FOND DU LAC, WIS. — Marcus & Millichap has negotiated the $2.4 million sale of St. Peter’s Place, a 46-unit apartment building in Fond du Lac, a city in eastern Wisconsin that is about 60 miles northwest of Milwaukee. Built in 1925 and renovated in 2009, the property features 27 one-bedroom units and 19 two-bedroom units averaging between 652 and 871 square feet. Matthew Whiteside of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company, and procured the buyer, an individual trust.
PHOENIX — Concord Wilshire Capital and TLG Investment Partners, in partnership with Carl DeSantis’ CDS International Holdings Inc., have completed the acquisition of the Metrocenter Mall in Phoenix. The development group has formed a strategic alliance with Hines, an international real estate firm, to redevelop and repurpose the Metrocenter Mall into a walkable village that will be home to apartments, condominiums, curated boutiques, popular retail stores, restaurants, bars, a town-center park and other commercial and entertainment venues. The property spans approximately 64.2 acres of land in a Qualified Opportunity Zone. The plans for the village include over 2,600 multifamily units, 150,000 square feet of commercial space and 4,100 surface and garage-deck parking spaces. The development team has also signed agreements with the City of Phoenix for a public-private partnership for public improvements. The purchase includes both the Dillard’s building and U-Haul building, which formerly housed a Macy’s. Developers confirmed the planned $850 million redevelopment of the property will begin immediately. The redeveloped Metrocenter will be designed as a transit-oriented community, encompassing the city’s new light rail station currently under construction on the site. The City of Phoenix invested approximately $150 million to build the station, which is scheduled for completion …
LEXINGTON, KY. — The Kirkland Co. has brokered the sale of Shillito Park Apartments, a 216-unit multifamily development located in Lexington. Built in 1990, the community features floorplans in one- and two-bedroom layouts and amenities including a saltwater pool, clubhouse with a movie theater, recreation room, fitness center and a laundry room. An entity doing business as Shillito HT LLC purchased the property from a seller doing business as Shillito Park LLC for an undisclosed price. Brandon Wilson, Brian Devlin and John Seale of Kirkland arranged the sale.
GEORGETOWN, TEXAS — Locally based firm Novak Commercial Development has acquired a six-acre tract in the northern Austin suburb of Georgetown for the development of a 300-unit multifamily project. The site is located within The Commons at Rivery mixed-use development, which will include 45,000 square feet of retail space, as well as open green space. Alex Makris of Partners, the Houston-based investment and brokerage firm formerly known as NAI Partners, internally represented the seller in the land deal. Kevin Murphy of Partners represented Novak Commercial. Completion is slated for 2025.
HOUSTON — CBRE has negotiated the sale of The Village at River Oaks, a seniors housing community in the River Oaks neighborhood of Houston that offers independent living, assisted living and memory care services. A partnership between Harrison Street and Bridgewood Property Co. sold the asset to a fund affiliated with Blue Moon Capital Partners. The sales price and number of units were not disclosed. John Sweeny, Aron Will, Garrett Sacco and Scott Bray of CBRE brokered the deal. CBRE also arranged a seven-year, floating-rate acquisition loan that carried 48 months of interest-only payments through a regional bank.
NEW YORK CITY — California-based investment firm Avanath Capital Management has purchased 7 Dekalb, a 251-unit apartment building in Brooklyn, for $101.2 million. The 18-story building, which features mix of market-rate and affordable housing units, is located within the City Point mixed-use development. Amenities include a fitness center, rooftop deck, children’s play area, tenant lounge and a cinema room. Newmark represented the seller, The Brodsky Organization, in the transaction. Avanath plans to introduce new social services programs for residents, including afterschool care, professional development workshops and health classes.
ANN ARBOR, MICH. — Archway Capital has provided a $4 million loan for the refinancing of a three-property student housing portfolio serving the University of Michigan in Ann Arbor. The portfolio totals 60 units. The borrower has owned the portfolio for more than 40 years. The two-year loan features a 50 percent loan-to-value ratio.
LAS VEGAS — Pembrook Capital Management has provided a $27.6 million first mortgage bridge loan and a $10.6 million preferred equity investment for the acquisition and renovation of 127 apartment units located at 1455 E. Katie Ave. in Las Vegas. The name of the borrower was not released. The Valencia Apartments complex features 21 two-story buildings offering a total of 227 units spread across 10.5 acres. Pembrook’s financing allows for the purchase of 127 units (56 percent of the property), including 72 one-bedroom, 49 two-bedroom and six three-bedroom apartments. The financing also provides funds to acquire the additional units over the next 27 months. Upgrades to the units include new flooring, kitchen hardware, lighting and plumbing, as well as the installation of stainless steel kitchen appliances and in-unit washers/dryers. Common-area improvements include modernizing the clubhouse, sports facilities and pool, while providing new fitness equipment for the gym.
WASHINGTON, D.C. — Crescent Communities has broken ground on NOVEL 14th Street, a multifamily development located at 2601 14th Street NW in Washington, D.C. Upon completion, the project will feature 197 units in studio, one- and two-bedroom layouts. Amenities at the property will include a Land of a Thousand Hills Coffee & Social location, rooftop pool and clubhouse, ground-level courtyard, fitness center, coworking space and a library. The first residences are scheduled for completion in early 2025. Hord Coplan Macht is serving as architect on the project, with Streetsense providing interior design. Vika Capitol is delivering civil engineering services, Lee and Associates Inc. is providing landscape architecture and J. Moriarty & Associates is acting as general contractor.
NORTH LAS VEGAS, NEV. — San Diego-based MG Properties has acquired Tribeca North Apartment Homes in North Las Vegas from The Bascom Group for $81 million. Tribeca North features 312 apartments with available garages and resort-style amenities in a low-density community design. Spencer Ballif, Adam Schmitt and Jannie Mongkolsakulkit of CBRE represented the seller. Bryan Frazier and Blake Hockenbury of Walker & Dunlop secured a Fannie Mae loan for the property.