HOBOKEN, N.J. — Spirit Bascom Ventures has acquired a 30-unit apartment building in Hoboken. The sales price was $15.5 million. Located at 204 Grand St., the six-story property was built in 2000. The building consists of a mix of one- and two-bedroom apartments. Nat Gambuzza and Manny Sanghera of CBRE represented the undisclosed seller in the transaction. Jamie Leachman of HFF arranged acquisition financing for Spirit Bascom through Citizens Bank.
FRANKLIN, WIS. — New Perspective Senior Living has begun development of a 149-unit senior living community in Franklin. The 180,000-square-foot property will be situated on six acres at 7220 Ballpark Drive South. The community will feature independent and assisted living apartments as well as Betty’s Harbor, a neighborhood specifically designed for residents with memory loss. In addition to a two-story lobby and reception area, the property will feature a wellness center, dining room, café, beauty salon, movie theater and dance hall. Milwaukee-based Stevens Construction is the general contractor. Completion is slated for spring 2020. Eden Prairie, Minn.-based New Perspective Senior Living will operate the property.
ELGIN, ILL. — Marcus & Millichap has arranged the sale of Regency Apartments in Elgin for $2.3 million. The 32-unit apartment property is situated at 230 S. State St. The building includes four studios, 12 one-bedroom units, 12 two-bedroom units and four three-bedroom units. Andrean Angelov and Ryan Engle of Marcus & Millichap brokered the transaction. Neither the buyer nor the seller was disclosed.
POOLER, GA. — McShane Construction Co. has been chosen by Equity Resources LLC and Parc at Pooler LLC to build Parc at Pooler, a 280-unit apartment community in Pooler, about 10 miles west of Savannah. Construction has already begun at the 21-acre site, with completion slated for February 2020. The complex will include seven three-story buildings, all of which will feature elevator access. Parc at Pooler will offer studio, one-, two- and three-bedroom floor plans, as well as amenities including a clubhouse, cardio theater, athletic club, media and gaming room, and coffee and hot tea bar, car care center, dog park and a swimming pool. Dynamik Design is the architect.
ORLANDO, FLA. — KeyBank Real Estate Capital has provided $37.1 million in refinancing for Castilian Apartments in Orlando. The 304-unit community comprises 17 two-story, garden-style apartment buildings. The property was originally built in 1975 and was renovated in 2017. Jeff Rodman and Kelly Frank of KeyBank secured a $33.4 million Freddie Mac loan, as well as a $3.7 million Letter of Credit to the undisclosed borrower. The workforce housing property sits on 14.8 acres and features units with rents at 80 percent of area median income or less.
MEMPHIS, TENN. — Woodyard Realty Corp. has arranged the $6.8 million sale of Lakeville Townhomes, a 228-unit apartment community in Memphis. The asset was originally built in 1975, and in 2007, the undisclosed seller repositioned it as part of a condo-grade overhaul. The undisclosed New York-based buyer is planning further renovations. The property is situated about two miles from Memphis International Airport, and was 96 percent occupied at the time of the transaction. Lea Heilig of Woodyard Realty represented the buyer and seller in the transaction.
LAKEWOOD, COLO. — HFF has arranged $47.1 million in financing for the construction of Brickhouse at Lamar Station, a Class A multifamily property located at 6300 W. 13th Ave. in Lakewood. Riverpoint Partners and Iron River Management are the borrowers. Josh Simon and Kristian Lichtenfels of HFF secured the 15-year construction-to-permanent loan through a correspondent insurance company lender. The loan includes three years of interest-only payments and a 35-year amortization schedule. Situated on 3.7 acres, the four-story Brickhouse at Lamar Station will feature 293 apartments, averaging 748 square feet, with stainless steel appliances, granite and quartz countertops, washers and dryers, wood flooring, and balconies or patios. Common area amenities include a swimming pool, two interior courtyards, fire pits, grilling stations, a large community room, 24-hour fitness center, yoga studio, top-floor club room, business center and pet spa. The development will also be within walking distance to the Lamar Station light rail stop. Completion is slated for mid-2020.
SEATTLE — CBRE Capital Markets’ Debt & Structured Finance team has secured long-term refinancing for Cubix North Apartments, a newly delivered multifamily development located at 1008 N. 109th St. in North Seattle. The borrower is Daniel Stoner of 1008 Apartments LLC. Completed this month, the four-story Cubix North features 108 micro apartments with natural lighting, microwaves, premium countertops, two-burner stoves and refrigerators, as well as 3,380 square feet of commercial space. On-site amenities include a rooftop deck with barbecue areas and city views, storage units, bike storage, smart-phone enabled on-site laundry, two building-owned smart cars for tenant use and free bus passes. Jeff Henderson of Seattle’s CBRE office arranged the 10-year, $13 million, fixed-rate loan.
TALLAHASSEE, FLA. — Carter Multifamily has acquired Polos on Park, a 440-unit apartment community in Tallahassee, for $41.8 million. Built in 1999, the complex is situated at 2626 E. Park Ave., about four miles east of downtown Tallahassee. The property comprises 21 two- and three-story residential buildings, nine garage structures and an amenity building. Carter Multifamily is planning a series of renovations and will rebrand the community as 2626 Park. Planned renovations include updating residential interiors, the pool, clubhouse and recreational areas. The company also plans to add a dog park, fitness center and outdoor gathering areas. The seller was not disclosed.
GRAND PRAIRIE, TEXAS — Dallas-based Westmount Realty Capital has sold Westmount at the Colonnade, a 192-unit multifamily community in Grand Prairie, roughly midway between Dallas and Fort Worth. Built in 2001, the Class A property features one-, two- and three-bedroom units ranging in size from 772 to 1,258 square feet. Amenities include a pool, media and business center and a fitness center. Westmount acquired the property in 2015 and implemented $1.4 million in capital improvements. The buyer was not disclosed.