FAIR OAKS, CALIF. — Berkadia has arranged $44.5 million in refinancing for The Fountains of Fair Oaks, a garden-style apartment property in Fair Oaks, a suburb east of Sacramento. The borrower is The Ezralow Co. Allan Freedman of Berkadia Los Angeles secured the five-year loan, which features five years of interest-only payments, through Freddie Mac. Located at 4800 Sunset Terrace, The Fountains of Fair Oaks features 270 units with electric heaters, hardwood-inspired flooring, contemporary cabinets, patios or balconies, stainless steel appliances, high-speed internet access, microwaves and central heating and air conditioning. Select units offer closets, fireplaces, washers/dryers and storage on the patios. Community amenities include a clubhouse, spa, fitness center, bike rooms, a basketball court, tennis court, 24-hour parcel room, large decks with barbecues and a fire pit, a lounge, 24/7 resident payment portal, gardens with courtyards, a courtesy patrol, business center, controlled access and six laundry facilities. The pet-friendly community was built in 1976 and fully renovated in 2012.
BURIEN, WASH. — Stratford Square LLC has completed the disposition of Stratford Square Apartments, a 32-unit multifamily property in Burien, approximately 10 miles south of Seattle. A local family operator acquired the asset for $7.3 million. Located at 12707-12733 13th Lane SW, Stratford Square Apartments features three three-story, garden-style buildings, each offering eight two-bedroom/1.5-bath units approximately 1,000 square feet in size, and four duplexes with two-bedroom/1.5-bath townhome-style units featuring parking garages. Originally built in 1988, the property offers covered and uncovered on-site parking, in-unit washers/dryers, dishwashers, fireplaces and balconies in most units. Jacob Odegard, Dan Chhan, Tim McKay, Dylan Roeter and Matt Kemper of Cushman & Wakefield represented the buyer, while Jon Breiner and Nick Hemming of Paragon Real Estate Advisors represented the seller in the transaction.
AIRWAY HEIGHTS, WASH. — Kidder Mathews has brokered the sale of The Autumn Leaf Furnished Apartments, located at 12911 W. 13th Ave. in Airway Heights, a suburb west of Spokane. The property traded for $3.6 million. Max Frame of the Simon and Anderson team at Kidder Mathews represented the undisclosed seller in the deal. The name of the buyer was also not released. Built in 2017, The Autumn Leaf features 24 units.
LOS ANGELES — Landmark Properties has broken ground on The Standard at Los Angeles, a 1,284-bed student housing community located a few blocks south of the University of Southern California (USC) campus. The mid-rise apartment building will include the construction of 1,236 beds across 429 units, as well as the renovation of five existing townhomes that will comprise 48 beds. Landmark Construction, the in-house general contractor for Landmark Properties, is managing construction. HED designed the project. The property is slated to open in August 2026. Situated at the east side of the 160-acre Exposition Park, The Standard at Los Angeles will include a mix of floor plans ranging from studios to five-bedroom units. Residences will be fully wired for high-speed internet. Landmark says the amenity package at The Standard at Los Angeles will be one of the largest by square footage within its portfolio. Residents will have access to more than 60,000 square feet of indoor and outdoor amenity spaces. The rooftop will include a resort-style pool with a sun deck, Jumbotron and outdoor grilling stations. The clubhouse spaces will be anchored by a rooftop clubroom adjoining the 24-hour fitness center. Students will have access to multiple study lounges as …
BETHLEHEM, N.Y. — The NRP Group, a Cleveland-based multifamily developer, has broken ground on Selkirk Reserve, a 72-unit workforce housing project that will be located just south of Albany in Bethlehem. The property will consist of nine two-story residential buildings and a clubhouse building on a 15.6-acre site. Units will come in one-, two- and three-bedroom formats and will be reserved for renters earning between 30 and 60 percent of the area median income. NRP Group is developing the project in partnership with New York State Homes & Community Renewal and nonprofit organization Soldier On. Completion is slated for August 2025.
CHARLOTTE, N.C. — Madison Communities has obtained an $80 million loan for the construction of a multifamily community in the Lower South End (LoSo) neighborhood of Charlotte. Patterson Real Estate Advisory Group arranged the loan through META Real Estate Partners and Bank of America on behalf of Madison Communities. Situated adjacent to Olde Mecklenburg Brewery (OMB), the unnamed community will comprise 320 units and will include dedicated parking for brewery patrons. A timeline for the project was not disclosed. Additionally, parent company Madison Capital Group will relocate its corporate headquarters to a property directly next to OMB.
NASHVILLE, TENN. — Arizona-based Alliance Residential Co. has opened Broadstone Berry Hill, a 303-unit apartment community located at 2500 Bransford Ave. in Nashville. In addition to studio, one- and two-bedroom residences, the property features a soon-to-be-opened coffee shop and Second Story, A Private Office Collective, which comprises 19 private offices for rent. Amenities at Broadstone Berry Hill include a clubroom, sky lounge, fitness center, private focus rooms, a fenced pet bark, bike room with a repair station and two courtyards. One of the courtyards features a grilling area, miniature golf and a saltwater pool, and the other includes an outdoor TV lounge, fire pit and turf area for lawn games. The project team includes architect Dynamik Design and interior designer Mad Studio. Monthly rental rates range from $1,618 to $3,465, according to the property website.
LAKEWOOD, COLO. — Brixton Capital has acquired The Windsor, a townhome and apartment property in Lakewood, from Boston-based TA Realty for $124.2 million. The buyer plans to rebrand the community as Brixton Townhomes at Bear Creek and complete a comprehensive renovation to unit interiors and enhance common area amenities. Located at 8152 W. Eastman Place on 29 acres, The Windsor features 53 buildings totaling 392,000 square feet of leasable space. The property offers 352 units, averaging 1,115 square feet, with one- and two-car direct-access garages, in-unit washers/dryers and nine- to 10-foot ceilings. San Francisco-based Carmel Properties originally built the property, which offers a blend of single-family-style living at apartment rental rates. In collaboration with Greystar, Brixton’s third-party property management company, the firm will provide asset management for the property. Brixton Capital and TA Realty were both self-represented in the transaction.
LOS ANGELES — Greystar has completed the disposition of Cobalt Apartments, a multifamily community in the West Los Angeles-Culver City area of Los Angeles. The acquisition price was not released. Kevin Green, Joseph Grabiec and Gregory Harris of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller and procured the buyer, Hello Group, in the deal. Built in 2019, Cobalt Apartments offers 135 units with stackable washers/dryers, stainless steel appliances and vinyl-plank flooring. Select units have large private patios or balconies, walk-in closets and linen closets. Community amenities include a clubhouse, fitness center, heated pool and spa, two open-air lounges, gated covered parking and bike storage.
PORTLAND AND SALEM, ORE. — Deacon Development is nearing completion on three apartment properties, totaling 352 units, in Portland and Salem — Rivenwood, Merx and Paceline. CloudTen Residential will oversee all lease-up and management activities at the assets. Situated in Portland’s Slabtown submarket, the seven-story Merx will feature 126 studio and one-bedroom apartments ranging from 297 square feet to 453 square feet. Originally the site of Sylvia’s Grocery, which opened in 1884, Merx (short for mercantile) will offer a resident lounge, coffee bar, private outdoor terrace and rooftop deck, as well as ground-floor retail space. Pre-leasing is slated to begin this month with units ready for move-in late April 2024. Located at 1341 N. Killingworth St. in Portland, Paceline will feature 69 studio and one-bedroom apartments, ranging from 350 square feet to 460 square feet. All apartments will include in-unit washers/dryers, custom casework, quartz countertops and expansive windows. Community amenities will include package lockers, bike parking and a rooftop deck. Completion is scheduled for June 2024. The five-story Rivenwood, located at 420 Center St. NE in downtown Salem, will offer 157 studio, one- and two-bedroom apartments ranging from 370 square feet to 849 square feet. Apartments will include stainless steel …