TEMPE, ARIZ. — Bascom Arizona Ventures, a subsidiary of Irvine, Calif.-based The Bascom Group, has purchased Dolce Villaggio Townhomes, a multifamily property in downtown Tempe. An undisclosed seller sold the property for $11.5 million, or $310,811 per unit. Dolce Villaggio features 37 apartments in a mix of two- and three-bedroom floor plans, all with attached two-car garages. Constructed in 2007, the property also features a swimming pool and spa. Bascom Arizona Ventures plans to invest in capital improvements to the property, including upgrades to the pool and unit interiors. Arizona-based MEB Management Services will operate the property. Comerica Bank provided debt financing for the acquisition, which Erich Pryor of Talonvest Capital arranged. Chris Roach, Matt Roach and Brad Cooke of Colliers International advised the buyer and seller in the transaction.
CHICAGO — Luxury Living Chicago Realty plans to begin pre-leasing The Jax in March. The 10-story apartment building is located at 1220 W. Jackson St. in Chicago’s West Loop. First move-ins are slated for April. The 166-unit apartment building features 7,600 square feet of retail space. Amenities include a rooftop lounge, fitness center, dog area, demonstration kitchen, package receiving room and bike storage. Floor plans range from studios to two-bedroom units. Monthly rents will range from approximately $1,695 to $3,895. LG Development is the project developer.
OVERLAND PARK, KAN. — Sherman Residential has purchased The Sovereign at Overland Park for an undisclosed price. Constructed in 2013, the 250-unit apartment community spans 24 buildings on 42 acres. Amenities include a fitness center, pool, business center, resident lounge and pet washing station. Sherman will also assume management of the garden-style property.
With its unique culture, relatively low cost of living, warm weather and booming economy, Austin has emerged as one of the fastest-growing cities in the United States. As more people and companies flock to this vibrant city, the multifamily real estate market looks primed for growth from both a development and investment perspective. At its core, this real estate potential lies in the fact that the housing supply needs to keep up with a growing population of workers. According to the Austin Board of Realtors (AboR), in October 2019, the number of homes sold reached new highs, while the inventory of single-family homes reached new lows. As this gap shows, and as ABoR notes in its report, housing demand is outpacing housing stock, particularly in areas close to major employers and transit options. To remedy this problem, multifamily developers and investors can step in to build multi-unit buildings throughout Austin. Adding multifamily buildings can help tackle the housing shortage much faster than building more single-family homes, and many newcomers to Austin are young, well-paid professionals looking to rent apartments in exciting urban neighborhoods. As such, developers and investors can look to add more units in both existing high-density areas that …
NEW YORK CITY — SL Green Realty Corp. (NYSE: SLG) has entered into a contract to sell a 36-story mixed-use tower and an adjacent undeveloped parcel in Manhattan for $446.5 million. An affiliate of Brookfield Asset Management (NYSE: BAM) is the buying entity for the 492,987-square-foot building at 315 W. 33rd St. on the borough’s west side. Also known as The Olivia, the mixed-use tower features 333 residential units and 270,132 square feet of commercial space. The residential portion is 96 percent occupied, and the commercial space is fully leased to tenants including AMC Theatres, Music Choice and Landmark Education. The Olivia’s community amenities include a residents’ lounge, laundry room, onsite parking, fitness center, bicycle storage, resident app, valet services, 24-hour lobby and rooftop terrace. The property is near Madison Square Garden, the Hudson River and Penn Station. Darcy Stacom of CBRE represented SL Green Realty in the sale transaction, which is expected to close in the second quarter. No details were released about Brookfield’s plans for the parcel. “This sale is another example of SL Green’s commitment to strategically divest of non-core assets and accretively redeploy the capital into our ongoing share repurchase program,” says David Schonbraun, co-chief investment …
GREENVILLE, S.C. — Ziegler has arranged a total of $35.7 million in bond financing for The Woodlands at Furman, a nonprofit continuing care retirement community (CCRC) in Greenville. Upstate Senior Living Inc. is the owner and operator of the community, which opened in 2009 adjacent to Furman University on land leased by The Furman University Foundation. The property currently features 132 independent living apartments, 28 independent living villas (some of which are under construction), 32 assisted living apartments, 16 memory care units and 30 private skilled nursing units. The bond financing will fund an expansion at the property, adding 44 independent living apartments and a 13,000-square-foot amenities building, as well as renovations to existing dining facilities and common areas. Greystone has served as development consultant to The Woodlands at Furman since its inception.
INDIANAPOLIS — Muesing Management has acquired Waterside at Castleton, a 400-unit apartment community on the northeast side of Indianapolis. The purchase price was undisclosed. Built in 1983, the property is located at 8380 Whipporwill Drive. Steve LaMotte Jr. and Dane Wilson of CBRE represented the seller, Wilkinson Corp. and its partner BRT Apartments Corp.
HOUSTON — Canadian investment firm Western Wealth Capital has purchased Oak Grove Apartments, a 272-unit community in Houston. Built in 2004, the property features one-, two- and three-bedroom units and amenities such as a pool, fitness center, playground and a dog park. Andy Hill and Tyler Nowlin of Berkadia arranged a three-year, adjustable-rate loan for the transaction on behalf of Western Wealth Capital. The loan includes proceeds for capital improvements.
FORT WORTH, TEXAS — Dougherty Mortgage LLC has arranged an undisclosed amount of acquisition financing for Monterrey Apartments & Townhomes, a 105-unit multifamily asset in Fort Worth. The property features one-, two- and three-bedroom units and amenities such as a pool, outdoor grilling stations and a playground. Dougherty arranged the 12-year loan through a partnership with Old Capital Lending for borrower JARS Monterrey 105 LLC.
PHILADELPHIA — Rittenhouse Realty Advisors has sold a nine-property student housing portfolio near Temple University in North Philadelphia for $23.7 million. The portfolio comprises 92 units totaling 253 beds. All of the properties in the portfolio were constructed within the last five years, and the majority are two- or three-bedroom units. At the time of sale, the portfolio was 100 percent occupied for the 2019 to 2020 school year. The buyer was undisclosed.