SPRING VALLEY, N.Y. — Hudson Valley Property Group has purchased two affordable housing communities totaling 220 units in Spring Valley, about 35 miles north of New York City. The properties include the 144-unit Lakeview Village and the 76-unit Highview Apartments. The new ownership plans to invest in capital upgrades to preserve affordability; all apartments will subsequently be restricted to tenants earning 60 percent or less of the area median income (AMI). Renovations will include energy-efficient upgrades such as Energy Star-rated appliances, high-efficiency heating and cooling systems and LED bulbs; updated bathrooms and new flooring; ventilation upgrades; and other cosmetic improvements. Plans are also in place for common spaces to receive green building and cosmetic upgrades.
LONDONDERRY, N.H. — Massachusetts-based Edgewood Senior Solutions Group has broken ground on The Baldwin, a 190-unit continuing care retirement community (CCRC) in Londonderry, approximately 45 miles northwest of Boston. Designed by DiMella Shaffer, The Baldwin will offer amenities such as an indoor pool, fitness center, art studio and gallery, library and a woodworking shop. Construction is scheduled for a summer 2023 completion.
NEW YORK CITY — Locally based brokerage firm Rosewood Realty Group has arranged the $7.2 million sale of a multifamily building located in the Bay Ridge neighborhood of Brooklyn. Built in 1961, the seven-story building spans 30,000 square feet and consists of 42 rent-stabilized residential units and one office unit. Aaron Jungreis and Nick Pappas of Rosewood Realty represented the seller, The Baldwin LLC, in the transaction. The duo also procured the buyer, Meridian Properties LLC.
SAN BERNARDINO, CALIF. — CBRE has arranged the sale of The Vue, an apartment community located in San Bernardino. Tailwind Investment Group acquired the property from Dalan Management and VM Management for $53.6 million. Situated on 11.9 acres at 1660 W. Kendall Drive, The Vue features 197 apartments, two swimming pools, a business center, sand volleyball court, half-court basketball court and barbecue areas. Apartments offer in-unit washers/dryers and central air conditioning. Dean Zander and Stewart Weston of CBRE represented the sellers in the transaction.
CORONA, CALIF. — Avanath Capital Management has purchased River Run Senior, an affordable seniors housing property located at 863 River Road in Corona. With this acquisition, Avanath now owns 11 properties in Southern California with 2,187 units under management in the region. Built in 2004, River Run consists of six three-story, garden-style residential buildings totaling 216,684 square feet. The community offers a mix of 306 one-bedroom units and 54 two-bedroom units. Units feature air conditioning, dishwashers, vinyl plank flooring, walk-in closets and private balconies or patios. Residential amenities include a community center, leasing office, business center, pool, elevator service, laundry rooms in each building and a gated entry. Avanath will implement social programming at River Run, in addition to its Wellbeats partnership program that allows residents to exercise from home. The company also plans to upgrade the property’s mechanical systems; replace roofs, HVAC systems and boilers; add a maintenance shop; and install security cameras near access gates. Avanath Communities will manage the asset.
HOWELL TOWNSHIP, MICH. — The Annex Group has unveiled plans to develop Union at Oak Grove, a 220-unit affordable housing community in Howell Township, about 60 miles northwest of Detroit. Located at 1850 Molly Lane, the project will feature one-, two- and three-bedroom units available to residents who earn up to 60 percent of the area median income. Amenities will include a community room, exercise room, playground, computer room and walking trails. Completion is slated for October 2023. Development partners include property manager Sterling Management and architect RQAW. Fraser Trebilcock served as the low-income housing tax credit consultant. National Development Council is providing nearly $14 million in equity; Citizens is providing a $10.5 million construction loan; and Michigan State Housing Development Authority is providing $28 million in permanent financing and issuing the bonds.
LITHIA, FLA. — JLL Capital Markets has secured $53 million in acquisition financing for Circa at FishHawk Ranch, a 260-unit, garden-style multifamily community in Lithia, about 24.9 miles from Tampa. Elliott Throne, Brian Gaswirth, Jesse Wright and Kenny Cutler of JLL represented the New York-based borrower, GMF Capital, to secure the three-year, floating-rate loan through New York-based Sound Point Capital Management LP. Circa at FishHawk Ranch includes studio, one-, two- and three-bedroom units averaging 1,045 square feet. Built in 2015, the property spans four stories with the units featuring dishwashers, fireplaces and electronic thermostats. Community amenities include a fitness center, pool with cabanas, clubhouse, courtyard, pet play area, picnic area, business center, bike storage and conference rooms. The property also offers trash pickup services and onsite maintenance. Located at 13930 Spector Road, the property is close to several retailers such as Publix at Alafia Commons, Fishhawk Bagels, FishHawk Sporting Goods and Payaathai Cuisine. Circa at FishHawk Ranch offers connectivity near Fishhawk Boulevard, Lithia Pinecrest Road, Highway 301 and Interstate 75. Jared Frydman and Alejandro Ramirez led the GMF Capital team internally. Jordan Heller of South Point originated the loan.
ARLINGTON AND CEDAR HILL, TEXAS — CBRE has negotiated the sale of three multifamily properties totaling 466 units in the Dallas area. The 186-unit Biltmore Apartments and the 248-unit Park Lane Apartments are located in Arlington, and the 32-unit Cedars Apartments is located in the southern suburb of Cedar Hill. Chris Deuillet and William Hubbard of CBRE represented the seller, Macdonald Realty, in the transaction. A partnership between Legacy REI and Casa REI purchased the properties for an undisclosed price.
FORT WORTH, TEXAS — Boston-based multifamily investment firm West Shore LLC has acquired The Sovereign, a 322-unit apartment community in North Fort Worth. The property, which according to Apartments.com was built in 2015, offers one-, two- and three-bedroom units. Amenities include a pool, outdoor kitchen, dog park, fitness center, clubhouse and an auto detailing center. The seller and sales price were not disclosed. West Shore now owns and operates about 11,000 units across seven states following this acquisition.
CHARLOTTE, N.C. — Developer RangeWater Real Estate and equity partner ParkProperty Capital have broken ground on The Raven at Tremont, a 261-unit multifamily community in Charlotte’s South End neighborhood. The first apartments are slated for completion by the spring of 2023. The Raven at Tremont will include one- and two-bedroom apartments. The property’s units will feature 9-foot ceilings, subway tiles, stainless steel appliances, granite countertops and Whirlpool washers and dryers. Community amenities will include a top-floor sky lounge, fitness center, pool, 10,000 square feet of open green space and a dog park. Located at 536 W. Tremont Ave., the property will be situated close to several retailers such as Callie’s Hot Little Biscuit, Zeppelin, Krispy Kreme, Yamazaru Sushi & Sake and Jeni’s Splendid Ice Creams. The multifamily development will also be situated about 1.9 miles from downtown Charlotte. Both RangeWater and ParkProperty Capital are based in Atlanta. RangeWater currently has 10 active projects in North Carolina totaling more than 2,500 units.