COLORADO SPRINGS, COLO. — NorthPeak Commercial Advisors, formerly AQYRE REA, has brokered the sale of Cedar Ridge Apartments in Colorado Springs. Keith Hardy, Joe Hornstein and Scott Fetter of NorthPeak represented both undisclosed parties in the $5.1 million, or $105,102 per unit, transaction. Located at 3349-3363 E. Fountain Blvd., the 42,580-square-foot community features 49 apartments.
EAST RUTHERFORD, N.J. — A partnership between developer Sterling Properties and New York City-based Wilton Investment Group is nearing completion of Central & Oak, a 208-unit multifamily project in the Northern New Jersey city of East Rutherford. Units at the multi-building community range in size from 724 to 1,308 square feet and feature stainless steel appliances, quartz countertops, European-style cabinetry, individual washers and dryers and private garages. Communal amenities include a clubhouse with an outdoor terrace, a conference room with private workstations, a game room, fitness center and shuttle service to a nearby public transit station. Two buildings remain under construction and are expected to be complete by April, while leasing at other buildings began last summer, with move-ins following shortly thereafter.
MONTICELLO, N.Y. — Houlihan-Parnes Realtors LLC has brokered the sale of Monticello Meadows Apartments, a 176-unit multifamily complex in Monticello, located about 100 miles northwest of New York City. The complex is situated on nine acres and offers one- and two-bedroom units. Ed Graf of Houlihan-Parnes and Steve Tierney of Rochester law firm Woods Oviatt Gilman LP represented the parties involved in the transaction. The property was 95 percent occupied at the time of sale following the implementation of a capital improvement program.
CHARLOTTE, N.C. — Berkadia has arranged the sales of two apartment communities totaling $68.7 million in Charlotte. Miami-based One Real Estate Investment bought the 310-unit Kelston Apartments and the 240-unit Avalon Apartments from an undisclosed seller(s). Kelston was built in 1986 and is located at 1207 Kelston Place, seven miles east of downtown Charlotte. The property offers one-, two- and three-bedroom floor plans. The buyer plans to upgrade the clubhouse, fitness center, cyber café and pool. Built in 1999, Avalon Apartments is situated at 6000 Regal Estate Lane, less than one mile from Kelston Apartments. Avalon also offers one- through three-bedroom floor plans. Shared amenities include a renovated clubhouse, coffee and tea bar, media and entertainment lounge, pool table, fitness center and a dog spa. Voya Financial provided a three-year, interest-only loan with a floating interest rate for the Kelston acquisition. Berkadia provided a 10-year, fixed-rate Fannie Mae loan for the Avalon purchase. Mitch Sinberg and Brad Williamson of Berkadia originated both acquisition loans, which totaled $51.4 million. Additionally, Noam Franklin, Chinmay Bhatt and Cody Kirkpatrick of Berkadia arranged MLG Capital as a joint venture equity partner for One Real Estate Investment’s acquisition of Avalon. MLG Capital invested $13.1 million …
SAN ANTONIO — Bellwether Enterprise Real Estate Capital has funded an $18.5 million Freddie Mac loan for the refinancing of Waters at Elm Creek, a mixed-income housing community located on the north side of San Antonio. The property includes one-, two- and three-bedroom units that are restricted to earners making between 50 and 80 percent of the area median income. Communal amenities include a pool and a 24-hour fitness center. Phil Melton of Bellwether’s Dallas office originated the loan. The borrower was not disclosed.
GREGORY, TEXAS — Dallas-based HALL Structured Finance has provided a $15.5 million construction loan for The Glades II, a 144-unit multifamily project in Gregory, located 10 miles outside of Corpus Christi. The garden-style complex will consist of seven three-story buildings with an average unit size of 948 square feet. Amenities will include a clubhouse, business center, media room, fitness center, pool and a playground. Elad Dattelkramer of ARC Israel sourced the debt on behalf of the borrower, a partnership between Torno Properties LLC and Cleburne Oaks GP. Completion is scheduled for the first quarter of 2022.
METHUEN, MASS. — Standard Communities, the affordable housing division of Los Angeles- and New York-based Standard Cos., has acquired Mills Falls Apartments, a 97-unit mixed-income community in the northern Massachusetts city of Methuen. The building was originally constructed in 1826 as part of the Methuen Cotton Mills facility and converted to a residential use in 2001. Communal amenities include a lobby, community rooms, a fitness center and laundry rooms, each of which will receive upgrades. Standard’s acquisition was completed in partnership with the Massachusetts Housing and Finance Agency (MassHousing), the Department of Housing and Community Development (DHCD) and the Methuen Housing Authority.
ORANGE, N.J. — Los Angeles-based Parkview Financial has provided a $12.5 million construction loan for The Legacy, a 51-unit apartment project in the Northern New Jersey community of Orange. The unit mix will include one- and two-bedroom residences that feature stainless steel appliances, quartz countertops and in-unit washers and dryers. Onsite amenities will include a resident lounge area, fitness center and a rooftop terrace. The borrower was an affiliate of New Jersey-based KW Contracting Construction Corp. Construction is underway, and the project is expected to be complete in summer 2022.
SANTA CLARA, CALIF. — St. Anton Communities is developing St. Anton Tasman, a $100 million affordable housing community in Santa Clara. Located at 2233 Calle De Mundo, the property will feature 196 affordable units, with nearly 20 percent for very low-income tenants making up to 50 percent area median income (AMI) and the remaining units for low-income tenants making up to 80 percent AMI. The community is regulated to stay as affordable housing for at least 55 years. St. Anton Tasman will offer 153 studio units and 43 one-bedroom apartments, a podium deck, clubroom, fitness center, dog run and classroom/business center. Additionally, the community will offer services including instructor-led educational, health and wellness and skill-building classes. KTGY Architecture + Planning designed the six-story residential community, which is slated to open for occupancy in mid-2022. Bank of America provided primary construction and permanent financing for the project, with The Irvine Co. providing gap funding.
CHICAGO — Lendlease and Magellan Development Group have topped off Cirrus and Cascade, a pair of residential towers along Lake Michigan in Chicago’s Lakeshore East. Cirrus is a 47-story, 350-unit condominium tower at 211 N. Harbor Drive, while Cascade is a 37-story, 503-unit apartment tower at 455 E. Waterside Drive. Together, the two luxury properties represent one of the final phases of the Lakeshore East master plan. Cascade Park, a public green space connecting the two towers to the lakefront and Chicago Riverwalk, is slated to open ahead of schedule this summer. The buildings, designed by bKL Architecture, are two of three towers planned on the site. Condo units at Cirrus are priced from mid-$400,000 to more than $4 million. Floor plans range from 650 to 3,000 square feet. There are 15 penthouse residences located on floors 42 through 47 as well as two townhome residences on the ground level. The first units are slated for completion this fall. Apartment units at Cascade will range in size from studios up to three bedrooms. Pre-leasing is scheduled to begin this spring with the first move-ins expected in the summer. Residents of both towers will have shared access to amenities housed in …