NORWALK, CONN. — CBRE has negotiated the sale of a 198-unit multifamily portfolio in the coastal Connecticut city of Norwalk. The portfolio consists of the 129-unit Berkeley at Waypointe Apartments and the 69-unit Quincy Lofts. Jeffrey Dunne, Gene Pride, Jeremy Neuer, Steve Bardsley, David Gavin and Eric Apfel of CBRE represented the owner, Alex. Brown Realty, while also procuring the buyer, Invictus Real Estate Partners.
BELLEVUE, WASH. — Berkadia has brokered the $279.1 million sale of Hyde Square, a 618-unit multifamily community located between the offices of Microsoft and Facebook in the Seattle suburb of Bellevue. Kenny Dudunakis, David Sorensen, Ben Johnson and George Pallis of Berkadia’s Seattle office completed the sale on behalf of the buyer, Illinois-based DWS RREEF Management LLC. The Seattle Daily Journal of Commerce reports that Carmel Partners was the seller in the transaction. Built in 2019, the garden-style property offers a mix of studio, one- and two-bedroom units with quartz countertops, stainless-steel appliances and in-unit washers and dryers. Communal amenities include a fitness and wellness center, business center, outdoor courtyards, barbecue area with fire pits, pet spa, gaming tables and theater room. Located at 2030 155th Place NE, the community also affords residents convenient access to Bellevue College, the Lake Washington Institute of Technology and dining and shopping options along NE 24th St. “This was a record-breaking sale as this was the largest single-asset podium building ever sold in Washington state and the largest apartment deal sold in Washington state over the last six months,” says Sorensen of Berkadia. “This was also the largest apartment deal in the Bellevue area …
HIALEAH GARDENS, FLA. — Butters Construction & Development has partnered with Greystar for the future development of Miami Midway Park, a 45.1-acre site at NW 97th Ave. and NW 170th St. in Hialeah Gardens. The joint venture partnership will develop a 500,000-square-foot, Class-A distribution industrial park and 360 garden-style multifamily apartments. The Butters-Greystar joint venture purchased the site from Miami-based Terra Group and New Valley for $53.5 million. Terra and New Valley broke ground on an adjacent multifamily project dubbed Natura Gardens, which will span 460 units on 27 acres and open in 2022. CBRE Capital Markets helped match Greystar with Butters Construction for Miami Midway Park. CBRE identified Greystar and its partner, Whitman Peterson, as the development and equity partner for the industrial component of the project, while a Greystar affiliate is closing on the multifamily portion of the project. Christian Lee, Chris Riley and Jose Lobon of CBRE led the transaction. The firm’s Devin White, David Albert and Royce Rose assisted.
DALLAS — Legacy Senior Communities (LSC) has delivered The Legacy Midtown Park, a seniors housing community in North Dallas. Located on a 12-acre plot, the property features 184 independent living apartments, 51 assisted living apartments, 36 memory support residences and 54 private skilled nursing and rehabilitation suites. Development costs were estimated at $186 million. Construction began in 2018, with the final building, Aaron Towers Independent Living, receiving a temporary certificate of occupancy in December 2020. Aaron Towers offers 40,000 square feet of amenities and common space designed by local D2 Architecture with interiors by Austin-based StudioSix5. Apartments range in size from 800-square-foot studios to 2,600-square-foot penthouses.
DETROIT — Barbat Holdings LLC, a West Bloomfield-based development firm, has completed the transformation and revitalization of 305 Michigan Ave. in Detroit. Now known as Gabriel Houze, the 100,000-square-foot, 10-story property is located in the city’s central business district across from the Westin Book Cadillac. Built in 1915 and formerly known as the Gabriel Richard Building, the property housed the Archdiocese of Detroit for over 50 years. Furniture store Weil & Co. first occupied the property upon its opening. CIBC financed the project in partnership with Invest Detroit. Sonder USA Inc., a residential hospitality concept that offers short-term rentals, has leased the entire building except for 8,000 square feet of retail space on the ground floor. Sonder will offer 125 units for lease. The Houze Living brand is a subsidiary of Barbat Holdings. The developer expects to complete Montgomery Houze in Ann Arbor and Birmingham Houze in Birmingham this summer.
INDIANAPOLIS — CIM Group has provided an $83 million bridge loan to TWG Development for The Whit Apartments in Indianapolis. Built in 2019, the 334-unit property includes 10,700 square feet of retail space and an adjacent 526-stall parking garage. The asset is approximately 80 percent leased. Amenities include a rooftop pool, sundeck, lounge and fitness center. The retail space is fully leased to 16-Bit Arcade Bar and MassageLux. CIM Group originates commercial real estate loans through its CIM Real Estate Credit Strategies business. Michael Zaremski and Michael Shmuely of Berkadia’s New York office secured the loan.
INKSTER, ROCHESTER HILLS AND LANSING, MICH. — Berkadia has arranged $75.1 million in combined financing for three garden-style multifamily properties in Michigan. Aaron Moll of Berkadia arranged the loans on behalf of the borrower, Valleytree Partners. Moll secured a $31.5 million Fannie Mae loan for the refinancing of Dearborn View in Inkster. The loan features five years of interest-only payments and an interest rate below 2.7 percent. Moll arranged a $35.9 million loan with a bridge lender for the acquisition of Bedford Square in Rochester Hills. The nonrecourse loan features an 80 percent loan-to-cost ratio and three years of interest-only payments. Lastly, Moll secured a $7.6 million Freddie Mac loan for the acquisition of Delta Square Apartments in Lansing. The 10-year loan features three years of interest-only payments and a 75 percent loan-to-value ratio.
EVANSTON, ILL. — Interra Realty has arranged the sale of 908 Main St. in Evanston for $5.2 million. The 27-unit multifamily building was originally constructed in 1913 and renovated in the 2000s. It features 15 one-bedroom units and 12 two-bedroom units. The building was fully occupied at the time of sale. Brad Feldman of Interra represented the seller, Robinson Rental, an Evanston-based company that has owned the property since the 1980s. Feldman also represented the international buyer.
FRISCO, TEXAS — Locally based developer StreetLights Residential has completed The Margo, a 358-unit apartment community located at 4545 Mission Ave. in the northern Dallas suburb of Frisco. The Margo features studio, one-, two- and three-bedroom units that range in size from 507 to 2,094 square feet and that feature custom cabinetry, wood-style flooring and individual washers and dryers. Private balconies and yards are also available in select units. Communal amenities include a pool with cabanas and a sun deck, coworking spaces, a pet lawn and spa, outdoor kitchen and a media lounge. Gables Residential is managing the property. Rents start at $1,145 per month for a studio unit, according to Apartments.com.
RICHMOND, TEXAS — A joint venture between Houston-based Read King Commercial Real Estate and Austin-based Wayfinder Real Estate has broken ground on The Waterview, a 295-unit apartment community in the southwestern Houston suburb of Richmond. The property will be located within the 135-acre Waterview Town Center mixed-use development and will offer one-, two- and three-bedroom units. Amenities will include a pool, fitness center, private spa and a resident clubhouse. Houston-based W. Partnership Inc. designed the project, and Austin-based Oden Hughes is serving as the general contractor. The opening is slated for the first quarter of 2022. Read King is also the master developer of Waterview Town Center.
