PORTLAND, MAINE — Boston Capital is investing in the construction of 409 Cumberland Avenue Apartments, a 57-unit development for families located in Portland. The development will be built with tax credit equity from the Low Income Housing Tax Credit (LIHTC) program. Avesta Housing Development Corp. is the developer. The construction of 409 Cumberland will generate $5.8 million in local salaries and create more than 87 new jobs in the Portland area. Boston Capital's investment in the development adds 57 units of affordable housing to its apartment portfolio.
Multifamily
AUSTIN, TEXAS — Embrey Partners has opened Escape at Four Points, a 344-unit multifamily property in west Austin. The garden-style community includes one- to three-bedroom apartments ranging from 700 to 1,355 square feet, as well as a swimming pool, fitness center, resident lounge, coffee bar and game room. Located at 11210 FM 2222, the Class A complex is in proximity to Lake Travis. Embrey Partners, along with equity partners Case Pomeroy Properties and Six Pines Realty LLC, developed the property. Frost Bank provided financing for the project. Embrey Management Services manages the complex.
COMFORT, TEXAS — Dougherty Mortgage LLC has arranged a $2.6 million loan for the refinancing of Guadalupe Crossing, a 68-unit multifamily property in Comfort, a city about 45 miles northwest of San Antonio. The loan includes a term of 10 years. Located at 580 Sunflower Lane, the community offers one- to three-bedroom apartments, as well as amenities such as a swimming pool, clubhouse, fitness center and laundry facility. The Dallas office of Dougherty Mortgage secured the loan on behalf of the borrower, Comfort Guadalupe Crossing Apartments LP.
SAN DIEGO – The seven-unit Casa Rosada Apartments in the San Diego submarket of La Jolla has sold to La Jolla Casa Rosada LLC for $2.2 million. The community is located at 6241-6253 La Jolla Blvd. in the city’s Upper Hermosa neighborhood. The LLC was represented by Gary B. Urtiaga of Apartment Realty Group. The seller, the Estate of Eileen Gambs, was represented by Robert Vallera and Matt Kennedy of Voit’s San Diego office.
MOUNDS VIEW, MINN. — Construction has begun on a new three-story seniors housing community in Mounds View approximately 13 miles north of Minneapolis. The Bel Rae will be a 97-unit apartment building located at 2330 County Highway 10. The 105,000-square-foot senior community designed by Minneapolis-based Kaas Wilson Architects is scheduled for completion in March 2015. Nottingham Construction of Stillwater, Minn. is building the $14 million project. Mounds View Properties is the project developer. The new development will include independent living, assisted living and memory care apartments. The property will feature state-of-the-art monitoring and reporting technology, overnight guest rooms, underground parking, a community room, and a high-end, restaurant-quality dining room with meals prepared on-site for the residents. In addition, the senior community will provide an activities director and a full-time nurse who is on call 24 hours a day. Ebenezer Management Services will manage the property.
MIAMI — ZOM, a luxury multifamily real estate developer, has purchased a parking lot site at 80 S.W. 8th St. in Miami’s Brickell neighborhood for approximately $16.8 million. ZOM plans to develop a 46-story, 420-unit luxury high-rise apartment tower at the site. The property will be located on the block between the $1.05 billion Brickell CityCentre project and Mary Brickell Village. Construction on the project will begin late in the fourth quarter of 2014.
CHATTANOOGA, TENN. — Steadfast Income REIT Inc. has purchased Reserve at Creekside Village, a 192-unit apartment community in Chattanooga. The apartment property, built in 2004, was 91 percent occupied at the time of the sale. The one-, two- and three-bedroom units average 1,100 square feet and rent for an average $965 per month. The community’s amenity package includes a fitness center, swimming pool, hot tub, dog park, clubhouse and barbecue grilling areas. The asset is Steadfast’s first acquisition in Chattanooga and its fourth in Tennessee. The transaction, along with the REIT’s purchase of an apartment community in Dallas, totaled $42 million.
LOUISVILLE, KY. — Marcus & Millichap has arranged the $2.3 million sale of Crawford Crossing, a 30-unit apartment community at 6800 Crawford Crossing in Louisville. Aaron Johnson of Marcus & Millichap’s Louisville office represented the seller, a local developer, in the transaction.
SOUTHFIELD MICH. — Bernard Financial Group has arranged a $5.2 million CMBS loan for Claymoor Luxury Apartments in Southfield. The multifamily property, located at 29260 Franklin Road, consists of 133 units. Dennis Bernard and Kevin Kovachevich of Bernard Financial originated the loan on behalf of the borrower, Claymoor Properties LP. Bernard Financial, a mortgage banking firm representing several life insurance companies and conduits in Michigan, will provide full servicing for this loan.
LACONIA, N.H. — NAI Norwood Group has arranged the $4.9 million sale of Lakeshore Estates in Laconia, a city located 44 miles south of Manchester. The garden-style apartment complex includes four buildings, totaling 120 units and spanning 118,032 square feet. Andy Fleisher represented the seller, a long-time owner, and assisted the buyer in the sale. The property was 93 percent leased at the time of the sale. Andre Tremblay of Franklin Savings Bank in Bedford, N.H., handled the lead financing. Sugar River Bank provided secondary financing. Andrew Prolman, an attorney with Prunier & Prolman P.A., assisted the buyer in the transaction.