CHICAGO — Wells Fargo’s Multifamily Capital group has arranged $145 million in construction take-out financing for Porte Apartments, a 586-unit apartment complex in Chicago’s West Loop. Intercontinental Real Estate Corp. was the borrower. The five-year loan features a fixed interest rate. Situated at 845 W. Madison St., Porte Apartments was built in 2020. Units range from 557 to 1,396 square feet. Amenities include a pool, resident lounge, fitness center, work-from-home stations, dog wash areas and private gaming areas. Ten percent of the units are designated as affordable and are set aside for residents making less than 60 percent of the area median income.
SHEBOYGAN, WIS. — Charter Senior Living has partnered with DMK Development Group and American Cos. to build a new senior living community in Sheboygan, about 57 miles north of Milwaukee. Charter Senior Living of Sheboygan, in conjunction with Van Horn Real Estate, will be located within the North Town master-planned development. It will offer a total of 175 senior apartments in a variety of floor plans, including 108 independent living units, 46 assisted living units and 21 memory care suites. Development costs are estimated at $50 million. Construction is expected to begin in spring 2024.
KANSAS CITY, MO. — Marcus & Millichap has brokered the sale of The Gabriel, a 13-unit apartment property in Kansas City. The sales price was undisclosed. The asset consists of one building at 535 Gladstone Blvd. and a vacant building at 531 Gladstone Blvd. Aaron Kuroiwa, Jack Beckett and Jacob Carroll of Marcus & Millichap represented the seller, a private investor. The team also secured and represented the buyer, an individual trust. The buyer was interested in the opportunity to renovate the vacant building, according to the brokerage.
MIAMI — Avison Young has brokered the $38 million sale of a 7.9-acre multifamily development site located at 1556 110th Ave. in Miami. The site is approved for a 690-unit, 10-story project, dubbed Dolphin Square. David Duckworth, Michael Fay, John Crotty, Brian de la Fé and Wayne Schuchts of Avison Young arranged the transaction on behalf of the seller, Boca Raton, Fla.-based Procacci Development Corp. Leo A Daly designed the current site plan for the project, which is located near Dolphin Mall.
FORT WORTH, TEXAS — Locally based general contractor KWA Construction has topped out The Settler Apartments, a 362-unit multifamily project in Fort Worth. Designed by Hensley Lamkin Rachel and developed by Toll Brothers, Settler Apartments will be a four-story structure that will wrap around a five-story precast parking garage. Units will come in one-, two- and three-bedroom floor plans. Amenities will include a pool, fitness center, outdoor grilling and dining stations, clubroom, dog run and a conference center. Full completion is slated for this fall.
TAMARAC, FLA. — ANF Group has completed the construction of Eden West, a 212-unit multifamily community in Tamarac. The firm completed the construction on behalf of the developers, EDEN Multifamily and Sterling Equities. Located at 8601 West McNab Road, the property features apartments in one-, two- and three-bedroom layouts, ranging from 598 to 1,388 square feet. Amenities at the community include a saltwater pool, fitness center, club room, veranda with an outdoor kitchen, game room and coworking spaces. The property also includes 300 parking spaces and electric vehicle charging stations.
HUNTERSVILLE, N.C. — The Connor Group has acquired The Alcove at Birkdale Village, a 314-unit apartment community located in Huntersville, roughly 20 miles outside of Charlotte. The property features units in one-, two- and three-bedroom layouts. Monthly rents at the property begin at $1,299, according to the community website. This marks the third property in the Charlotte submarket for the Ohio-based buyer. The seller and sales price were not disclosed.
CORPUS CHRISTI, TEXAS — Northmarq has brokered the sale of Coral Cay Apartments, a 109-unit multifamily property in Corpus Christi. Built in 1970, the property features an average unit size of 955 square feet and was 97 percent occupied at the time of sale. Sparkle Asset Management sold the property to an affiliate of SPV Property Management for an undisclosed price. Zar Haro, Moses Siller, Bryan VanCura and Phil Grafe of Northmarq represented both parties in the transaction. Cheryl Higley, also with Northmarq, arranged acquisition financing for the deal.
AMSTERDAM, N.Y. — A public-private partnership between the State of New York and 3D Development Group has completed renovations of New Amsterdam Apartments, a 116-unit affordable seniors housing complex located about 35 miles northwest of Albany. Residences in the 12-story building are reserved for households with incomes at or below 80 percent of the area median income and with at least one household member aged 55 or older. The scope of renovations included asbestos abatement, the modernization of elevators and replacement of fire alarms, as well as the installation of new common doors, energy-efficient hot water boilers, LED light fixtures and cast iron sanitary lines. Unit interiors were also upgraded with Energy Star-rated appliances and fixtures.
NEW YORK CITY — Locally based brokerage firm Stav Equities LLC has negotiated the $2.5 million sale of a vacant, four-story multifamily property located at 1362 Pacific St. in the Crown Heights area of Brooklyn. Andrew Levine, Josh Lipton and Jax Hindmarch of Invictus Property Advisors collaborated with Jacob Stavsky of Stav Equities LLC to execute the off-market transaction. The buyer and seller were not disclosed.