NEW YORK CITY — Marcus & Millichap has negotiated the $5.4 million sale of a 12,088-square-foot mixed-use property in Brooklyn. The six-unit property is located at 85 Quay St. Shaun Riney and Michael Salvatico of Marcus & Millichap’s Brooklyn office represented the seller, a private investor, in the transaction. The buyer was also a private investor.
ENNIS, TEXAS — Abode Properties, a subsidiary of Transcontinental Realty Investors Inc. (NYSE: TCI) has begun leasing Spyglass of Ennis, a 188-unit multifamily community in Ennis, about 35 miles south of Dallas. The Class A property offers one- and two-bedroom units and amenities such as a pool, fitness center, outdoor grilling area and a jogging trail.
ROCKFORD, ILL. — Marcus & Millichap has brokered the sale of Riverside Apartments in Rockford for $2.4 million. The 72-unit apartment property is located at 3701 Trilling Ave. James Ziegler marketed the property on behalf of the seller, a private investor. The buyer was not disclosed.
LAS VEGAS — San Diego-based Tower 16 Capital Partners, in a joint venture with Henley USA, has purchased Evergreen Apartments, a multifamily property located two miles west of the Las Vegas Strip. Encinitas, Calif.-based The Apartment Co. sold the property for $29.5 million. Located at 2950 S. Decatur Blvd., Evergreen Apartments features 314 units in a mix of one- and two-bedroom layouts with covered parking and private patios. Community amenities include two pools, barbecue and picnic areas, a fitness facility, business center, playground and on-site laundry facilities. Tower 16 will oversee $4 million in renovations and upgrades to the property. Renovations will include upgrades to commons areas, relocating the leasing office, expanding the gym and renovating all apartment interiors with new vinyl flooring, appliances, plumbing, lighting fixtures and paint. Las Vegas-based Pinnacle will manage the property. Brian Anderson and Angela Powers of Berkadia represented the seller in the deal.
SCOTTSDALE, ARIZ. — The Wolff Company, a Scottsdale-based private equity firm and senior living developer, has broken ground on Revel Scottsdale, an independent living apartment community in the company’s hometown. The three-story community is expected to open in late 2020 and will feature 157 units in studio, one- and two-bedroom layouts. Wolff cited an underserved and growing affluent senior population in Scottsdale as the reason for building. The U.S. Census Bureau named Scottsdale, a suburb of Phoenix, as the fourth-fastest-growing metropolitan area in the country. Revel Scottsdale joins a portfolio of 18 other senior living communities from The Wolff Company that are either under development or currently open.
LAKEWOOD AND TACOMA, WASH. — Hunt Real Estate Capital has provided three Freddie Mac Small Balance Loans totaling $11.1 million for a multifamily portfolio in Washington. The company funded two cash-out refinances, which provided liquidity for the acquisition of the third property. The loans have a five-year fixed-rate term, with no interest-only period, amortized over 30 years. The name of the borrower was not released. Hunt Real Estate provided a $6.7 million loan to acquire Springtree Apartments, a 103-unit multifamily property located at 4810 127th Street Court SW in Lakewood. The 13-building complex features 14 one-bedroom, one-bathroom units and 89 two-bedroom, one-bath apartments. On-site amenities include a laundry facility, sport court, playground, barbecue/picnic area and on-site manager, as well as 41 surface parking spots. Additionally, the company funded $1.7 million in refinancing for Southcrest Apartments, located 5410, 5416, 5420 and 5422 Boston Ave. SW in Lakewood. Built in 1970, the five-building property features 35 one-bedroom/one-bath units and one two-bedroom/two-bath unit. The community also features 46 surface parking spots. In the third transaction, Hunt Real Estate Capital provided a $2.7 million loan for the refinancing of Colonial Village Apartments, located at 9220 Pacific Ave. S. in Tacoma. Built in 1961, the …
READING, PA. — Hunt Real Estate Capital has secured a $35.2 million cash-out refinance for a four-property multifamily portfolio in Reading. The properties include a 161-unit multifamily community built in 1960; a 97-unit apartment complex built in 1969; a 77-unit, garden-style apartment complex built in 1968 and a 156-unit, garden-style apartment complex built in 1950. The Fannie Mae multifamily loans have a 12-year term and 30-year amortization schedule. The borrower was undisclosed.
ATLANTA — Massachusetts-based Aspen Square Management has sold West Eleven Apartments in southwest Atlanta to an undisclosed buyer for $31.3 million. The 224-unit apartment community is located about 15 miles from downtown Atlanta and features one-, two- and three-bedroom floor plans. Amenities include a business center, pool, tennis court, fitness center, playground and a courtyard. Paul Vetter, Andrew Mays, Russ Hardy, Judy MacManus and Matthew White of Berkadia represented the seller in the transaction.
IRVING, TEXAS — Multifamily developer JPI has sold Jefferson Riverside, a 371-unit multifamily community located in the Las Colinas district in Irving. Built in 2017, the property is situated within walking distance of a DART rail station, as well as the Toyota Music Factory. Amenities at the property include a pool, fitness center, game lounge, package locker and an Uber pickup lounge. Institutional Property Advisors (IPA), a division of Marcus & Millichap, brokered the sale. The buyer was not disclosed.
AUSTIN, TEXAS — MYCON General Contractors has begun construction of The Magdalena Hotel & Condominiums, a project in Austin that will deliver a 95-room hotel and seven condominium units. Located just off South Congress Avenue, the five-story property will also include event and restaurant space. Lake Flato Architects designed the project, which is slated for a fall 2019 completion. Woodbine Development Corp. is leading development of the project.