MIAMISBURG, OHIO — Northmarq has arranged a $6.3 million loan for the refinancing of Miamisburg Estates in suburban Dayton. The apartment complex consists of 142 units across 13 buildings. Amenities include a media center, laundry facilities and trash pickup. Noah Juran of Northmarq arranged the seven-year loan, which features a 30-year amortization schedule. An agency lender provided the loan. The undisclosed borrower purchased the property in two phases in 2019 and 2021.
FORT WORTH, TEXAS — A partnership between two private equity firms, Los Angeles-based Cottonwood Group and Dallas-based Texsun Holdings, has purchased a two-property multifamily portfolio totaling 480 units in Fort Worth. The properties, Woodstone and Bridge Hollow, both offer one- and two-bedroom units. The new ownership plans to implement a $5 million capital improvement plan across both assets. The seller and sales price were not disclosed.
HOUSTON — New York City-based investment firm Olive Tree Holdings will undertake a $25 million renovation of The Life at Grand Oaks, a 556-unit affordable housing community in Houston. Built in 1982, the property offers one- and two-bedroom units that are reserved for households earning 60 percent or less of the area median income. Units will be outfitted with new flooring, countertops and fixtures, and the property’s HVAC systems will be upgraded. Olive Tree also plans to refresh the amenity spaces, which include a pool, playground, clubhouse and a computer room. Completion is slated for mid-2023.
NEW YORK CITY — Meadow Partners, an investment firm with offices in New York and London, has purchased an 89-unit multifamily property in Manhattan’s East Village for $58 million. The adjacent buildings at 305 E. 11th St. and 310 E. 12th St. were originally constructed in 1940 and are connected by an 11,000-square-foot courtyard. Units come in studio, one- and two-bedroom floor plans. An affiliate of Cerberus Capital Management provided debt financing to support the acquisition.
JAMESTOWN AND FREWSBURG, N.Y. — Dwight Mortgage Trust has provided a $27 million bridge loan for the acquisition of a portfolio of four seniors housing properties totaling 293 beds in Western New York. The facilities are located in Jamestown and Frewsburg and offer memory care and assisted living services. Dwight’s Josh Levin originated the financing on behalf of the borrower, Culture Care Senior Living.
FORT MYERS, FLA. — SRS Real Estate Partners has brokered the sale of a single-tenant, 75-bed skilled nursing facility located at 13960 Plantation Road in Fort Myers. An entity doing business as Plantation Medical Center SNU LLC sold the property to a private 1031 investment firm based in New York City for $46.7 million. Patrick Nutt and William Wamble of SRS’ National Net Lease Group represented the seller in the off-market transaction, and Jason Maier of Stan Johnson Co. represented the buyer. Built in 2018, the 57,650-square-foot property is situated adjacent to the Gulf Coast Medical Center and is occupied by Lee Memorial Health System’s Gulf Coast Medical Center Skilled Nursing Unit. Lee Memorial Health System has 16 years remaining on its lease term with options to extend, according to SRS.
LAWRENCE, KAN. — Northmarq has arranged the sale of a two-property multifamily portfolio in Lawrence for $46.6 million. The properties, Aberdeen and Alvadora, total 404 units. Jeff Lamott and Gabe Tovar of Northmarq represented the seller, a partnership between CAPREIT and Dome Equities. David Link of Northmarq arranged acquisition financing on behalf of the buyer, Griffis/Blessing Inc.
CHICAGO — Interra Realty has negotiated the $2.2 million sale of a two-building multifamily portfolio in Chicago’s Pilsen neighborhood. The properties include a six-unit building at 1924 S. Loomis St. and a seven-unit building at 2214 W. 18th Place. The average price per unit was $171,538. Jeremy Morton of Interra represented the seller, a private local owner that purchased the properties more than 20 years ago. The buildings sold to two separate private buyers. The buyer of 2214 W. 18th Place plans to modernize the units and add in-unit laundry. The building was last renovated in 2003. The buyer of 1924 S. Loomis St. plans to install in-unit laundry. The property was last renovated in 1998.
ALPHARETTA, GA. — Northland, a private equity investor based in Newton, Mass., has purchased Emblem Alpharetta, a 210-unit active adult community in the north Atlanta suburb of Alpharetta. Situated on seven acres, the property was fully occupied at the time of sale and represents the fourth Georgia acquisition for Northland this year but the first active adult acquisition in its portfolio. The seller and sales price were not disclosed. Emblem Alpharetta comprises one- and two-bedroom apartments in a four-story building that centers around a resort-style pool and sundeck. Units are reserved for households age 55 and older. Amenities include a fitness center, bocce ball court and outdoor entertaining spaces. Northland plans to invest $3 million in capital improvements at Emblem Alpharetta over the next four years.
ALBUQUERQUE, N.M. — Northmarq has brokered the sale of Villas Esperanza, an affordable apartment property located at 3901 Lafayette Drive in Albuquerque. Aspen, Colo.-based Copper Street Capital sold the asset to Los Angeles-based Element Property Group for an undisclosed price. Cynthia Meister, Trevor Koskovich, Bill Hahn and Jesse Hudson of Northmarq’s investment sales team represented the seller in the transaction. Griffin Martin, Brandon Harrington, Bryan Mumman and Tyler Woodard of the Northmarq debt & equity team arranged financing for the buyer through its relationship with Freddie Mac. Built in 1972 on 10.5 acres, Villas Esperanza features 188 apartments in a mix of one-, two-, three- and four-bedroom layouts spread across 24 two-story residential buildings. The units offer either one or two bathrooms and range in size from 602 square feet to 1,128 square feet. The gated community features onsite laundry facilities, a children’s playground, barbecue grills and a picnic area. All units at the property are designated for residents earning 60 percent or less of the area median income with the project’s Land Use Restrictive Agreement (LURA) expiring in 2037. Additionally, 40 percent of the units, a total of 75, are project-based Section 8 housing with additional rent restrictions as …
