NYACK, N.Y. — Harborview Properties and WRA Properties have acquired Waldron Heights Apartments, a 29-unit apartment complex in Nyack, along the Hudson River north of New York City, for $4.3 million. Located at 16-18 Waldron Ave., the community consists of two- and three-bedroom apartment units. The property was acquired from the original owner, a local family that built it in the 1970s. HarborView plans to make capital improvements to the property including building-wide improvements and individual apartment renovations. The community was renamed The Residences at Riverhill 59. Eastern Consolidated brokered the transaction. Meridian Capital arranged acquisition financing.
HOUSTON — CBRE has arranged the sale of Madison Park Apartments, a 576-unit multifamily community located in the Westchase area of Houston. Floor plans comprise one-, two- and three-bedroom units ranging in size from 758 to 1,428 square feet. Amenities include four pools, two fitness centers, two playgrounds, onsite laundry facilities, a dog park and a large central park. Clint Duncan and Matt Phillips of CBRE represented the seller in the transaction. Michael Thompson of CBRE arranged an undisclosed amount of acquisition financing on behalf of the buyer, a partnership between TRI Consulting, Next Investments and TPEG.
HOUSTON — Houston-based Hilltop Residential has purchased Villas at Bunker Hill, a 398-unit multifamily property located in the Memorial City area of Houston. The Class A community offers one- and two-bedroom units averaging 963 square feet. Amenities include two pools, outdoor grilling areas, a fitness center, game room, business center and a demonstration kitchen. Chris Curry, Todd Marix and Estee Ibanez of HFF represented the seller, SouthStar Communities, in the sale. Cortney Cole and Jett Lucia of HFF arranged a three-year, floating-rate acquisition loan for the transaction on behalf of Hilltop Residential.
MINNEAPOLIS — Dougherty Funding LLC has provided a $58.1 million loan for the construction of Prospect Park Senior Living in Minneapolis. The 283-unit seniors housing property will be located in the Prospect Park neighborhood near the light rail transit station and the University of Minnesota campus. The project will include 130 independent living units, plus 98 assisted living and 54 memory care units and one guest suite. The 10-story building will feature an underground parking garage, child daycare services and one retail unit. Terms of the loan were not disclosed. Oppidan Investment Co. is the developer for the project, which is slated for completion in early 2020, according to the Minneapolis/St. Paul Business Journal.
PORTLAND, ORE. — Waterton has completed the sale of Axcess 15, an apartment property located at 1500 NE 15th Ave. in the Lloyd District of Portland. MG Properties Group acquired the property for $66 million. Ira Virden and Carrie Kahn of HFF represented the seller in the deal. Charles Halladay, Scott Gilson and Rick Salinas, also of HFF, arranged financing through Freddie Mac’s CME Program for the buyer. The four- and five-story property features 202 units in a mix of one- and two-bedroom layouts, averaging 851 square feet, with open layouts, breakfast bars, in-unit washers and dryers, and balconies or patios. Additionally, the community features 18,000 square feet of ground-floor retail space. On-site amenities include a 24-hour fitness center, business center, resident lounge, landscaped courtyards and controlled access parking.
CULVER CITY, CALIF. — California Landmark Group has purchased a development site located at 3812-3818 Dunn Drive in Culver City. Napa Industries sold the property for $7 million. The 10,040-square-foot property is zoned LAR5 allowing for the development of multifamily and residential space. Fariba Kavian and Sam Monempour of NAI Capital’s West Los Angeles office, along with Arthur Arejian of Vanguard Investments, handled the transaction. Kavian and Monempour represented the seller in the deal.
SAN LUIS OBISPO, CALIF. — Colliers International has arranged the $6.4 million sale of Icon SLO, a 26-bed student housing community located near California Polytechnic State University in San Luis Obispo. The property offers six four-bedroom units and one two-bedroom unit. Each unit is fully furnished. The building also features ground-floor retail occupied by tenants including Soul Yoga and Tiki Hut, a Caribbean restaurant. Dorothy Jackman and Jamie Swick of Colliers’ National Student Housing Group worked with Pat Swanson and Brett Bayless of Colliers Los Angeles to represent the undisclosed seller in the transaction. The buyer was also undisclosed.
ALTAMONTE SPRINGS, FLA. — CBRE has arranged the sale of Timberlake & The Glades, an 876-unit multifamily community in Altamonte Springs, roughly 10 miles north of Orlando. The exact sales price and name of the buyer were not disclosed, but sources familiar with the transaction report the property sold for more than $110 million — the largest multifamily sale in Orlando’s history, according to CBRE. Shelton Granade, Luke Wickham and Justin Basquill of CBRE arranged the transaction on behalf of the seller, a partnership between GoldOller Real Estate Investments and The Family Office. Timberlake & The Glades are two contiguous phases that were completed in 1986. Community amenities include four swimming pools, two fitness centers and tennis courts. In addition, the property is located within walking distance to several restaurants and a Publix-anchored shopping center.
WASHINGTON, D.C. — CIM Group has acquired Trellis House, a newly constructed, 319-unit apartment community located at 907 Barry Place N.W. in Washington, D.C., for an undisclosed price. Gateway Investment Partners and RISE: A Real Estate Co., completed construction on the six-story community earlier this year, according to local media reports. The LEED-certified building includes a mix of studio to two-bedroom units, as well as townhomes. Community amenities include a 12,000-square-foot courtyard and pool deck with fireplaces and grill stations; fitness center with spin stations and a yoga studio; club and game room; test kitchen, coworking area; rooftop observation deck; and a pet spa. In addition, Trellis House includes 11,000 square feet of ground-floor retail space. The community is located adjacent to Howard University and is proximate to the Green Line subway that provides connections to the entire Metro network.
ARLINGTON, TEXAS — Multifamily general contractor KWA Construction has delivered Phase I of Arlington Commons, a 1,300-unit apartment project in Arlington. Developed by The Nehemiah Co., Phase I delivered a 353-unit complex with one- and two-bedroom units ranging in size from 580 to 1,418 square feet. Amenities include a wellness center and gym, pool with cabanas, outdoor entertainment area with TVs and a dog park. The project, which is a redevelopment play, is valued at approximately $350 million and expected to be fully complete in 2026.