RIVER FOREST, ILL. — Interra Realty has brokered the sale of 7772 Central Ave., a 13-unit apartment building in River Forest, about 10 miles west of downtown Chicago. The private buyer purchased the asset for $2 million. Built in 1927, the property comprises nine one-bedroom units and four two-bedroom units. The property was 85 percent occupied at the time of sale. Patrick Kennelly represented both parties in the transaction.
AUSTIN, TEXAS — Avanath Capital Management (ACM), a Texas-based limited liability company, has acquired Blunn Creek Apartments, a 280-unit affordable apartment community in Austin. Built in 2002, the property features a pool, fitness center, business center, playground, resident clubhouse, outdoor picnic areas and onsite laundry facilities. Hunt Real Estate Capital provided a $19.5 million acquisition loan with four years of interest-only payments to ACM, which plans to implement a $2 million value-add program.
ATLANTA — Caddis Healthcare Real Estate has unveiled plans for Heartis Buckhead, an 18-story high-rise seniors housing property in Atlanta’s Buckhead district. The 278,000-square-foot community will offer 213 units of independent living, assisted living and memory care. Construction is slated for completion in late 2021. The architect for the project is Englewood, Colo.-based Lantz-Boggio, and the general contractor is the Atlanta office of Brasfield & Gorrie. Caddis currently has 19 Heartis-branded seniors housing communities either opened or under development in five states. Heartis Buckhead will be the largest and “most ambitious” of those projects to date, according to Jud Jacobs, the company’s executive vice president of development. The company will also upgrade an adjacent 10-story, 72,923-square-foot medical office building. The project will include a landscaped plaza and a two-level parking structure that will serve both facilities. Both Heartis Buckhead and the medical office building are situated across from Piedmont Atlanta Hospital.
ATLANTA — TruAmerica Multifamily has partnered with Tokyu Land U.S. Corp. (TLUS) to purchase two apartment buildings in Atlanta for a total of $127.4 million. This is TruAmerica’s first joint venture with TLUS, a subsidiary of Tokyu Land Corp., one of the largest Japanese real estate firms that focuses on investments and developments in U.S. gateway markets. The joint venture acquired Vinings Corner, a 360-unit community in the Vinings/Cumberland submarket. Located at 2101 Paces Ferry Road in Smyrna, Vinings Corner will be rebranded as Junction at Vinings. Expected upgrades include new appliances, countertops, cabinets, flooring and upgraded plumbing and light fixtures. The other transaction was for The Prato at Midtown, a 342-unit complex located at 400 Central Park Place N.E. in the Old Fourth Ward. TruAmerica will upgrade The Prato similarly to Vinings Corner. Both acquisitions were financed with 10-year Freddie Mac loans. Brian Eisendrath of CBRE arranged the loan for the Vinings Corner acquisition, and Trevor Fase and Russell Dey of Walker & Dunlop arranged the acquisition loan for The Prato.
RICHMOND HILL, GA. — Cushman & Wakefield has arranged the $41.5 million sale of Lullwater at Richmond Hill, a 280-unit apartment community in Richmond Hill. The asset is situated about 22 miles southwest of downtown Savannah. Amenities include a fitness center, clubroom, outdoor kitchen, dog park, car care center, walking trail and a swimming pool. Taylor Bird, Nelson Abels and Robert Stickel of Cushman & Wakefield represented the seller, Fickling & Co., in the transaction. PEM Real Estate Group acquired the property.
SANTA ROSA, CALIF. — Burbank Housing Development Corp. has acquired Parkwood Apartments, a garden-style multifamily property in Santa Rosa. L.E.E. & J. Inc. sold the property for $15 million, or $268,000 per unit. Located adjacent to Rincon Valley Community, Parkwood Apartments features 56 units. Vincent Schwab and John Garrett of Marcus & Millichap represented the seller and procured the buyer in the deal.
FRISCO, TEXAS — Presidium, an investment and development firm with offices in Dallas and Austin, has begun construction on Artistry at Edgestone, a 188-unit independent living community in the northern Dallas suburb of Frisco. Situated on 18 acres, the property will offer amenities such as a pool, fitness and wellness center, library and cyber lounge, media and game rooms, hair salon, walking trails and an arts and crafts center. Completion is slated for summer 2020. San Antonio-based Mason Joseph Co. Inc. arranged a $31.9 million HUD loan for the construction and permanent financing of the project.
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.
