SAN PEDRO, CALIF. — Marcus & Millichap has negotiated the sale of Bluff Place, an apartment property located in San Pedro. A limited liability company sold the property for $12 million. Located at 4034 S. Pacific Ave., the building features 36 apartments in a mix of one studio, seven one-bedroom, 24 two-bedroom and four three-bedroom layouts. At the time of sale, 31 of the 34 units were vacant. The buyer plans to extensively renovate the property prior to releasing the units. Kevin King of Marcus & Millichap’s Long Beach, Calif., office represented the seller, while Bryan Schellinger of Marcus & Millichap’s Los Angeles office represented the buyer, another limited liability company, in the deal.
MISSOURI CITY, TEXAS — Watermark Residential, an Indianapolis-based real estate development and management firm, has secured a loan of an undisclosed amount for the refinancing of The Ranch at Sienna Plantation, a 312-unit multifamily community located in the southwestern Houston suburb of Missouri City. The property features one-, two- and three-bedroom units and amenities such as a pool, resident clubhouse with a coffee bar, outdoor kitchen, dog park and a game room. P.J. McDevitt of Greystone originated the loan, and Christopher Hilbert of 3G Capital Advisors placed the debt. The borrower was not disclosed.
FAYETTEVILLE, ARK.; LONGMONT, COLO.; PARKER, COLO.; AND MISSOURI CITY, TEXAS — Greystone has provided $179.2 million in Freddie Mac loans for the refinancing of four suburban multifamily properties totaling 1,188 units in Arkansas, Colorado and Texas. Watermark Residential was the borrower. The properties include: the 306-unit Watermark at Steele Crossing in Fayetteville, Ark.; the 276-unit Watermark on Harvest Junction in Longmont, Colo.; the 294-unit Watermark on Twenty Mile in Parker, Colo.; and the 312-unit The Ranch at Sienna Plantation in Missouri City, Texas. The newly constructed, Class A communities are at or near full stabilization. PJ McDevitt of Greystone originated the four separate loans, which carry 15-year terms, fixed interest rates, 30-year amortization schedules and seven years of interest-only payments. 3G Capital Advisors LLC arranged the loans. The financing will enable Watermark to redeploy capital more efficiently and effectively, says Paul Thrift, CEO of the Indianapolis-based apartment development and management firm. — Kristin Hiller
KISSIMMEE, FLA. — Summit Contracting Group has broken ground on Sentosa Sinclair, a 288-unit multifamily complex in Kissimmee spanning 10 buildings and 367,043 square feet. The property will be located near the master-planned community of Reunion and Disney World. Communal amenities will include a clubhouse, swimming pool, fitness center, mail kiosk, playground and a dog park. Construction is planned to be complete in January 2021. Sentosa Sinclair Apartments LLC, an affiliate of Reunion developer Falcone Group, is building Sentosa Sinclair. St. Petersburg, Fla.-based ARC3 Architecture Inc. is the architect.
NORTH PORT, FLA. — Cushman & Wakefield has arranged the $43 million sale of Lakes at North Port, a 312-unit apartment complex near Sarasota in southwest Florida. The property comprises 14 three-story buildings, offering one- to three-bedroom floor plans averaging 923 square feet. Communal amenities include a swimming pool, sundeck, clubhouse, computer center, pet park, playground, fitness center and 10 parking spaces reserved for RVs and boats. Nick Meoli and Mike Donaldson of Cushman & Wakefield represented the seller, Symcor Capital Properties, in the transaction. Cohen-Esrey Apartment Investors LLC acquired the property.
ANDOVER, MASS. — Capitol Seniors Housing, a developer based in Washington D.C., has opened Stone Hill at Andover, a 96-unit community located about 25 miles north of Boston. The 81,500-square-foot community offers one- and two-bedroom units and provides independent living, assisted living and a specialized program focusing on Alzheimer’s disease and dementia care. Additional amenities include a bistro, activity room, fitness room, theater, salon and courtyard. Pennsylvania-based Meyer Senior Living Studio designed the property.
BAYTOWN, TEXAS — California-based apartment investment firm Passco Cos. has acquired Boterra Bay Apartments, a 384-unit multifamily community located in the eastern Houston suburb of Baytown. The Class A property will be rebranded Sapphire Bay Apartments. Floor plans consist of one-, two- and three-bedroom units that feature granite countertops, stainless steel appliances and walk-in closets. Amenities include a pool with a tanning deck, a fitness center with yoga and spin studios, outdoor kitchen with grilling stations, dog park, business center and a resident clubhouse. Thomas Alleman and Brandon Miller of Newmark Knight Frank represented the seller, a joint venture between Houston-based The Boterra Group and Dallas-based Edison Capital Holdings, in the transaction. Chris Black and Caleb Marten of KeyBank Real Estate Capital secured acquisition financing on behalf of Passco.
SAN ANTONIO — Chicago-based NXT Capital has provided a $28.5 million loan for the refinancing of a 278-unit apartment community in San Antonio. The property is located within a master-planned community featuring over 10 million square feet of retail space and 5 million square feet of office space within a five-mile radius. Communal amenities of the multifamily property include a resort-style pool with a tanning ledge, cabanas with grilling stations, an outdoor fire pit, dog park, clubroom, cybercafé, 24-hour fitness center and an indoor/outdoor lounge. Jason Bond and Dan Kearns of JLL placed the loan with NXT Capital on behalf of the undisclosed borrower.
RIO RANCHO, N.M. — Co-developers MorningStar Senior Living and Confluent Senior Living, a subsidiary of Confluent Development, have delivered MorningStar of Rio Rancho, a seniors housing community located at 2301 Golf Course Road SE in Rio Rancho. Situated on 5.5 acres, Morningstar of Rio Rancho features a total of 77 units, with 51 suites for assisted living and 26 suites for residents with memory impairment, in a mix of studio, one- and two-bedroom layouts. The one- and two-bedroom assisted living suites feature stacked washer/dryers, and all units include advanced technological features including an emergency call system and community-wide wireless internet. Additionally, the community offers restaurant-style and private dining options, a 24-hour bistro/bar, a workshop and art studio, community activities space with demonstration kitchen, a spa and massage therapy room, fitness center, theater/chapel, library and salon. Outdoor amenities include courtyards with trellises, walking paths, resident gardening areas and a barbecue area with grill and fire pit. MorningStar of Rio Rancho is the 12th joint venture between MorningStar and Confluent Senior Living. Confluent is the project owner and MorningStar serves as the operator of the property. The project team included Rosemann & Associates as architect, New Mexico-based Bradbury Stamm Construction as general …
AUSTIN, TEXAS — Oden Hughes LLC has broken ground on Lenox 7th, a 279-unit multifamily project that will be located within one of East Austin’s opportunity zones. Designed by Davies Collaborative, the project will include 28 affordable housing units. Floor plans will consist of one- and two-bedroom units ranging in size from 528 to 1,157 square feet. Amenities will include two pools, a skyline terrace and coworking office space. Rents are expected to start at $1,560 per month. The opening is slated for early 2021.