TACOMA, WASH. — Terrydale Capital has arranged a $9.4 million construction loan for the development of an 82-unit apartment building located in Tacoma. The borrower is a first-time ground-up investor. Culby Culbertson of Terrydale Capital’s Dallas office secured the loan, which features a 7.75 percent rate, interest-only structure for 18 months, 75 percent loan-to-cost ratio and no pre-payment penalty.
HERNDON, VA. — JLL has brokered the sale of Station on Silver, a 400-unit apartment complex in Herndon. The property, which was built in 2017, offers studio, one- and two-bedroom floor plans averaging 850 square feet. Communal amenities include a fitness center, pool, lounge, courtyard, media room, rooftop deck and an outdoor kitchen. The asset is situated at 2340 Carta Way, 26 miles west of downtown Washington, D.C. Walter Coker, Brian Crivella and Robert Jenkins of JLL represented the seller, Woodfield Development, in the transaction. The buyer and sales price were not disclosed.
NEW PORT RICHEY, FLA. — Cushman & Wakefield has arranged the $15.6 million sale of Worthington Court, a 152-unit multifamily community in New Port Richey. The property offers one- and two-bedroom floor plans. Communal amenities include a pool, half basketball court, tennis court, playground and a clubhouse. The asset is situated at 7541 Highwater Drive, 32 miles northwest of downtown Tampa. Mike Donaldson and Nick Meoli of Cushman & Wakefield represented the seller, HKSK Corp., in the transaction. Birmingham, Ala.-based Engel Realty Co. acquired the property.
PLANO, TEXAS — Next Wave Investors LLC, a Southern California-based private equity firm, has purchased Shiloh Park Townhomes, a 73-unit multifamily complex in Plano. Built in 2000, the for-rent property features residences that average 1,700 square feet per unit. The townhomes are equipped with washer/dryer connections and private garages in select units. The property was approximately 95 percent occupied at the time of sale. Next Wave plans to implement a value-add program to both unit interiors and building exteriors. The seller was not disclosed.
KANSAS CITY, MO. — Milhaus and Ryan Cos. have begun development of a $34.6 million apartment project in Kansas City. The 263-unit project is within the larger mixed-use development known as The Glade. Amenities will include a dog park, clubhouse, fitness center, pool and walking trail. The apartment property will offer studios, one-, two- and three-bedroom units priced from $1,100 per month. Milhaus and Ryan are co-developers while Ryan is also serving as general contractor. Other project partners include Davidson Architecture & Engineering, Helix, Taliaferro & Browne Inc., Landworks Studio, Apex Engineers Inc. and Lankford/Fender + Associates. A timeline for completion was not disclosed.
CHICAGO — Essex Realty Group Inc. has arranged the sale of a pair of apartment buildings in Chicago’s Lincoln Park neighborhood for a combined $14.4 million. The buildings, 640 and 656 W. Wrightwood Ave., had been owned by the same entities for more than 50 years. A local investor purchased the 640 property for $5.9 million while a separate local investor bought the 656 property for $8.5 million. The two assets total 107 units. Doug Imber, Kate Varde, Clay Maxfield and Jaimie Steinher of Essex represented the undisclosed sellers. Jim Darrow, Jordan Gottlieb and Jordan Multack of Essex represented the buyers.
MENIFEE, CALIF. — MBK Rental Living, with R.D. Olson Construction as general contractor, has completed the development of Artesa at Menifee Town Center, a multifamily property located at 30414 Town Center Drive in the heart of a master-planned community in Menifee. The community was delivered in 10 phases and consists of 37 residential buildings, two clubhouses and a variety of amenities. The property features 330 units in a mix of one, two- and three-bedroom layouts, with a total of eight floor plans ranging from 820 square feet to 1,322 square feet. Units offer quartz countertops, smart thermostats, gourmet kitchens with prep islands, custom cabinetry, covered patios, wood-style flooring, in-home washers/dryers and stainless steel appliances. Additionally, all units have access to a private garage and select units have vaulted ceilings and direct garage access. Community amenities include a resort-style pool and spa, barbecue area, dog park, package lockers, Wi-Fi in common areas, a playground, large clubhouse with a full kitchen and sports television wall, and a mix of outdoor community spaces. The project team also included SummA Architecture, Gouvis Engineering, Alliance Land Planning and Sitescapes.
PORT CHESTER, N.Y. — Walker & Dunlop has brokered the $32.2 million sale of The Mariner, a 100-unit apartment community in Port Chester, located near the New York-Connecticut border. Built in 2012, the property’s units feature an average size in excess of 1,000 square feet, hardwood floors and quartz countertops. Amenities include a fitness center, social lounge, storage units and concierge services. Thomas Walsh and Joseph Garibaldi of Walker & Dunlop represented the sellers, institutional investors advised by JP Morgan Asset Management, in the transaction.
RIVERSIDE COUNTY, CALIF. — JCH Senior Housing Investment Brokerage has arranged the sale of a seniors housing community featuring 64 skilled nursing beds and 49 assisted living beds in Riverside County, located east of Los Angeles. The facility was in escrow when COVID-19 hit with a first-time buyer that decided not to proceed. The seller, a family-owned owner-operator, eventually sold the property to a first-time buyer. The sales price was $5.4 million, or $84,375 per bed at a 9 percent capitalization rate. JCH also assisted the buyer in setting up a lease with a local assisted living operator looking to expand in the area.
VINELAND, N.J. — New Jersey-based brokerage firm The Kislak Company Inc. has arranged the $15.1 million sale of Regency Court and Chester Court, two apartment communities totaling 152 units in Vineland, located at the southern tip of the Garden State. Regency Court totals 104 units on 4.5 acres, and Chester Court features 48 units on 2.4 acres. Both garden-style properties offer courtyards and onsite laundry facilities. Joni Sweetwood of Kislak represented the seller and procured the buyer, both of which requested anonymity, in the transaction.