BAYONNE, N.J. — Marcus & Millichap has negotiated the $1.7 million sale of a 14-unit apartment building in Bayonne located at 1053-1057 Broadway. Jonathan Zamora of Marcus & Millichap’s New Jersey office represented the seller, a private investor, in the transaction. Brent Hyldahl, Ben Sgambati and Alan Cafiero of Marcus & Millichap’s New Jersey office represented the buyer, also a private investor. The property, which also includes an attached lot, is located in the uptown neighborhood of Bayonne.
HUMBLE AND SUGAR LAND, TEXAS — Florida-based investment firm Advenir Inc. has refinanced two apartment properties totaling 546 units in the Houston area. The properties include the 258-unit Advenir at Eagle Creek in the northern metro of Humble and the 288-unit Advenir at Woodbridge Reserve in the southwestern metro of Sugar Land. Eric Tupler, Josh Simon and Cortney Cole of HFF secured seven-year, fixed-rate loans with an average interest rate of 4.27 percent for the properties through Freddie Mac.
SAN ANTONIO — ARA Newmark has brokered the sale of Ridgeline at Rogers Ranch, a newly built, 299-unit multifamily community located in northwest San Antonio. The property features one-, two- and three-bedroom units and amenities such as a pool, fitness center, business center and a resident clubhouse. Pat Jones of ARA Newmark represented the seller, San Antonio-based Embrey Partners, in the transaction. Atlanta-based multifamily investment firm Benimax purchased the property for an undisclosed price.
SAN ANTONIO — Dallas-based Westmount Realty Capital LLC has acquired Three Fountains, a 272-unit multifamily community located in the Westover Hills area of San Antonio. Built in 1998, the property consists of 120 one-bedroom units, 120 two-bedroom units and 32 three-bedroom units. Westmount will rebrand the property as Westmount at Three Fountains. The company will also invest in capital improvements to the property’s lighting and plumbing systems, unit interiors and communal amenities, which include a pool, fitness center, on-site laundry facilities and a business center.
WYLIE, TEXAS — Transcontinental Realty Investors Inc. and its subsidiary, Adobe Properties, have opened Parc at Wylie, a 198-unit multifamily community in Wylie, a northeastern suburb of Dallas. The property consists of 13 three-story buildings and offers amenities such as a pool with a tanning deck, dog park, playground, fitness center and walking trails. The property, which also offers convenient access to two nearby lakes, was approximately 95 percent leased at its opening.
DALLAS — Chicago Pacific Founders (CPF), a private equity firm specializing in healthcare real estate, has acquired Churchill Estates, a 175-unit luxury seniors housing community in Dallas. The property, which will undergo a capital improvement plan, is located in the city’s Lake Highlands area. Amenities include a game and activity room, spa and salon, champagne lounge, library and an arts studio. The seller and sales price were not disclosed.
ELLICOTT CITY, MD. — Morgan Properties, in a joint venture with Core Real Estate Partners, has acquired Orchard Meadows in Ellicott City for $50 million. The 240-unit community, located roughly 16 miles west of Baltimore, was constructed in two phases in 1998 and 2012. The new ownership will invest $2 million to upgrade the property. Planned renovations included kitchen upgrades, an enhanced fitness center, new grilling area and fire pit and a refreshed clubhouse, leasing office and business center. In addition, the joint venture will add a putting green, outdoor gaming area, playground, exterior fitness stations, a dog park and package rooms. Orchard Meadows features a mix of one- and two-bedroom apartment units. The transaction marks Morgan Properties’ seventh acquisition in the Mid-Atlantic with Core Real Estate Partners since 2012.
ATLANTA — Cushman & Wakefield has secured $37.8 million in construction financing for the development of Vue at the Quarter, a 271-unit multifamily community that will be located at 2048 Bolton Drive N.W. in Atlanta’s Upper Westside submarket. Mike Ryan, Brian Linnihan, Richard Henry and Blake Cohen of Cushman & Wakefield arranged a $32.8 million senior loan through Ameris Bank and $5 million in preferred equity through RSE Capital Partners on behalf of the project developer, GJ Enterprises Acquisitions. The 359,000-square-foot community will include five four- and five-story buildings. GJ Enterprises expects to wrap up construction on the project in May 2020.
ORLANDO, FLA. — Federal Capital Partners (FCP) has acquired Royal Isles, a 264-unit multifamily community in Orlando, for $23.6 million. The community includes a mix of one-, two- and three-bedroom units and features a 24-hour fitness center, swimming pool with sundeck, playground, picnic area with grills and an onsite laundry center. Evan Kristol and Felipe Echarte of Marcus & Millichap’s The Kristol Group arranged the transaction on behalf of the undisclosed seller. Berkadia arranged the assumption of the existing Fannie Mae mortgage.
LAKE OSWEGO, ORE. — Ziegler has closed $41.1 million in fixed-rate bond financing for Mary’s Woods at Marylhurst Inc. Mary’s Woods is an Oregon nonprofit corporation operating a seniors housing community located in Lake Oswego, approximately eight miles south of Portland. The community consists of 233 independent living apartments, 50 independent living villas, 55 assisted living apartments, 23 memory support suites, 26 residential care suites and five licensed skilled nursing suites. The community is situated on a 36-acre site, which Mary’s Woods leases from the Sisters of the Holy Names of Jesus and Mary, an Oregon nonprofit corporation. The borrower plans to use the proceeds to finance a portion of an expansion project; pay a portion of the interest on the bonds; fund a debt service reserve fund; and pay certain costs of issuance of the bonds. The bonds will be issued with a combination of temporary and permanent series, consisting of $16.7 million in tax-exempt serial and term bonds, amortizing over a 34-year period ending May 15, 2052.