PHOENIX —Wood Partners has broken ground on Alta Warehouse District, a multifamily property in Phoenix. Located at 402 W. Lincoln St., the four-story property will feature 300 apartments, a double-height clubhouse area and game room, oversized fitness center, resort-style pool, rooftop entertainment space and a library and music room, as well as cultural, community-based amenities and programming. Scheduled to open in the second quarter of 2020, Alta Warehouse District is expected to begin pre-leasing in spring 2020.
SAN MATEO, CALIF. — Levin Johnston of Marcus & Millichap has arranged the sale of Pacific Gardens, a townhome-style apartment community in San Mateo. Located at 25 McAker Court and constructed in 1993, Pacific Gardens features 38 two-story townhouse units with two bedrooms and 2.5 bathrooms, as well as in-unit washers/dryers, private patios, fireplaces, underground parking and individual storage. Adam Levin and Robert Johnston of Levin Johnston represented the undisclosed buyer and seller in the deal.
FREMONT, CALIF. — Eden Housing has opened Pauline Weaver Senior Apartments, a 90-unit affordable housing community for seniors in Fremont, located at the southeast edge of San Francisco Bay. KTGY Architecture + Planning designed the project. The City of Fremont also partnered on the development. Formerly known as Mission Court, units are reserved for seniors earning between 30 and 50 percent of area median income. The community sits on a 2.25-acre site approximately one mile from the Warm Springs BART Station. “As the first piece of a greater age-qualified master plan, Pauline Weaver Senior Apartments sits across the street from a future senior center. This future amenity will not only enhance the lives of the residents living in this affordable community but also the future master plan,” says Jessica Musick, a principal in KTGY’s Oakland office. Pauline Weaver, the property’s namesake, is a longtime advocate for affordable housing in California. She has been on the Eden Housing Board of Directors since joining in 1988. Weaver was an assistant public defender in Alameda County and the past president of both the National Conference of Women’s Bar Association and California Women Lawyers. According to Eden Housing, the development has a unique financing …
BOSTON — American Street Capital (ASC), a Chicago-based intermediary specializing in balance sheet and CMBS deals, has arranged a $30.4 million loan for the refinancing of Barclay on Beacon, a 111-unit apartment building located in the Brookline neighborhood of Boston. Built in 1965, the property offers one- and two-bedroom units averaging 1,014 square feet. Amenities include a 92-space underground parking garage, rooftop pool with pavilion, onsite laundry facilities and tenant lounge. Igor Zhizhin and Alexander Rek of ASC placed the nonrecourse loan with an agency lender on behalf of an undisclosed borrower. The loan, which was secured to transition the property out of floating-rate debt accrued in 2016, features a fixed interest rate for the 15-year term with an initial eight years of interest-only payments on a 30-year amortization schedule.
PALM BEACH GARDENS, FLA. — Berkadia has provided a $79.5 million Freddie Mac refinancing loan for Turnbury at Palm Beach Gardens, a 540-unit apartment community in Palm Beach Gardens. Charles Foschini, Christopher Apone and Lourdes Carranza-Alvarez of Berkadia originated the seven-year, fixed-rate loan with three years of interest-only payments on behalf of Advenir at PGA LLC. Turnbury was built in 1974 and offers one-, two- and three-bedroom floor plans. Community amenities include three swimming pools, lounge furniture, an outdoor kitchen with grilling station, 24-hour fitness center, basketball court, fitness trail and a dog park.
HOUSTON — Fort Worth-based Olympus Property Group has sold The Tradewinds at Willowbrook, a 374-unit multifamily community in northwest Houston. The property was built in 2007 and consists of 14 three-story buildings. Floor plans comprise one-, two- and three-bedroom units averaging 920 square feet, with select units offering wood floors, patios and fireplaces. Amenities include a resort-style pool, jogging trails, a business center, fitness center and outdoor picnic area with gas grills and lake views. Ryan Epstein and Jennifer Ray of Berkadia handled the sale on behalf of Olympus. The buyer was Cortland, an Atlanta-based multifamily owner-operator, which purchased the community for an undisclosed price.
ROUND ROCK, TEXAS — Newmark Knight Frank (NKF) has brokered the sale of The Ace, a 330-unit multifamily community located in the northern Austin suburb of Round Rock. The Class A property is located near the corporate campuses of Dell, Apple and Samsung, as well as The Domain, a shopping and dining destination. Units at the property, which was built in 2018, average 918 square feet and offer wood-style flooring, stainless steel appliances and granite countertops. Amenities include a pool, multiple outdoor recreation areas, 24-hour fitness center and coworking facility with private offices and collaborative space. Patton Jones of NKF represented the seller, Birmingham-based LIV Development, which sold the property to Virginia-based Weinstein Properties for an undisclosed price. The Ace was 95 percent occupied at the time of sale.
BECKER, MINN. — Marcus & Millichap has brokered the $1.4 million sale of Martin Estates in Becker, which is 46 miles northwest of Minneapolis. The 24-unit apartment building is located at 12051 Hancock St. Built in 1977, the property features a mix of one- and two-bedroom units. Chris Collins, Evan Miller, Abe Roberts and Ryan Spengler of Marcus & Millichap marketed the property on behalf of the seller, a private investor. Collins and Miller procured the buyer, a private investor.
PFLUGERVILLE, TEXAS — Senior Living Investment Brokerage (SLIB) has negotiated the sale of Heatherwilde Assisted Living, located in the Austin suburb of Pflugerville. A local partnership looking to exit the seniors housing industry sold the property to a Fort Worth-based owner-operator for an undisclosed price. Heatherwilde features 40 units on a 2.6-acre lot. The community is situated adjacent to Pflugerville Health Care Center and Pflugerville Middle School. Matthew Alley of SLIB arranged the sale as a value-add opportunity for the buyer.
NORWALK, CONN. — CBRE has arranged a $53.5 million loan for the refinancing of The Berkeley at Waypoint and Quincy Lofts, two multifamily properties in Norwalk, located north of Stamford along the Connecticut coast. The Berkeley at Waypoint was built in 2017 and features 129 units in one- and two-bedroom formats. Quincy Lofts was constructed in 2016 and offers 69 loft-style units in one- and two-bedroom floor plans. Both properties were 95 percent occupied at the time of the loan closing, and 10 percent of the units in both properties are reserved for residents earning less than 80 percent of the area median income. Jason Gaccione, Shawn Rosenthal and Tom Didio of CBRE arranged the funds on behalf of the borrower, a joint venture between Alex Brown Realty Inc. and Belpointe Capital LLC. Los Angeles-based Thorofare Capital provided the financing.