CARBONDALE, ILL. — NorthMarq Capital has arranged a $20 million Freddie Mac loan for the refinancing of Aspen Court Apartments in Carbondale, home of Southern Illinois University. The property is located at 1101 E. Grand Ave. Jason Kinnison of NorthMarq arranged the 10-year loan, which features a 30-year amortization schedule. The borrower was not disclosed.
MENLO PARK, CALIF. — Facebook (NASDAQ: FB) has committed $1 billion and will partner with the State of California to build 20,000 affordable workforce- and low-income housing units over the next 10 years. Many of the units will serve first responders and teachers who can’t afford to live in the communities they serve, according to a press release from Facebook. According to David Wehner, CEO of Facebook, a family of four making $100,000 in San Francisco is considered low income. “The issue of affordable housing affects people across middle-class and low-income families alike,” says Wehner. Facebook will invest $1 billion over the next 10 years as follows: $250 million to a partnership with the State of California for mixed-income housing on excess state-owned land in communities where housing is scarce. $150 million for production of affordable housing, including housing for the homeless, in the San Francisco Bay Area. Facebook will contribute to the Bay’s Future Fund, the affordable housing investment fund of Partnership for the Bay’s Future, to work toward a more livable, equitable and racially and economically diverse Bay Area. $225 million in land in Menlo Park. This is land Facebook previously purchased, that is now zoned for housing, on which …
AUGUSTA, GA. — Cushman & Wakefield has negotiated the $41 million sale of Estates at Perimeter, a 240-unit multifamily community in Augusta. The property offers one- through three-bedroom floor plans. Communal amenities include a bark park, clubhouse, media center, car care center, fitness center, playground and a swimming pool. Estates at Perimeter was built in 2007 in west Augusta where Interstates 20 and 520 meet. Taylor Bird, Robert Stickel and Nelson Abels of Cushman & Wakefield represented the sellers, Coastal Ridge Real Estate and H. Katz Capital, in the transaction. Young Homes acquired the property.
CHICAGO — Interra Realty has brokered the sale of 1540 Fullerton in Chicago’s Lincoln Park neighborhood for $10.6 million. The four-story, 25-unit apartment property is located at 1540 W. Fullerton Ave. Completed in 2015, the fully leased asset includes 12 two-bedroom units, 12 three-bedroom units and one commercial space. Joe Smazal of Interra represented the private seller while Jeremy Morton and Ted Stratman of Interra represented the undisclosed buyer. At $425,400 per unit, the sale was the largest multifamily sale in Lincoln Park so far this year, according to CoStar data.
NEW BRAUNFELS, TEXAS — California-based investment and development firm Passco Cos. has acquired Lakeview Villas, a 313-unit apartment community in New Braunfels, a northeastern suburb of San Antonio. The community’s one and two-bedroom units feature stainless steel appliances, hardwood-style flooring, granite countertops, brushed nickel hardware, gooseneck faucets in the kitchen and private detached garages. Amenities include a resort-style pool with tanning ledge and outdoor kitchen, poolside lounge and fire pit, as well as a fitness center, a resident clubhouse and a walking trail surrounding a lake on the grounds. Will Balthrope, Jordan Featherston and Drew Garza of Institutional Property Advisors, a division of Marcus & Millichap, brokered the sale on behalf of the seller.
AUSTIN, TEXAS — Austin-based Roscoe Property Management (RPM) has been awarded the B/K portfolio, which consists of 14 apartment communities totaling approximately 3,500 units, the majority of which are located in the Dallas-Fort Worth (DFW) and Houston markets. RPM has now added more than 50 communities to its management portfolio in 2019 alone.
HOUSTON — JLL has negotiated the sale of the historic Dakota Lofts apartment building, a 53-unit property in Houston’s Warehouse District. The property was originally built in 1911 and housed the Bute Paint Factory. The Randall Davis Co. renovated the building in 1993, when the facility was converted to multifamily housing featuring vintage loft-style units. Chip Nash and Bob Heard of JLL, along with Jim Hurd and Bishale Patel of Houston Income Properties, represented Randall Davis in the sale. Dakota Lofts was more than 90 percent occupied at the time of sale.
HASBROUCK HEIGHTS, N.J. — Marcus & Millichap has brokered the sale of Grandview Gardens Apartments, a 20-unit multifamily property located in Hasbrouck Heights, a northwestern suburb of New York City. The property offers one-, two- and three-bedroom floor plans ranging from $1,475-$1,930. Kevin Taub, Daniel Aviles and Casey Egan of Marcus & Millichap represented the seller, a limited liability company, in the transaction. The team also secured and represented the buyer, a private investor.
SCOTTSDALE, ARIZ. — Liv Communities and Ryan Cos. US Inc. have started construction of LivGenerations Mayo Blvd., a luxury senior living community approximately 1.5 miles from the Mayo Clinic hospital campus in Scottsdale. Upon completion, the 285,212-square-foot seniors housing property will offer 181 units of independent living, assisted living and memory care. Todd & Associates is the architect of record and interiors were designed by Thoma-Holec Design. Ryan Cos. is leading construction, with a planned completion of third-quarter 2021. Liv Communities will be the community’s operator. Ryan Companies and Liv Communities celebrated the grand opening of LivGenerations Pinnacle Peak in March 2019, which is now 80 percent occupied. That project is also located in Scottsdale.
KNOXVILLE, TENN. — Passco Cos. has acquired Tapestry at Turkey Creek, a 220-unit multifamily community in Knoxville, for $40.4 million. The seller, Arlington Properties, developed the property in 2018. The community offers one- through three-bedroom floor plans. Communal amenities include a saltwater swimming pool, dog park, fitness center, coffee bar and a game room. Tapestry at Turkey Creek is located at 810 Tapestry Way, 16 miles west of downtown Knoxville and 15 miles west of the University of Tennessee.
