AUSTIN, TEXAS — Locally based brokerage firm Muskin | Elam Group has arranged the sale of Runnymede Apartments, a 252-unit affordable housing complex in North Austin. Information on floor plans and income restrictions was not disclosed. Amenities include a pool, playground, basketball court, resident learning center and onsite laundry facilities. Muskin | Elam represented the seller, a Texas-based nonprofit organization, in the transaction. The buyer and sales price were not disclosed.
AUSTIN, TEXAS — Berkadia has provided $30 million in agency debt for the refinancing of two seniors housing communities in Texas. The unnamed facilities provide assisted living and memory care services, and the financing comprises two seven-year, floating-rate Freddie Mac loans. Garrett Sacco, Austin Sacco, Steve Muth and Alec Rosenfeld of Berkadia originated the loans on behalf of the borrower, Austin-based Journeyman Group.
NEW YORK CITY — A partnership between locally based developer Slate Property Group and RiseBoro Community Partnership has completed a 318-unit affordable housing redevelopment project in Queens. The property, which is known as Baisley Pond Park Residences, is a conversion of the 350-room JFK Hilton Hotel in the borough’s Jamaica neighborhood, which was originally built in 1987 and is located about half a mile from JFK International Airport. The new complex houses studio, one- and two-bedroom units and amenities such as a fitness center, computer lounge and multiple common rooms. Aufgang Architects designed the project. Leasing began last spring.
NEW YORK CITY — Locally based brokerage firm Ariel Property Advisors has negotiated the $5.6 million sale of two apartment buildings in the Park Slope area of Brooklyn. The four-story buildings at 334-336 Ninth St. house seven market-rate apartments, one office space and one retail space. Stephen Vorvolakos, Chris Brodhead, Sean Kelly and Nicole Daniggelis of Ariel brokered the deal. The buyer and seller were not disclosed.
NASHVILLE, TENN. — AJ Capital Partners has obtained a $475 million construction loan for Belle Meade Village, a 15.5-acre retail and residential village underway in Nashville. Located on the border of Belle Meade, Tenn., the project is a redevelopment of an under-utilized shopping center. Raymond James Real Estate Investment Banking arranged the financing through Barings on behalf of AJ Capital. Belle Meade Village will feature 1 Iris Lane, The Residences at Belle Meade Village, which are a pair of two 46-unit condominium buildings. The condos have a starting price of $3 million and come in one- to four-bedroom layouts. Residents have access to 16,000 square feet of amenity space, including high-end fitness and wellness features and private wine and cigar rooms, among other attractions. The project also includes a five-acre private park and a central courtyard space with an antique carousel surrounded by a seven-building retail village that will feature local and global brands, a private members’ club and a boutique hotel. AJ Capital broke ground on Belle Meade Village last October, with plans to wrap up construction by 2028. The design-build team includes Meyer Davis (interior design for 1 Iris Lane), Brasfield & Gorrie (general contractor), Barge Civil Associates …
CANTON, GA. — The Milestone Group has purchased Legends at Laurel Canyon, a 266-unit, garden-style apartment community located at 100 Legends Drive in Canton, about 43 miles north of Atlanta. The seller and sales price were not disclosed. Built in 2020, Legends at Laurel Canyon offers one-, two- and three-bedroom units averaging 1,227 square feet in size. Amenities include a clubhouse, fitness center, resort-style saltwater pool, gated access, Amazon Hub Lockers, car care center, bike racks and a pet park and spa.
DENVER — Urban Land Conservancy (ULC), a Denver-based affordable housing nonprofit, has completed construction and opened The Irving at Mile High Vista in Denver’s West Colfax neighborhood. Located at 3270 W. Colfax Ave., the 102-unit community serves households earning up to 20 to 80 percent of the area median income. With ULC’s ownership of the land through a community land trust, affordability is guaranteed for 99 years. The Irving is adjacent to the Denver Public Library’s Corky Gonzales branch. The architect was Studio Completiva, and the general contractor was Pinkard Construction. The project is ULC’s first ground-up development. The land stewardship group acquired the property in 2010.
MAHOMET, ILL. — Eastern Mortgage Capital has provided a $24.1 million HUD 223(f) loan for Solace at Mahomet, a 194-unit multifamily property in the central Illinois city of Mahomet. Peter Panagako of Eastern Mortgage Capital originated the loan. Eastern Mortgage Capital is a Massachusetts-based HUD-insured lender.
FARMERS BRANCH, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Sola Galleria, a 330-unit apartment community in the northern Dallas metro of Farmers Branch. The property offers one- and two-bedroom units and amenities such as a pool, fitness center, computer lounge, coffee bar, clubhouse kitchen, zen lounge, outdoor grilling and dining stations and a gaming/media room. Joey Tumminello, Drew Kile, Taylor Hill, Michael Ware and Jack Windham of IPA represented the seller, a partnership between HLC Equity and The Hampshire Cos., in the transaction. Cameron Chalfant, Brian Eisendrath, Harry Krieger and Scott Arenzon, also with IPA, arranged an undisclosed amount of acquisition financing for the deal on behalf of the buyer, San Diego-based MG Properties.
MIDLAND, TEXAS — A joint venture between Silverstone Partners and JSB Capital Group has purchased a portfolio of four build-to-rent properties totaling 277 homes in the West Texas city of Midland. The specific names and addresses of the properties, which are collectively known as The Seed Portfolio, were not disclosed. The portfolio features an average home size of 1,300 square feet. The seller was Related Cos. Silverstone affiliate Claireville Residential will manage the properties.
