STEPHENVILLE, TEXAS —Spectra Student Living is underway on construction of Fireside District, a 180-bed student housing development located near the Tarleton State University campus in Stephenville. The project is scheduled to be delivered in time for the 2021 fall semester. The 66-unit community will include eight three-story buildings featuring one-, two- and four-bedroom floor plans with bed-to-bath parity. Communal amenities will include a media production room, computer center, private study areas, a gaming area, bike storage, a pool with a sundeck, an outdoor social lounge and a grilling area.
SAN FRANCISCO — Colliers International has arranged the sale of Keystone Apartments, a multifamily property located in San Francisco’s Nob Hill neighborhood. A San Francisco-based family sold the asset to an undisclosed buyer for $43 million. Located at 1369 Hyde St., the seven-story building features 87 apartments in a mix of 13 efficiency units, one studio, 31 one-bedroom units, 35 two-bedroom units and six two-bedroom “plus” units. At the time of sale, the property was 20 percent vacant. The property is historically and culturally significant to San Francisco as it appeared in the 1982 film 48 Hours starring Eddie Murphy and Nick Note, and has served as a general landmark for the city since its opening in 1910. The Keystone Apartments name is derived from its original developer, Keystone Real Estate Co., which developed the property as a hotel. The Devincenti Lagomarsino Team of Colliers, led by Dustin Dolby, represented the seller in the transaction.
NEW YORK CITY — Los Angeles-based PCCP LLC has provided a $32.7 million loan for the refinancing of the leasehold interest of Renoir House, a 151-unit apartment building located at 225 E. 63rd St. on Manhattan’s Upper East Side. An investment fund sponsored by San Francisco-based Carmel Partners acquired the leasehold interest in the property, which was built in 1962, in November 2011. Since that time, the firm has upgraded the property by renovating units, installing and improving amenity spaces and modernizing common areas. Specific loan terms were not disclosed.
LAS VEGAS — Next Wave Investors has acquired Spanish Oaks, a 216-unit apartment property located at 2301 S. Valley View Blvd. in Las Vegas. The company purchased the asset from an undisclosed seller for $28.1 million in an off-market transaction. Built in 1976, Spanish Oaks features a mix of one- and two-bedroom units offering large closets and private balconies or patios. Community amenities include a fitness center, pool, clubhouse, laundry facilities and a leasing center. Next Wave plans to upgrade all unrenovated units through its value-add program with interior additions, including stainless steel or black appliances, lighting fixtures, vinyl plank flooring in common areas, new carpet in bedrooms, stone countertops, new paint and tile backsplashes in kitchens. Additionally, the company plans to enhance the exterior and amenity spaces with the addition of carports, exterior paint, roofing, and upgrades to the pool area and landscaping.
PHOENIX — Tower Capital has arranged $24.8 million in acquisition financing for a two-story multifamily property located in the Phoenix I-17 Employment Corridor. The names of the borrower/buyer and seller were not released. Built in 1980 on eight acres, the community features 224 apartments, a swimming pool, leasing office, clubhouse, two on-site laundry facilities, basketball court, community playground, dog park and picnic area with barbecue grills. The non-recourse Freddie Mac loan features a seven-year, floating-rate term with two years of interest-only payments followed by a 30-year amortization schedule. Vin Basa of Tower Capital secured the financing for the buyer.
TUCSON, ARIZ. — Metro Tucson Living SPE has purchased The Villas at Roger Road, a multifamily community located at 3985 N. Stone Ave. in Tucson. Equilibrium Villas sold the asset for $19 million. Located at 3985 N. Stone Ave., the property features 232 apartments. Allan Mendelsberg and Conrad Martinez of Cushman & Wakefield | PICOR represented both parties in the transaction.
JERSEY CITY, N.J. — Progress Capital has arranged a $30 million acquisition and construction loan for the site of the former Fairmount Hospital in Jersey City. The borrower, New York-based Monticello Equities, plans to redevelop the property into a 99-unit multifamily property with 2,240 square feet of retail space and a 75-space parking garage. Brad Domenico of Progress Capital arranged the financing through Leumi Bank.
ROME, N.Y. — Evans Senior Investments (ESI) has brokered the sale of The Terrace at Woodland, a 46-unit assisted living and memory care community in the Central New York city of Rome. An independent owner-operator sold the property to a regional owner-operator for $10 million, or approximately $217,000 per unit. Built in 2009, The Terrace at Woodland is licensed for 48 assisted living beds and 12 memory care beds. During the 12 months prior to sale, the community averaged 90 percent occupancy.
PHILADELPHIA — Developer Frankel Enterprises has broken ground on The Residences at Diamond Village, a 30-unit affordable housing property that will be located near Temple University in Philadelphia. Frankel Enterprises is developing the project in conjunction with the Philadelphia Housing Authority, the Reinvestment Fund, Tester Construction Group and the City of Philadelphia. The first residences are expected to be complete in September.
TEMPE, ARIZ. — A St. Louis-based McCarthy Building Cos. has completed construction of Mirabella at ASU, a $252 million continuing care retirement community in Tempe. Pacific Retirement Services and University Realty were the developers for the project. Mirabella at ASU is located at the corner of University Drive and Mill Avenue on the campus of Arizona State University (ASU), 4.5 miles from the Phoenix Sky Harbor International Airport. The community features a 20-story, 613,992-square-foot tower with 252 apartment units ranging from 751 square feet to 2,665 square feet. Portland-based Ankrom Moissan Architects designed the tower. The community’s amenities include an indoor pool; wellness center; theater; art museum; four restaurants; event and lecture hall; game rooms; dog park; salon and spa; valet and underground parking; and a physical therapy gym. The plan behind Mirabella was to provide a unique, university-based living for residents age 62 and older. According to ASU News, residents at Mirabella can take classes at ASU, have full access to the university’s amenities and be close to the school’s sports and cultural events. Although focused on independent living, the community offers a full continuum of senior living care. Along with 52 healthcare units, Mirabella offers onsite healthcare services …