CHICAGO — Essex Realty Group has brokered the sale of an 86-unit apartment building in Chicago’s Hyde Park for $9.1 million. The property, located at 6140 S. Drexel Ave., includes a fitness center, leasing office, party room and parking for 90 cars. Doug Fisher and Vic Ciancetta of Essex brokered the transaction. An out-of-state buyer purchased the asset.
WESTLAND, MICH. — SunTrust Banks Inc. has provided an $8.8 million bridge loan for the acquisition and renovation of Birch Hill Apartments in Westland, a suburb of Detroit. Built in 1974, the 172-unit multifamily property features a mix of one-, two- and three-bedroom units. Amenities include a swimming pool and clubhouse. A Michigan-based commercial real estate owner and operator was the borrower.
BOSTON — CBRE has brokered the $65 million sale of Fairlawn Apartments, a 347-unit apartment community in the Mattapan neighborhood of Boston. Simon Butler and Biria St. John of CBRE represented the seller, AP Fairlawn LLC, an affiliate of ARES Management. The buyer was an affiliate of the DSF Group. The property consists of 12 four-story apartment buildings built between 1965 and 1968.
CLARKSVILLE, TENN. — Marcus & Millichap has arranged the $47.2 million sale of a seven-property multifamily portfolio in Clarksville, located roughly 40 miles north of Nashville. David Stollenwerk of Marcus & Millichap arranged the transaction on behalf of the undisclosed seller and procured the out-of-state buyer. The communities included in the Class B portfolio were Heritage Point, Blue Grass Meadows, Parkway Place, Cobblestone, Newton Place, Whitehall Townhomes and Whispering Hills. The buyer plans to renovate the properties’ unit interiors.
AUSTIN, TEXAS — KeyBank has secured $38.4 million for the construction of Del Valle Apartments, an affordable housing community in Austin. The project will be developed in a public-private partnership between NRP Group and Strategic Housing Finance Corp. of Austin County. Key’s Commercial Mortgage Group secured a $29.4 million Freddie Mac Tax Exempt Loan (TEL) that follows a three-year forward commitment with one, six-month extension. Upon conversion to a permanent loan, the TEL will carry a fixed interest rate and a 35-year amortization schedule. KeyBank Community Development Lending and Investment also provided a $9 million equity bridge loan for the development, which will consist of 302 units, 286 of which will be reserved for residents earning 60 percent or less of the area median income. The developers are also reserving seven units for households earning 40 percent of the AMI and nine units for households earning 30 percent. Kyle Kolesar and Jeff Rodman of KeyBank arranged the project’s financing. Navistone Partners and U.S. Bank also provided additional sources of financing for the development.
SAN ANTONIO — The PPA Group LLC, an Austin-based investment firm, has acquired 5Fifty Apartment Homes, a 204-unit multifamily community in San Antonio. Floor plans feature one- and two-bedroom units. Amenities include a pool, clubhouse with java bar, fitness center, basketball court and a business center. Mark Brandenburg and Clint Coe of JLL secured an undisclosed amount of acquisition financing for the transaction through Bridge Investment Group. The seller was Frontline Holdings.
PIKESVILLE, MD. — Hunt Real Estate Capital has provided a $33.8 bridge loan for the acquisition and renovation of a 208-unit multifamily community in Pikesville, located roughly 15 miles northwest of downtown Baltimore. The community includes a mix of one- and two-bedroom apartment units and features a pool, resident clubhouse, fitness center and storage space. The undisclosed borrower plans to use proceeds of the loan to renovate the property. Interior upgrades include new quartz/granite countertops, stainless steel appliances, cabinet replacement and new doors and flooring throughout. Exterior upgrades will include parking lot repaving, exterior paint, exterior lighting and clubhouse improvements. The community was 95 percent occupied at the time of sale.
TAMARAC, FLA. — Aztec Group Inc. has secured a $28 million construction loan for the first phase of Tamarac Village, a multifamily project located at the northeast corner of West Commercial Boulevard and Northwest 94th Avenue in Tamarac. City National Bank of Florida provided the three-year loan on behalf of the project developer, JKM Developers. The first phase of Tamarac Village will include 211 rental units. The second phase will include an additional 190 units and 35,000 square feet of lifestyle and retail amenities. Community amenities will include a two-story clubhouse with gaming and entertainment rooms, fitness center, public park, swimming pool with private cabanas and an outdoor kitchen and bar. A construction timeline for Tamarac Village was not disclosed.
AUSTIN, TEXAS — A joint venture between two California-based firms, Dekel Strategic Investors and Arrowroot Real Estate, has purchased Mueller Place, an 86-unit multifamily property in Austin. The new ownership will treat the investment as a value-add opportunity and renovate the unit interiors and property exteriors. The seller was not disclosed.
Albuquerque is a hidden gem. It isn’t a huge market when compared to places like Seattle, Austin or Denver, but that doesn’t mean there isn’t room for growth and development. The Urban Land Institute predicts Albuquerque’s development will trail other metros with stronger economies in 2018. But there are positive trends and developments for Albuquerque and the surrounding areas, which can make us competitive. A new Facebook data center was built in Los Lunas, a 30-minute drive from Albuquerque. This has created new jobs for the Los Lunas and Albuquerque areas. Anywhere from 800 to 1,000 workers go through the data center every day, and 80 percent of them are from New Mexico. The center will have a $2 billion impact on the state and metro areas, leading to more jobs and opportunities for the region. Albuquerque will also take part in the “Facebook Community Boost Program.” The program helps the community by offering free workshops, business training and networking to boost careers. More companies like Facebook can be recruited to New Mexico as long as we make the area business-friendly and retain talent so everyone can succeed. With more jobs and opportunity, there will be an immediate need for …
