EL PASO, TEXAS — RM Adviser, a subsidiary of RealtyMogul, has acquired two apartment communities in El Paso. The property names and unit counts were not disclosed, but the communities both feature pools, outdoor grilling areas and resident clubhouses. RM Adviser will implement value-add programs at both properties, with a focus on reducing water consumption, upgrading unit interiors and enhancing amenity spaces, including the addition of a playground and outdoor lounge with gazebos.
HARLINGEN, TEXAS — Ensign Group, a publicly traded seniors housing owner-operator, has purchased Golden Palms Rehabilitation and Retirement, a community located near the Mexico border in Harlingen. The property features 92 independent living units, as well as a 60-bed skilled nursing division and a 38-bed assisted living center. Keystone Care LLC, an affiliate of Ensign, will assume operations of the facility.
ATLANTA — Carroll Organization has acquired a three-property multifamily portfolio located throughout the Southeast. The three properties include the 268-unit Hawthorne at Mooresville in Mooresville, N.C.; the 312-9unit Hawthorne at Wildwood in Marietta, Ga.; and the 323-unit Hawthorne South Oaks in downtown Nashville, Tenn. According to Atlanta-based Carroll Organization, all three properties will be rebranded under the ARIUM name. Additional terms of the sale were not disclosed.
MIRAMR AND PALM BAY, FLA. — Hunt Real Estate Capital has provided two HUD 221 (d)(4) construction loans for multifamily projects in South Florida totaling $67 million. Both loans will amortize over 40 years and will include two years of interest-only payments. Hunt Real Estate provided $42 million to Boardwalk 280 LLC for the development of Boardwalk 280 Apartments, which will offer 280 units. Community amenities will include two swimming pools, cabana beds, playground areas, a dog park, grilling areas, tennis tables, Wi-Fi connectivity/stations throughout the common areas, and a clubhouse that will have a lounge/social room, café bar, business center and a fitness center. Boardwalk 280 will be located in Miramar, two blocks from American Dream Miami, a 200-acre shopping and entertainment complex. According to a press release from Cushman & Wakefield, American Dream Miami will be the largest mall in the country. In the second transaction, Hunt Real Estate provided a $25 million loan to Alliance Palm Bay Holdings LLC and general partner Robert Cambo of Alliance Cos. for the construction of San Filippo Apartments in Palm Bay. San Filippo Apartments will be a 197-unit community spread across three- and four-story buildings. The project is classified as green/energy …
TAMPA, FLA. — Cushman & Wakefield has arranged the sale of Bay Oaks, a 176-unit multifamily community located in south Tampa. The Related Group acquired the property for $26.3 million, or $149,148 per unit. Bay Oaks was built in 1974 on 4.7 acres at 3105 Bay Oaks Court, four miles south of downtown Tampa. The complex offers one- and two-bedroom floor plans and was 97 percent occupied at the time of the sale. Communal amenities include a 24-hour fitness center, swimming pool, community grilling stations, clubhouse, on-site management, a car care center and laundry facilities. Luis Elorza, Brad Capas, Robert Given and Michael Mulkern of Cushman & Wakefield represented the seller, Nashville-based Carter-Haston, in the transaction. Chris Lentz and Robert Kaplan of Cushman & Wakefield arranged acquisition financing through Barings Multifamily Capital on behalf of The Related Group.
KANSAS CITY, MO. — A partnership between L5 Investments, Odyssey Properties Group and BH Equities has acquired The Crossing at Barry Road Apartments in Kansas City for an undisclosed price. The buyers plan to begin a three-year, $13.8 million renovation of the 624-unit apartment community. Built in 1997, the garden-style community is situated on nearly 41 acres and includes 54 three-story buildings. Amenities include a clubhouse, fitness center, business center, Starbucks coffee bar, two pools, two lakes and a lighted tennis court. The asset was 95 percent occupied at the time of sale. Jeff Stingley, Max Helgeson and Michael Spero of CBRE represented the seller, a joint venture led by GoldOller Real Estate Investments.
SHOREVIEW, MINN. — Dougherty Mortgage LLC has provided a $42 million Fannie Mae loan for the refinancing of Loden SV, a 206-unit apartment property in Shoreview, about 12 miles northeast of Minneapolis. Constructed in 2018, the pet-friendly property features a community room, conference room, theater room, fitness center, pet grooming area and pool. The 10-year loan features a 30-year amortization schedule. The borrower was not disclosed.
PARK RIDGE, ILL. — Essex Realty Group Inc. has brokered the sale of The Parker in Park Ridge for $15 million. The 46-unit apartment building features two-bedroom floor plans. Amenities include a fitness center, car washing area, pet run and grilling area. A joint venture between CA Residential and Orchard Development Group developed the property in 2016. Jim Darrow, Jordan Gottlieb and Jordan Multack of Essex represented the developers in the sale. Doug Imber, Kate Verde and Clay Maxfield of Essex represented the buyer, a private investor completing a 1031 tax-deferred exchange.
JERSEY CITY, N.J. — A partnership between BNE Real Estate Group, Hoboken Brownstone Co. and McKinney Properties has opened The Enclave, a 260-unit multifamily community in Jersey City. Designed by local architecture firm Minno & Wasko, The Enclave features studio, one- and two-bedroom units with quartz countertops, stainless steel appliances, in-home washers and dryers and private balconies in select units. Amenities include a rooftop terrace with a pool, private grilling areas and an outdoor bar, as well as a dog run and spa, multiple entertainment lounges, a game room, coworking space, fitness center and a children’s play area. Residents can also enjoy certain services, such as concierge, package handling, pet care and bike storage.
HENDERSON, NEV. — KeyBank Real Estate Capital has secured $65 million in Fannie Mae financing for Maxx Properties’ previously announced acquisition of Villas at Green Valley in Henderson. Built in 1984 and 1986, the community features 609 garden-style apartment units across 38 two- and three-story apartment buildings, a clubhouse and fitness center on 21 acres. Alan Isenstadt of KeyBank Real Estate Capital’s Income Property Group and Erik Storz of Key’s Commercial Mortgage Group arranged financing for the project.