RICHFIELD, N.Y. — Marcus & Millichap has brokered the sale of Bronner Manor, a 24-unit apartment community in Richfield Springs, a city located in central New York. The property was built in 1981 and offers one- and two-bedroom units, as well as onsite laundry facilities. Chip Collins of Marcus & Millichap represented the seller, a partnership, and procured the buyer, a private investor, in the transaction. John Krueger of Marcus & Millichap also worked on the deal, which closed at a sales price of just over $1 million.
SAN FRANCISCO — HFF has secured joint venture equity for the development of 1629 Market Street, a fully entitled multifamily project in San Francisco. Working on behalf of the developer, Strada Investment Group, HFF arranged a joint venture equity partnership with an affiliate of Stockbridge Capital Group for the $320 million project. 1629 Market Street will feature 420 apartments, averaging 732 square feet, and nearly 9,000 square feet of retail space situated within three mid-rise buildings that will share a sub-grade parking garage. Situated on 1.7 acres at the intersection of Van Ness Avenue and Market Street in San Francisco’s Mid-Market technology hub, the project is slated for completion in mid-2021. Scott Bales, Charles Halladay, Jordan Angel, Peter Yorck, Eric Bet and Nolan Moore of HFF represented the developer in the equity placement transaction.
MESA, ARIZ. — Hunt Real Estate Capital has provided $9 million in Freddie Mac financing for the refinancing of Rancho Palos Verde Apartments, a multifamily property located in Mesa. The undisclosed borrower now owns all 152 units of the condominium community and plans to operate the asset as a garden-style apartment complex. The borrower acquired the property from various owners between September 2018 and February 2019. The property comprises 13 two-story residential buildings, which feature 48 one-bedroom/one-bath units, 56 two-bedroom/two-bath units and 48 two-bedroom/two-bath townhouse-style units. Community amenities include a leasing office, fitness center, swimming pool with spa, covering parking, and pedestrian and vehicle access gates.
KANSAS CITY, MO. — Tutera Senior Living & Health Care is nearing completion of the $55 million Tiffany Springs senior living community in Kansas City. Tutera expects the 172 independent living units to be available in June, followed by 89 memory care and assisted living units in July. Community amenities at the 289,000-square-foot property include a spa, pool, outdoor courtyard, yoga studio, art studio, theater room, chapel, dog wash, concierge services and multiple dining venues. The new community will be connected via a breezeway to a rehabilitation and healthcare center that will offer short-term rehabilitation services and extended stays. Nearing Staats Prelogar & Jones Architects, BHC Rhodes and Luke Draily Construction Co. make up the project team.
SHILOH, ILL. — Contegra Construction Co. has completed the first three apartment buildings at the $26 million development known as Thirteen01 at Hartman Lakes in Shiloh. To date, nearly 100 leases have been signed at the 216-unit, nine-building complex, according to developer Greenmount Retail Center LLC. Contegra has also completed the clubhouse and expects to finish the remaining apartments by this summer. Monthly rents start at $950 for one-bedroom units and $1,250 for two-bedroom units. St. Louis-based 2B Residential is leasing and managing the property.
GAINESVILLE, FLA. — A joint venture between Campus Advantage and Stark Enterprises has broken ground on Liv+ Gainesville, a 618-bed student housing community located near the University of Florida. The 279,075-square-foot property will offer a range of floor plans, from studios to six-bedroom units with bed-to-bath parity. Shared amenities will include a fitness wing with a cardio room, free weight room and boxing equipment; a mini market with fresh snack and drink offerings; a coffee bar; study rooms on each floor; a pool and courtyard; and a dog park. The community is scheduled for completion in fall 2020 and will be managed by Campus Advantage.
SANDY SPRINGS, GA. — Hudson Properties has sold The Preserve at Dunwoody, a garden-style apartment complex in Sandy Springs. The property is situated near the Chattahoochee River and Chattahoochee Nature Preserve, 20 miles north of downtown Atlanta. The Preserve at Dunwoody was built in 1984 and offers one- and two-bedroom floor plans. Community amenities include two swimming pools with sundecks, internet café, tennis court, fitness center, private lake, clubhouse and a health club. Kevin Geiger of CBRE represented the buyer, Magnolia Capital, in the transaction.
COLUMBIA, S.C. — Cushman & Wakefield has arranged the sale of The Southern @ 1051, a 350-unit student housing community located near the University of South Carolina in Columbia. The property offers one-, two-, three- and four-bedroom units. Community amenities include a swimming pool, clubhouse, package service, picnic and barbecue area, business center, fitness center and basketball and volleyball courts. Travis Prince, Victoria Marks, Jordan McCarley and Paul Marley of Cushman & Wakefield arranged the disposition on behalf of the seller, an undisclosed CMBS trust. Ernet Capital Management acquired the property for an undisclosed amount.
CORPUS CHRISTI, TEXAS — JLL has negotiated the sale of Parkview Apartments, a 224-unit multifamily community in Corpus Christi. Built in 1969, the property offers one-, two-, three- and four-bedroom units and amenities such as a business center, resident clubhouse and a lounge. Zar Haro, Moses Siller and Robert Arzola of JLL represented the seller, Raybec Management Co. Ltd., in the transaction. The buyer, GVA Real Estate Group, will implement a value-add program at the community.
HOUSTON — Arbor Realty Trust Inc. (NYSE: ABR) has provided a $10.8 million Fannie Mae loan for the refinancing of Capewood Apartments, a 176-unit multifamily community in Houston. The property was built in 1976 and offers amenities such as a pool, playground and onsite laundry facilities. Brian Scharf of Arbor Realty Trust originated the loan, which carries a seven-year term and a fixed interest rate, on behalf of the undisclosed borrower.