URBANDALE, IOWA — Essex Communities has purchased The Reserve on Walnut Creek in Urbandale near Des Moines. The 121-unit active adult community is reserved for residents age 55 and older. Essex plans to convert the community from an entrance-fee model to a rental model. It will be rebranded as The Arbordale and undergo a multimillion-dollar renovation. Essex will update apartment interiors and community spaces as well as expand services and amenities. The seller and sales price were undisclosed.
ROCKWALL, TEXAS — Locally based developer SWBC is nearing completion of The Royalton at Rockwell Downes, a 295-unit multifamily project in the northeastern Dallas suburb of Rockwall. The project represents Phase I of a larger development that will ultimately add 590 new units to the local supply. The Royalton at Rockwall Downes will offer one-, two- and three-bedroom residences that are furnished with stainless steel appliances, hardwood-style floors and granite countertops. Amenities will include a pool, spa, an indoor/outdoor game room, fitness center with a spin studio and a dog wash saloon. SWBC expects to complete Phase I in March 2021 and to begin construction of Phase II shortly thereafter. Cross Architects designed the community, and G&A Consultants served as the civil engineer.
SAN ANTONIO — NorthMarq has provided a $24.6 million Fannie Mae acquisition loan for The Park on Wurzbach, a 264-unit multifamily asset in San Antonio. Built in 2018, the property offers one-, two- and three-bedroom units that are furnished with stainless steel appliances, granite countertops, tile backsplashes and individual washers and dryers. Amenities include a pool and a fitness center with yoga and spin studios, as well as a clubhouse with a kitchen, billiards table and TVs. Faron Thompson, Ali Meek and Matthew Bronstein of NorthMarq originated the 10-year loan on behalf of the borrower, Houston-based Venterra Realty. Martin Bronstein, Ralph Howard and Bryan Tran, along with Scott LeMontagne, Moses Siller and Zar Haro of NorthMarq, negotiated the transaction on behalf of the seller, a partnership between BHW Capital and Gray Street Partners.
OKLAHOMA CITY — Dallas-based Elkhorn Capital Partners has acquired Quail Plaza Apartments, a 92-unit multifamily community in Oklahoma City. According to Apartments.com, the property features one- and two-bedroom units and amenities such as a pool, fitness center, playground, game room and bike storage area. The seller and sales price were not disclosed.
TALLAHASSEE, FLA. — A joint venture between The Preiss Co. and a private equity fund advised by Crow Holdings Capital has acquired Quantum on West Call, a 752-bed student housing community located near Florida State University in Tallahassee. The property offers one-, two-, three- and four-bedroom, fully furnished units with bed-to-bath parity. Communal amenities include a 24-hour fitness center, pool, yoga center, clubhouse, theater, cyber lounge, individual study nooks, group study spaces and a sundeck with hammocks and grilling stations. The new ownership plans to begin renovations on half of the 225 units to upgrade vinyl plank flooring in the common areas and improve internet connectivity. Terms of the transaction and the seller were not disclosed.
DUNWOODY, GA. — Atlantic | Pacific Cos. (A|P) has purchased The Parc at Dunwoody Apartments, a 312-unit complex in Dunwoody. The property offers one-, two- and three-bedroom floor plans ranging from 718 to 1,346 square feet. Communal amenities include a pavilion, fitness center, playground and two pools. The asset is situated at 1067 Pitts Road, 17 miles north of downtown Atlanta. The Miami-based buyer purchased the community via its equity fund, Blue Atlantic Partners Fund III. A|P affiliate Atlantic | Pacific Management will manage the property and handle the leasing efforts. A|P plans to implement a multimillion-dollar renovation to upgrade unit interiors with quartz countertops, enhance amenity spaces and improve the exterior of the community. The sales price and seller were not disclosed.
NEW YORK CITY — A partnership between Strategic Capital, Cape Advisors and Forum Absolute Capital Partners has opened Greenwich West, a 170-unit multifamily condominium project located at 110 Charlton St. in the West Soho neighborhood of Manhattan. Designed by Parisian architecture firm Loca Anima and interior designer Sebastien Segers, Greenwich West features studio, one-, two- and three-bedroom floor plans, with prices ranging from $1.1 million to $7.9 million. Amenities include a 24-hour attended lobby, a rooftop terrace with multiple outdoor seating areas, a fitness center with a yoga studio and a children’s play area. Plaza Construction served as the general contractor for the 30-story building.
BOSTON — MassHousing has provided $67.4 million in acquisition financing for Blue Mountain Apartments, a 217-unit historic affordable housing property located in the Roxbury neighborhood of Boston. The borrower, NHP Foundation, will use a portion of the proceeds to rehabilitate the property and preserve its affordability through 2045. Blue Mountain Apartments consists of 105 one-bedroom apartments, 73 two-bedroom apartments, 18 three-bedroom apartments, 16 four-bedroom apartments and five five-bedroom apartments. Among the improvements planned for the property are concrete and masonry repairs, roof repairs, fire system upgrades, exterior door and window replacements, kitchen and bathroom upgrades and upgrades to the buildings’ HVAC, plumbing and electrical systems.
NEW YORK CITY — Locally based firm Rosewood Realty Group has brokered the $11.5 million sale of an 80-unit apartment building located at 2055 Anthony Ave. in the Fordham Heights area of The Bronx. The property was built in 1920 and spans 74,580 square feet. Aaron Jungreis of Rosewood Realty represented the seller, Morgan Group, and the buyer, locally based investment firm Parkash Group, in the transaction.
CHICAGO — JLL has arranged more than $100 million in financing for a 278-unit multifamily community in Chicago’s West Loop neighborhood. The developer broke ground on the community in late September and expects to deliver it in spring 2022. JLL worked on behalf of developer Marquette Cos. to secure a $65 million construction loan through Bank OZK. Further details of the financing were not disclosed. Power Construction is the general contractor and Chicago-based Brininstool + Lynch is the architect. The 25-story property, located at 1400 Randolph St., will feature coworking spaces, a fitness center, club room and a pool on the 18th floor. Amenities in the surrounding neighborhood include the 13-acre Union Park; the L Train Ashland Station; and “Restaurant Row,” which features restaurants such as Au Cheval, Bad Hunter, Bandit, Girl & the Goat, Haymarket Tavern, La Josie, Lena Brava and Rooh. Matthew Schoenfeldt of JLL represented the Naperville-based developer in securing the construction financing. “Marquette, their institutional partner and Bank OZK have been steadfast in their commitment to 1400 Randolph, which is a testament to the fundamentally compelling concept,” says Schoenfeldt. According to research from CBRE, there were 2,500 multifamily units delivered in the Chicago area in the …