TUCSON, ARIZ. — Cushman & Wakefield|PICOR has brokered the sale of La Promesa Apartments, a multifamily property located at 2485 N. Alvernon Way in Tucson. La Promesa Homes LLC acquired the property from Our Family Services LLC for $2.3 million. The multifamily complex features 40 apartments. Allan Mendelsberg and Daniel Leibsohn of Cushman & Wakefield|PICOR handled the transaction.
SEVIERVILLE, TENN. — JMJ Development LLC will deliver Overlook at Allensville Square II, a 144-unit apartment community in eastern Tennessee’s Sevierville. Developers broke ground on the project in January, and expect to wrap up construction in July 2019. Total project costs for the development are projected to be $21.9 million. The three-story community includes a mix of one-, two- and three-bedroom units and features a clubhouse, resort-style pool with sundeck, playground, business center, car wash and a dog park.
DALLAS, N.C. —SunTrust Community Capital, a division of SunTrust Banks, has provided $11.4 million in financing for Long Creek Apartments II, an 80-unit affordable housing community in Dallas, roughly 25 miles west of Charlotte. SunTrust Community Capital invested $4.7 million of equity into the project and provided a $6.7 million construction loan. In addition, Centrant Community Capital provided a $4.4 million permanent loan, and the North Carolina Housing Finance Agency provided a $509,000 loan. Long Creek will feature onsite management, a business center, computer lab, clubhouse, playground, picnic area and community rooms. All of the units will be reserved for residents earning 60 percent or less of the area median income (AMI). Mills Construction Co., the project’s general contractor, plans to break ground on the community this month, and wrap up construction in May 2019.
PITTSBURGH — Marcus & Millichap has brokered the sale of the former 223-room Embassy Suites Pittsburgh Airport hotel in Coraopolis for $25 million. Coraopolis is located about five miles north of Pittsburgh International Airport. The hotel, which was built in 1990, closed in early 2018. Jerry Swon and Daniel Zagoria represented the seller, NHH CMS Pittsburgh LP, in the transaction. The buyer was a private developer. The Pittsburgh Post Gazettehas reported that the building will be repurposed into a 220-unit assisted living and memory care facility called Tapestry Senior Living at Moon Township. The property is located on a hilltop and is highly visible from the intersection of Coraopolis Heights Road and Cherrington Parkway.
MIDLAND AND ODESSA, TEXAS — Fort Worth-based investment firm Olympus Property has acquired two multifamily properties totaling 568 units in West Texas. The 300-unit Sundance Creek in Midland features one- and two-bedroom units and amenities such as a pool, fitness center, business center, tanning beds, outdoor kitchen and a game room. The 268-unit Sedona Ranch in Odessa also consists of one- and two-bedroom units and offers a similar package of amenities. The seller was San Antonio-based Koontz Corp., which developed the properties and completed them in 2015. Institutional Property Advisors (IPA), a division of Marcus & Millichap, brokered the deal.
DESOTO, TEXAS — Dallas-based JMJ Development has begun work on Bellwater Ridge Apartments, a 150-unit multifamily community that will be located in the southern Dallas metro of DeSoto. The property will feature open floor plans with nine-foot ceilings and upgraded kitchens in the unit interiors. Communal amenities will include a resort-style pool, clubhouse, fitness center and an outdoor pavilion and dining area. Completion is scheduled for the fall.
COSTA MESA, CALIF. — Servitas and Orange Coast College have announced plans for an 811-bed student housing community on the college’s campus in Costa Mesa. The project site is on campus land. The arrangement is structured as a ground lease to a nonprofit organization, allowing for tax-exempt debt financing with no recourse to the college, district or taxpayers. The design-build team includes HPI Architecture, MVE Architects and construction firm C.W. Driver. George K. Baum & Co. provided the bond underwriting, and The Scion Group will manage the project in close collaboration with the college. “This project will benefit Orange Coast College in more than one way,” says Matt Myllykangas, senior vice president of Servitas. “Not only will the college be able to provide its students with on-campus housing for the first time, but also enhance the student experience overall. This residence hall will add to the college’s sense of community. Servitas is thrilled to be part of this exciting time for OCC, and looks forward to seeing how this project impacts the college and its students in the years to come.” A timeline for the development has yet to be announced.
LOS ANGELES AND MONTCLAIR, CALIF. — KeyBank Real Estate Capital has originated a total of $125 million in Freddie Mac first mortgage financing for two multifamily properties in the Los Angeles area. The firm arranged a $72.4 million fixed-rate loan for The Paseos Apartment Homes, a 385-unit multifamily property located in Montclair. Built in 2014, the property comprises 15 three-story apartment buildings. The undisclosed borrower used the loan to refinance existing debt. The loan features a 10-year term, five-year interest-only payment period and 30-year amortization schedule. Additionally, KeyBank arranged a $52.6 million fixed-rate loan for The Piero, a 225-unit garden-style apartment complex located in Los Angeles. The property is comprised of a seven-story apartment building, with three unit layouts ranging from 468 square feet to 1,218 square feet. The undisclosed borrower used the loan to refinance existing debt. The financing features a 10-year, interest-only term. Robert Prouty of Key’s Commercial Mortgage Group arranged the financing for both properties.
CHICAGO — Interra Realty has negotiated the sale of a 32-unit apartment building in Chicago’s Uptown neighborhood for $5.7 million. The three-story property is located at 5022-30 N. Winthrop Ave. Originally constructed in 1916, the building recently underwent a renovation that included new windows, new decks and an intercom entry system. Brad Feldman and Adam Saxon of Interra represented the buyer, 5022 North Winthrop LLC, which was completing a 1031 exchange. Joe Smazal of Interra represented the sellers, 1425 West Chase Associates LLC and 3030 Princeton Associates LLC.
NEW LONDON, CONN. — HFF has arranged the sale of Gull Harbor, an 80-unit, garden-style multifamily community at 83 Mansfield Road in New London. The sale pertains to 80 one-bedroom units of a 99-unit fractured condominium development. The remaining 19 units are individually owned. The units range in size from 600 to 625 square feet. Adam Dunn and Steven Rutman of HFF represented the seller, Gull Harbor New London LLC and New England Holdings II LLC, and procured the undisclosed buyer. The community features on-site laundry, private off-street parking and on-site management.