COLLEGE STATION, TEXAS — Homestead U has acquired Aspen Heights College Station, a 797-bed student housing property located near Texas A&M University in College Station. The community was acquired in partnership with Columbus Pacific and its affiliates for an undisclosed price. The property offers cottage-style units with bed-to-bath parity across 27 acres. Amenities include a pool, fitness center, outdoor grilling and dining areas, a dog park, game room, computer lab and a study lounge. The seller and sales price were not disclosed.
CHICAGO — Interra Realty has brokered the sale of 5505 S. Dorchester Ave. in Chicago’s Hyde Park neighborhood for $12 million. Built in 2020, the 34-unit apartment complex features a covered garage with 20 parking spaces as well as 14 surface parking spaces. Brad Feldman of Interra represented the seller, a local developer, and the local buyer, an entity doing business as 5505 S. Dorchester LLC. The buyer plans to add a rooftop deck.
MERRILLVILLE, IND. — Marcus & Millichap has negotiated the $2.9 million sale of a 32-unit multifamily portfolio in Merrillville, a city in Northwest Indiana. The portfolio is spread across eight buildings, which were constructed in the late 1980s and early 1990s. Units average 1,031 square feet. The portfolio was fully leased at the time of sale. Of the 32 units, 12 are Section 8 and 20 are market-rate. Aaron Kuroiwa, Jack Friskney and Austin Meeker of Marcus & Millichap represented the buyer and seller, both of which were limited liability companies.
THE WOODLANDS, TEXAS — CBRE has arranged the $54.4 million refinancing of The Village at Woodlands Waterway, a seniors housing community located north of Houston. Built on 2.7 acres in 2011, the property comprises 116 independent living residences, 63 assisted living units and 28 memory care units. Aron Will, Austin Sacco and Tim Root of CBRE arranged the three-year, nonrecourse loan, which carried a floating interest rate, through an undisclosed debt fund. The borrower was a partnership between the Saudi Economic & Development Co. and Madison Marquette.
HOUSTON — Chicago-based investment firm 29th Street Capital has purchased The Highbank, a 284-unit multifamily property located near Texas Medical Center in Houston. Built in 2017, the community offers amenities such as a pool, outdoor grilling areas, a fitness center and a clubhouse with a wine lounge and library. The new ownership plans to upgrade the unit interiors. The seller and sales price were not disclosed. Haven Residential, an affiliate of 29th Street Capital, will assume management of the property.
BELLEVILLE, N.J. — Baltimore-based developer Klein Enterprises has opened SilverLake Apartments, a 232-unit multifamily community located about 15 miles outside of Manhattan. Units feature studio, one- and two-bedroom floor plans, and amenities include a fitness center, dog park and pet spa, game room, entertainment lounge with a kitchen, rooftop terrace, business center and package lockers. The property opened to an initial occupancy rate of 87 percent.
MCKINNEY, TEXAS — De La Vega Capital and Development has unveiled plans for West Grove, a 600,000-square-foot mixed-use project being developed through a public-private partnership with the City of McKinney, located roughly 32 miles north of Dallas. Positioned at the southeast corner of U.S. Highway 380 and Custer Road, the 53-acre open-air development will include a mix of retail, restaurants and entertainment space anchored by Whole Foods Market; a 420-unit luxury residential complex; 55,000 square feet of office space; and a two-acre park. Architecture firm Gensler designed the project to promote outdoor gathering with open air paseos, outdoor decks, an experiential indoor/outdoor restaurant and entertainment space, and a central lawn that will feature live music, family movie nights and fitness classes year-round. “West Grove will be designed to bring people and a growing city together,” says Artemio De La Vega, president and CEO of De La Vega Capital. “A central green space and a mix of open-air, experience-driven retail and restaurant spaces will cultivate a sense of community, where visitors can connect meaningfully with each other and their natural environment.” A groundbreaking for the project is scheduled to take place during 2022. Dallas-based De La Vega Capital and Development is …
ORLANDO, FLA. — Park Partners Residential and Independencia Asset Management have acquired The Commons, a 280-unit multifamily property in Orlando, for $77.8 million. The property was purchased from real estate funds managed by Ares Management. Jubeen Vaghefi, Denny St. Romain and Charles Crapse of Cushman & Wakefield brokered the sale. The joint venture between Boca Raton, Fla.-based Park Partners Residential and Miami-based Independencia Asset Management received a $58.5 million construction loan. American Real Estate Capital provided the loan, which will be used to fund a full renovation of the property’s 280 units, clubhouse and amenity spaces. The joint venture will renovate the pool, clubhouse and fitness areas along with the add a game room, co-working offices, dog parks and dog wash, a car washing station and outdoor activity deck with grill stations. Additions will also include an array of wellness-focused amenities including a gym, sports court and a basketball court along with a cardio gym with yoga and spinning areas. Located at 8050 Gables Commons Drive, The Commons is situated 16.4 miles from downtown Orlando. The property is also 2.3 miles from the Walt Disney World Resort.
GRAPEVINE, RICHARDSON AND CARROLLTON, TEXAS — A fund backed by Mexico City-based private equity firm Eagle Property Capital Investments has acquired a trio of apartment communities totaling 840 units in the Dallas-Fort Worth metroplex. Mustang Villas is a 246-unit property in Grapevine that was built in 1974 and offers one-, two- and three-bedroom units that range in size from 530 to 1,310 square feet. Prestonwood Apartment Homes in Richardson was constructed in 1979 and offers 194 residences in one- and two-bedroom floor plans ranging between 788 and 1,222 square feet. Bella Vista, which is located in Carrollton and was built in 1981, features 400 units in one- and two-bedroom formats spanning between 600 and 1,189 square feet. Amenities at Mustang Villa include a business center, fitness center, community room, playground and a sports court. Prestonwood Apartment Homes and Bella Vista have amenity packages that include pools, fitness centers and outdoor picnic and grilling areas, while Prestonwood features a playground and Bella Vista a sports court. The new ownership plans to invest in various capital improvements throughout the three properties.Brad Williamson, Mitch Sinberg, Matt Robbins and Abigail Beauchamp of Berkadia secured acquisition financing on behalf of the buyer.
SAN JOSE, CALIF. — Newmark, on behalf of Bay West Development and Forum Real Estate Group, has arranged $284 million in construction financing for the development of The Maxwell, an apartment community situated on 4.5 acres in San Jose. Construction is slated to commence before the end of March and the first phase is scheduled for delivery by third-quarter 2024. Located within the South Bascom Urban Village Plan and approved under the City of San Jose’s Signature Project process, The Maxwell will feature 590 apartments and best-in-class amenities and unit interiors, as well as direct access to the VTA Light Rail Bascom Station.