FORT WORTH, TEXAS — Institutional Property Advisors (IPA) has arranged the sale of Trinity Bell Gardens, a 240-unit multifamily community in Fort Worth. Will Balthrope, Drew Kile and Rowan Burch represented the seller, Western Securities Limited, and procured the buyer, Block Real Estate Services, in the transaction. Trinity Bell Gardens is located at 9500 Trinity Blvd. The property is 15 miles from downtown Fort Worth.
LINCOLNWOOD AND CHICAGO, ILL. — Baum Realty Group LLC has brokered the sale of three Chicagoland properties for $49.5 million. In the first deal, Baum Realty represented an undisclosed seller in the disposition of a 45,000-square-foot retail center anchored by CVS. The property is located at 7175 N. Lincoln Ave. in Lincolnwood and sold for $9.8 million. In the second transaction, Baum Realty represented the buyer of a 90,000-square-foot mixed-use property in Chicago. Located at 3115 N. Broadway, the facility consists of ground-floor retail and a four-level parking garage. The buyer plans to convert the property, acquired for $5.7 million, for multifamily use. Lux24 is a 73-unit apartment tower in Chicago’s West Loop that sold for $34 million. Baum Realty brokered the off-market transaction of the 66,000-square-foot property. Danny Spitz and Greg Dietz of Baum Realty brokered all three transactions.
IOWA CITY, IOWA — A partnership between Grand Living and Ryan Cos. has unveiled plans to develop a 170-unit senior housing community in Iowa City. Grand Living in Iowa City will provide independent, assisted living and memory care services. The complex will offer a variety of floor plans ranging from studios to two-bedroom apartment homes. Construction on the community is scheduled to begin this fall. Amenities at Grand Living in Iowa City will include a variety of dining options, a salon, indoor pool, exercise studio, library, performance theater, chapel, activity and art studios, music practice rooms, pet grooming center and wood working shop.
CHICAGO — Marcus & Millichap has arranged the sale of a four-unit apartment property in Chicago for $1 million. A local partnership purchased the asset, located at 2014 W. Cortez St. in the Ukrainian Village historic district, from another undisclosed partnership. The property consists of a two-bedroom/two-bathroom duplex unit, a top floor three-bedroom/two-bathroom unit and two separate two-bedroom/one-bathroom units. Kyle Stengle and Joseph Bergman of Marcus & Millichap listed the property on behalf of the seller and secured the buyer.
ALEXANDRIA, VA. — Passco Cos. LLC has purchased The Shelby, a 240-unit, Class A apartment community located at 6200 N. Kings Highway in Alexandria, for $69.5 million. Built in 2014, the property features 100 pieces of original art from more than 40 locally commissioned artists. A little more than 57 percent of The Shelby’s current residents are under the age of 30, according to Passco Cos. Chris Black of KeyBank Real Estate Capital arranged acquisition financing through Fannie Mae on behalf of Passco. Ryan Ogden of ARA Newmark represented both Passco and the seller, Insight Properties.
CONCORD, N.C. — Multi Housing Advisors (MHA) has brokered the $47 million sale of Afton Ridge, a 360-unit apartment community located in Concord, a northern suburb of Charlotte. Built in 2014 and 2015, the complex features a resort-style swimming pool, fitness center, stainless steel appliances and granite countertops. Marc Robinson, Jordan McCarley and Watson Bryant of MHA’s Charlotte office represented the seller, Afton Ridge Apartments, in the transaction. The buyer was undisclosed.
KISSIMMEE, FLA. — Marcus & Millichap has brokered the $26.2 million sale of Grande Court at Boggy Creek, a 394-unit apartment community located at 1401 Grande Blvd. in Kissimmee. The low income housing tax credit community features one-, two- and three-bedroom apartments with open kitchens, optional washer and dryer units, defined desk and computer areas, ceiling fans, walk-in closets and extra storage space. Community amenities include a clubhouse, swimming pool, wading pool, fitness center, business center, car care center, a playground and a barbecue and picnic area. Even Kristol of Marcus & Millichap’s Fort Lauderdale office and Still Hunter III of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller, Courtelis Development Co., and procured the buyer, Hercules Real Estate Service Inc.
NEW YORK CITY — Cushman & Wakefield has arranged the sale of two buildings, located at 706-764 Manhattan Ave. in Brooklyn’s Greenpoint neighborhood. Agmine Corp. acquired the assets, which are located on the same tax lot, for $11 million, or $709 per square foot. 764 Manhattan Avenue is a mixed-use building offering four retail units and nine residential units, and 760 Manhattan Avenue features two stories of commercial space, with RadioShack occupying the ground-floor unit. Combined, the properties offer 15,500 square feet of commercial and residential space. Brendan Maddigan of Cushman & Wakefield represented the seller, the Hazelwood family, in the transaction.
HOUSTON — Jamie Safier of LMI Capital has procured financing of $15 million for the acquisition of three garden-style multifamily communities in Houston. The first transaction is a five-year, 75 percent leverage loan with a national bank for a 120-unit asset in east Houston. The terms of the first mortgage include a fixed interest rate of 3.7 percent and a flexible prepayment structure. Safier secured the note on behalf of a first-time buyer. The second transaction is a five-year, 5.5 percent loan for a 50-unit asset in the Greater Inwood submarket. The first mortgage includes a one-year interest-only period to facilitate the borrower’s capital improvements plan. The third transaction is a five-year loan for a 135-unit asset in the Clear Lake submarket. The non-recourse first lien features a 5 percent fixed interest rate, flexible prepayment and two years of interest-only payments. The proceeds included a significant rehab component for the borrower to draw upon for planned renovations. In addition, the borrower can obtain additional proceeds after closing in the form of an earnout, subject to specific performance thresholds.
RICHARDSON AND DALLAS, TEXAS — JPI, a developer, builder and investment manager of Class A multifamily assets, has sold the 30-acre Jefferson Center development in Richardson. In addition to the sale, JPI has opened another Jefferson project known as South Side Flats by Jefferson. The project is a 290-unit apartment community sitting on 3.9 acres in the South Side neighborhood of Dallas. South Side Flats is a joint venture between JPI and landowner Matthews Southwest, as well as a partnership with the City of Dallas and Dallas County. Residents are within walking distance of the Dallas Farmer’s Market, Alamo Drafthouse, South Side Ballroom and Soda Bar. South Side Flats includes 22 one- and two-bedroom open floor plans as well as live-work studios with views of Downtown Dallas. Amenities include 10-foot and 14-foot ceilings, kitchens with islands and granite countertops, private balconies, washers and dryers, electronic key systems and a parking garage.
