BOSTON — Fortis Property Group has received an $87.5 million construction loan for LaGrange Street Residential Development, a 170-unit multifamily property in Boston. The project will include street-level retail. Apollo Global Management provided the loan. The property will offer studio, one- and two-bedroom apartments, 22 of which will be rented at below-market rates. Construction is underway, slated for completion in late 2021. Stantec is the architect of the project and Zarifi is the interior designer.
DALLAS AND FORT WORTH, TEXAS — Cohen-Esrey Apartment Investors has acquired two apartment communities totaling 630 units in Dallas and Fort Worth. South Pointe Apartments in Dallas features 372 units and amenities such as a pool, fitness center, spa, playground and a racquetball court. Lofton Place in Fort Worth totals 258 units and offers amenities such as a pool, fitness center, playground and a tennis court. Both properties were built in the 1980s and subsequently renovated. The seller(s) was not disclosed.
NEW YORK CITY — Ariel Property Advisors has brokered the sale of 440 West 36th Street, a vacant multifamily property in Manhattan, for $6.9 million. The site spans 14,862 buildable square feet and currently houses an 8,562-square-foot building. Matthew Gillis, Michael Tortorici and Howard Raber represented the seller in the transaction. Angela Huang of Chase Global Realty LLC procured the buyer.
MOUNT VERNON, TEXAS — Senior Living Investment Brokerage (SLIB) has arranged the sale of Mount Vernon House, a 50-unit assisted living community in Mount Vernon, approximately 100 miles east of Dallas. The 41,000-square-foot property sits on 2.5 acres and was constructed in 1994. A local doctor acquired the community from an independent owner-operator for $2.8 million, or $56,000 per unit. The community was approximately 58 percent occupied at the time of sale. Matthew Alley of SLIB arranged the transaction.
NEW YORK CITY — NorthMarq has arranged a $4 million cash-out refinance of a 8,799-square-foot multifamily property in Brooklyn. The property, 66 Nassau Avenue, is five stories with ground floor retail. The loan was structured with a 10-year term, a 4 percent fixed interest rate and a 25-year amortization schedule. The property was originally acquired in 2000 and was later demolished and redeveloped in 2018.
RIVERSIDE, CALIF. — Davlyn Investments has closed escrow on the $60 million off-market purchase of Metro Gateway, a multifamily property located in Riverside. MBK Rental Living sold the property for $60 million. Constructed in 2017, the Class A asset features 187 apartments and a modern amenity package. Sean Deasy and Ryan Fitzpatrick of JLL represented the seller. Ryan Blair of City National Bank arranged acquisition financing for the buyer. This is Davlyn’s 11th acquisition in Southern California’s Inland Empire.
STAMFORD, CONN. — JLL has negotiated the sale of AVA Stamford, a 304-unit multifamily property in Stamford, a city on the southwest coast of Connecticut. The property has since been renamed Sofi at 50 Forest. The 18-story tower offers one-, two- and three-bedroom units averaging more than 1,000 square feet, each equipped with laundry appliances and patios or balconies. Amenities include a heated pool, fitness center, clubhouse and a 1.1-acre private park with tennis courts. The property, construction of which was completed in 2001, was 95 percent occupied at the time of sale. Jose Cruz, Stephen Simonelli, Kevin O’Hearn, Andrew Scandalios, Michael Oliver, Mark Mahasky and Grace Braverman of JLL represented the seller, AvalonBay Communities Inc., in the transaction. The buyer was West Coast-based multifamily investor Pacific Urban Residential. The exact sales price was undisclosed.
BETHLEHEM, PA. — Rittenhouse Realty Advisors has brokered the $21.4 million sale of a student housing portfolio located near Lehigh University in Bethlehem, a town near the eastern border of Pennsylvania. The portfolio consists of 44 properties totaling 219 beds. The buyer in the transaction was an undisclosed family office new to the student housing market. The seller was also undisclosed.
MINNEAPOLIS AND SAINT LOUIS PARK, MINN. — Marcus & Millichap has brokered the sale of Oak Park Village and Holmes Greenway Apartments, a multifamily portfolio comprising 154 units in Minneapolis and Saint Louis Park. Built in 1983, Holmes Greenway Apartments consists of 54 units. The six-story complex is located within a mile of downtown Minneapolis at 418 Central Ave. SE. The second property, Oak Park Village, is a 100-unit complex with floor plans ranging from 729 to 1,284 square feet. The community is located at 7267 Oak Park Village Drive in Saint Louis Park, about five miles southwest of Minneapolis. Abe Roberts of Marcus & Millichap marketed the property on behalf of the seller.
MAITLAND, FLA. — Epoch Residential has sold Maitland Station Apartments, a 293-unit apartment complex located adjacent to the Maitland SunRail station in Maitland. The transient-oriented community offers one-, two- and three-bedroom floor plans averaging 942 square feet. Communal amenities include a swimming pool, fire pit, outdoor kitchen with gas grills, 24-hour fitness facility with separate CrossFit studio, cyber café, media room, game room, community kitchen, conference room, business center and a pet park with a dog washing station. Maitland Station Apartments is located at 801 Orlando Ave., nine miles north of downtown Orlando. Brett Moss and Elliott Throne of JLL represented the seller in the transaction. Nicol Investment Co. acquired the property for an undisclosed price.