UNIVERSAL CITY, TEXAS — Lument has provided an $18.6 million Fannie Mae loan for the refinancing of Meadows Apartments, a 216-unit affordable housing property in Universal City, a northeastern suburb of San Antonio. All units at the property, which was built in 1972, are reserved for renters earning 80 percent or less of the area median income (AMI). Marc Suarez of Lument originated the loan through Fannie Mae’s Green Rewards program on behalf of the sponsor, locally based multifamily development and investment firm Lynd Co.
PLAINFIELD, ILL. — Wingspan Development Group has started pre-leasing Sixteen30, a new $60 million luxury apartment community in Plainfield, about 35 miles southwest of Chicago. Located at 14750 S. Wallin Drive, the 284-unit property features eight buildings arranged around a 7,500-square-foot clubhouse. Amenities include a pool, fitness center, bocce court, demonstration kitchen, outdoor grilling area, pet spa and 24-hour package room. First move-ins are expected to begin later this summer. Units range in size from 600 to 1,500 square feet and monthly rents range from $1,485 to $2,850. Chicago-based Studio 222 Architects designed the project and Wingspan’s sister company Nicholas & Associates served as the general contractor. Lincoln Property Co. will oversee leasing and property management.
CHICAGO — Kiser Group has arranged the $1.7 million deconversion sale of 4944 N. Harding Ave. in Chicago’s Albany Park neighborhood. The property includes 13 units, 11 of which are two-bedroom floor plans and two of which are three-bedrooms. The building was renovated and converted to condominiums in 2005. Andy Friedman and Jake Parker of Kiser represented the seller, the condominium association, as well as the buyer, Block & Key. Under the Condominium Property Act in Illinois, condo unit owners can elect to sell a property if 75 percent or more are in agreement. Sellers then have the option to either move out of their units or lease them back from the new owner.
CAMBRIDGE, MASS. — Nauset Construction, a locally based design-build firm, has completed 77 Park, a 93-unit multifamily project located in the Alewife area of Cambridge. Designed by Piatt Architects, the transit-served property rises four stories and spans 96,000 square feet. Units feature studio, one- and two-bedroom floor plans ranging in size from 595 to 1,265 square feet. Amenities include a terrace with grilling stations, a café with a full kitchen, multimedia room, sky lounge, fitness center and a dog washing and grooming station. Rents start at $2,200 per month for a studio unit.
Aspen Heights, Platform Ventures Open 202-Unit Student Housing Community Near University of Arkansas
FAYETTEVILLE, ARK. — Aspen Fayetteville, a 202-unit student housing community located less than one mile from the University of Arkansas campus in Fayetteville, has opened ahead of schedule. Austin, Texas-based student housing developer and owner Aspen Heights developed the property and will manage it on behalf of the owner, an entity affiliated with Platform Ventures. Located on Beechwood Avenue, Aspen Fayetteville offers a mix of two-, three- and four-bedroom units that are fully furnished by Gus Design Group. Shared amenities include an indoor and outdoor fitness center, resort-style swimming pool, hot tub, lounge and study rooms, a fire pit and grilling station.
SAN ANTONIO — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Infinity at the Rim, a 310-unit apartment community in San Antonio. Built in 2018, the mid-rise property is located on a five-acre site within The Rim, a 1.8 million-square-foot mixed-use development on the city’s northwest side. Units feature studio, one-, two- and three-bedroom floor plans with an average size of 997 square feet. Amenities include a rooftop terrace, infinity pool and an outdoor amphitheater. Will Balthrope and Drew Garza of IPA represented the seller, Florida-based DeBartolo Development, in the transaction and procured the Maryland-based buyer.
OCEANSIDE, CALIF. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of The Dylan, a multifamily property located in Oceanside. 29th Street Capital sold the asset to 550 Los Arbolitos Owner LLC for $74.1 million, or $356,250 per unit. Built in 1973, The Dylan features 208 apartments in a mix of one-, two- and three-bedroom layouts. Community amenities include two swimming pools, two spas, a gym and a business center. Christopher Zorbas, Alexander Garcia Jr. and Tyler Martin of IPA represented the seller and procured the buyer in the deal.
SAN BERNARDINO, CALIF. — The Mogharebi Group has arranged the sale of Country Club Apartments, a 79-unit seniors housing community in San Bernardino. The buyer and seller were both private investment groups based in Los Angeles. The property sold for $18 million, or $228,000 per unit. “Due to the proven value-add upside, and close proximity to San Bernardino’s largest employers, the buyer pool was large,” says Otto Ozen, executive vice president of TMG. Ozen and Alex Mogharebi of TMG represented the seller in the transaction. Built in 1986, Country Club Apartments is a two-story community comprising 71,428 square feet of rentable space. The complex is situated on a 5.4-acre site. Country Club Apartments features two-bedroom floor plans with an average size of 903 square feet.
TUCSON, ARIZ. — Cushman & Wakefield|PICOR has brokered the sale of Vida Nueva Apartments, a multifamily property in Tucson. Equilibrium Villas Vida Blue LLC acquired the asset from Seajak Properties for $1.2 million. Located at 3525 N. Stone Ave., the 28,228-square-foot property features 24 apartments. Allan Mendelsberg and Conrad Martinez of Cushman & Wakefield|PICOR represented both parties in the transaction.
CHICAGO — Chicago-based Ziegler has arranged $85.5 million in bond financing for a trio of senior living properties in New England. The properties include the 147-bed Quaboag Rehabilitation and Skilled Care Center in West Brookfield, Mass.; the 150-bed Lutheran Rehabilitation and Skilled Nursing Center in Worcester, Mass.; and the 120-bed Lutheran Home of Southbury (LHS) in Southbury, Conn. The borrower was Ascentria Care Alliance, a Worcester-based skilled nursing operator. Proceeds of the bonds issued through the National Finance Authority will be used to acquire the real estate assets of LHS, fund various capital expenditures across the LHS campus, fund a debt service reserve fund and pay costs of issuance associated with the financing. Proceeds of bonds issued through the Massachusetts Development Finance Agency will be used by Ascentria to acquire the Brookfield and Worcester locations, refinance existing debt obligations in connection with the acquisition and fund improvements to the properties.