KING OF PRUSSIA, PA. —The Bozzuto Group has completed the development of Canvas Valley Forge, a 231-unit active adult community in the Philadelphia suburb of King of Prussia. KTGY Architecture + Planning designed the apartment property, which targets residents over age 55. The community is part of King of Prussia Town Center, a mixed-use development. Residents of the community are within walking distance of a variety of grocery stores, restaurants, retail shops and other amenities.
CHARLOTTE, N.C. — Arbor Realty Trust Inc. has provided a $14.1 million loan through Fannie Mae’s Green Rewards program for the acquisition of Crown Point Townhomes in Charlotte. Alexander Kaushansky of Arbor originated the 10-year, fixed-rate loan with three years of interest-only payments on behalf of the borrower, Friedlam Partners LLC. The property was constructed in 1972 and features two-bedroom, garden-style apartment units. Community amenities include exterior storage, a swimming pool, picnic area and private patios. Planned renovations include upgrades to the unit interiors, landscaping, leasing office and pool, as well as the addition of a playground and dog park.
PHOENIX — Florida-based North American Development Group has acquired a one-acre parcel within Arizona Center Project in downtown Phoenix. San Diego-based Parallel Capital Partners sold the site within the 16-acre development for an undisclosed price. North American Development plans to construct Palm Court Tower, a 30-story residential tower on the site at 440 E. Van Buren St. Slated for completion in 2020, the $100 million project will feature 350 residences, a swimming pool terrace, a six-level parking garage and a fitness facility. The residences will range from studio to three-bedroom units in eight different floor plans. Phoenix-based Will Bruder Architects & Forum Studio is designing the development, which is slated to break ground in late 2018.
MESA, ARIZ. — MIG Real Estate has acquired the 209-unit Trails at Harris Apartments in Mesa for $22.1 million. The community is located at 1653 S. Harris Drive. Trails at Harris Apartments was built on nearly 10 acres in 1983. All units include all-electric kitchens, walk-in closets, standing showers and linen closets. Outdoor balconies or patios and stackable washer and dryers are available in select units. The apartments are a value-add opportunity for MIG. Interior renovations will include updated countertops, a stainless-steel appliance package, new cabinetry, synthetic plank flooring, and updated light and plumbing fixtures in all units. The leasing, fitness and pool areas will undergo renovations to freshen the space and enhance use. Mark Forrester, Ric Holway, Dan Cheyne and Jackson Cloak of Berkadia represented the seller.
SEATTLE — ACME Realty has purchased Remi Apartments, a multifamily community located at 2727 Eastlake Ave. East in Seattle’s Eastlake neighborhood. An undisclosed company sold the property for $17.7 million, or $480,000 per unit. Built in 1996, the property features 34 apartments and three ground-floor commercial spaces. The property features a mix of one- and two-bedroom units with private decks or patios, as well as a rooftop deck. At the time of sale, the property was 97 percent occupied and the commercial spaces were fully leased. Mark Zoffel and Kyle Yamamoto of CBRE represented the seller in the transaction.
CHICAGO — Cresset Partners, the private investment affiliate of Cresset Wealth Advisors, has purchased Wells Place in the heart of Chicago’s South Loop for an undisclosed price. The 84-unit apartment community is located at 837 and 839 S. Wells St. The property features a mix of one- and two-bedroom units with in-unit washers/dryers and private patios. The seller was not disclosed.
Consistency is key, and that’s exactly why investors find Memphis more attractive than ever: the Grind City’s financial and commercial real estate stability. The area has grown into a hub for both the distribution and transportation industries. As the largest economic driver in the state, Memphis International Airport alone injects over $20 billion a year into the region’s economy. Thanks in large part to FedEx, the airport has become the second-busiest cargo airport in the world. FedEx’s presence creates a secondary demand from all retailers as they want to have a large distribution presence in the market. Going High-Tech Marketable growth in the Memphis economy extends beyond the distribution and transportation industries. Sizable expansions at University of Tennessee’s Medical School, St. Jude Children’s Research Hospital, Methodist University Hospital and LeBonehur Children’s Medical Center, as well as the migration of medical device manufacturers such as Smith & Nephew and Medtronic, show how Memphis is not only the Home of the Blues and global shipping, but also a high-tech healthcare hub for the Mid-South region. All this growth has helped propel Memphis’ millennial population, especially 20- to 34-year-olds who make up a high percentage of the city’s workforce. Last year, Memphis marked …
NEW YORK CITY — Rosewood Realty Group has brokered the $287 million sale of Stonehenge Village, a 420-unit, three-building apartment community on the Upper West Side of Manhattan. Aaron Jungreis of Rosewood Realty represented both the buyer, A&E Real Estate Holdings, and the seller, Ofer Yardeni’s Stonehenge Partners. The seller acquired the property for $115 million in 2005. Signature Bank and Mesa West Capital provided $145 million in acquisition financing to A&E for the purchase of the property. The buildings, which were built in 1968, total 69,605 square feet. At the time of sale, the buildings were 98 percent occupied, with a mix of free-market and rent-stabilized tenants.
MORRISTOWN, N.J. — NorthMarq Capital has arranged a $30 million loan to refinance the DeMattheis Multifamily Portfolio, which includes eight apartment properties in New Jersey. Four properties are located in Morristown with the other four located in Highland Park, Woodbridge and Edison. In total, the portfolio includes 307 units. The borrower is a full-service real estate investment company. Gary Cohen of NorthMarq arranged the refinancing, which was structured with a 15-year term and a 30-year amortization schedule. The lender was a national life insurance company.
ILLINOIS, KANSAS AND OHIO — Waypoint Residential has acquired three multifamily properties and one student housing property in the Midwest. Neither the purchase price nor the sellers were disclosed. The properties include the 196-unit Legacy at Poplar Creek in Schaumburg, Ill.; the 70-unit Two Itasca Place in Itasca, Ill.; the 184-unit The Attleigh in Columbus, Ohio; and the 500-bed Rockland West near the University of Kansas in Lawrence. Dan Price leads Waypoint’s acquisitions in the Midwest, while Mike Hung leads the company’s student housing acquisitions.