DALLAS — Adobe Properties, a subsidiary of Dallas-based Transcontinental Realty Investors Inc., has completed Eagle Crossing, a 150-unit multifamily community located just outside downtown Dallas. Floorplans consist of one-, two- and three-bedroom units and communal amenities include a walking trail, pool, fitness center and a pet park. Construction wrapped up in January and the property was 97 percent preleased as of April.
HOBOKEN, N.J. — HFF has brokered the $146 million sale of The Rivington, a 240-unit apartment community in Hoboken. The transaction is the largest apartment sale in New Jersey year-to-date, according to HFF. The Rivington is located at 1130 Grand St. in the northwest section of Hoboken. Jose Cruz, Kevin O’Hearn, Michael Oliver and Stephen Simonelli of HFF represented the seller, institutional investors advised by J.P. Morgan Asset Management, in the transaction. The buyer was Equity Residential, which purchased the property free and clear of existing debt. The property was completed in 1999 and features 240 two-bedroom units at market-rate rents. A majority of the units have been renovated since 2014. Amenities include a fitness center, clubhouse and private storage lockers.
AMESBURY, MASS. — Cornerstone Realty Capital has arranged $14.3 million in acquisition financing for the Residences at Riverwalk at 1 River Court in Amesbury, 40 miles north of Boston. The borrower was undisclosed. The complex features two buildings that were originally part of a mill built in 1918, but converted into apartments in 2006. Combined there are 87 units averaging around 1,041 square feet each. Amenities include a fitness center, shared library and great room with entertainment space. A local bank provided the fixed-rate financing with two years of interest-only payments followed by a 30-year amortization.
CAMBRIDGE, MASS. — Nauset Construction has broken ground on a 93-unit apartment development in the Alewife neighborhood of Cambridge for owner Abodez Acorn New Street LLC. The new complex, known as Park 77, will be constructed at the site of the former window and door manufacturing and warehouse facility known as the J&C Adams Co. at 77 New St. Designed by Piatt Associates, the four-story, 96,000-square-foot building will be comprised of a mix of studio, one-, two- and three-bedroom units. Amenities will include a lobby lounge, café with full kitchen, a multimedia room, fitness center and a top floor sky lounge with a pool table and roof deck. The owner previously developed Park 87 in 2015, a 54-unit apartment complex located at 87 New St. Construction is slated be completed in the summer of 2019.
NEW YORK CITY — Rosewood Realty Group has negotiated the sale of four walk-up apartment buildings in the Bronx for $7.3 million. The properties sold for 11 times the current rent roll at a 5.5 percent cap rate. The four-story buildings, which are located at 2542-2548 White Plains Road, are comprised of 24 residential units and eight retail storefronts that include a local grocery, restaurant and beauty salon. Built in 2008, the attached properties total 29,140 square feet. Rosewood Realty represented the buyer, a group of private investors, and the seller, Madison Realty Capital, in the transaction.
BETHESDA, MD. — HFF has brokered the sale of Flats at Bethesda Avenue, a 162-unit apartment community in Bethesda. Stephen Conley, Sue Carras, Walter Coker, Brian Crivella, John Owendoff and Jordan Lex of HFF arranged the transaction on behalf of the seller, a joint venture between StonebridgeCarras, PN Hoffman, Buvermo and Northwestern Mutual. The HFF team also procured the buyer, a fund managed by BlackRock Real Assets. Flats at Bethesda Avenue, constructed in 2015, includes more than 40,000 square feet of ground-floor retail space that is fully leased to Pottery Barn, Pottery Barn Kids, PassionFish, Silver, Paul, Chop’t and Long & Foster Real Estate. Community amenities include a rooftop deck with a kitchen, lounge, fire pit and bar; fitness center; two-level clubhouse with fireplace; billiards and kitchen; coffee lounge; and a terraced outdoor patio that connects to the Capital Crescent Trail, an off-road rail-trail that stretches 11 miles from Washington, D.C.’s Georgetown district to Silver Spring, Md.
GONZALES, LA. — Bearing Point Properties has broken ground on Sawgrass Point, a 272-unit apartment community in Gonzales, located roughly 25 miles south of Baton Rouge. The community will include four apartment buildings and two townhome-style buildings. Amenities will include a clubhouse, resort-style pool, outdoor kitchen, dog park and a fitness center. Doster Construction Co. is the general contractor for the project, and Humphreys & Partners Architects is the architect of record. The development team expects to wrap up construction on Sawgrass Point in spring 2019.
CHESTERTON, IND. — NorthMarq Capital has arranged a $3.6 million Freddie Mac loan for the refinancing of Deer Run Apartments in Chesterton, which is located in northwestern Indiana. The 72-unit apartment property was built in the 1970s. Brett Hood of NorthMarq arranged the 10-year loan.
GILBERT, ARIZ. — Foresight Senior Living Development LLC and W.E. O’Neil Construction Co. will break ground May 9 on Eternal Spring of Gilbert Senior Living Community in Gilbert, a suburb of Phoenix. The 80,000-square-foot community will offer 59 assisted living apartments and 36 memory care apartments. The groundbreaking ceremony will feature Vice Mayor Bridgette Peterson of the Town of Gilbert; Earl Kaplan, Lily Cheng and Jack Cheng of Foresight; Linda Edwards and Nathan Williams of the Town of Gilbert Planning Department; Bryan Dunn of W.E. O’Neil Construction Co. of Arizona; Joel Saurey and Tom Snyder of EPS Group; and other Town of Gilbert leaders and business leaders.
DENVER — JOS Investments LLC has completed the disposition of a multifamily property located at 2155 S. Josephine St. in Denver. 251 Josephine LLC purchased the 12,777-square-foot building for $3.4 million, or $270 per square foot. Matt Lewallen of Pinnacle Real Estate Advisors represented the buyer, while Kevin Calame, also of Pinnacle, represented the seller in the deal.
