REBusinessOnline

Cushman & Wakefield Secures $73M in Acquisition Financing for Two Student Housing Properties in Arkansas, Florida

FAYETTEVILLE, ARK. AND TALLAHASSEE, FLA. — Cushman & Wakefield has secured $73 million in acquisition financing for two student housing properties in Arkansas and Florida. The borrowers, GFH Financial Group and Student Quarters, received the fixed-rate financing for VOX in Tallahassee and The Avenue in Fayetteville. Guardian Life Insurance provided the seven-year financing.VOX is a 602-bed student housing property serving Florida State University. Completed in 2020, the property …

Ascott Acquires 1,005-Bed Student Housing Community Near Texas Tech University for $70M

LUBBOCK, TEXAS — Ascott Residence Trust, a REIT based in Singapore, has acquired Wildwood Lubbock, a 1,005-bed student housing community located about two miles from Texas Tech University. Ascott purchased the community, which offers two- to four-bedroom units with bed-to-bath parity, from an undisclosed seller for $70 million. Shared amenities include a resort-style pool with hot tubs, a swim-up bar, outdoor cabanas and grills and fire pits. In addition, residents of Wildwood Lubbock have …

Crown Bay Group Purchases Workforce Housing Community in Atlanta for $31.1M

UNION CITY, GA. — Crown Bay Group LLC, an Atlanta-based multifamily real estate investment firm, has purchased The Park at Netherley, a 294-unit workforce housing community in Union City. The sales price was $31.1 million, or nearly $106,000 per unit. The seller was Blue Magma.Built in 1988, The Park at Netherley offers one-, two- and three-bedroom apartments. Community amenities include a business center, clubhouse, playground, swimming pool and a fitness center. The property was 93 …

Berkadia Arranges Acquisition Financing for 1,275-Unit Multifamily Portfolio in Houston

HOUSTON — Berkadia has arranged an undisclosed amount of acquisition financing for a portfolio of five multifamily properties totaling 1,275 units in the Westwood and Braeswood/Fondren submarkets in southwest Houston. The properties — Airport Crossing, The Townhomes, Terrace at West Sam Houston, Casa Grande and Plaza at Hobby Airport — were all built between 1976 and 1983. Mitch Sinberg, Matthew Robbins and Abigail Beauchamp of Berkadia arranged the financing through Voya Investment …

Albion Residential Purchases 719-Unit Apartment Community in Suburban Chicago, Plans $23M Revitalization

PALATINE, ILL. — Albion Residential has purchased Birchwood on Sterling, a 719-unit apartment community in Palatine, a northwest suburb of Chicago. Matt Schoenfeldt of JLL Capital Markets arranged a $94.2 million loan on behalf of Albion through Voya Investment Management.Albion plans to undertake a $23 million renovation project, completion of which is slated for early 2024. All units that have not been recently updated will be modernized. Additional plans call for an expanded and …

OHT Partners Breaks Ground on 315-Unit Lenox Bayside Apartments in Southeast Houston

HOUSTON — Multifamily developer OHT Partners has broken ground on Lenox Bayside, a 315-unit apartment community in the Clear Lake area of southeast Houston. The community will be situated adjacent to Baybrook East, a retail center at which a 106,000-square-foot H-E-B grocery store is currently under construction. Designed by Davies Collaborative, Lenox Bayside will offer one-, two- and three-bedroom units and amenities such as a pool, 24-hour collaborative work studio, outdoor grilling areas …

Tradition Senior Living Starts Construction of 312-Unit The Tradition-Clearfork in Fort Worth

FORT WORTH, TEXAS — Developer and operator Tradition Senior Living has begun construction on a 309-unit facility within the 270-acre Clearfork mixed-use development in Fort Worth. The Tradition-Clearfork will offer independent living, memory care and assisted living services. The property’s 214 independent living residences and 95 acute and memory care units will be available in one- and two-bedroom formats and will range in size from 880 to 2,200 square feet. Residents will have access to …

Weidner Apartment Homes Sells Accolade Multifamily Property in Phoenix to Knightvest Capital for $155M

PHOENIX — Weidner Apartment Homes has completed the disposition of Accolade, an apartment community in Phoenix. Knightvest Capital acquired the asset for $155 million, or $282,847 per unit.Constructed in 1984 on 28 acres, Accolade features 548 apartments, four swimming pools, two spas, a resident clubhouse, leasing office, open-air conference room and cybercafé. Apartments offer full-size washers/dryers, wood-style vinyl flooring, walk-in closets and private patios or balconies.Steve …

BCC Construction to Develop 156-Unit Altitude Apartment Building in Salt Lake City

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

Focus Healthcare Partners, LCS Acquire Seniors Housing Community in Fountain Hills, Arizona

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

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