CHICAGO — Becovic, a Chicago-based multifamily owner and operator, has acquired 6758 N. Sheridan in Chicago’s Rogers Park neighborhood for $9.8 million. Originally built in 1974, the 73-unit multifamily property features 29 studios and 44 one-bedroom floor plans. Rick Ofman and Danny Logarakis of Kiser Group represented both Becovic as well as the seller, The Vranas Family Trust.
ARLINGTON AND PLANO, TEXAS — JLL has negotiated the sale of The Orchards at Arlington Heights and The Orchards at Market Plaza, two active adult communities In the Dallas area totaling 360 units. The second community is located in Plano. The age-restricted properties offer amenities such as clubhouses, pools, movie theaters, game rooms, salons, fitness centers, gift-wrapping stations and activity rooms. Cody Tremper and Mike Garbers of JLL represented the seller, Kompass Kapital Management LLC, in the transaction. The buyer was Capitol Seniors Housing.
FRISCO, TEXAS — Hillwood has opened The Cadence at Frisco Station, a 322-unit apartment community located within the 242-acre Frisco Station mixed-use development on the northern outskirts of Dallas. The property features studio, one- and two-bedroom floor plans, as well as townhomes. Each residence is furnished with stainless steel appliances, granite countertops and custom cabinetry. Amenities include a pool with cabanas, fitness center, pet washing facility, resident lounge with a coffee bar and coworking space with private offices and a conference room. Rents start at approximately $1,500 per month for a studio apartment.
HUTTO, TEXAS — Locally based owner-operator Aspen Heights Partners has acquired 36 acres in the northern Austin suburb of Hutto for the development of Bell Yard, a 219-unit single-family rental (SFR) community. The property will offer two-, three-, and four-bedroom homes with attached garages, modern interiors and designer finishes, as well as an assortment of resort-style amenities. Construction is scheduled to begin in May of next year and to be complete in late 2023.
GRAND PRAIRIE, TEXAS — A partnership between Maryland-based investment firm FCP and VaultCap Partners has purchased Prairie Ridge Apartments, a 100-unit multifamily property located in the central metroplex city of Grand Prairie. Prairie Ridge offers one- and two-bedroom floor plans and amenities such as a playground and onsite laundry facilities. The partnership will merge the property with the adjacent Corey Place Apartments, which it acquired this summer, and operate the combined community as Marabella on Pioneer. Nick Fluellen, Bard Hoover and Wesley Racht of Marcus & Millichap represented the seller, an undisclosed limited liability company, in the off-market transaction.
FAIRFIELD, CALIF. — Opportunity Housing Group and the California Statewide Communities Development Authority (CSCDA) have partnered to purchase Waterscape Apartments, a multifamily property located at 3001 N. Texas St. in Fairfield. A joint venture between Angelo Gordon and Glencrest Group sold the asset for $70 million. The 180-unit community will offer rents reduced to be affordable to low- to moderate-income individuals and families. On-site amenities includes a swimming pool, spa, picnic area with barbecue grills, a fireplace with lounge seating, package concierge, clubhouse, business center, fitness center, playground, dog park, gated access and 326 open, covered and garage parking spots. Opportunity Housing Group is a Danville-based company focused on creating workforce housing in California. The company acquired the property in partnership with CSCDA using CSCDA’s Workforce Housing Program. Under this structure, middle-income workers, including teachers, first responders, civil employees and others, are offered discounted rents at the property that align with their incomes and have capped annual increases. Salvatore Saglimbeni, Philip Saglimbeni, Stanford Jones and Alex Tartaglia of Institutional Property Advisors, a division of Marcus & Millichap, brokered the transaction.
CORONA, CALIF. — An investment group led by Ocean West Capital Partners, Tiger Alternative Investors and NH Investment & Securities has purchased The Monterey, a newly built apartment property in Corona. Completed in 2021, The Monterey features 442 apartments in a mix of one-, two- and three-bedroom units ranging from 726 square feet to 1,520 square feet. Community amenities include two resort-style swimming pools; clubhouses with roof decks; fitness, yoga and spin studios; co-working space with conference rooms and soundproof privacy pods; an outdoor movie theater; and a community garden and citrus orchard. Camden Pacific Partners is also a part of the consortium that owns the property. The seller and price were not disclosed.
BOSTON — MassHousing has provided $31.4 million for the refinancing and preservation of Franklin Park, an affordable housing community in Boston’s Dorchester/Roxbury neighborhood. The unit mix consists of 95 one-bedroom units, 99 two-bedroom apartments, 10 three-bedroom residences, five four-bedroom apartments and 10 five-bedroom units. The financing will preserve the affordable status for 155 of the property’s 219 units for another 29 years. In addition, the borrower, The Community Builders Inc., will use a portion of the proceeds to fund capital improvements.
HAMBURG, N.J. — Progress Capital has placed a $31 million loan for the refinancing of Carlton Village Apartments, a 240-unit multifamily complex located in the Northern New Jersey community of Hamburg. The property consists of 21 buildings that are situated on a 37-acre site and that house studio, one- and two-bedroom units. Brad Domenico and Gabby Cali of Progress Capital arranged the debt on behalf of the undisclosed borrower, a private investor who has owned the property since 1985 and made various capital improvements since that time.
HOWELL, N.J. — Marcus & Millichap has brokered the sale a multifamily development site in Howell, located in Monmouth County, that can accommodate the construction of 360 multifamily units. Chez Eider and Jason Petrick of Marcus & Millichap’s represented the undisclosed seller in the transaction and procured a private developer as the buyer. Both parties requested anonymity.
