RICHMOND, VA. — Berkadia has brokered the sale of Belmont Hills, a 651-unit multifamily community located at 4037 Lamplighter Drive in Richmond. A joint venture led by locally based Levco Management acquired the property for an undisclosed price. Carter Wood, Drew White and Cole Carns of Berkadia represented the seller, Virginia-based Weinstein Properties, in the transaction. The property features apartments in one-, two- and three-bedroom floorplans. Amenities include a swimming pool, dog park, fitness center, clubhouse and a business center. Patrick McGlohn, Brian Gould, Miles Drinkwalter and Hunter Wood of Berkadia also secured Freddie Mac financing and sourced limited partner equity from an undisclosed party on behalf of the buyer.
VIRGINIA BEACH, VA. — Ease Capital has provided $32 million in financing for the acquisition and renovation of Dove Landing Apartments, a 318-unit multifamily community located in Virginia Beach. Community Investment Group (CIG) is the borrower. Barclay Lynch of Ease Capital originated and structured the three-year, full-term interest-only, non-recourse debt. Patrick McGlohn and Brian Gould of Berkadia secured the financing on behalf of CIG. Situated on 16.7 acres about six miles from Norfolk International Airport, Dove Landing Apartments comprises 240,880 square feet across 12 buildings. CIG plans to implement a $3.2 million capital improvement program at the property, with renovations to 155 units and upgrades throughout the community. Planned improvements include repairs to parking lots and building exteriors, as well as upgrades to landscaping and common areas including the pool area and playgrounds. Prior to the purchase, 71 units at the property were renovated. The seller and sales price were not disclosed.
BRIDGEPORT, CONN. — Northeast Private Client Group (NEPCG) has brokered the $4 million sale of two apartment buildings totaling 38 units in the southern coastal Connecticut city of Bridgeport. Beers Apartments has 18 units, and Wayne Studios has 20 units. Brad Balletto, Rich Edwards, Bob Paterno and Jeff Wright of NEPCG represented the seller and procured the buyer, both of which requested anonymity, in the transaction.
CHICAGO — Berkadia Institutional Solutions has brokered the sale of Mondial River West, a 141-unit luxury apartment tower in Chicago’s River West neighborhood. Barings sold the property for $42 million, down from the $57.5 million that it paid for the asset a decade ago, according to Crain’s Chicago Business. The newspaper reports that Illinois-based Exposition Capital was the buyer. Pete Evans and Richard Evans of Berkadia represented the seller. Located at 910 W. Huron St., the 15-story building was constructed in 2009. Units average 1,088 square feet. The property is situated near Bally’s $1.7 billion casino project.
ST. PAUL, MINN. — JLL has arranged the sale of The Cosmopolitan Apartments in St. Paul’s Lowertown neighborhood for an undisclosed price. The 258-unit multifamily building has an estimated market value of about $45 million, according to the Minneapolis/St. Paul Business Journal. Formerly the Finch, Van Slyck and McConville Dry Goods Co. building, The Cosmopolitan Apartments was originally a Neoclassical building from 1911 that was transformed into apartments in 1989. Since then, the eight-story building has undergone $8 million in upgrades. The property features studio, one- and two-bedroom floor plans averaging 805 square feet. Amenities include a fitness center, spin/yoga room, internet lounge, barbecue and picnic area, fire pit, media room, clubhouse, courtyard and bocce court. Josh Talberg, Mox Gunderson, Dan Linnell, Adam Haydon and Devon Dvorak of JLL represented the seller, AEW Capital Management. Ken Dayton and Pat McMullen of JLL originated Fannie Mae acquisition financing on behalf of the buyer, Bigos Management. Will Tansey of law firm Felhaber Larson represented Bigos.
CENTENNIAL, COLO. — Headwaters Group has broken ground on Aspendale Centennial, an active adult community in Centennial, a southern suburb of Denver. The property will feature 172 age-restricted units in a four-story, 203,653-square-foot building. Live Oak Bank provided construction financing, and a programmatic institutional equity partner provided equity. “This is a meaningful project, as it will be our first ground-up development since Headwaters Group’s inception in 2022,” says Ben Burke, managing partner at Headwaters Group. The focal point of the community will be a two-story clubhouse featuring 9,757 square feet of internal community amenity space. Construction is set to begin later this month, with pre-leasing starting in October 2024. Headwaters expects to deliver the first units in August 2025. Headwaters Group has three additional development sites under control in Colorado and four in Arizona, with plans to start projects on all four over the next 24 months. In 2023, Headwaters Group acquired an age-restricted apartment community in Salt Lake City.
SAN DIEGO — Thorofare Capital has provided $26 million in lease-up bridge financing for an apartment property located in San Diego’s Point Loma neighborhood. The newly built property features 82 apartments with best-in-class finishes and amenities. Felix Gutnikov, David Perlman, Andrew Kim and Jonathan Hart of Thorofare Capital secured the loan that features a one-year initial term plus extensions. Further details on the borrower and property were not disclosed.
LAKEWOOD, COLO. — Capstone has brokered the sale of The Ridge at 285, a multifamily property located at 3490 S. Carr St. in Lakewood. The asset traded for $5.4 million. The names of the seller and buyer were not released. Constructed in 2020, the property features 12 townhome-style, three-bedroom/two-and-a-half bath apartments. All apartments feature stainless steel appliances, in-unit washers and dryers, and attached garages. Christian Burgdof and Sean Holamon of Capstone handled the transaction.
MAUMELLE, ARK. — Health Dimensions Group (HDG) has opened Mira at Maumelle, which the developer asserts is the first senior living community in the Little Rock suburb of Maumelle. Mira at Maumelle provides independent living, assisted living and memory care services. The number of units was not disclosed. HDG manages the property, bringing its portfolio to 48 communities in eight states.
AUSTIN, TEXAS — A partnership between nonprofit developer The NHP Foundation, Capital A Housing and the Austin Housing Finance Corp. has broken ground on Seabrook Square, a 204-unit affordable housing project in East Austin. Units will be reserved for households earning 60 percent or less of the area median income, and Seabrook Square will also house 3,000 square feet of commercial space. Financing for the project includes a $40 million tax-exempt bond issued by the City of Austin; $32.3 million in 4 percent Low-Income Housing Tax Credit (LIHTC) equity syndicated by Boston Financial; $13.5 million in subordinate debt financing from the Austin Housing Finance Corp.; and a $3.4 million construction loan from Citibank. Completion is slated for late 2025.