DALLAS — Barvin, a privately held investment firm based in Houston, has sold Oak Lawn Apartments, a 137-unit multifamily community in the Oak Lawn neighborhood of Dallas. The property was built in 1970 and offers one- and two-bedroom units and amenities such as a pool, clubhouse and onsite laundry facilities. Barvin acquired the property in 2011 and implemented a value-add program. The buyer was not disclosed.
CHICAGO — Blueprint Healthcare Real Estate Advisors has arranged the portfolio sale of three assisted living communities totaling 132 units in East Texas. Two of the communities were vacant at the time of sale. The other was operational and 90 percent occupied. Dallas-based owner-operator WindRiver Cos. acquired the properties. The seller and price were not disclosed.
CLEVELAND — The NRP Group has broken ground on 5115 at The Rising, a 78-unit apartment community in Cleveland’s Broadway-Slavic Village. The project is being developed in collaboration with University Settlement, a social services provider that has been serving area residents for more than 90 years. In addition to the 78 apartment units, the development will include 10 townhomes. Project financing comes from The Ohio Housing Finance Agency, KeyBank, Ohio Capital Corp. for Housing, Third Federal Foundation and the City of Cleveland. University Settlement plans to relocate its corporate offices to a 20,000-square-foot commercial space on the ground floor of the building. Completion is slated for early 2022.
EUGENE, ORE. — Pacific Western Bank has provided $60 million in construction financing for Union on Broadway, a mixed-use student housing development located at 476 E. Broadway St. near the University of Oregon in Eugene. Charles Halladay, Jordan Angel, Chris Ross, Teddy Leatherman, Stewart Hayes and Taylor Gimian of JLL worked on behalf of the borrowers, Greystar and Star America, to secure the loan. The 338,130-square-foot community will offer 608 beds in fully furnished units with bed-to-bath parity. Shared amenities will include ground floor retail space, a fitness center, study lounges on every floor, courtyards, conference rooms, activity and game rooms and an outdoor rooftop with a pool, fire pits and grills. A timeline for the development was not announced.
DENVER — The University of Colorado Denver has celebrated the topping out of its City Heights Residence Hall and Learning Commons development. The 182,000-square-foot residence hall — which will be the university’s first on-campus student housing complex — will offer 555 beds upon completion. The seven-story project is designed for first-year students and will feature two wings of residential units, a central campus dining hall on the ground floor and a 30,000-square-foot student services center. Named “The Learning Commons,” the student services center will also offer academic support and tutoring, faculty development programs and an expanded space to support online education. The development is scheduled for completion in August 2021 and is pursuing a LEED Gold certification. The project is being delivered by a design-build team that includes general contractor JE Dunn and Stantec. Stantec is providing architecture, landscape architecture, interior design, lighting and sustainability services on the development.
VACAVILLE, CALIF. — JCM Partners has sold Camden Parc Apartments, a multifamily property located on Aegean Way in Vacaville. Camden Parc Residential LLC acquired the community from JCM for $58 million, or $250,000 per unit. Situated on 15 acres, Camden Parc Apartments features 232 apartments in a mix of one-, two- and three-bedroom layouts spread across 24 two-story buildings. JCM completed interior and exterior renovations to Camden Parc in 2019. Steven Nelson and Dusty Haeling of Marcus & Millichap represented the seller and procured the buyer in the deal.
ORLANDO, FLA. — Berkadia has provided a $74 million Freddie Mac refinancing loan for Linden Audubon Park, a 449-unit multifamily community in Orlando. The 10-year loan features a floating interest rate with a partial interest-only payment period. The 19-acre property comprises 12 three- and four-story buildings offering one- to three-bedroom floor plans. Communal amenities include two pools, a poolside bar and TVs, outdoor kitchen, two-story clubhouse, fitness center and a dog park. The asset is situated at 990 Warehouse Road, four miles northeast of downtown Orlando. Charles Foschini and Chris Apone of Berkadia originated the loan on behalf of the borrower, Norfolk, Va.-based Harbor Group International.
WASHINGTON, D.C. — The National Multifamily Housing Council (NMHC) has found that 79.4 percent of renters made at least a partial rent payment as of Oct. 6. NMHC surveyed its network of 11.4 million professionally managed units as part of its Rent Payment Tracker metric. The number of households paying rent this month is up from Sept. 6, when 76.4 percent of renters made a payment. The Washington, D.C.-based organization also reports that the figure is unchanged from Oct. 6, 2019. NMHC releases the survey in partnership with apartment management platforms RealPage, ResMan, Yardi, Entrata and MRI Software.
FARMERS BRANCH, TEXAS — Excelsa Properties has acquired Aspen at Mercer Crossing, a 260-unit apartment community located in the northern Dallas metro of Farmers Branch. Built in 2019, the property features studio, one-, two- and three-bedroom units ranging in size from 663 to 1,423 square feet. Amenities include a pool, outdoor kitchen and gaming area, fitness center and a dog park. The seller was not disclosed.
HURST, TEXAS — Marcus & Millichap has arranged the sale of Arbor Park, a 78-unit multifamily complex in Hurst, located northeast of Fort Worth. According to Apartments.com, Arbor Park offers one- and two-bedroom units and amenities such as a pool and onsite laundry facilities. Al Silva and Ford Braly of Marcus & Millichap represented the seller, a limited liability company, in the transaction. The duo also procured the buyer, a private investor
