LAFAYETTE, COLO. — AQYRE Real Estate Advisors has facilitated the sale of Baseline Village Apartments in Lafayette. The property traded hands for $12.5 million, or $357,143 per unit. The names of the buyer and seller were not released. Matt Lewallen of AQYRE represented the buyer and seller in the deal. Located at 811-813 E. Baseline Road, the 47,236-square-foot Baseline Village features 35 apartments.
MARIETTA, GA. — A joint venture between Cyclone Investment and Skywood Properties has acquired 1035 Gateway Apartments, a 214-unit multifamily community in Marietta. The property offers one-, two- and three-bedroom floor plans averaging 1,000 square feet. Communal amenities include a pool, dog park, clubhouse and laundry facilities. The asset is located at 1035 Franklin Gateway SE, less than one mile from the Atlanta United soccer team training ground and 16 miles northwest of downtown Atlanta. The seller, Miami-based Main Street Residential, bought the community in 2018 and invested $2 million for capital improvement to the exterior of the building, common areas and unit renovations. Phil Goldstein and Steven Vegh of Westwood Realty Associates represented the buyer in the transaction.
AUSTIN, TEXAS — Dallas-based Muskin Commercial has arranged the sale of The Arts Apartments at Turtle Creek, a 95-unit multifamily complex located just south of downtown Austin. The property is situated on 5.3 acres and features one- and two-bedroom floor plans. Amenities include a pool, dog park and multiple art installations. Muskin Commercial represented the undisclosed, Dallas-based seller in the transaction. Locally based investment firm Narrow Road Group purchased the complex for an undisclosed price and will implement a value-add program that includes rebranding the property as Arroyo Apartments.
ZIONSVILLE, IND. — The Connor Group has acquired The Domain at Bennett Farms in Zionsville, a northwest suburb of Indianapolis, for $40.5 million. Amenities at the 219-unit apartment property include a fitness center, resident lounge, community garden, bike storage and garage parking. The three-story community was built in 2012. Steve LaMotte Jr., Dane Wilson and Alex Possick of CBRE represented the seller, REI Real Estate Services.
NAPERVILLE, ILL. — Haven Realty Capital continues to build its single-family rental portfolio with the $18.5 million acquisition of Ashwood Place in Naperville. Ashwood Place is one of the first dedicated rental communities (DRC) in the Chicagoland area. A DRC is similar to a single-family housing subdivision except that it caters solely to renters. These types of communities are growing in popularity, particularly among residents who cannot afford to purchase a home but desire a neighborhood feel, according to Haven. Each of the 60 homes at Ashwood Place feature a two-bedroom, two-bathroom floor plan spanning 1,350 square feet. The community was 95 percent leased at the time of sale. Justin Ross, Matt Ishikawa, Bill Howe and David Guenther of CBRE represented the undisclosed seller.
BURBANK, ILL. — American Street Capital (ASC) has arranged a $10.2 million acquisition loan for a multifamily community in Burbank, about 15 miles southwest of Chicago. Built in 1983, the property consists of 27 buildings across 6.3 acres. The 173 units average 952 square feet. Igor Zhizhin of ASC arranged the seven-year, fixed-rate loan, which features a 30-year amortization schedule and one year of interest-only payments. An undisclosed bank provided the loan. Deshe Real Estate was the borrower. This is the first time the property has traded hands since it was built, according to ASC.
NEW YORK CITY — A joint venture between Los Angeles-based CIM Group and L+M Development Partners has sold 265 and 275 Cherry Street, two 26-story Section 8 apartment buildings located on Manhattan’s Lower East Side that total 490 units. The properties were originally built in 1979 and feature one-, two- and three-bedroom units. Amenities include a community room, convenience mart, outdoor courtyards and playgrounds. The buyer was an affiliate of Related Cos. Cushman & Wakefield represented both parties in the transaction.
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.
