ORANGE, CALIF. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Foxborough Apartments, a multifamily property in Orange. Irvine-based Advanced Real Estate acquired the asset, which will be rebranded as Grove House, for an undisclosed price. Built in 1964, the 23-building property features 90 garden-style apartments with garage parking, two swimming pools, a fitness center, storage space and a grilling area. The 1,200-square-foot apartments have wood-burning fireplaces, dishwashers, washers and dryers. Advanced plans to renovate the asset by the addition of central air conditioning, new windows, new cabinetry, flooring, appliances, large fenced-in patios, upgraded landscaping, a modern paint scheme, signage and pool enhancements. Kevin Green, Joseph Grabiec and Greg Harris of IPA represented the undisclosed seller and procured the buyer in the deal.
PALM SPRINGS, CALIF. — The Mogharebi Group (TMG) has arranged the sale of Sunnyview Villa Apartments, a garden-style multifamily community in Palm Springs. A California-based affordable housing investor acquired the property from California- and Utah-based private investor sellers for $11.2 million. Situated on 3.6 acres at 2900 N. Indian Canyon Drive, the property’s 44 two- and three-bedroom apartments are spread across seven two-story walk-up residential buildings. The affordable housing community is less than three miles from shopping, dining and entertainment opportunities in downtown Palm Springs. Otto Ozen of TMG represented the sellers in the deal.
SAN ANTONIO — Capital advisory firm David B. Norton Inc. has arranged $56 million in construction debt and joint venture equity for a 350-unit multifamily project that will be located roughly 17 miles northwest of downtown San Antonio. The property will comprise 17 buildings that will house an array of floor plans and Class A amenities. A regional bank provided the loan. The borrower was a joint venture between a locally based developer and an institutional investment firm with offices in New York and Florida. All of these parties requested anonymity.
ARLINGTON, TEXAS — National multifamily advisory firm GREA has brokered the sale of Blakely Apartment Homes, a 192-unit multifamily complex in Arlington. According to Apartments.com, the property was built in 1981, features one- and two-bedroom units ranging in size from 575 to 950 square feet and offers amenities such as a pool, fitness center and onsite laundry facilities. Mark Allen of GREA represented the seller, Ashland Greene Capital, in the transaction and procured the undisclosed, locally based buyer.
HACKENSACK, N.J. — Locally based developer Garden Communities has begun leasing The Jefferson, a 377-unit apartment community located outside of New York City in Hackensack. Designed by Minno & Wasko Architects & Planners, The Jefferson features one- and two- bedroom units ranging in size from 735 to 1,598 square feet, with most residences offering private balconies/patios. Communal amenities include a pool, fitness center, business center, private bowling alley, a billiards and entertainment room, golf simulator, children’s playroom, outdoor grilling and dining areas and a dog park. Rents start at $2,240 per month for a one-bedroom apartment.
MIDDLETON, WIS. — Greywolf Brokerage, a division of Greywolf Partners Inc., has brokered the $4 million sale of Pheasant Branch Senior Apartments in Middleton, a suburb of Madison. The 45,166-square-foot building contains 47 units. The property was fully occupied at the time of sale and sold slightly above the listing price. Dawn Davis of Greywolf represented the seller. Buyer and seller information was not provided.
ST. PAUL, MINN. — Grandbridge Real Estate Capital has arranged a $2.5 million Freddie Mac loan for the acquisition of a 32-unit multifamily property in St. Paul. Jeff Witt and William Perry of Grandbridge arranged the loan, which features a 30-year amortization schedule and interest-only payments for a portion of the term. The borrower was undisclosed.
ST. LOUIS — Tegethoff Development has completed Expo at Forest Park, a $90 million transit-oriented apartment development in St. Louis. The project is adjacent to the Forest Park-DeBaliviere MetroLink Station in the historic Skinker-DeBaliviere neighborhood. Expo at Forest Park includes two buildings with 287 units, along with parking, amenities and 30,000 square feet of retail space. The north building opened in August, while the south building will open in the next few weeks. More than half of the new residents do not own cars, according to Tegethoff. Bi-State Development operates the Metro Transit system that serves eastern Missouri and southwestern Illinois. Bi-State has worked to create a safer, more secure public transit system. Trivers assisted in architecture, planning, urban design and interiors for Expo at Forest Park. Trivers collaborated with associate architect HOK and general contractor Brinkmann Constructors.
DALLAS, GA. — Berkadia Institutional Solutions has arranged the sale of Hardy Springs, a 149-unit build-to-rent, active adult community located in the northwest Atlanta suburb of Dallas. Charleston-based Blaze Partners purchased the single-family neighborhood, which is age-restricted for households age 55 and up, for $47.8 million. Russ Hardy of Berkadia’s Atlanta office and Brooks Minford and Simona Wilson of Berkadia’s Seniors Housing & Healthcare team represented the seller, Georgia-based Highlands Residential, in the transaction. John Bray, also from Berkadia’s Atlanta office, originated an undisclosed amount of Fannie Mae acquisition financing on behalf of Blaze. Hardy Springs features one- and two-bedroom floor plans with walk-in closets, private garages and private patios or balconies. Community amenities include a clubhouse, fitness center and barbecue area. The property is situated near Wellstar Paulding Hospital, AMC Hiram 14 and Lost Mountain Park.
MAPLEWOOD, MO. — Holland Construction Services has completed Phase II of the Sunnen Station apartment complex in Maplewood, a western suburb of St. Louis. Phase II encompasses a four-story, 121-unit building with an attached 61,000-square-foot parking garage with 187 spaces. The Sunnen Family developed the project in conjunction with Cozad Commercial Real Estate. Tim Sandweg was the architect. Phase I of Sunnen Station, which Holland completed in 2017, is fully leased. Monthly rents start at $960 for studios.