ROCKFORD, ILL. — SVN | Chicago Commercial has arranged the sale of two multifamily buildings in Rockford for $1.9 million. Totaling 41 units, the properties are located at 902 and 948 N. Main St. Reid Bennett of SVN represented the seller, Windsor Apartments Limited Partnerships, while Cody Doran represented the buyer, Illinois FZ Property LLC.
CAMBRIDGE, MASS. — Fantini & Gorga has secured a $25.5 million first mortgage for a 61-unit multifamily property with ground-floor retail and underground parking. The property is located at 603 Concord Ave. in the Fresh Pond/Alewife neighborhood of Cambridge. Derek Coulombe, Tim O’Donnell and Despina Hixon of Fantini & Gorga arranged the financing. The six-story property is comprised of a mix of studios, one- and two-bedroom units. It is 100 percent leased including 5,511 square feet of retail space. Retail tenants include an orthodontist, an eye clinic and an urgent care center.
NEW YORK CITY — Rosewood Realty Group has arranged the $15.3 million sale of a five-building multifamily portfolio in the Hollis neighborhood of Queens. The portfolio consists of five two-story apartment complexes with 100 apartments and 37 parking spots. The addresses are: 196-03, 196-07 and 196-11 Jamaica Ave. and 91-15 and 91-21 196th St. The portfolio totals 45,000 square feet and the buildings were built in 1950. Black Spruce Management, a Manhattan-based real estate investment/management company, was the seller. A private investor was the buyer. Rosewood’s Aaron Jungreis brokered the deal.
MCKINNEY, TEXAS — SWBC Real Estate LLC has broken ground on Central Park at Craig Ranch, a 276-unit multifamily complex situated on 4.5 acres within the 2,200-acre, master-planned community of Craig Ranch in McKinney. Amenities will include a clubhouse with a business center, 24-hour fitness center, a resort-style pool and an attached parking garage. The project is expected to be complete by December 2018, with the first units becoming available by April 2018.
ENGLEWOOD, COLO. — A fund advised by CBRE Global Investors has acquired the 438-unit Alexan CityCenter apartment complex in Englewood for $97 million. The community is located at 801 Englewood Parkway. The garden-style property will be renamed ArtWalk CityCenter. It also features 13,000 square feet of ground-floor retail. The asset is connected to the Englewood Light Rail station, which provides direct access to downtown Denver, Mile High Stadium, Union Station and the airport. CBRE Global Investors has identified Denver has a target market for the group.
NORTHRIDGE, CALIF. — Universe Holdings has obtained $23.4 million in financing for the 148-unit Lodge at Porter Ranch in the Los Angeles submarket of Northridge. The community is located at 10631 Lindley Ave. The Lodge was built in 1979 and renovated in 2013. Universe Holdings purchased the property in 2004. The 10-year loan features interest-only payments for the first five years. HFF secured the financing through Freddie Mac. The planned use of the funds was not disclosed.
BROOKFIELD, CONN. — HKS Capital Partners has arranged $26.5 million in permanent refinancing for Barnbeck Place, a 165-unit apartment complex in Brookfield. The property sits on nine acres. John Harrington of HKS Capital Partners negotiated the financing for the owner/ borrower, the BRT Organization and the DiMarco Group. David Garcia of OritaniBank provided the seven-year, fixed-rate loan.
WEBSTER GROVES, MO. — Cushman & Wakefield has negotiated the sale of Provision Living at Webster Groves, an 80-unit assisted living and memory care community in suburban St. Louis. Built in 2012, the three-story community consists of 62 assisted living units and 18 memory care units. Amenities include a bowling alley, theater, physician’s space and bistro/café. Sunrise Senior Living purchased the property for an undisclosed price. Richard Swartz, Jay Wagner and Jim Dooley of Cushman & Wakefield represented the seller, a joint venture between Provision Living Senior Communities and WellTower.
CHICAGO — Kass Management Services has negotiated the sale of a 32-unit apartment building in Chicago for $2.4 million. The property is located at 1700 W. Juneway Terrace in the Rogers Park neighborhood. Built in 1924, the vintage three-story building includes a mix of one-, two-, three- and four-bedroom apartment units. The property was renovated in 2007 and was 90 percent occupied at the time of sale. Mark Durakovic and Andrew Gruesser of Kass represented the seller, CMHDC, a non-profit housing development corporation serving the Chicago metropolitan area. The buyer was not disclosed. Kass has managed the building since 2006.
FORSYTH COUNTY, GA. — Greystar plans to develop a 300-unit apartment community and a 160-unit seniors housing property within Halcyon, a $370 million mixed-use development located off exit 12 on Ga. 400 in Forsyth County. The multifamily community, known as Elan Halcyon, will feature top-of-market amenities and 11,000 square feet of ground-floor retail space. The seniors housing property will feature 12,000 square feet of resort-style amenities, including a resident clubhouse, pool and spa, demonstration kitchen, game room, theater room, fitness center and a golf simulator. RocaPoint Partners, an Atlanta-based affiliate of The Georgetown Co., is the master developer of Halcyon. Set to open in 2018, the development will include more than 500,000 square feet of office and retail space, a high-end CMX movie theater, two hotels and 690 residential units, including Greystar’s two projects.
