DALLAS — Ziegler, an Arizona-based seniors housing finance firm, has arranged the sale of Grace Presbyterian Village, a 268-unit continuing care retirement community in Dallas. Situated on 26 acres, the community includes independent living, assisted living and skilled nursing units. The Ensign Group, a California-based seniors housing operator, purchased the property for an undisclosed price.
LUBBOCK, TEXAS — Millennia Cos., a Cleveland-based multifamily operator, has acquired an unspecified 152-unit apartment complex in Lubbock for approximately $5.9 million. Miami-based investment banker GenX Capital Partners provided equity for the transaction. Following the acquisition, Millennia’s multifamily portfolio now totals more than 30,000 units.
TEMPE, ARIZ. — Chicago-based Core Spaces is developing its third apartment complex in Tempe. Known as The Collective, the 21-story-plus-penthouse property will be located at the intersection of Seventh Street and Myrtle Avenue. The 319,148-square-foot building will feature 268 units, totaling 464 beds, and 6,000 square feet of ground-floor retail space. Slated to open in 2020, the property will also feature a 5,800-square-foot indoor/outdoor communal garden, amenity space on the fifth floor, a 5,500-square-foot rooftop pool deck and amenity terrace, and outdoor seating area on the ground level.
MARIETTA, GA. — Greystone Brown Real Estate Advisors has brokered the $35.1 million sale of Pennington Pointe, a 268-unit apartment community located at 1716 Terrell Mill Road in Marietta, roughly 20 miles north of downtown Atlanta. Barden Brown and Chandler Brown of Greystone Brown arranged the transaction on behalf of the seller, Hallmark Pennington Pointe LLC, a subsidiary of The Hallmark Cos. Inc. DE Pennington Pointe Apartments LLC acquired the asset. Pennington Pointe is located less than two miles from SunTrust Park, the home ballpark of the Atlanta Braves. The community features a playground, picnic area with barbecue grills, clubhouse, fitness center, dog park, tennis courts and a swimming pool.
LEWISVILLE, TEXAS — Berkeley Point Capital, a multifamily finance firm with 11 offices throughout the country, has provided a $47.2 million loan for the construction of Tower Bay Lofts, a 308-unit apartment project being developed in the northern Dallas metro of Lewisville. The loan features a fixed 3.78 percent interest rate and a 40-year, fully amortized permanent term. Tom White of Berkeley Point secured the financing through the FHA’s 221(d)(4) program on behalf of the developer, Wittington Holdings. The project team broke ground in mid-April and expects to deliver the building in about 24 months.
ROCHESTER, MINN. — Dougherty Mortgage LLC has provided a $16.1 million HUD 221(d)(4) loan for the construction of Eastgate Apartments in Rochester. The 135-unit affordable housing property is slated to open in the summer of 2019. All units will be restricted to residents earning 60 percent or less of the area median income. In addition to the 40-year loan, the project will receive equity from the sale of low-income housing tax credits. BDKN LLLP was the borrower.
ST. PAUL, MINN. — Marcus & Millichap has arranged the sale of Priscilla Street Villas in St. Paul for $1.4 million. The 11-unit apartment building is located at 2333 Priscilla St. All of the units are two-bedroom units. Mox Gunderson, Dan Linnell, Josh Talberg and Evan Miller of Marcus & Millichap brokered the transaction. Both the buyer and seller were private investors.
EAST ORANGE, N.J. — Marcus & Millichap has negotiated the $22 million sale of Robert Towers, an 11-story, 206-unit multifamily tower in East Orange. The sales price equates to $106,796 per unit. Built in 1950, Robert Towers is located at 60 S Munn Ave., near the East Orange and Brick Church train stations, I-280 and the Garden State Parkway. The property is 10 minutes from Newark International Airport. Marcus & Millichap represented the seller, Metropolitan America, in the transaction. Marcus & Millichap Capital Corp. arranged $19.8 million in acquisition financing for the buyer, EOA 206 LP. The lender was undisclosed.
BOYNTON BEACH, FLA. — American Landmark has acquired High Ridge Landing, a 184-unit multifamily community in Palm Beach County’s Boynton Beach. The sales price was not disclosed, but the South Florida Business Journal reports High Ridge Housing LLC, an affiliate of Eastwind Development, sold the property for $41.9 million, or $227,717 per unit. Mitch Sinberg, Matt Robbins, Bob Falese, Matt Cullison and Wes Moczul of Berkadia arranged a 10-year Freddie Mac loan on behalf of American Landmark. Built in 2017, High Ridge Landing features a mix of one- to three-bedroom units with stainless steel appliances, granite countertops, walk-in closets, private balconies and detached garages. Community amenities include a yoga and spin studio, swimming pool, electric car charging stations, fitness center and a business center. American Landmark will invest $500,000 in additional upgrades at the property, including improvements to the clubhouse, improving the pool area with a grill space and new furniture, adding a Wi-Fi café, upgrades to the fitness center and landscaping.
NASHVILLE, TENN. — KeyBank Real Estate Capital has originated a $39.9 million Fannie Mae loan for the acquisition of Peyton Stakes, a 249-unit multifamily community in Nashville’s Germantown district. Robert Prouty of KeyBank underwrote the 10-year, fixed-rate loan on behalf of the undisclosed borrower. Peyton Stakes was constructed in 2017 and features a car wash station, pet spa, dog park, private conference room, pool with outdoor theater, rehearsal space, art studio, and a yoga and barre studio.
