GARLAND, TEXAS — Metro Dallas-based investment firm ClearWorth Capital has sold Firewheel Town Village, a 154-unit active adult community in Garland, about 20 miles northeast of Dallas. Built in 2018, the property offers studio, one- and two-bedroom units and amenities such as a pool, clubhouse, TV lounge, salon, billiards room, fitness center and a computer/conference center. David Austin, Rob Key, Greg Toro and Cole Murphy of JLL represented ClearWorth in the deal and procured the buyer, Equity Partnership Holdings. The property was 98 percent occupied at the time of sale.
ORLANDO, FLA. — Beachwold Residential LLC has purchased Avisa Lakes, a 292-unit, garden-style multifamily community located at 7960 Pine Crossing Circle in Orlando. Kyle Butler, Ted Taylor and Noli Muratovic of JLL represented the sellers, Lloyd Jones LLC and ST Real Estate Holding Inc., and procured the buyer in the $50 million sale. Additionally, JLL worked on behalf of Beachwold to secure a five-year Freddie Mac acquisition loan totaling $35 million. Avisa Lakes features one- and two-bedroom apartments averaging 850 square feet in size. The property was 96 percent occupied at the time of sale. Community amenities include a playground, swimming pool, entertainment clubhouse and game room, two dog parks, a soccer court, fitness center and a business center.
NEW YORK CITY — New York City-based developer TF Cornerstone has begun leasing Malt Drive, a 1,386-unit apartment complex in the Long Island City neighborhood of Queens. The site is located within the 30-acre Hunter’s Point South mixed-use development along a new city street that was named as a nod to the site’s history as a sugar cane processing facility that later became a beer distribution center. The two-building development houses studio, one- and two-bedroom units and includes 25,000 square feet of retail space and a 3.5-acre public park. The South building at 2-20 Malt Drive rises 33 stories and features 575 units. The adjacent North building comprises 811 apartments across two towers at 2-21 Malt Drive. Thirty percent of units at both buildings will be set aside as affordable housing and will be leased at 130 percent of the area median income. Amenities include coworking space, children’s playrooms, lounges, fitness centers, shared laundry rooms, roof decks with barbecue grills, sundecks and courtyards. SLCE Architects designed the project. Rents start at $3,600 per month for a studio apartment.
LONG BRANCH, N.J. — Locally based brokerage firm The Kislak Co. Inc. has arranged the $3.5 million sale of Morris Mews Apartments, an 18-unit multifamily complex located in the coastal New Jersey community of Long Branch. The two-story building was constructed in 1966 and houses 16 one-bedroom units and two two-bedroom units that were fully occupied at the time of sale. Daniel Lanni of Kislak represented the seller and procured the buyer, both of which were limited liability companies, in the transaction.
CHICAGO — JLL Capital Markets has arranged the sale and acquisition financing of The Parker, a 29-story luxury apartment tower in Chicago’s Fulton Market district. The sales price was $93.3 million, according to Crain’s Chicago Business. Developed by Atlantic Residential, Shapack Partners and Focus Development in 2016, the 227-unit property features panoramic views of downtown Chicago. Units range from studios to three-bedroom layouts. Amenities include a fitness center, yoga studio, rooftop pool, clubroom, work-from-home space, outdoor dog run, indoor dog wash, private parking garage, package concierge system, dry-cleaning pickup lockers and bicycle storage. The property is located at 730 W. Couch Place, steps from the Randolph Street Restaurant Row. Kevin Girard, Mark Stern, Zach Kaufman, Jennifer Hull and Colleen Watson of JLL represented the seller, institutional investors advised by J.P. Morgan Asset Management and Atlantic Residential. Danny Kaufman, Matthew Schoenfeldt, Medina Spiodic, Mary Dooley, Rebecca Brielmaier and Yougsoo Yang of JLL arranged a fixed-rate, five-year acquisition loan through Northwestern Mutual Life on behalf of the buyer, JDL Development.
NEWARK, OHIO — Vista Residential Partners has broken ground on Trailhead Vista, a 308-unit apartment community in Newark, about 40 miles east of Columbus. The 15.6-acre project is situated at the northeast corner of West Main Street and Thornwood Drive along the Thornwood Corridor Employment Hub (TECH), which is comprised of five industrial parks totaling over 1,600 acres. Designed by Columbus-based ArchAll, the garden-style community will offer a mix of one- and two-bedroom units averaging 862 square feet. Amenities will include a clubhouse, pool, fitness center, central green area and pet park. Trailhead Vista will also offer access to the TJ Evans Trail, a 14.2-acre trail connecting Newark to Johnstown. Parse Capital, Icarus Capital and Old National Bank provided financing for the development. Krevolin & Horst LLC represented Vista Residential Partners.
PORTLAND, ORE. — A joint venture between PCCP and Guardian Real Estate Services has acquired The Louisa, a 16-story multifamily property at 123 NW 12th Ave. in Portland’s Pearl District. Terms of the transaction were not released. Built in 2005, The Louisa offers 242 apartments, 29,295 square feet of ground-floor retail space and shared ownership of the Brewery Blocks parking garages. The property features townhomes, studio units and one- and two-bedroom apartments with central air conditioning, 10-foot ceilings, in-unit washers/dryers, luxury plank flooring and stainless steel appliances. Additionally, a portion of the apartments feature balconies. Community amenities include resident lounges, a community room, garden terrace with eco roofs, barbecues and a fire pit. The ground-floor retail space is accompanied by West Elm, Williams-Sonoma, Frame Central, lululemon athletica and The Cookie Dough Café.
CENTENNIAL, COLO. — Laramar Group has purchased Southglenn Place, a multifamily community in Centennial, from a private investor for an undisclosed price. Located at 6541 S. Vine St., the 1970-vintage property offers 135, mostly one-bedroom, apartments. Laramar Group plans to renovate the property.
WHEAT RIDGE, COLO. — Pinnacle Real Estate Advisors has arranged the sale of a multifamily property, located at 3730 Miller Court in Wheat Ridge. The building sold for $2.4 million, or $265,556 per unit. Built in 1960, the property offers nine apartments. Josh Newell and Connor Knutson of Pinnacle Real Estate Advisors represented the undisclosed seller and undisclosed buyer in the deal.
COLLEGE PARK, MD. — A public-private partnership (P3) between Campus Apartments, Mosaic Development Partners and the University of Maryland has broken ground on a $148.8 million graduate student housing project on the university’s campus in College Park. The community is the first of a larger, three-phase development that will replace the existing “Leonardtown” section of campus. Upon completion, which is anticipated for 2027, the building will span 323,000 square feet. The community will offer 741 beds across 465 fully furnished units in studio, two-, three-, four- and five-bedroom configurations. Shared amenities will include a large conference space with interior and exterior courtyards on the ground floor; a penthouse community lounge and terrace; various community breakout spaces; resident parking; and bike storage. The development team for the project, which is targeting LEED Silver certification, includes Gensler, Michael Marshall, Davis Construction and Smoot Construction. RBC Capital Markets arranged financing for the development, which is being funded through tax-exempt bonds.