TOMBALL, TEXAS — Colliers has arranged the sale of Oak Bend Place, a 152-unit apartment complex in the northern Houston suburb of Tomball that was originally built in 1984. According to Apartments.com, the property offers two-bedroom units that range in size from 834 to 907 square feet and amenities such as a pool, pet play area and outdoor grilling and dining stations. Chip Nash, Bob Heard, Kitty Wallace and Jaleel Adatia of Colliers represented the seller, Alphil Investments, in the transaction. The buyer was not disclosed.
CASTLE ROCK AND DENVER, COLO. — The Garrett Cos. has completed the sale of a two-property multifamily portfolio, totaling 434 apartments, to affiliates of Harbor Group International for $132.5 million. The portfolio includes The Prospector Modern Apartments at 3360 Esker Circle in Castle Rock and Ladora Modern Apartments at 18590 E. 61st Ave. in Denver. Prospector features 238 one-, two- and three-bedroom floorplans averaging 1,013 square feet, and Ladora offers 196 one-, two- and three-bedroom floorplans with an average apartment size of 1,024 square feet. Both assets were built in 2023 and are approaching lease up. Community amenities at the properties include resort-style pools, fitness centers, mail and package services, and pet parks and spas. Terrance Hunt, Shane Ozment, Andy Hellman and Justin Hunt of CBRE’s multifamily investment properties team in Denver represented the seller. Shawn Rosenthal, Jason Gaccione and Jake Salkovitz of CBRE’s New York office, along with Brady O’Donnell and Jill Haug of CBRE’s Denver office, arranged acquisition financing for the buyer.
DANVILLE, CALIF. — JLL Capital Markets has arranged $51.1 million in construction financing for a 50-unit active adult condominium development in Danville, located in the San Ramon Valley east of the Bay Area. Matt Cimino and Jordan Angel of JLL represented the borrowers, Jeff Stone of Diamond Construction and three high-net-worth individuals, in securing the financing from a Southern California-based lender. Located at 375 W. El Pintado, the development will feature 13 one-bedroom, 29 two-bedroom and eight three-bedroom condominium-style units. Community amenities include a lounge, game area, library, rooftop terrace with bocce ball, firepits, barbecue and fitness center. Slated for delivery in 2025, the project is restricted to residents age 55 and older.
FRAMINGHAM, MASS. — Marcus & Millichap has brokered the $16.5 million sale of Rose Garden Apartments, a 72-unit multifamily complex located in the western Boston suburb of Framingham. The three-story building houses a mix of studio, one- and two-bedroom units, 21 of which were recently renovated. Evan Griffith, Tony Pepdjonovic and Jeremy Buckley of Marcus & Millichap represented the seller and procured the buyer, both of which requested anonymity, in the transaction.
OAK PARK, ILL. — Interra Realty has arranged the $1.4 million sale of a 19-unit apartment building in the western Chicago suburb of Oak Park. The four-story property on North Austin Boulevard comprises 15 one-bedroom units and four two-bedroom residences. Originally built in 1940, the asset has been partially updated. A recent fire impacted six units, which the new owner plans to fully gut and upgrade. The property was 85 percent occupied at the time of sale. Patrick Kennelly and Paul Waterloo of Interra represented the undisclosed buyer and seller.
MANOR, TEXAS — KeyBank has provided $87.8 million in financing for Cantarra Apartments, a 325-unit mixed-income project that will be located in the northeastern Austin suburb of Manor. Approximately half (166) of the units will be reserved for renters earning 60 percent or less of the area median income (AMI), and the remainder will be earmarked for households earning 120 percent or less of AMI. Amenities will include three courtyards, two fitness rooms and a spin room, mail and parcel rooms, bike storage space and pet play and wash areas. Jeremiah Drake and Hector Zuñiga Jr. of KeyBank originated the financing, which consists of a $41.6 million construction loan and a $46.2 million forward commitment for Freddie Mac permanent financing upon stabilization of the property. The borrower and developer is Austin-based JCI Residential.
HOUSTON — California-based investment firm Sunstone Two Tree has acquired Villas Del Paseo, a 384-unit apartment community in Houston’s Westchase neighborhood, for $28.9 million. Built in 1978, the market-rate property offers one-, two- and three-bedroom units and amenities such as a pool, fitness center, playground, business center, package services and outdoor grilling and dining stations. Mark Saunders of Newmark represented the seller, Comunidad Partners, in the transaction. The new ownership plans to invest about $10.5 million in capital improvements. Unit interiors will receive new flooring, counters, lighting, appliances and cabinetry. Building exteriors will be upgraded with new paint, roofing, lighting, landscaping and signage. Sunstone will also repair balconies and parking lots, update the clubhouse and pool and add dog parks.
HOUSTON — Austin-based developer OHT Partners has broken ground on a 293-unit multifamily project in Houston’s Lazybrook/Timbergrove area. Lenox Timbergrove will be a five-story building that will house studio, one- and two-bedroom units ranging in size from 500 to 1,500 square feet. Residences will be furnished with stainless steel appliances, quartz countertops and various pieces of smart-home technology. Amenities will include a pool, outdoor kitchen and dining areas, a coworking lounge, indoor pet spa and an artificial turf lawn for games. Completion is slated for late 2025.
READING, PA. — An affiliate of Pennsylvania-based developer Mediplex Property Group has opened a 365-bed residence hall that will serve students at Albright College in Reading, located about 65 miles northwest of Philadelphia. The five-story, 135,000-square-foot building sits on a four-acre site adjacent to campus and features suite-style residences consisting of single and double rooms, as well as lounge areas on every floor. Mediplex developed the property, which according to local news sources is known as Lion Hall, in partnership with Albright College.
DES MOINES, IOWA — Eastham Capital and ARTISAN Capital Group (ACG) have purchased Wakonda Village in Des Moines for $26.9 million. At 382 units, the multifamily property is the largest in metro Des Moines, according to the buyers. South Florida-based Eastham invested in the deal through its current fund, Eastham Capital Fund VI LP. ACG co-invested with Eastham and will oversee day-to-day management of the asset. Wakonda Village is 96 percent occupied, and rents average $813 per month. The previous owners upgraded the interiors of 201 units and added amenities. ACG plans to improve the unrenovated units and implement a utility billback program. Constructed in phases between 1951 and 1977, Wakonda Village is located at 1800 Watrous Ave. and consists of one- and two-bedroom units ranging from 530 to 660 square feet.