WILLOW GROVE, PA. — Kushner Real Estate (KRE) Group has opened Willow Pointe, a 245-unit multifamily community in Willow Grove, a northern suburb of Philadelphia. The property comprises three buildings with one- and two-bedroom floor plans, all of which include a patio or balcony. Amenities include a pool, resident lounge, fitness center, business center, outdoor grilling areas and resident storage space. Hudson Projects designed the community.
ST. PAUL, MINN. — NorthMarq has arranged a $2 million Freddie Mac loan for the refinancing of 623 Lofts in St. Paul. The 17-unit multifamily property is situated near three colleges and nine miles from the Minneapolis-St. Paul International Airport. Michael Padilla of NorthMarq arranged the 10-year loan, which features a 30-year amortization schedule.
TACOMA, WASH. — Kidder Mathews has negotiated the sale of Vista Del Rey, a multifamily property located at 319 N. Tacoma Ave. in Tacoma, a city approximately 35 miles south of Seattle along the banks of the Puget Sound. VDR Investments Homes, led by Rose Stanek-Norbe of Tyroda LLC, acquired the asset from an undisclosed seller for $25.7 million. Situated in Tacoma’s Stadium District, the 17-story Vista Del Rey features 130 apartments. Also included in the sale was the adjoining 0.67-acre land parcel that could accommodate an additional 130 residential units. Targa Property Management will manage the property. Tyler Stanek of Kidder Mathews represented the buyer in the transaction.
IDAHO FALLS, IDAHO — TYG Commercial Real Estate has negotiated the sale of Sand Creek Apartments, a 73-unit multifamily community located in Idaho Falls. A private investor sold the property to a Utah-based multifamily investor for an undisclosed price. Located at 1250 Ashment Ave., Sand Creek Apartments features 32 one-bedroom units, 17 two-bedroom apartments and 24 three-bedroom units. The property was built in 1978 and renovated in 2004. Richard Bird and Mathew Bird of TYG Commercial Real Estate represented the seller and buyer in the transaction.
BOSTON — Suffolk University has purchased the 114-room Ames Boston Hotel, located in Financial District of the city, for $63 million. The historic property, located at 1 Court St., was originally built in 1893 and redeveloped in 2009. The university will rebrand the building as a student housing facility called the One Court Street Residence Hall, which will ultimately house approximately 280 students. The building will undergo minor renovations, which are slated for completion in fall 2020. Ted Wheatley and Robert Webster of JLL represented Suffolk University in the transaction. Denny Meikleham, Alan Suzuki and Matthew Enright of JLL represented the seller, Invesco Real Estate.
ASHBURN, VA. — JLL has negotiated the $141 million sale of Atley on the Greenway, a 496-unit, transit-oriented apartment complex in Ashburn. The property is situated at 21827 High Rock Terrace, less than one mile from the Ashburn Metro Station and 30 miles west of downtown Washington, D.C. The community offers one-, two- and three-bedroom floor plans averaging 1,001 square feet. Forty of the units are designated affordable housing. Communal amenities include two swimming pools, an outdoor fireside lounge, poolside barbecue and picnic areas, playground, 24-hour fitness center, multi-station business center, indoor lounge with fireplace, demonstration kitchen and a dining area. Walter Coker and Brian Crivella of JLL represented the seller, Northwestern Mutual, in the transaction. The buyer was Fairfield Residential.
ATLANTA — Village Park has broken ground on Corso Atlanta, a senior living community in Atlanta’s Buckhead neighborhood. Situated on a nine-acre site, the first phase of development will feature 82 independent living units, 21 independent living homes, 75 assisted units and 26 memory care units. Village Park, the developer and future operator of the facility, plans to partner with local farmers, florists, manicurists and chefs to operate the onsite amenities. The property is located across the street from Northside Medical Center. The development is scheduled for completion in late 2020 or early 2021. The architect is THW Architects, and the general contractor is Gilbane Building Co.
SILVER SPRING, MD. — The Donaldson Group and Declaration Partners have acquired Vista at White Oaks Apartments, a 272-unit garden-style multifamily community in Silver Spring, for $53 million. The property offers one- and two-bedroom floor plans. Communal amenities include a picnic area, swimming pool, playground and a tennis court. Vista at White Oak sits on 11 acres at 11430 Lockwood Drive, 11 miles north of downtown Washington, D.C. The buyers are planning a renovation program that includes unit upgrades, common area enhancements, exterior improvements and mechanical system modernization. Maxi Leachman of CBRE originated an acquisition loan through Freddie Mac on behalf of the partnership. The seller was not disclosed.
DALLAS — Austin-based developer Oden Hughes has broken ground on Phase I of Lenox Maplewood, a project that will add 275 apartments and 12 townhomes to the Dallas Medical District. Floor plans will include one- and two-bedroom apartments and three-bedroom townhomes. The first units are scheduled to open in late 2020. Oden Hughes has the ability to build at least one more phase, but the timing of any additional phases has not been determined. Zoning on the property allows the developer to build a total of up to 800 units on the site. BGO Architects is handling design of the project.
AUSTIN, TEXAS — The Parallel Co. has begun construction on an 18-story, 558-bed student housing community located near the University of Texas at Austin. The property will offer 153 fully furnished units. Shared amenities will include a coffee bar, rooftop sky lounge, study lounges with conference rooms, fitness center, package room with lockers and a rooftop pool area with outdoor TVs, grills, hot tub and a fire pit. A timeline for delivery was not announced. Parallel recently opened the 502-bed MUZE community, which is located nearby and also serves students attending the University of Texas at Austin.