NAPERVILLE, ILL. — Marcus & Millichap has brokered the sale of Maple Court Apartments in Naperville for $4.6 million. The 48-unit multifamily property is located at 1135 W. Ogden Ave. Eric Bell of Marcus & Millichap marketed the property on behalf of the seller. Andrean Angelov and Ryan Engle of Marcus & Millichap secured and represented the buyer.
LITCHFIELD PARK, ARIZ. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Remington Ranch, an apartment community in Litchfield Park, a western suburb of Phoenix. BRIO Investment Group sold the asset to JB Partners for $58.5 million, or $192,434 per unit. Remington Ranch is a two-story, low-density multifamily community featuring 304 apartments. Steve Gebing and Cliff David of IPA represented the seller and procured the buyer in the deal.
NASHVILLE, TENN. — CBRE has arranged the sale of Hayes House, a 201-unit multifamily community in Nashville’s Hillsboro Village neighborhood. Hayes House was built in two phases in 1924 and 1997. Hayes House offers studio through three-bedroom floor plans and communal amenities such as a swimming pool, fitness center, business center and clubhouse. Russ Oldham, Brett Kingman and Steve Massey of CBRE represented the seller, Nicol Investment Co., in the transaction. An undisclosed buyer acquired the property. The sales price was not disclosed.
SALT LAKE CITY — CBRE has arranged the sale of The Zeller, a transit-oriented multifamily development in Salt Lake City. A joint venture partnership between Watt Investment Partners and certain funds managed by Westport Capital Partners sold the property for an undisclosed price. Completed in 2018, The Zeller features 293 apartment units, a 25-meter lap pool and rooftop lounge with a fire pit. Located at 2255 S. 300 East, the mid-rise community was 94 percent occupied at the time of sale. Eli Mills and Patrick Bodnar of CBRE’s Salt Lake City office represented the seller in the transaction. The buyer was not disclosed.
ASHEVILLE, N.C. — Greystone has provided a $16 million HUD construction loan for White Oak Grove Apartments, a 113-unit apartment complex in Asheville. The borrower and developer is White Oak Grove Associates. The loan provides 85 percent of the project costs and carries a fixed interest rate during the construction period, followed by a 40-year term with amortization. HUD’s 221(d)(4) loan product enables construction or substantial rehabilitation of multifamily projects with long-term, fixed, low-rate financing. The community also will be built to comply with HUD’s Energy Star requirement to achieve a Green Mortgage Insurance Premium (MIP) reduction. The community will consist of 10 garden-style walk-up buildings, with 12 one-bedroom units averaging 743 square feet and 101 two-bedroom units averaging 1,138 square feet. Community amenities will include a fitness room, community room, business center, dog park, picnic areas and green space throughout. The project is planned for completion in 2020.
JERSEY CITY, N.J. — Capital Realty Associates, a New Jersey-based firm, has brokered the sale of two multifamily buildings in Jersey City. The buildings, located at 458-460 and 549-551 Mercer St., consist of 14 residential units and a ground-floor retail space. The sales price represents a capitalization rate of 5 percent. Solomon Halberstam represented the seller in the and procured the buyer in the transaction, which were both undisclosed.
DULUTH, GA. — PPD Holdings Investment Group and The Residential Group have sold District at Duluth, a 370-unit multifamily community in metro Atlanta’s Gwinnett County, for $83 million. The partnership designed and built the community. The property offers studio through two-bedroom floor plans, 11 townhomes, one-bedroom penthouses and 15,000 square feet of commercial space. Communal amenities include a 24-hour fitness center, pet park, pet spa, saltwater swimming pool and a game room. Principal Real Estate Investors acquired the property.
RICHMOND, TEXAS — CBRE has arranged a $34.1 million loan to refinance The Delaney at Parkway Lakes, a 207-unit independent living, assisted living and memory care community in Richmond, approximately 25 miles southwest of downtown Houston. The borrower was a joint venture between Blue Moon Capital Partners and LCS Real Estate. The community is situated on more than 10 acres and construction was recently completed. Aron Will and Austin Sacco of CBRE National Senior Housing arranged the five-year, floating-rate loan with 36 months of interest-only payments. A national bank provided the funds.
LAS VEGAS — Haven Realty Capital has completed the disposition of Mountain Vista, an apartment community located in Las Vegas. An undisclosed buyer acquired the property for $17.7 million. Located at 3950 S. Mountain Vista St., the community features 178 apartments in a mix of one-, two- and three-bedroom layouts. Units offer walk-in closets, balconies, storage space and high-speed internet access. The two-story property was built in 1979. Community amenities include a business center, breakfast/coffee concierge, grills, fitness center, laundry facilities, pool and a picnic area. Taylor Smith and Carl Sims of Cushman & Wakefield represented the seller in the deal.
CASPER, WYO. — Blueprint Healthcare Real Estate Advisors has arranged the sale of a 120-bed skilled nursing facility in the Central Wyoming city of Casper. A New York-based owner of more than 150 facilities sold the property to a national owner-operator. The price and name of the facility were not disclosed. The asset was positioned as a value-add opportunity. At the time of sale, in-place cash flow was negative, with occupancy in multiple year-over-year decline. However, the facility was well maintained with strong historical operational performance. Christopher Hyldahl, Gideon Orion and Kendra Gonzalez of Blueprint handled the transaction.