DALLAS — Greystone has arranged the sale of Residences at White Rock Lake, a 137-unit apartment community in East Dallas. According to Apartments.com, the property was built in 1970 and features one- and two-bedroom units, as well as a pool and onsite laundry facilities. Mark Allen and Chibuzor Nnaji of Greystone’s Investment Sales Group represented the seller, Texas-based Arcturus Investments, in the transaction. The duo also procured the buyer, a locally based limited liability company.
ANAHEIM, CALIF. — Waterford Property Co., in partnership with California Statewide Communities Development Authority (CSCDA), has purchased Jefferson Platinum Triangle. The transit-oriented multifamily community is located at 1781 S. Campton Ave. in Anaheim’s Platinum Triangle District. JPI sold the asset for $160 million. The buyers plan to convert the 400-unit property into workforce housing. The acquisition is part of a workforce housing finance program created in 2020 by CSCDA. Using tax exempt bond financing, CSCDA can purchase multifamily projects without the use of public subsidies to provide much-needed housing for the middle-income workforce demographic. With this acquisition the partnership will be able to lower rents for qualified existing and new residents making between 80 percent and 120 percent of the area median income in order to create more workforce housing in Anaheim. Built in 2018, Jefferson Platinum Triangle features 400 units, clubrooms, two resort-style pools with hot tubs, outdoor cooking areas, fitness centers and a yoga studio. Shane Shafer and Kyle Pinkalla of NorthMarq brokered the transaction.
BLUE SPRINGS, MO. — Berkadia has secured a $19.9 million HUD-insured loan for the refinancing of Lakeview Crossing Townhomes in Blue Springs, about 20 miles east of Kansas City. Completed in March 2019 and located at 900 SE Tequesta Lane, Lakeview Crossing features floor plans ranging from one to four bedrooms. Amenities include a fitness center, clubhouse, resident lounge and pool. Kevin Kozminske and John Schorgl of Berkadia secured the HUD 223(f) loan with a 35-year term and a fixed rate. Missouri-based Worcester Investments was the borrower.
LEBANON, N.H. — CBRE has arranged the $69.2 million sale of Timberwood Commons, a 252-unit apartment community in Lebanon, located in central New Hampshire. The property consists of five three-story buildings on a 42.6-acre tract. Units feature studio, one-, and two-bedroom floor plans with an average size of 847 square feet. Amenities include a clubhouse, business center, community room, fitness center and a dog park. Simon Butler, Biria St. John and John McLaughlin of CBRE represented the seller, Philadelphia-based Merion Realty Partners, and procured the buyer, an affiliate of Boston-based Audubon Capital Partners.
LAS VEGAS — KeyBank Real Estate Capital (KBREC) has provided two fixed-rate U.S. Federal Housing Administration (FHA) loans totaling $30.8 million for Capital Senior Ventures. Uses of FHA insured loan proceeds were to refinance a portion of a KeyBank-agented senior secured interim bridge financing. The properties are two skilled nursing facilities in Las Vegas – Silver Hills and Silver Ridge Health Care Centers — that Covenant Care operates. Silver Hills, originally built in 1998 and renovated in 2013, comprises 150 operating beds (80 units) and provides physical, speech and occupational therapy. Silver Ridge, built in 1999, comprises 147 operating beds (78 units) and provides in-house and outpatient physical, occupational, speech and respiratory therapy. The two FHA-insured loans were structured with a 35-year, fully amortizing term. John Randolph of KBREC’s Commercial Mortgage Group and Grant Saunders and Peter Trazzera of Key’s Healthcare Finance Group originated and structured the financing.
BEVERLY, MASS. — Locally based developer The Procopio Cos. has completed the 30-unit Building B at Sedna, a 3.5-acre waterfront multifamily development in Beverly, located northeast of Boston. The 32-unit Building A opened to residents in October. Units feature one- and two-bedroom floor plans, and amenities include two rooftop terraces, a fitness center, clubroom and wine bar, pet wash station and onsite parking for residents. Rents start at $2,450 per month for a one-bedroom unit, according to Apartments.com.
ARLINGTON, VA. — JLL has arranged a $135 million loan for the refinancing of Altaire Apartments, a 451-unit luxury high-rise community located in Arlington. The property is located on the border of the Crystal City and Pentagon City neighborhoods near major landmarks and institutions such as Arlington National Cemetary, the Pentagon and Ronald Reagan International Airport. Pentagon City is the neighborhood where Amazon is building its $2.5 billion second headquarters. Constructed in 2018, Altaire Apartments is a two-building development that features studio, one- and two-bedroom floor plans. Units are furnished with stainless steel appliances, kitchen islands, wood-style flooring, walk-in closets, individual washers and dryers and keyless entry mechanisms. Rents start at approximately $1,800 per month for a studio unit, according to Apartments.com. Communal amenities include a sky lounge, rooftop terrace, fitness center, courtyard, fire pits, grilling area, pool, game room, penthouse lounge and pet washing area. The property is LEED Gold certified. Residents are offered concierge package handling services along with Luxer package lockers. Jamie Leachman and Paul Spellman of JLL arranged the five-year, floating-rate loan through an undisclosed lender on behalf of the borrower, LCOR, an investment and management firm with offices throughout the mid-Atlantic. Proceeds will be used to …
By Michael Procopio, vice president of development, The Procopio Cos. Undeniably, as we progress through 2021, one of the hottest trends in the field of owning and operating multifamily properties will continue to be technology and automation. According to the 2019 Zillow Consumer Housing Trends Report, 43 percent of Gen Z buyers and 35 percent of millennials rated smart home features as “very important.” Although Zillow’s 2019 report shows that older generations are less concerned with smart technology, we know that the desire for technology will continue to grow as younger generations enter the market to rent and buy and as older generations adapt to its use and convenience. Evolution of Amenities For decades, as the multifamily amenity wars heated up, residents placed an increasing focus on lifestyle amenities. Just having a gym was no longer appropriate; robust fitness centers with boutique offerings like yoga, spin and rowing became the norm. Basic lounges gave way to designer-finished club and sport spaces, where virtual golf replaced ping-pong, and interconnected coworking suites replaced the ever-so-sterile business centers of the 2000s. As we progress further into the 2020s, it’s becoming clearer that the focus on technology as it impacts the resident experience will …
MIAMI — Terra and Grass River Property Co. have broken ground on a new mixed-use project in Miami called Grove Central. Located at 2780 SW 27th Court, the transit-oriented development will include a new 23-story residential tower comprising 402 market-rate, workforce and co-living units; a 1,250-space public parking garage; and approximately 170,000 square feet of retail space anchored by Target. Terra and Grass River expect to complete Grove Central in 2023. As part of a Miami-Dade County initiative to improve mass transit offerings, the project will include a new bus terminal for Miami-Dade Transit. Terra and Grass River Property entered into a 90-year ground lease with the County, which enables the partnership to build, manage and lease the property. The developers are building Grove Central in line with the City of Miami’s sustainability, efficiency and green building requirements with Gold Level certification under the National Green Building Standard (NGBS) program. Sustainability features include water-resilient plantings that will be used to absorb storm water, as well as a large cistern that will capture roof runoff or reuse. Additionally, the project includes future capacity for solar energy and battery storage. The development of Grove Central is expected to create more than 1,500 …
DORAL, FLA. — Suffolk, a Florida-based general contractor, has opened Sanctuary at Doral, a 226-unit apartment community located at 9400 NW 41st St. in Doral. Shoma Group selected Suffolk as the builder and MSA Architects as the designer. The development exceeds 500,000 square feet and features two five-story parking garages, two standalone retails buildings with grade parking, a three-story clubhouse, eight acres of outdoor amenities and a ground-floor pool. According to Apartments.com, Sanctuary at Doral’s rental rates range from $2,289 to $3,815 per month. Community amenities include a fitness center, sauna, spa, pool with a sundeck and cabana, playground, bike storage, walking trails, game room, Zen garden and a picnic area.
