MANSFIELD, TEXAS — Advenir, a multifamily investor and manager, has acquired Dolce Living at Mansfield, a 334-unit, Class A apartment community in Mansfield. Advenir branded the community as Advenir@Mansfield. The seller was the original developer, which completed the community in two phases in 2012. The property features a fitness center, internet cafe and resort-style swimming pool. Advenir plans to upgrade the interiors of some units to wood flooring, as well as adding fenced backyards to some units in order to appeal to residents with pets. Each unit includes custom cabinetry, stainless steel appliances and island-style kitchens with granite countertops. Will Balthrope and Drew Kile of Institutional Property Advisors represented the seller in the transaction. Advenir was self-represented. Braden Harmon of Berkeley Point Capital secured acquisition financing.
REDWOOD CITY, CALIF. — A joint venture between Lennar Apartment Communities and Resmark Apartment Living has announced plans to develop a 196-unit apartment building in downtown Redwood City. It will be located at the intersection of Main and Marshall streets. The development calls for seven stories of apartments atop 3,500 square feet of ground-floor retail space. Construction is set to commence in the first quarter of 2014 and is scheduled for completion in early 2016. The joint venture also recently broke ground on an apartment community in Tempe.
LOS ANGELES – A seven-property multifamily portfolio that spans throughout Northern and Southern California has received $174.3 million in financing. The portfolio contains a total of 1,561 units consisting of manufactured housing communities and apartment complexes. Three of these properties are located in Northern California, while four are in Southern California. Six of the properties were financed with full-term, interest-only loans. One was structured with a five-year, interest-only loan. Financing was arranged by Andrew Tapley of Walker & Dunlop.
PRESCOTT VALLEY, ARIZ. — The Terraces at Glassford Hill Apartments, a 226-unit luxury community in Prescott Valley, has sold to Bascom Arizona Ventures for $22.3 million. The community is located at 5700 Market Street. This is Bascom’s 11th acquisition in Arizona over the past 12 months. The firm plans to recapitalize the property. Financing was arranged by CBRE’s Brian Eisendrath and Brandon Smith. Steve Gebing and Cliff David of Marcus & Millichap represented both the buyer and the unnamed seller in this off-market transaction.
WINDERMERE, FLA. — DeBartolo Development has held the grand opening for The Retreat at Windermere, a $40 million, 332-unit multifamily community located two miles from Walt Disney World in Windermere. Phase I, which will be complete by the end of summer, will consist of 186 apartments in eight buildings along with a clubhouse. The first building and clubhouse opened July 1. Phase II, which will break ground immediately following Phase I completion, will include an additional 148 units in five buildings along with eight live-work units. Community amenities include a resort-stye pool with patio bar and poolside gas grills, a playground, dog park, and a lounge with a game room and business center.The Retreat at Windermere is the first phase of Summerport Village, a 196-acre mixed-use development that will ultimately include residential, retail and community areas.
WEST DES MOINES, IOWA — Rocket Transfer Lofts, a 58-unit, $8 million multifamily property located south of MLK Jr. Parkway in downtown Des Moines, has opened at full occupancy. Hubbell Realty Co. developed the historic property, which opened for occupancy June 30. Rocket Transfer Lofts features one- and two-bedroom lofts that include exposed wooden beams and brickwork, with contemporary paint schemes and fixtures. The lofts also feature high ceilings, large windows with city views, in-home washers/dryers and open kitchen and living areas. The community provides amenities, such as a community room, business center, 24-hour fitness center, cinema with surround sound, rooftop patio and on-site parking. Hubbell Construction Services built Rocket Transfer Lofts, which is managed by Hubbell Apartment Living.
NEW BRITAIN, CONN. — Chozick Realty Inc. has arranged the $4.7 million sale of Campus View Apartments, located at 1300-1412 East St. in New Britain, about nine miles southwest of Hartford. Campus View Apartments is a 63-unit student apartment complex located at the entrance to Central Connecticut State University. Steve Pappas of Chozick Realty marketed the property on behalf Campus View Apartments LLC and procured the buyer, Trinity Property Group LLC.
HOUSTON — Wood Partners has begun construction on Alta Westheimer, a 133-unit, 119,000-square-foot apartment building located at 9235 Westheimer Road in Houston. Leasing is expected to begin in April 2014. Good, Fulton & Farrell designed the project. The complex will house 15 studio units, 84 one-bedroom units and 34 two-bedroom units with 188 parking spaces. Select floor plans will include garages. The building will be close to Terry Hershey Park and several major local employers, including Phillips 66, Chevron, Halliburton, BP, Shell and ExxonMobil. Westplan Investors is the project’s equity partner, and Westheimer Builders LLC is the general contractor.
DALLAS — UC Funding LLC has provided a $4 million bridge loan for the acquisition and predevelopment of three contiguous vacant buildings totaling 47,100 square feet. The buildings are located on Elm Street in downtown Dallas. The proposed development will include 24 loft-style residential units with 17,600 square feet of ground floor and basement restaurant and retail space.
LOS ANGELES – A seven-property multifamily portfolio that spans throughout Northern and Southern California has received $174.3 million in financing. The portfolio contains a total of 1,561 units consisting of manufactured housing communities and apartment complexes. Three of these properties are located in Northern California, while four are in Southern California. Six of the properties were financed with full-term, interest-only loans. One was structured with a five-year, interest-only loan. Financing was arranged by Andrew Tapley of Walker & Dunlop.