BAYTOWN, TEXAS — KeyBank Real Estate Capital has secured a $21.3 million life insurance loan for Remington Park Baytown, an assisted living and memory care community located in Baytown. Monique Bimler of KeyBank’s Healthcare Mortgage Group arranged the 10-year, fixed-rate loan on behalf of Capital Senior Living, which was used to acquire the property. Capital Senior Living Corp. is a operator of residential communities for senior adults. The company operates 115 senior living communities with an aggregate capacity of approximately 15,000 residents.
LAS VEGAS — Infinity Realty Advisors has purchased the combined Grandview and Sunwood apartments in Las Vegas for an undisclosed sum. The complex is located at 4255 W. Viking Road. The complex contains a total of 708 units. It is the largest apartment deal in Las Vegas so far this year, according to Infinity Realty. The complexes were built in 1981 and 1985. The occupancy rate is currently 96 percent. The properties were formerly supervised by two separate management companies. They will be renamed the Viridian and Topaz apartments. The assets will be managed by Sunrise Management. Infinity Realty Advisors was formed jointly by Asia Pacific Company and Jiangxi Hengmao Real Estate Development Co. Asia Pacific manages several properties in Las Vegas.
TYSONS CORNER, VA. — Kettler and Macerich have opened VITA Tysons Corner, a 30-story luxury apartment tower in Tysons Corner, a city in Washington, D.C.’s Northern Virginia market. The first residents are now moving into the 429-unit high-rise tower. VITA Tysons Corner is the final component of Macerich’s Tysons Corner Center, which features an 18-story, 300-room Hyatt Regency hotel and the 22-story Tysons Tower trophy office building. Shalom Baranes Associates designed VITA to achieve LEED Silver certification. The apartment tower features an Earls Kitchen + Bar restaurant, rooftop saltwater pool, outdoor terrace with grilling stations, sports lounge, 24-hour concierge service and bicycle storage. The units feature Italian cabinetry, quartz countertops, designer baths and high ceilings.
ATLANTA — Affiliates of Boston-based Berkshire Group have completed their purchase of Crescent Howell Mill, a new 256-unit apartment community that Crescent Communities recently delivered in Atlanta’s West Midtown district. The transaction is part of the sale of a nine-property, $700 million portfolio of Crescent Communities-developed assets in the Southeast. Berkshire’s affiliates have also purchased three other assets in the portfolio and are expected to acquire two more, according to Crescent Communities. UBS Global Asset Management is the buyer of the other three portfolio properties, including the recently opened Crescent Bayshore in Tampa.
GREENSBORO AND ASHEBORO, N.C. — Capstone Apartment Partners has brokered the sale of three apartment communities in North Carolina’s Triad area for a combined $21.8 million. Totaling 403 units, the three properties include Rehobeth Pointe and Juliet Place in Greensboro and Hanover Court in Asheboro. Elkal Inc. purchased Rehobeth Pointe and Juliet Place from The Keystone Group for $16 million. Beau McIntosh and Austin Green of Capstone represented the seller in the transaction. The Keystone Group purchased Hanover Court from Kings Cross and Hanover Associates for $5.8 million. John Ackiss and Andrew Klenk of Capstone represented the seller in the transaction.
LOS ANGELES – The Medallion, a 96-unit apartment building in Downtown Los Angeles, has received a $33-million refinance. The community is located at 334 S Main Street. It is currently 97 percent occupied. The property also contains 80,000 square feet of ground-floor retail space and a 275-car parking garage. The loan is also secured by a fully entitled, two-acre development site that sits adjacent to the Medallion. That site is slated for Phase II of the community, which will include an additional 300 units. It is currently leased to a parking lot operator. The short-term bridge loan was secured by Jonathan Hakakha and Mike Yim of Quantum Capital Partners on behalf of Illusion Holdings and Ocean Blue Investments.
COLORADO SPRINGS, COLO. – The 220-unit Cheyenne Crossing apartment complex in Colorado Springs has sold to OP Cheyenne LLC for $25 million. The Class B+ community is located at 640 Wycliffe Drive. The deal was organized and sponsored by OpenPath Investments LLC (OPI). The firm identifies workforce housing properties with more than 100 units that offer value-add or operational upside opportunities within the Western States.
HOUSTON — Allied Orion Group has broken ground on The Beacon at Buffalo Pointe, a 281-unit apartment complex in Houston. Scheduled to open during the first quarter of 2016, The Beacon at Buffalo Pointe will be located near the Texas Medical Center. Developed by Allied Orion Group and designed by Steinberg Design Collaborative Architects, The Beacon at Buffalo Pointe is located at 10301 Buffalo Speedway. Situated just outside of Loop 610, the community offers access to both 610 and Highway 288 and a short commute to downtown Houston. Floor plans will range from one to three bedrooms.
NEW YORK CITY — HAP Investments has broken ground for the construction of a residential property in Washington Heights. Located at 655-667 West 187th St., the multi-story building will feature 47 apartment units. The property was designed by Karim Rashid and Karl Fischer will serve as the architect of record. The construction team will employ a modular building system developed by Deluxe Building Systems, which will result in 40 percent faster construction and reduced material waste.
DULUTH, GA. — Atlanta-based Fuqua Development and The Worthing Cos. have begun construction on Sugarloaf Market, a 31-acre mixed-use development located at the intersection of Sugarloaf Parkway and Peachtree Industrial Boulevard in Duluth, an eastern suburb of Atlanta in Gwinnett County. Upon completion, Sugarloaf Market will feature 75,000 square feet of retail space and 330 upscale apartment residences. Fuqua Development is the master developer of the project and is developing the retail portion, and The Worthing Cos. is developing the residential component, named The Heights at Sugarloaf. Anchored by Sprouts Farmers Market, the retail portion of the development will be leased to Chipotle Mexican Grill, Freddy’s Frozen Custard & Steakburgers, Orangetheory Fitness, Menchie’s Frozen Yogurt, Zoe’s Kitchen, RaceTrac, Waffle House, Panda Express, Banfield Pet Hospital, Supercuts, Luxury Nail, Pie Five Pizza and AT&T. The retailers are expected to open for business in spring 2016. The Heights at Sugarloaf will offer apartment homes featuring high-end finishes, designer-inspired appointments and appliances, along with onsite amenities such as a resort-style swimming pool and deck with Wi-Fi, grilling areas, a fitness club and other lifestyle services. Preliminary site work is currently underway with vertical construction set to commence by July. Pieper O’Brien Herr Architects …