CLARKSVILLE, TENN. — Berkadia has brokered the sale of Waterford Landings, a 364-unit multifamily property in Clarksville, approximately 50 miles northwest of Nashville. Texas-based apartment management company WAK Management Co. purchased the asset for $46.5 million. Berkadia represented the Arizona-based developer and seller, Stoneleigh Cos., in the deal. Located at 135 Westfield Court, the property features studio, one-, two- and three-bedroom floor plans. Amenities include two swimming pools, laundry facilities and a barbecue area. The property is near Interstate 24 and Route 79, as well as the recently opened LG plant and Google data center. Patrick Jordan of Berkadia’s Memphis office, along with Alex Blagojevich of the firm’s Chicago office, completed the sale.
GREENVILLE, S.C. — Arbor Realty Trust Inc. has provided a $12.4 million Fannie Mae acquisition loan for the Hudson Orchard Park, a 172-unit apartment community in Greenville. Ryan Duff of Arbor’s New York City office originated the loan. Built in 1984, Hudson Orchard Park features outdoor amenities including a barbecue/picnic area, clubhouse with residential kitchen, large patios and balconies, pet play area and a pool, fitness center and volleyball court. Located at 49 Orchard Park Drive, the property is located less than five miles east of downtown Greenville.
ATHENS, GA. — Stratus Development Group has broken ground on The Haven of Athens, a 286-bed student housing community located one-and-a-half miles from the University of Georgia’s main campus in Athens. The development will offer two-, three-, four-, five- and six-bedroom, cottage- and townhome-style units with bed-to-bath parity. Shared amenities will include a resort-style swimming pool, study rooms, a fitness center, dog park, hammock park, fire pit and covered parking. The development is scheduled for completion in fall 2020.
HOUSTON — Keener Investments has acquired two multifamily assets totaling 378 units in North Houston. Both the 266-unit Mira Bella Apartments and the 112-unit San Martin Apartments were built in 1982 and offer amenities such as pools and fitness centers. Mira Bella also features a playground, and San Martin features a business center. The new ownership will implement a value-add program and manage the properties moving forward.
PLAINFIELD, N.J. — Paramount Assets is underway on Netherwood Flats, a 70-unit multifamily project that will include 4,000 square feet of ground-floor retail space in Plainfield, located approximately 25 miles west of New York City. The building will offer one- and two-bedroom apartments and close access to Netherwood transit station. Construction is slated for completion in spring 2021.
TEMPLE, TEXAS — Steele Properties, a Denver-based investment firm specializing in affordable housing, has purchased Wayman Manor, a 160-unit Section 8 affordable housing complex located in the central Texas city of Temple. Steele Properties will implement a capital improvement program that will upgrade roofs, HVAC systems and both indoor and outdoor amenity spaces. Monroe Group Ltd., Steele’s sister company, will oversee property management. Wayman Manor was built in 1971.
DALLAS — Forefront Living has unveiled plans for a 112-unit residential building at Presbyterian Village North, a nonprofit continuing care retirement community (CCRC) in Dallas. The groundbreaking of the new building, which will be named The Hawthorne, is scheduled for spring 2020. Units will range from 912 to 1,633 square feet. The project also includes renovations to existing parts of the community.
WARRINGTON, PA. — LCS Real Estate has acquired The Solana Doylestown, a 98-unit seniors housing community in Warrington, located approximately 20 miles north of Philadelphia. LCS Real Estate brokered the transaction, and Life Care Services will provide management services; both are LCS companies. The community opened in 2016 and has a total of 70 personal care apartments and 28 memory care residences. Financial details and the name of the seller were not disclosed.
SAN JOSE, CALIF. — Urban Catalyst has unveiled plans for Delmas Senior Living @ Downtown West, a seniors housing community in downtown San Jose. The community will be the first new seniors housing community in the city’s downtown area in decades, according to the developer. The property will feature 52 assisted living units and 23 memory care units in a mix of studios, one-bedroom, and two-bedroom layouts. Construction is slated to start in first-quarter 2021 for completion in fourth-quarter 2022.
HOWE, TEXAS — Dougherty Mortgage LLC has arranged an undisclosed amount of Fannie Mae financing for the acquisition of Westwood Manor Apartments, a 100-unit multifamily community in Howe, located north of Dallas near the Oklahoma border. The loan, which carried a 10-year term and a 30-year amortization schedule, was arranged through a partnership with Old Capital Lending for the borrower, Westwood Manor Apartments LLC.