HALTOM CITY, TEXAS — Miami-based DIJ Properties has purchased Rio Vista, a 246-unit multifamily asset in Haltom City, located northeast of downtown Fort Worth. The property was built in 1968. DIJ will implement a capital improvement program that will renovate the unit interiors and upgrade the amenity spaces, including the addition of a soccer court, playground and tutoring center for children. The seller was not disclosed.
DILLON, COLO. — Hunt Real Estate Capital has provided a $5.2 million conventional Freddie Mac multifamily loan for the refinancing of Dillon Ridge Apartments, a multifamily property in Dillon. The borrower is Dillon Ridge Apartments LLC. The loan features a 10-year term that will amortize over 30 years. Built in 2018, the three-building community features 36 two-bedroom apartments, 30 of which are area median income controlled, and 73 parking spots.
FOREST LAKE, MINN. — Norhart has unveiled plans to open Encore Apartments, a 91-unit apartment community in Forest Lake, about 30 miles north of Minneapolis. The four-story property will be located at the corner of 4th Street and 11th Avenue. Amenities will include an Internet café, fitness center, sky lounge, community room, outdoor firepit and dog run. Prospective residents will be able to tour the apartment at their convenience through a mobile app. Residents will also be able to monitor their energy usage and control lights and thermostats remotely through an app. Encore Apartments, slated to open in summer 2020, will also be home to the new corporate office of Norhart.
CHICAGO — Essex Realty Group Inc. has brokered the sale of a 43-unit apartment building in Chicago’s Edgewater neighborhood for $5.7 million. The property, located at 6031-6043 N. Paulina St., has been owned by the same family for more than 50 years. The building includes 37 one-bedroom units and six two-bedroom units. Doug Imber, Kate Varde and Clay Maxfield of Essex brokered the transaction. Brad Desent and his siblings sold the asset to a private investor completing a 1031 tax-deferred exchange. Records indicate the property was purchased in 1965 for $260,000.
NEW YORK CITY — Meridian Investment Sales has negotiated the $8.6 million sale of an apartment building in the Bedford Park neighborhood of the Bronx. Located at 215 E. 197th St., the five-story property was built in 1923 and contains 52 apartments. Amit Doshi and Shallini Mehra of Meridian represented the undisclosed seller in the transaction. The buyer was also undisclosed.
DORCHESTER, MASS. — Marcus & Millichap has brokered the $2.4 million sale of a multifamily building in Dorchester. Located at 12 Lyndhurst St., the 12-unit property consists of six one-bedroom and six two-bedroom units. Evan Griffith and Tony Pepdjonovic of Marcus & Millichap’s Boston office represented the undisclosed seller in the transaction. The buyer was also undisclosed.
LAS VEGAS — Colliers International | Las Vegas has arranged the sale of a land parcel located on the corner of Harmon Avenue and Koval Lane in Las Vegas. Nevada Development Associates VI LP acquired the asset from an undisclosed seller for $130 million. Situated near the Las Vegas Strip, the 60-arce site includes the Harbor Island apartment complex, which is adjacent to the Hard Rock Hotel & Casino. The site is poised for a mix of high-density residential, retail and/or gambling/resort development. Mike Mixer of Colliers’ Las Vegas office represented the seller in the deal.
TEMPE, ARIZ. — Broadstone Lakeside LLC, an entity formed by Phoenix-based Alliance Residential and Salt Lake City-based Cottonwood Residential, has completed the sale of Lakeside Drive, a multifamily property located at 500 W. First St. in Tempe. San Diego-based Lakeside Drive Apartments LLC acquired the asset for $44.5 million. David Fogler and Steven Nicoluzakis of Cushman & Wakefield represented the seller in the transaction. Situated in downtown Tempe, the new community features 150 apartments in a mix of studio, one-, two- and three-bedroom floor plans with an average size of 919 square feet. Each unit features gourmet kitchens with gas cooktops, Energy Star appliances, granite countertops, wood-style flooring, in-unit washers/dryers, walk-in closets and Nest thermostats, as well as 19-foot ceilings and wine refrigerators in select units. Community amenities include a clubroom with gourmet kitchen, two-story fitness center, swimming pool, spa, poolside cabanas, outdoor entertainment pavilion, rooftop lounge, outdoor fire pits, grilling areas, complimentary coffee bar, complimentary beach cruisers and garage parking.
LAKEWOOD, COLO. — Wood Partners has started construction of Alta Green Mountain, a multifamily community in the Lakewood suburb of Denver. Located at 13155 W. Mississippi Court, the property will feature 260 garden-style apartments in a mix of one-, two- and three-bedroom floor plans, with nearly 50 percent of the units offering attached garages. Additionally, units will feature granite countertops, stainless steel appliances and 42-inch wood cabinetry. Community amenities will include a clubhouse with fitness center and cyber café, a resort-style swimming pool, a bicycle/ski repair shop and car charging stations. The property is slated to open in August, with pre-leasing beginning in July.
SAN DIEGO — Blueprint Healthcare Real Estate Advisors has brokered the sale of an 87-unit assisted living and memory care community in North County, just outside San Diego. A publicly traded REIT sold the community to a San Diego-based owner-operator with an existing California portfolio. The name of the community and price were not disclosed. The property was sold as a value-add proposition, as new competition in the area had lowered occupancy. The buyer intends to renovate the community and capitalize on operational synergies within its larger management platform. Ben Firestone, Michael Segal and Scott Frazier of Blueprint facilitated the transaction.