FORT WORTH, TEXAS — Marcus & Millichap has brokered the sale of Aero, a 200-unit apartment community located at 8300 Calmont Ave. on the west side of Fort Worth. The property features one- and two-bedroom units and amenities such as a pool, coffee bar, resident clubhouse and a playground. Al Silva of Marcus & Millichap represented the seller, a California-based investment firm, in the transaction. Silva also procured the buyer, an out-of-state family office that will implement a value-add program.
DALLAS — CBRE has negotiated the sale of Bella Vista Park, a 158-unit apartment community located at 2700 N. Buckner Blvd. in northeast Dallas. The property offers one-, two- and three-bedroom floor plans and amenities such as a pool, playground, an outdoor picnic area and onsite laundry facilities. Chris Deuillet and William Hubbard of CBRE represented the seller, Dallas-based AmeriCan Multifamily Alliance Group, in the transaction. Private investor Justin Li acquired the asset for an undisclosed price.
BAYONNE, N.J. — Developer KRE Group has broken ground on Phase II of Bay 151, a multifamily project that will add 213 units to the local supply of the New York City metro of Bayonne. Phase I consists of 200 units that are now 85 percent occupied. At full build-out, Bay 151 will comprise 625 apartments and 10,000 square feet of retail space. Residences at Bay 151 come in studio, one-, two- and three-bedroom formats, and the property features more than 15,000 square feet of indoor and outdoor amenity space, with all amenities now open to residents. Completion of Phase II is slated for late 2021.
CHICAGO — Optima Inc. has begun development of Optima Lakeview, a 198-unit luxury apartment project in Chicago’s Lakeview neighborhood. The seven-story, transit-oriented development will replace a shuttered Treasure Island grocery store and parking lot. Designed by Hovey, the project also includes 14,000 square feet of street-level commercial space. Residents will have access to 40,000 square feet of amenities, including a rooftop sky deck, pool, indoor basketball court, golf simulator, fitness center, yoga room, sports lounge, pet spa, game room, business center and two conference rooms. The building will offer 94 fully enclosed parking spaces and storage for 208 bicycles. Optima says it designed larger floor plans to accommodate dedicated space for a home office in today’s work-from-home environment. Completion is slated for March 2022.
MORRISTOWN, N.J. — New York Life Real Estate Investors has provided a $36.5 million loan for The Metropolitan at 40 Park, a 130-unit apartment building in Morristown, about 35 miles west of New York City. The property features studio, one- and two-bedroom units that offer private balconies or terraces. Amenities include a fitness center, game room, rooftop terrace and a package center with lockers. A partnership between Woodmont Properties and Roseland Residential Trust developed the seven-story, Class A building in 2010.
UNION, N.J. — JLL has arranged an undisclosed amount of permanent financing for Centurion Union, a newly built, 80-unit apartment building in Union, located southwest of Newark. Residents have access to amenities including a fitness center, game room, lounge, coworking space, dog run and a children’s playroom. Michael Klein and Max Custer of JLL arranged the fixed-rate loan through Provident Bank on behalf of the borrower, American Landmark Development.
CHARLOTTE, N.C. — Dominion Realty Partners (DRP) has topped out FNB Tower, a 29-story mixed-use building located at 401 S. Graham St. in Uptown Charlotte. The developer expects to deliver the asset in the second quarter of 2021. The building will feature 116,915 square feet of office space as well as 196 multifamily units. Pittsburgh-based FNB Corp., the parent company of First National Bank, will occupy 40,000 square feet of the tower to serve as the company’s regional headquarters. Batson-Cook Construction is the general contractor.
KANSAS CITY, MO. — An affiliate of Abacus Capital Group has acquired Fountain View, a 398-unit luxury apartment community located adjacent to the Country Club Plaza shopping center in Kansas City. The purchase price was undisclosed. The property was built in 1998. Jeff Stingley, Max Helgeson and Michael Spero of CBRE represented the seller, a global investment advisor. The planned southern extension of Kansas City’s streetcar line will make Fountain View a transit-oriented development, according to CBRE.
MINNEAPOLIS — Colliers Mortgage has provided a $40 million Fannie Mae loan for the refinancing of Stevens Community Apartments in Minneapolis. The 618-unit multifamily property consists of 23 buildings. The asset was constructed in phases from 1913 to 1964 and has been renovated several times. The loan features a 12-year term and a 30-year amortization schedule. Stevens Community Associates LP was the borrower.
DENVER — Parkview Financial has provided a $26 million construction loan to CRE Development Investments for the development of Art District Lofts, an apartment community located at 1275 Santa Fe Drive in Denver. With this financing, construction has now commenced with completion slated for December 2021. Situated in Denver’s Art District, the eight-story project will feature 115 apartments and 2,622 square feet of ground-floor retail space. Art District Lofts will offer 51 studios, 55 one-bedroom units and nine two-bedroom units with an average unit size of 548 square feet. Community amenities will include private balconies, a fitness center, rooftop deck and secure bike parking. The property will also offer 48 garage and surface parking spaces.