MANCHESTER, N.H. — CBRE has brokered the $121.5 million sale of Countryside Village, a 448-unit apartment community located near the Massachusetts-New Hampshire border in Manchester. The sales price equates to approximately $271,000 per unit. Built in phases between 1986 and 1987, the property comprises 17 three- and four-story residential buildings and a 7,000-square-foot clubhouse. Units come in one-, two- and three-bedroom floor plans, and 20 percent of the residences were recently renovated. According to Apartments.com, amenities include a pool, fitness center, playground, basketball court, grilling stations and onsite laundry facilities. Simon Butler, Biria St. John and John McLaughlin of CBRE represented the seller, an affiliate of Pennsylvania-based Merion Realty Partners, in the transaction. The trio also procured the buyer, an affiliate of Boston-based DSF Group.
STAMFORD, CONN. — New Jersey-based development and investment firm KABR Group has acquired The Verano and The Moderne, two apartment communities totaling 116 units in the southern coastal Connecticut city of Stamford, for $41.3 million. Both communities feature one-, two- and three-bedroom units with stainless steel appliances, granite countertops and individual washers and dryers. Amenities include fitness centers, theater rooms, lounges and rooftop decks. Steve Simonelli, Jose Cruz, Steve Rutman, Chris Hew, Michael Oliver, Kevin O’Hearn and Austin Pierce of JLL represented the seller, Navarino Capital Management LLC, in the transaction. KABR Group acquired the properties via a joint venture with an undisclosed private family office. Jared Kaufman of Greystone originated acquisition financing for the deal. The new ownership plans to implement value-add programs and rebrand the properties.
MONTCLAIR, N.J. — Locally based brokerage firm Gebroe-Hammer Associates has negotiated the $38 million sale of Hawthorne Towers, a 133-unit multifamily building in the Northern New Jersey community of Montclair. The property, which was originally built in 1962 and renovated multiple times over the years, offers studio, one- and two-bedroom units and amenities such as a pool and outdoor grilling and dining areas. Joseph Brecher and Ken Uranowitz of Gebroe-Hammer represented the seller, Hawthorne Towers LLC, in the transaction. David Oropeza, also with Gebroe-Hammer, procured the buyer, Rockledge Ventures LLC. Brad Domenico of Progress Capital arranged acquisition financing.
AMES, IOWA — Pierce Education Properties has acquired The Madison, a 540-bed student housing property serving Iowa State University in Ames. The community was built in 2001 and offers 144 units in a mix of three- and four-bedroom configurations. Shared amenities include a 24-hour fitness center, clubhouse, resort-style swimming pool and hot tub, a sand volleyball court, dog park, lighted basketball courts, a computer lab, coffee bar, tanning bed and a picnic and grilling area. The seller and terms of the transaction were undisclosed. Regions Bank provided acquisition financing.
EDEN PRAIRIE, MINN. — Redwood Capital Group, in a joint venture with an affiliate of Heitman LLC, has acquired ReNew Eden Prairie, a 375-unit apartment complex located at 13905 Chestnut Drive in suburban Minneapolis. The purchase price was undisclosed. Keith Collins, Abe Appert and Ted Abramson of CBRE represented the seller, FPA Multifamily, which completed some unit upgrades and amenity enhancements. The property was built in 1986. Amenities include three pools, basketball courts, a clubhouse, fitness center and playground.
JACKSON, MICH. — Grandbridge Real Estate Capital has arranged the recapitalization of Vista Grande Villa, a 318-unit senior living campus in Jackson, about 35 miles west of Ann Arbor. Vista Grande Villa is an approximately 20-acre campus comprising 32 cottage homes, 181 independent living apartments, 46 assisted living units, 23 memory care units and 36 skilled nursing units. The recapitalization plan consisted of restructuring approximately $22 million of prior debt, together with new committed funding of roughly $8 million to put toward capital investment and stabilizing the community. Jay Jordan and Dave Kliewer of Grandbridge arranged the financing through Lapis Advisers. Kauhale Health is managing operations.
CYPRESS, TEXAS — Marcus & Millichap Capital Corp. (MMCC) has arranged a $56 million bridge loan for the acquisition of Legacy at Cypress, a 422-unit multifamily property located just outside Houston on the northwest side. Built in 1999, the property offers one-, two- and three-bedroom units and amenities such as a pool, fitness center, business center, clubhouse, volleyball court and onsite laundry facilities. Jamie Mullin and Brandon Brown of MMCC arranged the loan. The borrower was not disclosed.
LAS VEGAS — Avison Young’s Sauter Multifamily Group has brokered the sale of two apartment communities in Las Vegas. The assets traded for $129.7 million, or $183,192 per unit. The sale includes Viridian Apartments, which was built in 1981 and features 456 apartments at 4255 W. Viking Road, and Topaz Apartments, which was built in 1985 and offers 252 units at 4020 Arville St. Patrick Sauter, Art Carll-Tangora and Steve Nosrat of Avison Young handled the transaction.
STARKVILLE, MISS. — Miami-based Centurion Property Group has purchased Aspen Starkville, a 958-bed student housing community located near Mississippi State University. Built in 2014, Aspen Starkville offers two-, three-, four- and five-bedroom, cottage-style floorplans with bed-to-bath parity. Community amenities include a swimming pool, basketball court, sand volleyball court, fitness center, yoga room, game room and a movie theater. The property will be rebranded The Grand at Starkville and is set to undergo capital improvements, including the addition of a new pet park and hammock garden, updated flooring and the addition of smart TVs. Located at 2041 Blackjack Road, the property is situated 2.2 miles from Mississippi State University and three miles from downtown Starkville.
JERSEY CITY, N.J. — JLL has arranged a $105 million loan for the refinancing of a two-building, 362-unit apartment community in Jersey City. The buildings, which are branded Rivet and Rivet 26, feature studio, one- and two-bedroom units that are furnished with stainless steel appliances, quartz countertops and individual washers and dryers. Both buildings offer amenities such as fitness centers with yoga studios, indoor and outdoor lounges, pet spas and cybercafés. Jon Mikula, Michael Klein and Gerard Quinn of JLL arranged the nonrecourse loan through Franklin BSP Realty Trust Inc. on behalf of the borrower, a joint venture between The Hampshire Cos., Claremont Development and Circle Squared Alternative Investments. The loan carried a two-year term and a floating interest rate. Electra Capital provided a $19 million mezzanine loan for the deal to supplement the $86 million senior loan.