SIMPSONVILLE, S.C. — Haven Realty Capital has acquired Harrison Landing Townes, a 166-unit townhome community in Simpsonville, for $30.6 million. Haven partnered with CenterSquare Investment Management to acquire the property. The homebuilder of the single-family rental community was not disclosed. Harrison Landing Townes is located on an 18-acre site at 106 McGuires Place, 21 miles southeast of downtown Greenville. Each of the two-story, 1,564-square-foot townhomes will feature three-bedrooms, two-and-a-half baths, an attached garage, vinyl plank floors, stainless steel appliances, granite countertops, tile backsplash and nine-foot ceilings on the first floor. Community amenities include a dog park, playground and a walking trail. The remaining homes will be acquired in phases from the homebuilder over the next 15 months. The project is expected to be fully stabilized by June 2022. Haven is acquiring the homes as the phases are being completed. The first phase is almost 100 percent occupied. CenterSquare Investment Management is a global investment manager based outside Philadelphia. Haven Realty Capital is a Los Angeles-based real estate investment and management firm.
Multifamily
KERRVILLE, TEXAS — Blueprint Healthcare Real Estate Advisors has arranged the sale of Villagio of Kerrville, a 36-unit seniors housing community in Kerrville, approximately 65 miles northwest of San Antonio. The community is located near Kerrville’s primary retail corridor and less than three miles from two large hospitals — Peterson Regional Medical Center and the Kerrville State Hospital. New Haven Assisted Living & Memory Care, a regional Texas-based operator, was the buyer. The seller and price were not disclosed.
ALBUQUERQUE — NorthMarq has arranged the sale of a three-property apartment portfolio located in Northeast Albuquerque. Orange County, Calif.-based Laguna Point acquired the assets from Portland, Ore.-based PacifiCap Properties Group for an undisclosed price. Totaling 735 apartments, the portfolio includes Jefferson Crossing, Aztec Village and Arioso. The acquisition is the buyer’s seventh purchase in the market. Cynthia Meister of NorthMarq’s Albuquerque office and Trevor Koskovich, Bill Hahn, Jesse Hudson of NorthMarq’s Phoenix office brokered the sale. Brandon Harrington, Bryan Mummaw and Tyler Woodard of NorthMarq’s Phoenix debt/equity team financed each acquisition for the buyer with Freddie Mac loans.
SAN DIEGO — JPI, a Texas-based multifamily investment and development firm, has received a $69.7 million loan for the refinancing of Jefferson Pacific Beach, a recently constructed apartment community in San Diego’s Pacific Beach neighborhood. Located at 4275 Mission Bay Drive, Jefferson Pacific Beach features 169,571 square feet of residential space, including 172 apartments, and 14,000 square feet of commercial space. On-site amenities include a business center, resort-style saltwater pool and spa, fitness center and surfboard repair station. Additionally, the bayfront community is adjacent to Interstate 5 and less than three miles from the Pacific Beach Pier. Troy Tegeler, Scott Peterson, Bill Chiles and Trevor Breaux of CBRE’s debt and structured finance team in San Diego arranged the loan for the borrower.
CAMBRIDGE, MASS. — The Massachusetts Institute of Technology (MIT) has submitted plans for a 690-bed residence hall for graduate students at 269-301 Vassar St. on the university’s campus in Cambridge, according to reports by development tracking platform Bldup. The university will develop the project with American Campus Communities, according to reports, in order to “allow MIT the financial flexibility and resources necessary to expand bed capacity and expedite capital renewal improvements.” Further details on the development were not announced.
WILLOW GROVE, PA. — College Town Communities will develop a 132-unit student housing development near the Penn State Abington campus in Willow Grove, a northern suburb of Philadelphia. The developer recently acquired the four-acre development site from Fairhill Properties for $2.5 million. Chris Pennington of Binswanger Commercial Real Estate Services brokered the land deal. The new development will offer fully furnished two-bedroom units alongside communal amenities including a clubhouse, fitness center, business center, café, media lounge and a resort-style pool. The groundbreaking is scheduled for spring.
WATERTOWN, MASS. — A joint venture between Harrison Street Real Estate Capital and LCB Senior Living has acquired The Residence at Watertown Square, a 90-apartment senior living community located in the western Boston suburb of Watertown. Developed in 2014, the community features 19 independent living units, 46 assisted living units and 25 memory care units. Newmark’s Sarah Anderson, Ryan Maconachy, Chad Lavender, Ross Sanders and David Fasano arranged an undisclosed amount of acquisition financing for the transaction. The seller was also undisclosed.
Estate Cos. Secures $55.5M in Construction Financing for Soleste Cityline Multifamily Project in South Florida
by John Nelson
DANIA BEACH, FLA. —The Estate Cos., a multifamily developer based in Miami, has secured $55.5 million in construction financing for Soleste Cityline. The eight-story property will be a Class A, mixed-use community with 340 rental units and 12,800 square feet of retail at 4 North Federal Highway in Dania Beach. Soleste Cityline will be located on the northeast corner of Federal Highway and Dania Beach Boulevard, around 25 miles from Miami. Synovus Financial Corp. arranged the financing. The developer plans to break ground this quarter. Fort Lauderdale-based Merrimac Ventures is a partner in the project and will own the retail portion of the property, along with Miami-based Tricera Capital. The project will offer units ranging from approximately 600 to 1,200 square feet. Studios, one-, two- and three-bedroom units include dual master suites, spacious walk-in closets, private balconies and a full-size washer and dryer. Soleste Cityline will feature a pool deck, fitness center, outdoor grilling stations, clubroom and private event space.
Dwight Capital Provides $40.5M in HUD Financing for Walton Westside Apartments in Atlanta
by John Nelson
ATLANTA — Dwight Capital has provided $40.5 million in HUD financing for Walton Westside, a 254-unit apartment community located at 790 Huff Road NW in Atlanta’s West Midtown. Built in 2014, Walton Westside has one residential building and one garage building. Community amenities include a rooftop patio with a gazebo, swimming pool, dog park, coffee shop and an outdoor fireplace. The property is located 15 miles from the Hartsfield-Jackson Atlanta International Airport. Walton Westside is Energy-Star-certified, thus qualifying for HUD’s Green Mortgage Insurance Premium (MIP) reduction, which was set at 25 basis points. Brandon Baksh and Karnveer Bal of Dwight Capital originated the loan on behalf of the undisclosed borrower. Dwight Capital LLC is a commercial real estate finance company based in New York.
Wendover Housing Partners Breaks Ground on $16.3M Affordable Housing Community in Sanford, Florida
by John Nelson
SANFORD, FLA. — Wendover Housing Partners, an Altamonte Springs, Fla.-based multifamily developer, has broken ground on Monroe Landings, a $16.3 million affordable housing community in Sanford. Wendover received $11.5 million in tax credit equity, $1.3 million from partner Orlando Housing Authority and a $2.8 million permanent loan from Neighborhood Lending Partners. Roger B. Kennedy Construction is overseeing the construction of the community. Located at 375 Oleander Ave. in Sanford, Monroe Landings will be a 60-unit, multifamily community with one-, two- and three-bedroom units. Community amenities will include a clubhouse with a gathering area and fireplace, resident computer center, pool, tot lot, gazebo with picnic tables, outdoor grills and a community gardening area. Rent is expected to start at $766 per month for one-bedroom units, $908 per month for two-bedroom units and $1,041 per month for three-bedroom units. Wendover expects to move residents in by the end of 2021 or beginning of 2022. In November 2013, HUD demolished an existing affordable housing community at the site after being deemed uninhabitable. Several hundred residents were displaced at the time the community was demolished. Wendover will offer the former residents the option to live at Monroe Landings when completed. The property will serve …