CARMEL, IND. — KC Venture Group has acquired Penn Circle Apartments in Carmel, a suburb of Indianapolis. The purchase price was undisclosed. Built in 2013, the five-story asset sits on 6.2 acres at 12415 N. Pennsylvania St. Steve LaMotte Jr. and Dane Wilson of CBRE represented the seller, Inland. KC Venture Group is a real estate company engaged in the ownership, acquisition and management of multifamily communities in the Midwest and Texas.
NEW YORK CITY — Locally based lender CIT Group Inc. has provided a $35.7 million construction loan for a 17-story mixed-income project located in the Clinton Hill area of Brooklyn. Designed by DXA Studio, the property will total 138 units in one- and two-bedroom floor plans with private balconies or yards, about 40 of which will be designated as affordable housing. Communal amenities will include a dog run, fitness center, business center and a recreational lounge. The borrower, Quinlan Development Group, expects to complete the project in early 2023. Specific information on income restrictions was not disclosed.
NEW ROCHELLE, N.Y. — W. P. Carey Inc. (NYSE: WPC) has acquired a student housing property in the New York City suburb of New Rochelle that serves students at Monroe College for $26 million. Built in 2018, the transit-oriented residence hall’s 94 units total 49,500 net rentable square feet. The property also offers proximity to dining, entertainment and fitness uses. Thomas Greeley, Devlin Man, Cory Gubner and Alex Haendler of Newmark represented the seller, St. Katherine Group, and procured W. P. Carey as the buyer.
BURIEN, WASH. — Berkadia has brokered the sale and financing for Arbour Court, a garden-style community located at 2225 S. 112th St. in Burien, a suburb of Seattle. Kuhar Bay Club sold the asset to a private group of local investors for $19.1 million. Kenny Dudunakis, Ben Johnson and David Sorensen of Berkadia’s Seattle office represented the seller in the transaction. Robert Doxsee and Michael Manolides of Berkardia Seattle’s office, along with Brad Williamson of Berkadia’s Miami office, arranged a $15 million acquisition loan on behalf of the buyer through New York-based Ready Capital. Built in 1990, Arbour Court features 75 units in a mix of one-, two- and three-bedroom floor plans ranging from 700 square feet to 1,030 square feet. Units offer gourmet kitchens, fireplaces, large walk-in closets and in-unit washers/dryers. Community amenities include an indoor pool, sauna and a fitness center.
LAKE ELSINORE, CALIF. — Civic Partners, with the support of the City of Elsinore, and Premier Design + Build Group have completed The Cottages at Mission Trail, a multifamily development in Lake Elsinore. The Cottages at Mission Trail features 143 two- and three-bedroom apartments in six floor plans spread across 78 buildings on a 20-acre site. Community amenities include a recreation center, large park, tot lot with playground equipment, laundry center and leasing center. The community has parking for 330 vehicles and many individual homes offer driveways. The Cottages at Mission Trail is part of Summerly, a 3,000-acre Lake Elsinore development that includes a golf course, single-family residential community and retail center. The project team included KTGY Group, ima, Gouvis Engineering and Wilson-Mikami.
SOUTHFIELD, MICH. — Greystone has provided a $27.8 million HUD-insured loan for the refinancing of Solaire Apartments in Southfield. The 383-unit seniors housing property was built in 1970. The asset features two buildings with a variety of floor plans. Amenities include a clubhouse, pool, picnic area, beauty salon, library and fitness center. Dan Sacks of Greystone originated the loan on behalf of the borrower, Loop Investments. The HUD Section 223(a)(7) loan replaces an existing FHA loan and features a lower interest rate, a 35-year term and a 40-year amortization schedule.
RALEIGH, N.C. — Magma Equities has purchased 51 apartments within Richmond Hills, a multifamily community located at 2251 Charles Drive in Raleigh. Sarah Godwin of JLL represented the seller, EYC Cos. LLC, in the $6.2 million sale. Magma Equities plans to update the community’s countertops, kitchen cabinets, pool and property exterior in the next year. Sitting on approximately 5.2 acres, the acquired site is also entitled for up to 330 new apartment units. The infill property is situated across the street from Crabtree Valley Mall and a half-mile from Interstate 440 and Raleigh Beltline, as well as 3.5 miles from Interstate 40. EYC is a privately held real estate firm based in the Carolinas. Manhattan Beach, Calif.-based Magma Equities is a real estate company focused on repositioning Class B apartment communities throughout the country.
BIRMINGHAM, ALA. — Berkadia has brokered the $38.3 million sale of 100 Inverness, a 322-unit, Class B multifamily property in Birmingham. David Wilson, Caleb Frizzell and Steve Nunnelley of Berkadia, with support from David Oakley of OG Capital, represented the seller, Colorado-based FPA Multifamily, in the transaction. Tucker Knight of Berkadia assisted the unnamed buyer in assuming an existing Berkadia-originated loan on the property as part of the transaction. Three seasoned multifamily investors from Texas syndicated the buyer group for this transaction, the first acquisition in Alabama for the new ownership. Located at 100 Iverness Lane, the property is situated on a 39-acre lakefront site in the Highway 280 submarket of Birmingham. 100 Inverness features 2,450 feet of shoreline on Lake Heather and frontage on the Iverness Country Club golf course. Community amenities include swimming pools, tennis courts, a 24-hour fitness center, two garage buildings and private balcony and patios. The property was built in two phases in 1974 and 1979 and has 62 townhomes spanning over 1,850 square feet. The apartments are 97 percent occupied. FPA Multifamily, a private equity group, acquired the property in 2015 and completed renovations over the past five years, including exterior updates, renovating the …
SAN ANTONIO — Dallas-based multifamily developer RightQuest Residential has broken ground on Luckey Ranch San Antonio, a 264-unit apartment community on the city’s west side. The property will be located on a 13-acre site adjacent to the Luckey Ranch master-planned community. Units will feature one- and two-bedroom floor plans and will be furnished with stainless steel appliances, granite countertops and individual washers and dryers. Amenities will include a pool, fitness center, business center, media room, outdoor grilling areas, package lockers, a pet park and onsite storage space. Project partners include Allen, Texas-based Cross Architects, San Antonio-based civil engineering firm Macina, Bose, Copeland & Associates Inc. and Houston-based general contractor Nations Construction. The Houston Group provided construction financing for the project. The first units are expected to be available for occupancy in spring 2022. Rents will start at $1,075 per month for a one-bedroom unit.
FORT WORTH, TEXAS — Comunidad Partners, a minority- and women-owned investment firm, has acquired Metro 7000, a 206-unit affordable housing community in Fort Worth. Amenities at the property include a pool, clubhouse, sports court and a dog park. The project is 100 percent affordable, with units being at or below 80 percent of the area median income (AMI) and an income restriction that requires a minimum of 20 percent of the units be reserved for renters earning 60 percent or less of AMI. Richard Furr and Brian O’Boyle Jr. of Newmark represented the undisclosed seller in the transaction. Comunidad Partners, which will implement a value-add program focused on unit interiors and building exteriors, was self-represented.
