NEW YORK CITY — Cignature Realty Associates has facilitated the sale of a six-story multifamily building located at 221 Wadsworth Ave. in the Washington Heights section of Manhattan. An undisclosed buyer acquired the building for $13.2 million. Built in 1928, the 41,736-square-foot building features 54 apartments. Peter Vanderpool and Lazer Sternhell of Cignature Realty represented the undisclosed seller and buyer in the transaction.
CHICAGO — Kiser Group and Affordable Housing Investment Brokerage Inc. (AHIB) have negotiated the sale of 167 affordable housing units in Chicago for $11.2 million. Lyndale Place is a 67-unit property located at 2575 W. Lyndale St. in the Logan Square neighborhood. Renaissance West is a 111-unit building located at 2517 W. Fullerton Ave. in the Bucktown neighborhood. The Habitat Co. purchased the portfolio from Renaissance Cos. Michael D’Agnostino of Kiser Group and Kyle Shoemaker of AHIB brokered the transaction.
JOHNSTON, IOWA — R&R Realty Group has opened Residences at 62W in Johnston, about 10 miles northwest of Des Moines. The 137-unit apartment community features one-, two- and three-bedroom floor plans. The property, located on 62nd Avenue, features amenities such as a health center, yoga room, game room, pet spa and pool deck. West Des Moines, Iowa-based R&R Realty Group is a full-service real estate company with development, brokerage, construction and property management services.
MCKINNEY, TEXAS — New York-based GFI Capital Resources Group has acquired Venue Craig Ranch, a 277-unit multifamily community located within the Craig Ranch master-planned community in McKinney. Developed by Davis Development, the property features a mix of one-, two- and three-bedroom units across seven buildings. Amenities include a pool, fitness center, a game room, putting green and pet park. The property was 87 percent occupied at the time of sale.
HOUSTON — Arbor Realty Trust Inc. has arranged $9.6 million in refinancing for three apartment communities in Houston. The company secured a $4.5 million loan for the 180-unit Whispering Oaks Apartments on the city’s southwestern side; a $2.8 million loan for the 90-unit Coventry North Apartments on the city’s southeastern side; and a $2.3 million loan for the 80-unit Leawood Plaza Apartments, also on the city’s southwestern side. All three loans were placed through Freddie Mac’s Small Balance Loan program and feature seven-year terms, fixed interest rates and 30-year amortization schedules.
ATLANTA — Continental Realty Corp. (CRC) has acquired Millworks, a 345-unit apartment community located at 1888 Emery St. in Atlanta’s West Midtown district, for $80 million. The Baltimore-based company acquired the asset on behalf of Continental Realty Fund IV LP, a $164 million fund focused on the acquisition of retail and multifamily properties throughout the Mid-Atlantic and Southeast. Derrick Bloom, David Gutting and Brandon Beaty of JLL arranged the transaction on behalf of the seller and developer, Atlanta-based Pollack Shores. Delivered earlier this year, Millworks offers a mix of one- to three-bedroom floor plans ranging in size from 647 to 1,470 square feet. Unit interiors feature quartz countertops, stainless steel appliances, nine-foot ceilings, vinyl plank wood flooring and balconies or porches. Community amenities include a saltwater pool with an outdoor lounge area, bocce ball court, bar lounge, fitness studio with yoga space and an art studio area.
MOBILE, ALA. — Cushman & Wakefield has arranged the $21 million sale of Woodside, a 240-unit apartment community in Mobile. Jimmy Adams and Josh Jacobs of Cushman & Wakefield arranged the transaction on behalf of the seller, Equity Research. Hamilton Point Investments acquired the property. Constructed in 2012, Woodside features a pool with sundeck, fitness center, dog park, business center and a laundry facility.
LAKE OSWEGO, ORE. — CBRE has arranged a $66.4 million loan for the construction of The Springs Living Lake Oswego, a 216-unit seniors housing community in the Portland suburb of Lake Oswego. The community will feature 75 independent living units, 30 “assisted living lite” units, 87 assisted living units and 24 memory care units. The 370,887-square-foot building will encompass a five-story residential building over two levels of parking. The development is situated on 4.8 acres. Aron Will of CBRE National Senior Housing secured the four-year, floating-rate construction loan with 48 months of interest-only payments from a pair of national banks. The Springs Living will operate the community once it is completed. A timeline was not released.
PHOENIX — An undisclosed buyer has purchased the 240-unit Mountain Park apartments in Phoenix’s Ahwatukee Foothills Village for $40.4 million. The community is located at 4221 E. Ray Road. Mountain Park has immediate access to Interstate 10, Loop 202/the Santan Freeway, U.S. 60/the Superstition Freeway, Loop 101/the Price Freeway and the Loop 202 Expansion/South Mountain Freeway. The community was developed in 1994. Institutional Property Advisors brokered the sale.
MONTGOMERY AND MILLBROOK ALA. — Atlanta-based Greystone Brown Real Estate Advisors, a joint venture between Greystone and Brown Realty Advisors, has arranged the $48.2 million sale of two multifamily properties in the Montgomery area: The Belmont in Montgomery and Crossings of Millbrook in Millbrook, roughly 10 miles north of Montgomery. Anthos Properties acquired the 458-unit Belmont for $23.8 million with plans to invest approximately $3 million to renovate roofs, siding, piping and improve the property’s amenities. Walter Miller, Jim Jarrell, Cory Sams and Bo Brown of Greystone Brown arranged the transaction on behalf of the buyer and seller. Other terms of the transaction were not disclosed. PEM Real Estate Group LLC acquired the 240-unit Crossings of Millbrook for $24.4 million. Constructed in 2010, the community features a clubhouse, fitness center, swimming pool and screened porches. Taylor Brown, Miller, Sams and Bo Brown of Greystone Brown represented the undisclosed seller in the transaction. Chandler Brown, also with Greystone Brown, represented the undisclosed buyer.
