ROCHESTER, MINN. — Monarch Investment & Management LLC has acquired The Gates of Rochester, a 413-unit apartment property in Rochester. The purchase price was not disclosed. Built in 1973 and situated on 22 acres, the property features 42 buildings. Keith Collins, Abe Appert, Ted Abramson and Ike Hoffman of CBRE represented the seller, Rochester Village Investors LLC.
DETROIT — Money360 has provided a $2.8 million bridge loan for the acquisition of a 54-unit multifamily portfolio in Detroit. The two properties comprise a mix of one- and two-bedroom units as well as two commercial units. The nonrecourse loan features a two-year term and a rate of 7.75 percent.
DENVER — Newmark Knight Frank has arranged the sale of Infinity LoHi, a mid-rise multifamily community located in the Lower Highlands (LoHi) neighborhood of Denver. Greenwich, Conn.-based The Richman Group sold the property to an undisclosed advisor for $112 million, or $409,340 per unit. Terrance Hunt and Shane Ozment of Newmark Knight Frank represented the seller in the deal. Completed in 2018, Infinity LoHi features 273 units with spacious floor plans equipped with high-quality finishes, stainless steel appliances, washers/dryers, nine-foot ceilings, closets and select units have private balconies. On-site amenities include a fitness center, 24-hour clubhouse and resort-style pool.
LITTLETON, COLO. — Pinnacle Real Estate Advisors has arranged the purchase of 5599 S. Windermere St., a multifamily property located in Littleton. An undisclosed seller sold the property for $4.7 million, or $134,286 per unit. Built in 1971, the building features 35 apartment units. Eric Veith, Joe Hornstein and Scott Fetter of Hornstein Fetter Apartment Group at Pinnacle Real Estate represented the undisclosed buyer in the deal.
A shortage of more than 7.2 million affordable housing units exists nationwide for households with incomes at or below the poverty level, defined as 30 percent of area median income, according to the National Low Income Housing Coalition. But finding affordable housing is not just an issue for impoverished people. Typically, renters who earn up to 60 percent of area median income are also eligible to live in affordable housing properties. Clearly, affordable housing developers are in demand. The challenge they face is figuring out how to make their projects financially feasible amid rising construction costs and an intense regulatory process. After all, these are low-income producing properties. “In the affordable world, we know there’s a need, but how can we finance it?” asks Charlton Hamer, senior vice president of The Habitat Company’s Affordable Group in Chicago. “It takes all sorts of initiatives, policies and incentives to help fill the gap and help finance these developments.” For David Cooper, managing director of Columbus, Ohio-based Woda Cooper Cos. Inc., which exclusively develops and owns affordable housing units, the most immediate solution to today’s affordable housing crisis is more financial resources. Nearly all the new affordable housing built in the United States is …
CHARLOTTE, N.C. — FCP and Terwilliger Pappas Multi Family Partners (TPMP) have sold two multifamily communities in Charlotte. The partners sold Solis Waverly for $84.4 million to Dallas-based Lan Properties/Lantower Residential and Solis Ballantyne for $44.2 million to Baltimore-based Continental Realty Corp. Solis Waverly is a 375-unit community located about 14 miles south of downtown Charlotte. Completed in 2016, the property features a pool with a sundeck, 24-hour fitness center, conference room, electric car charging station and an outdoor terrace. It is part of Waverly, a master-planned development with office space, retail space, single-family homes and a hotel. Solis Ballantyne was also completed in 2016 and is located about 14 miles south of downtown Charlotte. The community includes 194 units and features a pet washing station, pool, fitness center, bike storage and package service. Phil Brosseau Jr., Howard Jenkins, Kevin Kempf and David Lansbury of CBRE represented the sellers in the transaction for Solis Waverly. Andrea Howard, Jim Sewell, David Gutting and Derrick Bloom of JLL represented the sellers in the transaction for Solis Ballantyne. Fortune Johnson was the general contractor for both developments.
ANNAPOLIS, MD. — A joint venture between JLB Partners and Crow Holdings has sold The James, a 236-unit multifamily community in Annapolis, for $75.6 million to an undisclosed buyer. The James was delivered in 2016 and features a pool, entertainment lounge and a wellness center. The property is located about four miles west of the United States Naval Academy. Al Cissel and Ryan Ogden of Newmark Knight Frank represented the seller in the transaction.
BRIDGEWATER, N.J. — New York-based financial advisory firm Juniper Capital Group has secured $23.3 million in acquisition financing for Woodmont Square, a 100-unit apartment community in Bridgewater. Amenities at the property include quartz counter tops, stainless steel appliances, a gym, clubhouse, game room, basketball courts and electronic keyless entry systems. Nate Lowy of Juniper secured the 10-year loan through a local bank on behalf of the borrower, a local investor. Terms of the financing include a 4 percent interest rate.
KILLEEN, TEXAS — Austin-based Muskin Commercial LLC has brokered the sale of River Oaks Apartments, a 228-unit multifamily community in Killeen, about 65 miles north of Austin. Muskin Commercial represented the seller, 101 S. Twin Creek LLC, which acquired the asset in 2015 and upgraded the unit interiors and amenity spaces. Rich Heine of Southwest Investment Properties represented the buyer, California-based Redford Park LLC, in the transaction.
CINCINNATI — City Club Apartments has executed a lease for a 6,000-square-foot rooftop restaurant and bar at its apartment property in Cincinnati. Scheduled to open in spring 2019, the 10th-floor restaurant will include indoor and outdoor seating, as well as handcrafted cocktails, wine and craft beer. The owners will share the concept’s name and additional details at a later date, according to Jonathan Holtzman, CEO of City Club Apartments. The apartment property includes 294 units and penthouses with 50 different floor plans. City Club Apartments had previously announced a 10,000-square-foot specialty market and a 1,000-square-foot wellness café on the first floor.
