ISSAQUAH, WASH. — Revel Communities, a division of The Wolff Co., has opened Revel Issaquah, a 146-unit independent living community in the Seattle suburb of Issaquah. As Revel’s third community in Washington State, the property is located less than 20 miles outside Seattle and just outside of downtown Issaquah across from Lake Sammamish, providing residents with easy access to art galleries, shopping and entertainment.
LONG BEACH, CALIF. — Stepp Commercial has arranged the sale of a 22-unit apartment building located at 1315 W. 19th St. in Long Beach. A Chino-based private investor acquired the property from a Long Beach-based seller for $5.2 million, or $236,000 per unit. Built in 1963, the property features two one-bedroom units, 16 two-bedroom units and four three-bedroom units. The building also offers 14 garages, gated access and on-site laundry facilities. Half of the units were renovated to include laminate hardwood flooring, shaker-style cabinets, quartz countertops, stainless steel appliances, new bathroom tile, modern lighting, ceiling fans and fixtures throughout. Robert Stepp and Michael Toveg of Stepp Commercial represented the seller in the transaction.
ARLINGTON, VA. — AHC Inc. has delivered The Apex, a 256-unit affordable housing community in Arlington. AHC Management, a subsidiary of AHC Inc., is managing the $100 million development and is currently accepting applications. The Apex features a playground, sport court, community center, underground parking and fitness room. The community’s one-, two- and three-bedroom apartments are available for families earning 40 percent to 80 percent of the area median income (AMI). The Apex was designed to earn an EarthCraft Gold certification. To reduce environmental impact, the building offers energy-efficient appliances and features a green roof. The Apex has quick access to the biking and pedestrian trail that follows along the Four Mile Run Trail. The community also will offer a variety of social and educational programs for residents. The project’s financing includes up to $20.9 million in revolving loan funds from Arlington County’s Affordable Housing Investment Fund (AHIF). The redevelopment was awarded $2.5 million in 9 percent Low-Income Housing Tax Credits (LIHTC) and approximately $1 million in 4 percent LIHTC equity. Michael T. Foster Architects designed the apartment community, and Harkins Builders constructed the property. AHC Inc. is a regional developer of affordable housing communities based in Arlington, Va.
ATLANTA — Berkadia has brokered the $7.8 million sale of Arbor Gardens, a 102-unit multifamily property in Atlanta. Matthew White, Paul Vetter, Andrew Mays and Judy MacManus of Berkadia’s Atlanta office led the transaction on behalf of the seller, a joint venture between Atlantica and Auerbach Funds. Arbor Gardens sold to White Mountain Management, and the sales price equals to $76,471 per unit. The property was 99 percent occupied at the time of the sale. Built in 1973, Arbor Gardens is located at 5503 Riverdale Road in the Atlanta portion of Clayton County. The property is 3.4 miles south of Hartsfield-Jackson International Airport. The community’s amenities include a swimming pool, playground, sports court and community garden. Atlantica is a real estate firm based in Atlanta, Auerbach Funds is a real estate private equity firm based in New York and White Mountain Management is an independent investment firm based in New Jersey.
DALLAS — Orlando-based ZOM Living will develop Hazel by the Galleria, a 398-unit apartment community that will be located on 3.5 acres at the corner of Noel Road and Interstate 635 in the Galleria area of Dallas. Amenities at Hazel by the Galleria will include a 3,000-square-foot coworking space with lounges, private offices and a coffee bar, a fitness center with saunas and a relaxation lounge, an outdoor pool with surrounding grilling stations and fire pits, an entertainment lounge with bar areas, pet spa and a package room. LRK is the project architect, and CBG Building Co. is the general contractor. Construction is scheduled to begin this month and to be complete in the second quarter of 2023.
FENTON, MO. — Berkadia has negotiated the sale and financing of Turtle Creek, a 128-unit apartment community in the St. Louis suburb of Fenton. Built in 2018, the garden-style property is located at 201 Turtle Drive. Amenities include a pool, clubhouse, dog park and storage space. Ken Aston and Andrea Kendrick of Berkadia arranged the $24.9 million sale on behalf of the seller, Highgate Capital Group LLC. Mitch Sinberg and Matthew Robbins of Berkadia arranged $18.9 million in acquisition financing on behalf of the buyer, RM Communities. The Freddie Mac Green loan features a 10-year term and a fixed rate. The buyer plans to make capital improvements, including eco-friendly upgrades. RM Communities is the acquisition arm of RealtyMogul, an online real estate investing platform.
SAN ANTONIO — Stream Realty Partners has brokered the sale of Lanark Distribution Center, a 235,400-square-foot industrial property situated on 10 acres in northeast San Antonio. The two-building property was built in 1982 and renovated in 2004, according to LoopNet Inc., and was 97 percent leased at the time of sale. Jamie Jennings, Andrew Rabinovich, Kevin Cosgrove and Walter Simpson of Stream Realty Partners represented the seller, a private partnership, in the transaction. The buyer and sales price were not disclosed.
THE WOODLANDS, TEXAS — Chicago-based investment firm 29th Street Capital has acquired Avana Sterling Ridge Apartments, a 254-unit multifamily community located north of Houston in The Woodlands. According to Apartments.com, the property features one-, two- and three-bedroom units and a pool, fitness center, media center and a game room. The new ownership plans to rebrand the Class B property, implement a limited interior renovation package and improve the property’s exterior, clubhouse and amenity spaces. The seller and sales price were not disclosed.
ANAHEIM, CALIF. — Waterford Property Co., in partnership with the California Statewide Communities Development Authority (CSCDA), has purchased Parallel Apartments, a multifamily property located in Anaheim. UDR sold the asset for $156 million. Located at 1105 E. Katella Ave., Parallel Apartments features 386 apartments, which the buyers plan to convert to workforce housing as part of a new California program that aims to address the deepening gap in the middle-income housing market. Built in 2018, the community was 95.5 percent leased at the time of acquisition. On-site amenities include a resort-style pool, rooftop fitness center and basketball court. According to CSCDA, the acquisition allows the organization to lower rents to meet the needs of middle-income residents making between 80 percent and 120 percent of the area median income. Joseph Smolen, Geoff Boler and Lee Redmond of Eastdil Secured represented the buyers and seller in the transaction.
WASHINGTON — The Sage Creek Group has closed $11.4 million in permanent financing for a recently constructed student housing complex in Western Washington. The two-building property features 53 units for students. Further details on the asset were not disclosed. The undisclosed borrower used the loan proceeds to retire the senior construction loans, provide cash to the borrower and cover closing costs. The eight-year loan features a 3.37 percent fixed rate with 24 months interest-only payments followed by a 28-year payment schedule.
