BRIGHTON, COLO. — Inland Real Estate Investment Corp. has completed the sale of Solaire Apartments, a multifamily community located at 1287 S. 8th Ave. in Brighton. Terms of the transaction were not released. Constructed in 2013, Solaire Apartments offers 252 residences spread across 11 three-story buildings. The community features a clubhouse, 24-hour fitness center, pool with hot tub and lounge area, outdoor barbecue grilling stations, a fire pit, dog park and playground area. At the time of sale, the property was 96.4 percent occupied. Inland Private Capital Corp. originally acquired Solaire Apartments in November 2016 on behalf of Brighton Multifamily DST. The recent sale resulted in a realized net equity multiple to investors of 1.6x.
STORRS, CONN. — A partnership between Georgia-based developer Landmark Properties and Miami-based private equity real estate firm Peninsula Investments will develop The Mark Mansfield, a 738-bed student housing project in Storrs, home of the University of Connecticut. The 1.5-acre site at 134 N. Eagleville Road is adjacent to campus. Information on specific floor plans and amenities was not disclosed, but The Mark Mansfield’s residences will be fully furnished residences with high-end finishes. In addition, the property will house approximately 7,000 square feet of retail space that will be occupied by Huskies Tavern, which is currently located onsite. A construction timeline was also not disclosed.
CHELSEA, MASS. — MassHousing has provided $10.6 million in financing for 375 Broadway, a 62-unit affordable housing project in Chelsea, a northeastern suburb of Boston. The financing consists of $7.7 million in permanent financing and $2.9 million in workforce housing financing. The developer, a partnership between Arx Urban and Boston Communities, will construct a 43-unit building from the ground up and rehabilitate a 19-building. Units will come in studio, one-, two- and three-bedroom floor plans and will feature a range of income restrictions. Construction is expected to be complete by the end of 2026.
NEW YORK CITY — New York City-based ERG Commercial Real Estate has arranged a $7 million construction loan for a 28-unit multifamily project that will be located in the Jamaica area of Queens. The building will be located at 166-13 91st St. and will rise 16 stories. Information on specific floor plans and amenities, as well as the direct lender and borrower, was not disclosed.
FREDERICKSBURG, TEXAS — A partnership between Hilton (NYSE: H) and Wine Country Hospitality Partners LLC will develop a hotel and residential property in the Central Texas city of Fredericksburg that will be operated under the Waldorf Astoria brand. The Waldorf Astoria Texas Hill Country and Waldorf Astoria Residences Texas Hill Country will consist of 60 dedicated hotel guest rooms and suites, 37 resort villas and 50 private residences. The resort will also offer five food-and-beverage concepts, an 11,000-square-foot spa and fitness center and two resort-style pools. The opening is scheduled for 2027. Wine Country Hospitality Partners is a partnership between Mark Harmon, founder of Auberge Resorts Collection; Robert Radovan, founder of luxury hospitality developer Criswell Radovan; and Tim Sparapani, co-founder of Blue Run Spirits and an experienced investor in hospitality startups.
FAYETTEVILLE, ARK. — Endeavor Real Estate Group has acquired a development site near the University of Arkansas campus in Fayetteville for a new student housing development. Details on the project have not been announced. The Austin, Texas-based firm also recently hired Chuck Carroll as principal to assist with growing the company’s student housing platform. Carroll previously spent over 20 years with American Campus Communities. He will be joining Jake Newman, principal of Endeavor, who will be spearheading the firm’s new student housing division.
WOOD-RIDGE, N.J. — JCMLiving has begun leasing Rosera Wesmont, a 295-unit apartment complex located in the Northern New Jersey community of Wood-Ridge. Rosera Wesmont offers studio, one-, two- and three-bedroom units that are furnished with stainless steel appliances, quartz countertops, smart lock entry mechanisms and individual washers and dryers. Amenities include a pool with a sundeck and landscaped courtyard; a multi-level gym with a yoga studio, sauna and bar; coworking spaces, private offices and meeting rooms; and a sports simulator. Minno & Wasko Architects and Planners designed the project. Rents start at roughly $2,300 per month for a studio apartment. Construction began in spring 2023.
NEWNAN, GA. — Matthews Real Estate Investment Services has brokered the $21.6 million sale of Woodland Commons, a 114-unit apartment community located at 22 Forest Circle in Newnan, about 36 miles southwest of Atlanta. Marietta, Ga.-based Arcan Capital purchased the property from TriWest Multifamily in a 1031 exchange and assumed an undisclosed amount of existing debt. The El Segundo, Calif.-based seller had owned the community, which was originally built in 2002, since 2022. Austin Graham of Matthews brokered the transaction. Woodland Commons features one-, two- and three-bedroom apartments ranging in size from 878 to 1,329 square feet, according to Apartments.com. Community amenities include a swimming pool, laundry facilities, a business center, fitness center, playground and a car wash area.
BARRINGTON, N.J. — Regional brokerage firm Hudson Atlantic Realty has negotiated the sale of Barrington Mews, a 284-unit seniors housing complex located outside of Philadelphia in Southern New Jersey. Built in 1994 as affordable seniors housing, the elevator-served, age-restricted property offers one- and two-bedroom units and amenities such as community rooms, onsite laundry facilities and grilling and picnic areas. Adam Zweibel of Hudson Atlantic brokered the deal. The buyer and seller were not disclosed. The new ownership plans to transition the property to market-rate housing.
SANTA CLARITA, CALIF. — G.H. Palmer Associates has received a $168 million loan to refinance Park Sierra, a 776-unit apartment building in Santa Clarita, approximately 35 miles northwest of Los Angeles. Walker & Dunlop’s California multifamily finance team, led by Trevor Fase, arranged the financing through Freddie Mac. Originally developed by G.H. Palmer Associates in 1987, the garden-style community offers a mix of 97 one-bedroom and 679 two-bedroom apartments. About 40 percent of the units have been rehabilitated, with additional capital investment planned. Amenities include five pools and spas, a fitness center, picnic and play areas.