DALLAS — Wellington Realty has arranged the sale of La Bella Palms, a 117-unit apartment complex located at 9450 Royal Lane in Dallas. Situated near Northpark Center Mall, Southern Methodist University and Richland College, the property features a swimming pool and on-site laundry services. Caleb Jones, Tammy Shaffer and David Shaffer of Wellington procured the buyer, a partnership between Michaelson Real Estate Group LLC and a private equity investor, in the transaction.
LOS ANGELES — Sussex Capital Group has acquired The Hillpointe, a 30-unit apartment property situated in the Hollywood Hills neighborhood of Los Angeles, for $13.4 million. The community is located at 2330 N. Cahuenga Blvd. It was built in 1987. Peter Sherman of Avison Young represented both the buyer and seller, Inco Monterra, in this transaction.
SHOREWOOD, WIS. — Walker & Dunlop Inc. has arranged a $20 million loan for the construction of The Oaks of Shorewood near Milwaukee. The apartment complex, designed for active seniors 55 and older, will consist of four buildings with 34 one-bedroom units and 67 two-bedroom units. Amenities include a spa and outdoor pool, yoga and fitness center, fireside lounge, theater, library, business center, community room and underground parking. Sherman Associates is developing the $26 million project, slated for completion in 2018. Jeff Schmidt and Tim Cotter of Walker & Dunlop arranged the three-year loan. TCF Bank provided the loan.
JERSEY CITY, N.J. — Smart Living Development, formed by KSNY and Strategic Properties, has broken ground for the development of Nest Micro Apartments, located at 184-190 Academy St. in Jersey City. The property will feature 122 fully furnished apartments, all of which are studio units less than 300 square feet, with rents starting at less than $1,300 per month. On-site amenities include coffee house/lounge, laundry facilities, bike storage, a gym, a roof deck lounge with grill and outdoor showers and storage units. Leasing is slated to commence in August 2018.
SPOTSWOOD, N.J. — Walker & Dunlop has structured a $23.5 million Fannie Mae loan for Clearwater Village, a manufactured seniors housing community in Spotswood. Will Baker led the Walker & Dunlop team that originated the 10-year, interest-only acquisition loan for the undisclosed borrower. At closing, the property was 99 percent occupied. Built in 1976, Clearwater Village features 367 pads, a pool, clubhouse, picnic area with gazebos and bocce courts, parking and security cameras. The community caters to residents age 55 or older.
GLOVERSVILLE, N.Y. — KeyBank’s Community Development Lending & Investment team will provide a total of $7.3 million in financing to Liberty Affordable Housing. The firm will provide a $2.6 million construction loan and up to $4.7 million in LIHTC equity financing for the development of Estee Senior Apartments. Located in Gloversville, the community will feature 37 energy-efficient affordable housing units for seniors age 55 or older. CRM Rental Management will manage the complex.
PLANO, TEXAS — Monogram Residential Trust Inc. (NYSE: MORE), an owner and developer of high-end apartment communities, has entered into a definitive merger agreement to be purchased by a newly formed perpetual life fund led by Greystar Real Estate Partners. The purchase price is $3 billion, including debt. Other principals of the fund, known as Greystar Growth and Income Fund LP, include affiliates of APG Asset Management, GIC and Ivanhoe Cambridge. Monogram’s stockholders will receive $12 per share in cash, which represents a premium of approximately 22 percent to Monogram’s unaffected closing stock price on July 3, the last trading day prior to the public announcement of the transaction. The ownership group has retained Walker & Dunlop to secure acquisition financing for the transaction, which includes Monogram’s share of its two joint ventures with PGGM and NPS. The PGGM joint venture will be restructured, and Greystar will purchase the joint venture interests held by NPS pursuant to a separate assignable purchase and sale agreement for approximately $500 million. JPMorgan Chase Bank N.A. has provided a commitment letter to Greystar Growth and Income Fund for $2 billion in debt financing for the transaction. The deal is expected to close in the …
SPRING, TEXAS — Berkadia has arranged the sale of Modera Spring Town Center, a 396-unit multifamily asset located at 21801 Northcrest Drive in Spring. Developed in 2014, the garden-style property offers a mix of one, two- and three-bedroom units. Ryan Epstein, Jennifer Ray, Wes Breeding and Scott Bray of Berkadia represented the seller and developer, Mill Creek Residential, in the transaction. Abbey Residential Services Inc. purchased the property for an undisclosed price.
CUMBERLAND, R.I. — CBRE/New England has arranged the sale of Cumberland Crossing, a garden-style apartment community located at 100 Crossing Drive in Cumberland. An affiliate of Jones Street Investment Partners acquired the 288-unit property for an undisclosed price. Completed in 2001, the 12-building community features 84 one-bedroom units, 204 two-bedroom units and a clubhouse. Simon Butler and Biria St. John of CBRE/New England represented the undisclosed seller and procured the buyer in the deal.
NEW YORK CITY — Alpha Realty has arranged the sales of two separate apartment buildings in the East Flatbush Section of Brooklyn. A private local investor acquired a 12,800-square-foot, 16-unit apartment building at 5601 Snyder Ave. for $3 million. A different private investor purchased a 21,000-square-foot, 26-unit apartment building at 545-555 E. 82nd St. for $4 million. Lev Mavashev of Alpha Realty represented the buyers and seller, Up Realty, in the off-market transaction.
