GEORGETOWN, TEXAS — Multifamily developer Wood Partners has broken ground on Alta Austin Avenue, a 312-unit apartment community located in the northern Austin suburb of Georgetown. Units will feature one-, two- and three-bedroom floor plans, as well as stainless steel appliances, granite countertops, tile backsplashes and full-size washers and dryers. Amenities will include a pool, fitness center, clubroom, business center, outdoor kitchen and a dog park. The opening is scheduled for this winter.
AUSTIN, TEXAS — Newmark has negotiated the sale of The Monroe, a 223-unit apartment community that is under construction in a Qualified Opportunity Zone in Austin’s East Riverside corridor. According to Apartments.com, the newly built property features one- and two-bedroom units and amenities such as a pool, outdoor grilling areas and a business center. Patton Jones of Newmark represented the seller, Dallas-based Stillwater Capital, in the transaction. New York-based JEM Holdings purchased the property for an undisclosed price.
PHOENIX — San Diego-based MG Properties Group has purchased Andante Apartments, a Class B multifamily property in Phoenix, for $145.2 million. The name of the seller was not released. Rocco Mandala of CBRE arranged a 10-year, fixed-rate, $99.4 million Fannie Mae loan for the buyer. Built in phases between 1999 and 2002, Andante Apartments features 576 units in a low-density setting. Common amenities include three swimming pools with picnic areas, a resident clubhouse and fitness center. Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of CBRE represented the seller in the deal.
MESA, ARIZ. — Dominium Group has completed the disposition of HUE97 Apartments located at 9736 E. Balsam Ave. in Mesa. Colrich Group acquired the asset for an undisclosed price. HUE97 Apartments features 184 units and recently underwent a $5 million repositioning and renovation program. NorthMarq’s Trevor Koskovich, Bill Hahn, Jesse Hudson and Ryan Boyle represented the buyer and seller in the transaction. Additionally, Steve Hollister and Aaron Beck of NorthMarq arranged $32.1 million in Freddie Mac financing for the buyer. The 15-year loan features seven years of interest-only payments at 3 percent.
ORLANDO, FLA. — Dart Interests has unveiled plans to redevelop Villas at Grand Cypress in Orlando into a massive vacation rental resort and hotel project named Evermore Orlando Resort. The 1,100-acre resort is adjacent to Walt Disney World. At full buildout in 2023, the 10,000-bedroom project will represent an equity investment in excess of $1 billion. Evermore’s first phase will include nearly 1,500 rooms spread across single-family rental homes, villas, flats and hotel guestrooms. Plans call for 69 houses ranging in size from five to 11 bedrooms. “Dart is introducing an entirely new hospitality category that will change the landscape of vacation rental homes,” says Christopher Kelsey, president of Dart. “We are creating the first-ever wholly owned, large-scale community of purpose-built vacation rental homes and operating them with hotel-quality standards.” According to Kelsey, Dart’s approach to this project solves the main problem for vacation renters — uncertainty in the quality of the home. The centralized ownership model ensures the same quality for each residence, as opposed to most other vacation homes that are owned by individuals. In addition to vacation homes, the complex will also include 76 four-bedroom flats, 41 two- and four-bedroom villas and a Conrad hotel, which is …
AVENTURA, FLA. — JLL has provided a $50.4 million Freddie Mac refinancing loan for Lincoln Pointe Apartments in Aventura. JLL Real Estate Capital LLC, a Freddie Mac Optigo lender, will service the loan. The 285-unit property comprises four three-story buildings with one- and two-bedroom floor plans averaging 904 square feet. Communal amenities include a clubhouse, fitness center, business center and a pool. The complex is located at 17900 NE 31st Court, 19 miles north of downtown Miami. Elliott Throne and Steven Klein of JLL originated the loan on behalf of the borrower, a partnership between New York City-based firms LCOR and Madison International Realty.
NAPERVILLE, ILL. — MZ Capital Partners has begun pre-leasing efforts for Vantage Naperville Apartments. The 112-unit apartment community, located at 1350 E. Ogden Ave. in Naperville, is slated to open in April. To commemorate the opening of the property, MZ donated a gift to the Northern Illinois Food Bank that will feed a local family of four for an entire year. Vantage Naperville Apartments features small studio and one-bedroom units with monthly rents as low as $950. Residents who pre-lease units are eligible to receive one month of free rent. Amenities include a fitness center, package pickup, common areas and private work suites.
SAN MARCOS, TEXAS — Berkadia has provided a $29.7 million Freddie Mac loan for the refinancing of Palazzo, an apartment community located in the Central Texas city of San Marcos. According to Apartments.com, the property was built in 1997 and totals 300 units in one-, two- and three-bedroom formats. Amenities include a pool, a fitness center, clubhouse, business center and a dog park. Andy Hill and Tyler Nowlin of Berkadia originated the 10-year loan, which was structured with five years of interest-only payments and a 30-year amortization schedule. The borrower, Florida-based Atlantic Pacific Real Estate Group, originally acquired the property in 2014.
NEW ROCHELLE, N.Y. — The NRP Group has broken ground on Renaissance at Lincoln Park, a 179-unit workforce housing project in New Rochelle, located north of New York City. The project will also include the construction of a 23,400-square-foot Boys & Girls Club facility that will feature a gym, basketball court, recording studio, demonstration kitchen, administrative offices and other rooms for work and play. The NRP Group is developing the project in partnership with Guion Renaissance Housing Development Finance Corp. (HDFC), Kensworth Consulting, The Boys & Girls Club of New Rochelle and The City of New Rochelle. The total development cost of the project is $97 million. The New York State Homes & Community Renewal provided $48 million of tax-exempt bonds issued by its Housing Finance Agency to help fund development costs.
NEW YORK CITY — Locally based firm Alpha Realty has brokered the $25 million sale of a five-building, 115-unit multifamily portfolio in the Far Rockaway area of Queens. All of the buildings recently underwent full renovation programs that added new roofs and windows, as well as electrical and mechanical systems. Lev Mavashev of Alpha Realty represented the seller and buyer, both of which requested anonymity, in the transaction. The deal traded at a cap rate of 6.8 percent.