SALT LAKE CITY — BCC Construction has unveiled plans for Altitude, a multifamily property located near the Salt Lake City International Airport in Salt Lake City. The seven-story, 117,565-square-foot community will feature 156 apartments, a rooftop deck, fitness center and two levels of parking. Construction is slated to begin in spring 2022, with completion scheduled for summer 2023.
FOUNTAIN HILLS, ARIZ. — Focus Healthcare Partners and Life Care Services (LCS) have acquired Fountain View Village, a senior living community in Fountain Hills, a suburb of Phoenix. LCS will operate the community following the acquisition. Fountain View Village consists of 90 independent living units, 68 assisted living units, 45 memory care units and 48 units within its dedicated health center.
ANDOVER AND STOUGHTON, MASS. — Los Angeles-based investment firm TruAmerica Multifamily has acquired Marquee at Andover and Lux at Stoughton, two apartment communities totaling 269 units in metro Boston. The properties, which were purchased in two separate transactions, respectively total 115 and 154 units. The sellers were not disclosed. TruAmerica plans to implement a value-add program focused on unit interiors and amenity spaces. Chris Phaneuf of JLL represented the seller in the Andover deal, and Simon Butler of CBRE represented the seller in the Stoughton deal. Following these transactions, TruAmerica now owns approximately 500 apartments in the Boston area.
MIDDLESEX, N.J. — Greystone has arranged a $45.3 million loan for the refinancing of The View at Middlesex, a newly built, 200-unit apartment complex in Northern New Jersey. The property consists of 160 one-bedroom units, 40 two-bedroom units and 7,700 square feet of retail space. Amenities include a fitness center, lounge areas, a game room, pool and a roof deck. Benefit Street Partners Realty Trust provided the loan, which retires the construction financing originated by Procida Funding in 2018, to Forte Real Estate Development. Leasing began over the summer. Drew Fletcher, Matthew Hirsch, Bryan Grover and John Williams of Greystone handled the transaction.
COLUMBIA, TENN. — Hamilton Zanze has bought The Retreat at Arden Village, a 228-unit apartment community in Columbia, for $46.5 million. Tyler Mayo of Capstone Apartment Partners represented the seller, an entity doing business as Arden Village Apartments LLC. Adam Klenk, Austin Heithcock, Luke Searcy, Jonathan Hawks and Jordan Arand of Capstone also brokered the sale. Built in 2007 with additions in 2018, The Retreat at Arden Village was 97 percent occupied at the time of sale. The property includes one- and two-bedroom floorplans with an average unit size of 1,080 square feet. Community amenities include an indoor fitness center, business center, clubhouse, pool, dog park, billiards room and an outdoor entertainment kitchen with grills. Unit amenities include granite countertops, hardwood floors and in-unit washers and dryers. Located at 2477 Palomar Circle, the community is situated 40 miles south of Nashville and about 37.3 miles from Vanderbilt University. Comprising 19 three-story apartment buildings, the community is situated on 10 acres off U.S. Highway 31 in north Columbia. The property’s management has been transitioned to Hamilton Zanze affiliate Mission Rock Residential, a Denver-based company.
ATHENS, GA. — Stratus Development Group has sold The Haven of Athens, a 286-bed student housing community located near the University of Georgia campus in Athens. Inland Real Estate Acquisitions acquired the cottage-style community for an undisclosed price. The property was completed in fall 2020 and offers 93 two-, three- and four-bedroom units. Shared amenities include a resort-style swimming pool, grill, fire pit, dog park, fitness center, clubhouse, nature trails, green space, covered parking and study rooms. Travis Prince, Shawn Lubic and Victoria Marks of Cushman & Wakefield’s student housing capital markets group along with the company’s Sunbelt Advisory Group represented the seller in the transaction.
AURORA, COLO. — Denver-based Avanti Residential has purchased Forum Fitzsimons, a Class A apartment community in Aurora. An undisclosed seller sold the property for $159 million. Located at Interstate 225 and Colfax Avenue, Forum Fitzsimons features 397 apartments, 28,202 square feet of retail space and a full amenity package for residents. Community amenities include two swimming pools, a 24-hour fitness center, bike repair shop and storage, three event clubrooms, and a dog washing area and bark park. The property was built in 2017 to meet the needs of workforce housing demand generated by the adjacent Fitzsimons Life Science District, a major employment center with 44,600 workers.
AUSTIN, TEXAS — Locally based REIT Stratus Properties has entered into an agreement to sell The Santal, a 448-unit apartment community in Austin’s Barton Creek neighborhood, for $152 million. The sales price equates to roughly $339,000 per unit. The property, which was fully occupied at the time of sale, was constructed in phases between 2015 and 2019. Units feature one-, two- and three-bedroom floor plans and are furnished with hardwood floors, quartz countertops, stainless steel appliances, individual washers and dryers and private balconies. In addition, The Santal offers multiple pools, fitness centers and resident lounges, as well as a bark park and dog wash station, package lockers and electric vehicle charging stations. The buyer was undisclosed. The deal is expected to close in the fourth quarter.
MINNEAPOLIS — NorthMarq has arranged a $32.2 million loan for the refinancing of Stone Arch Apartments in Minneapolis. The 221-unit affordable housing community, built in 2002, is located at 601 Main St. Amenities include a fitness center, business center, laundry facilities and grill area. Michael Padilla of NorthMarq arranged the loan through Freddie Mac’s Targeted Affordable Housing (TAH) program. The seven-year loan features a 30-year amortization schedule.
MOUNT PROSPECT, ILL. — Kinzie Builders has completed construction of 10 North Main in downtown Mount Prospect, a suburb of Chicago. The $20 million luxury apartment complex rises five stories with 97 units, which range in size from 564 to 1,290 square feet. Amenities include a fitness center, coffee bar, club lounge and outdoor rooftop deck. Kinzie worked alongside owner First Equity Group LLC, developer Harlem Irving Cos. and architect OKW Architects. Other project team members included ECL Engineer Consultants, Pierce Engineering, LETech Inc., V3 Cos. and Kathryn Talty Landscape Architecture.
