AURORA, ILL. — Marcus & Millichap has brokered the sale of a 24-unit multifamily property in Aurora for $1.6 million. Located at 1601-1603 Reckinger Road, the property consists of two 12-unit buildings. Randolph Taylor of Marcus & Millichap marketed the property on behalf of the local seller. The undisclosed buyer completed a 1031 tax-deferred exchange.
LITTLE ROCK, ARK. AND SHREVEPORT, LA. — BSR REIT has sold four multifamily properties in Little Rock and Shreveport for a total of $31.7 million. The two properties in Little Rock are Briarwood Apartments, a 280-unit complex built in 1972, and Spring Valley Apartments, a 245-unit community built in 1975. The Shreveport assets are Fox Trail Apartments, a 144-unit property built in 1971, and South Pointe Apartments, a 104-unit complex built in 1972. The seller(s) was not disclosed.
CAMARILLO, CALIF. — Oakmont Senior Living has opened a welcome center at Oakmont of Camarillo, its upcoming seniors housing community in Camarillo, approximately 60 miles northwest of Los Angeles. The 86,839-square-foot property is scheduled to open around the end of the year. When completed, the three-acre community will offer 60 assisted living and 25 memory care apartments. Ted Burgess is executive director of Oakmont of Camarillo.
MAINE, MASSACHUSETTS and NEW HAMPSHIRE — HFF has provided an undisclosed amount of financing for a portfolio of eight seniors housing properties totaling 565 units in New England. Northbridge Strategic Senior Housing Fund II was the borrower. Freddie Mac provided the capital, and HFF will service the loans. The intended use of the proceeds was not disclosed. The properties in the portfolio are Avita of Brunswick in Brunswick, Maine; Avita of Stroudwater in Westbrook, Maine; Avita of Wells in Wells, Maine; Carriage House at Lee’s Farm in Wayland, Massachusetts; Laurelwood at the Pinehills in Plymouth, Massachusetts; Ledgewood Bay at Milford in Milford, New Hampshire; Stroudwater Lodge in Westbrook, Maine; and Sunnybrook in Brunswick, Maine. The properties have an average completion date of 2014 and comprise a mixture of 49 independent living, 256 assisted living and 260 memory care units that were nearly 90 percent occupied at closing.
GLEN RIDGE, N.J. — Locally based developer JMF Properties has broken ground on Clarus Glen Ridge, a 110-unit multifamily community in Glen Ridge, located northwest of Newark. The transit-served property will offer one- and two-bedroom units and an array of amenities, including a fitness center with a yoga studio, business center, library, billiards room and outdoor grilling and seating areas. JMF Properties expects to open the property in spring 2020.
DALLAS — Local developer Northfield Development LLC will build The Drake at White Rock, an 85-unit residential project that will be located in the Lakewood area of Dallas. The property will comprise seven stories and 257,000 square feet. Amenities will include a pool, fitness center, bike and personal storage spaces and concierge services. Moss is serving as the construction manager, and GDA Architects LLC is designing the project. Construction, the contract for which is valued at $28.5 million, is slated to begin this month and wrap up in late 2020.
COLUMBUS, OHIO — Casto, along with development partners Robert Weiler Co., Kelley Cos., Columbus Metropolitan Housing Authority and S2 Construction, has opened a 230-unit apartment building in Columbus known as River & Rich. The project also includes 30,000 square feet of retail space and a 300-space public parking garage. Roy G Biv, a nonprofit art gallery, is joining River & Rich as the marquee tenant and will open on Friday, May 3. Located in the rear of the property are three large murals created by local artists. An additional 13 murals can be found inside the building. Amenities include a clubhouse, fitness center and amenity deck. Monthly rents for one-bedroom units start at $1,209.
CHAMPAIGN, ILL. — Berkadia has arranged the sale of the Mattis portfolio, a four-property multifamily portfolio in Champaign, for $9.1 million. The properties are located within a few blocks of each other along Mattis Avenue and total 194 units. Developed in the late 1960s and mid-1970s, the assets offer a variety of floor plans. Properties include Stonleigh Court, Colonial South, Colonial Village and Continental Plaza. Parker Stewart, Ralph DePasquale and Alex Blagojevich of Berkadia marketed the properties on behalf of the seller, Royse & Brinkmeyer. New York-based Everest Equities was the buyer.
WEST MELBOURNE, FLA. — Mahaffey Co. is currently underway on The Carlton of West Melbourne, a 16-building, 382-unit apartment complex in West Melbourne. The project is situated at the intersection of Palm Bay Road and Interstate 95 in south Brevard County. Amenities will include a clubhouse, social lounge, fitness center, business center, swimming pool, playground and a dog park. Interior units will include sunrooms, double master bedrooms and balconies. The design team includes civil engineer BSE Consultants and architect Fugleberg Koch. A timeline for completion was not disclosed.
WASHINGTON, D.C. — Greysteel has arranged the $21.8 million receivership sale of a multifamily portfolio in Washington, D.C., on behalf of the receiver, E&G Group. E&G Group received Elsinore Courtyard and Fitch Apartments in June 2017 when lender Wilmington Trust asked the Superior Court of the District of Columbia to empower E&G Group to market and sell the properties after previous owner Sanford Capital defaulted on its loans, according to Street Sense Media. Elsinore Courtyard was built between 1960 and 1966 at 5311-5330 E St., 5108-5112 Call Place and 5109-5117 C St. SE. The 15 -units average 894 square feet. Fitch Apartments was built between 1969 and 1971 and is situated at 351 53rd St. SE, 5033 Call Place SE, 5040 & 5216 D St. SE and 5218–5220 F St. SE. The 75 units average 728 square feet. Both properties are situated near Benning Road Metro Station, providing access to WMATA’s Blue/Silver Line trains. Ari Firoozabadi, Kyle Tangney, Herbert Schwat, Christian Alves and Dutch Seitz of Greysteel represented E&G Group in the transaction. The Washington, D.C.-based team also procured the undisclosed buyer.