. David Oakley, David Wilson, Caleb Frizzell and Jay Briley of Berkadia represented the sellers in both transactions.
WELLINGTON, FLA. — SunTrust Bank has provided $39 million in construction financing for Wellington Bay, a seniors housing development in Wellington. The borrower is a joint venture between Liberty Healthcare, ZOM Holdings and Ares Management. The first phase of construction, scheduled for completion in mid-2021, will feature 283 independent living, assisted living and memory care units, plus a two-story, 65,000-square-foot clubhouse and amenity building. Upon full buildout, Wellington Bay will total 424 units, including apartments, single-story villas with garages and three-story garden flats. Development costs were estimated at $180 million. The developers purchased 46 acres for the project in 2018. The site is located adjacent to 400,000 square feet of retail and restaurants, including The Mall at Wellington Green. LS3P Architects and MSA Architects are providing design and architectural services for Wellington Bay, while Balfour Beatty was selected as general contractor.
JERSEY CITY, N.J. — A joint venture between KRE Group and Northwestern Mutual is underway on development of 351 Marin, a 507-unit multifamily building in Jersey City. The building will feature 8,000 square feet of commercial space, a 4,500-square-foot public plaza and two floors of amenities for residents. The property is located in close proximity to numerous retail and restaurant options, as well as the Grove Street PATH transit station. Leasing is slated to begin in fall 2021.
PHILADELPHIA — Greystone has provided an $8 million Fannie Mae loan for the refinancing of a portfolio of workforce housing properties totaling 88 units in Philadelphia. All properties received fully amortizing adjustable-rate mortgages. The exact locations of the properties were undisclosed. Anthony Cristi of Greystone originated the loan on behalf of the borrower, La Gioconda Co.
IRVINE, CALIF. — A public-private partnership between American Campus Communities (ACC) and the University of California – Irvine has opened Plaza Verde, a 1,441-bed, on-campus residential tower. The community offers fully furnished units and shared amenities including state-of-the-art fitness centers, multi-purpose rooms, outdoor pavilions, an academic success center and group and private study spaces. The community is seeking LEED Platinum status, and features an all-electric system that eliminates the need for natural gas. “In addition to being a healthy and dynamic student community, Plaza Verde is the greenest large-scale student community that has been developed,” says Bill Bayless, CEO of ACC. “We have gone to extensive lengths to ensure sustainability and student-focused design are at the forefront, from initially designing and testing systems for an efficient and comfortable community, then arranging a sizable offset for energy that will actually be achieved.”