GRAPEVINE, TEXAS — Southlake, Texas-based TS Asset Encore LLC has acquired The Encore on Mustang, a 218-unit apartment property in Grapevine, a northern suburb of Fort Worth. The community features one-, two- and three-bedroom units and amenities such as a pool, outdoor picnic areas, playground, business center and onsite laundry facilities. Dougherty Mortgage LLC arranged a 12-year acquisition loan, which includes a 30-year amortization schedule, on behalf of TS Asset Encore.
CROSBY AND DENTON, TEXAS — Columbus, Ohio-based RED Capital Group LLC has provided two acquisition loans totaling approximately $13.1 million for a pair of multifamily assets in Texas. In the first transaction, RED Capital originated a $9.7 million loan through HUD’s 221(d)(4) program for Crosby Plaza, an 86-unit affordable housing property located in the northeastern Houston suburb of Crosby. In the second transaction, the company provided a $3.4 million through Freddie Mac’s small balance loan program for Autumn Ridge Apartments, a 64-unit property in Denton.
DALLAS — CBRE has negotiated the sale of Haskell Flats, a 62-unit multifamily property in Dallas. The property was built in 2017 and includes a fitness center and a package locker system. Chris Deuillet, Chandler Sims, Nita Stewart and Jeremy Faltys of CBRE represented the seller, Haskell Flats LLC, in the transaction. The buyer was California-based Fisch Properties LP.
CHARLESTON, S.C. — The RADCO Cos. has acquired a two-property multifamily portfolio in Charleston for $30 million. Dubbed the West Ashley Portfolio, the Class B communities total 300 units. The properties have been renamed Ashford Riverview and Ashford Palmetto Square. The Atlanta-based firm plans to invest more than $5 million to update the buildings, which were constructed in the late 1960s. The communities are located less than a mile apart and include a mix of one- to three-bedroom floor plans. Community amenities across the portfolio include swimming pools, a community garden, dog parks, fitness centers, business centers, laundry facilities, barbecue and picnic areas and fire pits. RADCO Residential, the company’s management platform, will manage the communities. RADCO financed the acquisition using its private capital platform, as well as debt funded by SunTrust Bank. The name of the seller was not disclosed.
CHICAGO — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of the Clarity Pointe Portfolio, a three-property, 174-unit seniors housing portfolio located in Knoxville, Tenn., and Fayetteville and Little Rock, Ark. Joshua Jandris, Matthew Andriano and Mark Myers of IPA arranged the transaction on behalf of the seller, a joint venture between Chicago-based Harrison Street Real Estate Capital and Life Care Services. IPA correspondent Jordyn Berger and independent mortgage broker Jim Nahal arranged a 75 percent bridge-to-HUD loan through Dwight Capital on behalf of the buyer, an owner/operator based in the Southwestern United States. The sale of the Clarity Pointe portfolio marks IPA’s fifth standalone memory care facility closing in the last 10 months.
GLENDALE, ARIZ. — P.B. Bell has completed the disposition of Velaire at Aspera, a 286-unit multifamily property located at 7700 W. Aspera Blvd. in Glendale, approximately 20 miles northwest of downtown Phoenix. An undisclosed buyer acquired the property for $64.3 million, or $225,000 per unit. The community was built in 2016. Steve Gebing and Cliff David of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the transaction.
CHICAGO — Jupiter Realty Co. has completed development of 465 North Park in Chicago’s Streeterville neighborhood. MetLife Investment Management and Allstate own the 48-story luxury apartment tower, which is managed by Bozzuto. Designed by Pappageorge Haymes Partners, the property features 444 rental units, more than 10,000 square feet of retail space and 181 parking spaces. Luxury amenity spaces include a pool with cabanas, 38th-floor skydeck, clubroom with billiards, fitness center with yoga room, demonstration kitchen and multiple gathering areas. Floor plans include a mix of studios, one-, two-, three- and penthouse units. Monthly rents start at $1,925 for studios.
RENO, NEV. — Academy West Investments has acquired Wolf Run Village and Wolf Run East, a 395-bed student housing property located two blocks from the University of Nevada, Reno campus. The acquisition also includes an adjacent five-acre parcel at which the company can develop approximately 310 additional beds. The 185-bed Wolf Run Village is set to undergo comprehensive interior and exterior improvements. Wolf Run East — completed for the 2017 school year — will be enhanced with new common area amenities including a gym, outdoor seating areas, fire pits and an indoor recreational area. Although the sale price was not disclosed, Highland Realty Capital secured joint venture equity and bridge financing totaling $33.1 million for the acquisition of the property. An undisclosed debt fund provided the $26 million senior financing, and Chicago-based Blue Vista Capital Management provided joint venture equity. A timeline for renovations has yet to be announced.
MACOMB COUNTY, MICH. — RED Capital has provided an $18 million Fannie Mae loan for the refinancing of Sycamore Glen by Redwood in Macomb County. The 134-unit multifamily property is located at 23241 Yarrow Ave. Built in 2015, the property features two-bedroom units with private attached garages. The borrower was not disclosed.
SEATTLE — Ziegler, a specialty investment bank, has arranged $44.8 million in bond financing for The Hearthstone Corp. The bonds will fund an expansion at the company’s continuing care retirement community, The Hearthstone at Green Lake in Seattle. The Hearthstone comprises The Lakeside, a 10-story, 186,400-square-foot building constructed in 1966; and Cove West, a four-story, 48,243-square-foot building constructed in 2015 adjacent to The Lakeside. The combined buildings feature 147 independent living apartments, 37 assisted living apartments, 12 memory care apartments and 40 skilled nursing beds. The expansion project, known as Cove East, will be located adjacent to Cove West. The new building will offer 22 independent living units and underground parking, with a bistro on the ground floor. In addition to funding the expansion, the bonds also refinanced a set of existing bonds. The bonds are a combination of $36.1 million in tax-exempt bonds with a 35-year amortization and $8.7 million in tax-exempt bonds to be repaid with Cove East entrance fees.
