KALAMAZOO, MICH. — Berkadia has arranged the sale of 700 SoHo near Western Michigan University in Kalamazoo for $19 million. The 488-bed student housing property, located at 700 S. Howard St., consists of four-bedroom units. Amenities include a resort-style pool and renovated clubhouse. Kevin Larimer and Greg Gonzalez of Berkadia brokered the sale. A Pittsburgh-based real estate company acquired the asset.
EVANSTON, ILL. — Interra Realty has negotiated the $3.7 million deconversion sale of 122-130 Callan Ave. in Evanston. The undisclosed buyer plans to convert the building’s 25 condominiums back into apartment rental units. Built in 1923, the building includes 13 two-bedroom units and 12 one-bedroom units. Patrick Kennelly and Paul Waterloo of Interra represented both the buyer and the sellers, Evanstonian Condominium Association. Under the Condominium Property Act in Illinois, condo unit owners can elect to sell a condo property if 75 percent or more are in agreement.
TEXAS CITY, TEXAS — Houston-based Keener Investments has acquired The Breakers, a 272-unit apartment property in Texas City, located about 45 miles southeast of Houston. The garden-style property was built in 1983 and features a pool, fitness and business centers, a lakeside jogging trail and private fishing piers. Keener, which acquired the property from an undisclosed seller, will renovate the community’s amenity spaces and unit interiors. Warren Hitchcock of NorthMarq Capital arranged a five-year acquisition loan on behalf of Keener Investments that featured an 80 percent loan-to-cost ratio.
MIDLAND, TEXAS — Berkadia has provided a $21.7 million Freddie Mac acquisition loan for Anatole on Briarwood, a 250-unit apartment community in Midland. Built in 2014, the property features one-, two- and three-bedroom units and amenities such as a pool, fitness center, business center, coffee bar and TV lounge. Tucker Knight and Nicholas Murphy of Berkadia arranged the loan, which includes a fixed interest rate and five years of interest-only payments, on behalf of the buyer, Fort Worth-based Olympus Property. The seller was not disclosed.
FORT WORTH, TEXAS — General contractor and design/build firm Fort Construction has broken ground on Vineyard on Lancaster, a 104-unit affordable housing project in Fort Worth. The development costs will total approximately $19 million, according to The Fort Worth Star-Telegram. The builder has partnered with Union Gospel Mission of Tarrant County for the project, which is aiming to begin leasing units by December.
BRIDGEWATER, N.J. — Gebroe-Hammer Associates has negotiated the $32.5 million sale of Woodmont Square Apartments, a 100-unit multifamily community in Bridgewater. The market-rate apartment community was built in 2012 and is located at 100 Bellis Court. Amenities include a clubhouse, fitness center, game room, business center, basketball court and picnic area. Greg Pine, Stephen Tragash and Eli Herskowitz of Gebroe Hammer represented the seller, Woodmont Properties at Bridgewater LLC, in the transaction. The buyer was undisclosed.
SAN DIEGO — Berkeley Point Capital has provided a $52.4 million multifamily affordable housing refinancing for Lantana Hills Apartment Homes in San Diego. The borrow is an affiliate of the Convermat Corp. Lantana Hills Apartments Homes was built in two phases with 300 units constructed in 1955 and the remaining 80 units constructed in 1986. The complex comprises one- and two-bedroom apartments, 23 acres of landscaping and parks, two swimming pools, a newly remodeled fitness center, and garage and surface parking. The new loan, provided via Fannie Mae’s Affordable Housing Group, features a 12-year term with eight years of interest-only payments. The financing was used to retire tax-exempt, variable-rate bonds totaling $37.5 million that were issued by the City of San Diego in 2004. The complex underwent a $5.9 million in renovations between 2014 and 2017 that included new wood flooring, quartz kitchen countertops, new kitchen appliances and accessories, while also becoming a pet-friendly community. The borrower plans on spending an additional $1.4 million in capital expenditures in 2018. Mitch Clarfield of Berkeley Point’s Santa Monica, Calif., office facilitated the loan for the borrower.
CHICAGO — Associated Bank has arranged a $50 million syndicated loan for the construction of a 261-unit multifamily project in Chicago’s South Loop. The project, under development by CMK Cos., will consist of two connected buildings located at 51 E. 14th St. and 1419 S. Wabash Ave. The complex will also include 10,410 square feet of retail space and 95 parking spaces. Construction is slated for completion in August 2019. As lead arranger, Associated Bank is holding $20 million of the loan, with the remainder syndicated to Great Southern Bank, United Community Bank and First Community Bank. Elizabeth Hozian of Associated Bank managed the loan.
LACEY, WASH. — Scottsdale, Ariz.-based The Wolff Co. has completed Revel Lacey, a seniors housing community located at 211 Hoh St. SE in Lacey. The community will celebrate its grand opening on Saturday, Oct. 13. The three-story community features 135 studio, one- and two-bedroom independent living residences, as well as two guest suites. On-site amenities include a full-service salon and spa, fitness center, movie theater and chef-driven dining experiences in a modern-American restaurant and pub created by Chef Beau MacMillan. The Wolff Co. is currently developing senior living communities throughout the United States, with plans to expand its portfolio by investing $300 million to $400 million annually in the development of additional communities.
ALPHARETTA, GA. — Pollack Shores Real Estate Group has acquired AMLI Northwinds, an 800-unit apartment community in Alpharetta, roughly 25 miles north of Atlanta. The name of the seller and sales price were not disclosed. Pollack Shores will rename the community Avery at Northwinds and will invest more than $13 million in property upgrades and amenity improvements. Project plans call for new appliances, countertops and light fixtures for all residential units. Amenity upgrades will include renovations to the property’s three pools, a new fitness center and the conversion of two-thirds of the tennis courts into “The Hub.” The new area will provide a green space to host special events for residents. Atlanta-based Pollack Shores acquired the property in partnership with an account advised by UBS Asset Management. Matrix Residential, a subsidiary of Pollack Shores, will manage the community.
