BUFFALO, N.Y. — Locally based developer Sinatra & Co. has completed the redevelopment of Mid-City Apartments, a $15 million project that added 50 units and 12,000 square feet of commercial space to the supply in downtown Buffalo. The property was originally constructed as a storage building in 1916 and was subsequently renovated to allow for commercial and residential uses. Sinatra & Co. originally acquired the building in 2014.
SPRING, TEXAS — Multifamily development and management firm Fein has opened Canopy at Springwoods Village, a 332-unit apartment community located within the $10 billion Springwoods Village mixed-use development in the northern Houston suburb of Spring. Designed by Steinberg Dickey Collaborative and built by Westchase Construction, the property offers one-, two- and three-bedroom units ranging in size from 552 to 1,705 square feet. Units are furnished with wood-style flooring, stone countertops, tile backsplashes, stainless steel appliances and individual washers and dryers. Amenities include a clubhouse with billiards and ping pong tables, a fitness center with yoga and spin studios, golf simulator room, library, conference room and a pool with sun shelves and cabanas. Residents also have access to a 1.5-acre lake with surrounding walking trails. Rents start at roughly $1,000 per month for a one-bedroom unit.
DALLAS — Convexity Properties has begun leasing Eastline Residences, a 28-story multifamily tower located at 6050 N. Central Expressway in the Park Cities neighborhood of Dallas. Units come in studio, one-, two- and three-bedroom floor plans and feature 10-foot ceilings and private balconies. Amenities include a rooftop pool with tanning ledges and cabanas, a sky lounge with seating areas and event spaces, a fitness center with indoor and outdoor yoga decks and 15,000 square feet of ground-floor retail space. Chicago-based Convexity delivered the 330-unit community in 2020, and move-ins are scheduled to begin in February. Information on starting rents was not disclosed.
DALLAS — Newmark has brokered the sale of Veridian Place, a 228-unit apartment community located at 4849 Haverwood Lane in North Dallas. Built in 1984 and renovated in 2016, the garden-style property features one- and two-bedroom units with individual washers and dryers and private patios or balconies. Amenities include a pool with cabanas, outdoor grilling areas, a 24-hour fitness center and a dog park. Brian Murphy and Brian O’Boyle Jr. of Newmark represented the seller, Florida-based American Landmark, in the transaction. Matthew Mense, Henry Stimler, Bill Weber and Osman Baig of Newmark arranged Fannie Mae acquisition financing on behalf of the locally based buyer, Orion Multifamily Investments LLC.
MCALLEN, TEXAS — Marcus & Millichap has arranged the sale of Texan Mobile Home Park, a 280-site manufactured housing property in the Rio Grande Valley city of McAllen. The community spans 880,783 square feet. Jeff Taylor and Will Shealy of Marcus & Millichap represented the seller, a partnership, in the transaction. The duo also procured the buyer, a limited liability company. Additional terms of sale were not disclosed.
COHASSET, MASS. — CBRE has negotiated the sale of Avalon Cohasset, a 220-unit apartment community located about 25 miles southeast of Boston. The property consists of 34 buildings on 61 acres and features 14 different floor plans with an average unit size of 1,333 square feet. Amenities include a pool, fitness center and a resident clubhouse. Simon Butler, Biria St. John and John McLaughlin represented the seller, Avalon Bay Communities, in the transaction. The team also procured the buyer, TruAmerica Multifamily, in its first acquisition in the greater Boston market.
RICHMOND, VA. — Capital Square and Greystar have acquired 2.3 acres in Richmond’s Scott’s Addition neighborhood to develop a 350-unit multifamily community. The six-story complex will be situated within an opportunity zone and is expected to feature 380 parking spaces and 15,000 square feet of ground-level retail space. Capital Square is raising capital through CSRA/GS Opportunity Zone V LLC, a $32.4 million project-specific opportunity zone fund. The property will be located at 1601 Roseneath Road, three miles northwest of downtown Richmond. A timeline for completion was not disclosed. This is Capital Square’s fourth project in the Scott’s Addition opportunity zone.
WASHINGTON, D.C. — The District of Columbia Housing Finance Agency (DCHFA) has provided $17.7 million in tax-exempt bond financing and $7.7 million in 4 percent Low-Income Housing Tax Credits (LIHTC) for the preservation of Ritch Homes Apartments in Washington, D.C. Residents at the property exercised their right under the Tenant Opportunity to Purchase Act (TOPA) to obtain the property. Affordable housing developers Standard Communities and Housing on Merit will renovate the property’s 42 units and add four units to the building’s lower level. The co-developers expect the renovation project to cost $30.5 million. Of the existing units, 37 will be reserved for those earning 60 percent of the area median income (AMI) and five will be reserved for those earning 30 percent of AMI. The four new units will be for residents earning 80 percent of AMI. Renovations will include updated kitchens and bathrooms, as well as new flooring and appliances. Communal amenities will include a fitness center, business center, new flooring, new lighting and a new key fob entry system. Ritch Homes Apartments was originally built in 1920. It is situated at 1420 R St., in D.C.’s Ward 2 neighborhood and one mile north of downtown D.C.
LONGMONT, COLO. — Centerspace (NYSE: CSR) has acquired Union Pointe, an apartment community located in Longmont, for $76.9 million, or $300,390 per unit. Brinkman Real Estate, in partnership with Jensen LaPlante Development and Keystone Real Estate, originally developed the 256-unit property. Located at 1605 E. County Line Road, the eight-building Union Pointe opened in 2019. The property features a resort-style swimming pool and spa with cabanas; outdoor lounge area; grills and fire pits; dog run and dog wash station; children’s play area; and a bicycle and ski repair room. The shared clubhouse features a catering kitchen for entertaining, 24-hour fitness center with yoga studio, gaming room, co-working lounge with laptop bar and private workstations for residents. Terrance Hunt, Shane Ozment and Chris Cowan for Newmark represented Brinkman in the transaction.
SAN DIEGO, FULLERTON AND HAWTHORNE, CALIF. — The Ensign Group Inc. (NASDAQ: ENSG) has acquired the operations of three skilled nursing facilities in Southern California on a triple-net lease basis. The properties include Golden Hill Post Acute, a 99-bed facility in San Diego; St. Catherine Healthcare, a 99-bed facility in Fullerton; and Camino Healthcare, a 99-bed facility in Hawthorne. This acquisition brings Ensign’s growing portfolio to 231 healthcare operations, 24 of which also include assisted living operations, across 13 states. Ensign owns 95 real estate assets.