CHESAPEAKE, VA. — NorthMarq’s Wink Ewing and Mike Marshall, along with the firm’s Ryan Rilee, has arranged the $67.3 million sale of the Streets of Greenbrier apartment community in Chesapeake. The NorthMarq team represented the Richmond-based seller, GrayCo Inc., which sold the property to Capital Square, a DST (Delaware Statutory Trust) platform based in Richmond. Built in 2013, the Streets of Greenbrier is a 280-unit property located at 929 Wintercress Way. A joint venture with Wood Partners & GrayCo Inc. originally developed the property. The market conditions were extremely favorable due to Chesapeake reporting some of the highest annual rent growth in the area at more than 6 percent. The property is located close to the Greenbrier and Summit Pointe business districts. Greenbrier is the largest business district in Hampton Roads, containing 19 million square feet of commercial space. The property includes one-, two- and three-bedroom floorplans. The apartment features include 9- to 10-foot ceilings, attached/detached garages, ceramic tile flooring and tub surrounds in bathrooms, custom lighting package, espresso cabinetry with nickel hardware, LVP flooring in entries and kitchen, open kitchens with granite countertops/islands, stainless steel Whirlpool appliances, oversized bedrooms, patio/sunroom options, soaking tubs in master bathrooms, tile backsplash in …
Multifamily
LINTHICUM HEIGHTS, MD. — JLL has arranged the sale of Element Linthicum Heights, an apartment community located just outside of Baltimore in Linthicum Heights. JLL worked on behalf of the seller, JLB Partners, to complete the sale to the buyer, AvalonBay Communities Inc. Walter Coker, Brian Crivella and Robert Jenkins of JLL arranged acquisition financing on behalf of AvalonBay. The loan amount and sales price were not disclosed. Located at 820 Concorde Circle, Element Linthicum Heights includes one- and two-bedroom floorplans with features, including walk-in closets, in-unit washers and dryers, 9-foot ceilings, stainless steel appliances and quartz or granite countertops. Community amenities include a pool, outdoor lounge and entertainment areas, courtyard with hammocks, grilling area, fitness center with CrossFit equipment, clubroom, pet park and a pet spa. Element Linthicum Heights is near Baltimore’s Inner Harbor area, less than 10 miles from downtown Baltimore and less than 30 miles from Washington, D.C. Additionally, the property is proximate to Baltimore-Washington Parkway, Interstate 195, Interstate 95, Interstate 97 and MARC Rail’s Penn Line.
BURLESON, TEXAS — New York City-based developer Sovereign Properties has broken ground on Reed Parke Apartments, a 217-unit multifamily community in Burleson, a southern suburb of Fort Worth. The property will feature one-, two- and three-bedroom units. Amenities will include an outdoor gaming lawn, cyber café, dog park, fitness and yoga studio, a pool and outdoor grilling areas. Womack + Hampton Architects is designing the community, and KWA Construction is serving as general contractor. Completion is slated for May 2022.
HOUSTON — Grandbridge Real Estate Capital has arranged a $19.5 million loan for the refinancing of a 230-unit multifamily property in the Houston area. John Hancock Life Insurance Co. provided the nonrecourse loan, which was structured with a fixed interest rate, 10-year term and a 30-year amortization schedule. Rob LaRue of Grandbridge, which is based in Charlotte, N.C., placed the debt on behalf of the undisclosed borrower. The name of the property was also not disclosed.
WEST ORANGE, N.J. — Prism Capital Partners has received an undisclosed amount of permanent financing for The Residences at Edison Lofts, a 300-unit apartment complex in West Orange, located outside of Newark. The property is a redevelopment of Thomas Edison’s historic invention factory and commerce center and features studio, one-, two- and three-bedroom units. Amenities include a 5,000-square-foot fitness center, heated indoor pool, a 12,000-square-foot rooftop lounge and a self-serve café. The lender was not disclosed.
CANONSBURG, PA. — KeyBank’s Community Development Lending & Investment (CDLI) division has provided $23 million in financing for the construction of an affordable seniors housing project in Canonsburg, located about 20 miles south of Pittsburgh. The financing consisted of an $11 million construction loan and $12 million in low-income housing tax credit (LIHTC) equity. The Pennsylvania Housing Finance Agency also provided a $1.3 million permanent loan. The borrower is a partnership between Ohio-based developer MVAH Partners LLC and nonprofit operator Blueprints. David Lacki and Laura Janosko of KeyBank’s CDLI team structured the debt, while Ryan Olman, also with the CDLI team, structured the equity. The property will consist of 50 units, approximately 85 percent of which will be reserved for seniors earning between 20 and 60 percent of the area median income. The remaining eight units will be rented at market rates. Completion is scheduled for spring 2022.
NEW YORK CITY — Marcus & Millichap has brokered the $4.5 million sale of a 42-unit apartment building located at 653 Cauldwell Ave. in The Bronx. The sales price equates to roughly $107,000 per unit. Michael Fusco, Seth Glasser, Joe Koicim, Peter Von Der Ahe and Bryan Jimenez of Marcus & Millichap represented the seller and the buyer, both of which were private individual investors, in the transaction. John Krueger, regional manager of the firm’s Manhattan office, also assisted in closing the deal.
COLUMBUS, OHIO — Walker & Dunlop Inc. has arranged $55.5 million in construction and permanent financing for the development of Quarry Trails Apartments and Quarry Trails Townhomes and Flats in Columbus. Thrive Cos. is developing the 293-unit multifamily and 100-unit townhome project within a decommissioned quarry. The development is positioned within a natural park and rests alongside a 60-foot waterfall, a 160-foot vertical rock face and more than two miles of riverfront trails. Plans also call for the development of an office building, 20,000 square feet of retail space and a community center. Jeff Morris, Chad Kiner and A.J. Mangan of Walker & Dunlop’s Ohio Capital Markets group arranged the financing through two local banks. A timeline for construction was not disclosed.
MESA, ARIZ. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale Saratoga Apartments, a multifamily property located on University Drive in Mesa. Tides Equities acquired the property from an undisclosed seller for $35.2 million, or $122,990 per unit. Built in 1978 on 13 acres, the asset features 286 units, four swimming pools, a basketball court and tennis courts. Steve Gebing and Cliff David of IPA represented the seller and procured the buyer in the deal.
TACOMA, WASH. — Portland, Ore.-based Ethos Development has broken ground on Analog Tacoma, a multifamily property in Tacoma. Totaling 65,000 square feet, Analog Tacoma will feature 115 apartments in an eight-story, mid-rise, podium-style building. The development team includes Works Progressive Architecture as designer and Katerra as general contractor. The development is one of the first in the city to be funded from the outset with a project-specific Opportunity Zone fund.