BRANDON, FLA. — Newmark Knight Frank Multifamily (NKF) has arranged the sale of The Park at Avilla and The Park at Pienza, both in the Tampa Bay city of Brandon, for a combined $27.4 million. The two properties are situated about three miles apart and combine for 200 units. Both properties were built in 1986. Ryan Moody, Patrick Dufour and Ryan Crowley of NKF represented the seller, Highgate Capital, in the transaction. 29th Street Capital acquired the assets.
RENO, NEV. — Portland, Ore.-based PacifiCap Properties has completed the disposition of Southwest Village, a multifamily property located in Reno’s Old Southwest Reno neighborhood. A New York-based company acquired the property for $35.3 million, or $106,476 per unit. Constructed in 1972, the 14-building, controlled-access community features 332 apartments averaging 852 square feet, two swimming pools, three laundry facilities and 500 parking spaces. Kenneth Blomsterberg, Ryan Rife and Daniel Winrod of Marcus & Millichap represented the seller and procured the buyer in the transaction.
AUSTIN, TEXAS — California-based investment firm Nelson Partners has acquired Skyloft, a student housing property located one block from the University of Texas (UT) at Austin, for $100 million. The newly built, 18-story community features 674 beds. Amenities include a rooftop pool, fitness center, marketplace, study lounges and full-meal vending machines. The property was 100 percent occupied at the time of sale and is 77 percent preleased for the 2019-2020 academic year. Marcus & Millichap Capital Corp. arranged a $66.1 million acquisition loan that carried a 10-year term and a fixed interest rate of 4.5 percent, for the transaction.
ROUND ROCK, TEXAS — Columbus Realty Partners will break ground this month on Parkside at Round Rock, a 433-unit multifamily community that will be located in the northern Austin suburb of Round Rock. The property will be situated adjacent to Round Rock Premium Outlets, a shopping and dining destination owned and operated by Simon Property Group (NYSE: SPG). Parkside at Round Rock will feature a variety of floor plans and amenities such as a pool, fitness center, dog park and an athletic field. The first units are expected to be available for occupancy by the first quarter of 2020.
OVERLAND PARK, KAN. — Hamilton Zanze has acquired the 272-unit Metcalf Village Apartments in Overland Park for an undisclosed price. The company plans to rebrand the community as Boulders at Overland Park Apartments. Built in 2017, the property spans 261,862 square feet. Amenities include a fitness center and a saltwater pool. Hamilton Zanze, a San Francisco-based real estate investment company, plans to improve outdoor lighting and landscaping. Mission Rock Residential will manage the asset. The seller was not disclosed.
ROCKFORD, ILL. — SVN Chicago Commercial has arranged the sale of a two-property multifamily portfolio in Rockford for $2.7 million. The properties, which total 79 units, include the neighboring Orchard Hills and Forest View. Cody Doran and Reid Bennett of SVN brokered the transaction. Buyer and seller information was not disclosed.
LAS VEGAS — Shopoff Realty Investments has sold Pointe at Centennial, a 624-unit apartment community in Las Vegas, to The Calida Group for $100 million. Pointe at Centennial is situated at 5850 Sky Pointe Drive, about 11 miles northwest of downtown Las Vegas. The community offers one-, two- and three-bedroom floor plans ranging from 740 to 1,121 square feet per unit. Shopoff purchased the property in September 2016 as a value-add acquisition when roughly 25 percent of the units were updated. At the time of the most recent sale, Shopoff said 50 percent of the units are currently updated. “By bringing the percentage of renovated units at the property up to 50 percent, we captured significant rent increases, approximately 20 percent higher than the property’s average rental rate at the outset of the renovation plan,” says Shopoff CEO William Shopoff. Irvine, Calif.-based Shopoff also made investments to community-wide amenities such as adding new entry gates, remodeling the leasing office, upgrading lighting, improving landscaping, and implementing roof repairs, exterior painting and gym upgrades. Other amenities include a swimming pool, basketball court, tennis court, grilling area, playgrounds, covered parking and a clubhouse. Shopoff has invested in value-add properties across the United States for …
NEW YORK CITY — HKS Real Estate Advisors has secured a $105 million loan to refinance a pre-war apartment building on the Upper West Side of Manhattan. Located at 393 West End Ave., the 114-unit property was built in 1927. HKS secured the financing on behalf of the building ownership, a partnership between Simon Baron Development and Ascend Real Estate. The lender was undisclosed. The new loan refinances the existing debt of $70 million.
NEW YORK CITY — Avison Young has arranged the $35.5 million sale of three multifamily buildings in the Lenox Hill neighborhood of Manhattan. Located at 344,346 and 348 E. 62nd St., the properties total 40,612 square feet across 70 residential and two retail units. James Nelson, Brandon Polakoff and Bradley Rothschild of Avison Young represented the sellers, private investors William Koch and Shimmie Horn, in the transaction. The buyer was a private investor.
PROVIDENCE, R.I. — Cushman & Wakefield Senior Housing Capital Markets has arranged the sale of three senior communities in metro Providence. An institutional investor sold the 371-unit independent living, assisted living and memory care portfolio for an undisclosed price. The buyer was Capital Health Group, a Baltimore-based investor seeking value-add opportunities in the area. Milestone Retirement Communities LLC, an affiliate of Capital Health Group, will take over operations at each community. The portfolio consists of Pocasset Bay, a 169-unit independent living and assisted living community in Johnston; East Bay, a 98-unit assisted living and memory care community in East Providence; and Greenwich Bay, a 104-unit assisted living and memory care community in East Greenwich. The Cushman & Wakefield team involved in the transaction included Richard Swartz, Jay Wagner, Jim Dooley and Sam Dylag.
