PHOENIX — Knightvest Capital has acquired the 768-unit Red Mountain Villas in Phoenix for $110 million. The community is located at 815 N. 52nd St. Red Mountain Villas was built on nearly 30 acres in three phases between 1987 and 1996. Community amenities include a koi pond, six resort-inspired swimming pools and access to the Papago Golf Course. Steve Gebing and Cliff David of Institutional Property Advisors represented both the buyer and seller, Weidner Apartment Homes, in this transaction.
SAN ANTONIO — JLL has arranged the sale of Hamilton Place, a 77-unit multifamily community in San Antonio. The Class B property is located at 1622 and 1650 Jackson Keller Road on the city’s north side and offers amenities such as a pool, a dog park and on-site laundry services. Moses Siller of JLL represented the seller, Vergara Properties LLC, in the sale. JMB Group, an investment and management firm with offices around the country, purchased the property.
WASHINGTON, D.C. — A partnership between Urban Investment Partners (UIP) and Atalaya Capital Management has acquired Onyx on First, a 266-unit apartment community located in Washington, D.C.’s Capitol Riverfront neighborhood for $95.5 million. The seller was J.P. Morgan, according to the Washington Business Journal. Constructed in 2008, Onyx on First was originally developed by Faison Development as condominiums, but was converted to rental apartments upon delivery. The property is located at 1100 First St. S.E., two blocks from Washington Nationals Park and near the Navy Yard Metro station. The community features shared amenities including a rooftop deck and pool, fitness center, picnic area with grills, courtyard, underground parking and controlled-access entry. The new ownership will update the property by installing cell phone repeaters to improve cell phone service, expanding the outdoor kitchens, installing dog runs and adding other building enhancements. Upon closing, UIP and Atalaya separated the land and building and sold the land to Safety, Income & Growth Inc. (SAFE), a publicly traded owner of ground-net leases. SAFE then leased the land to UIP under a 99-year ground lease. Andy Weiss of Gem Equity structured the placement of the ground lease. Jacob Katz of Meridian Capital represented Capital One and Fannie Mae …
DALLAS — Stillwater Capital has broken ground on The Crosby, a 336-unit multifamily complex located at 400 S. Hall St. in the Deep Ellum district of Dallas. Designed by Dallas-based HLR Architects Inc., the building will feature 3,000 square feet of co-working space, a rooftop deck and lounge, a dog park, pool, fitness center and bike storage services. Units will include studio, one- and two-bedroom residences ranging in size from 535 to 1,176 square feet. A timetable for completion has not yet been established.
FORT WORTH, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of Ranch at Fossil Creek, a 274-unit multifamily property located on Fort Worth’s north side. The property was built in 2002. Will Balthrope, Drew Kile and Joey Tumminello of IPA represented the seller, Connecticut-based Beachwold Residential LLC. The group also procured the buyer, Frisco-based CAF Capital Partners LLC.
SCOTTSDALE, ARIZ. —Western States Lodging has broken ground on Legacy Village of Salt River, a 216-unit assisted living and memory care community in the Phoenix suburb of Scottsdale. The property will be the company’s third in the Phoenix metro, as it continues its expansion into seniors housing. The property is located within Pima Center, a 232-acre, mixed-use business park developed by MainSpring Capital Group containing more than 1.5 million square feet of office, flex and light industrial facilities. The Block, a full-service retail center, is currently under construction within the park. Salt Lake City-based Beecher Walker Architects designed the community, which hardison/downey construction is building. The community is scheduled to open in early 2019. Development partners include The Boyer Group and the Colmena Group. Zions Bank provided development financing. Western States Lodging’s portfolio includes hotels, senior apartments and seniors housing communities in Utah, Oregon, Idaho, Washington, Hawaii, Colorado, Nevada and Arizona.
LYNNWOOD, WASH. — NorthMarq Capital has arranged a Freddie Mac loan to refinance Quail Park of Lynnwood, a 130-unit seniors housing community in the Seattle Suburb of Lynnwood. The size of the loan was not disclosed. Quail Park is a three-story building located on 15 acres featuring independent living, assisted living and memory care. The property opened in 2014. Stuart Oswald of NorthMarq Capital’s Seattle regional office arranged the financing. The loan includes a seven-year term on a 30-year amortization schedule with two years of interest-only payments. The refinance allows for funds to be used for the the second and third phases of the community’s development, and repaid an existing Freddie Mac loan that NorthMarq originated for the previous owner. Although the borrower was not disclosed, CA Senior Living acquired the community in May 2017 in a joint venture with Living Care Lifestyles (the operator) and Goldman Sachs. Phase II of development includes plans for a 109-unit expansion.
PHILADELPHIA — A joint venture between Harrison Street Real Estate Capital and Brandywine Realty Trust has sold Evo at Cira Centre South, an 850-bed student housing community located in Philadelphia’s University City neighborhood, for $197.5 million. The property was built in 2014, and is the tallest purpose-built student housing tower in the U.S., serving students at the University of Pennsylvania and Drexel University. The community offers one-, two-, three- and four-bedroom units. Shared amenities include a rooftop infinity pool and lounge; 11 two-story study lounges; free weekly studio fitness classes including Zumba, yoga and Pilates; a 24/7 two-story fitness center; and a business and print center. The buyer’s name was not disclosed.
NEW BRUNSWICK, N.J. — FourPoint Investments and BlueGate Partners have arranged the sale of Rockoff Hall Apartments, a 674-bed student housing community located within walking distance of Rutgers University in New Brunswick. The property offers one-, two- and three-bedroom units. Shared amenities include a cyber café, on-site laundry, a fitness center, discounted parking in the attached garage, study rooms on every floor and a club room with billiards and shuffle board. The names of the buyer and seller were not disclosed.
CANTON, GA. — Trillium Capital Resources LLC has arranged a $37.5 million construction loan for a new 308-unit apartment community in Canton, located roughly 40 miles north of Atlanta. The 40-year loan was structured through the U.S. Department of Housing and Urban Development’s (HUD) 221 (d)(4) program, the agency’s flagship program for funding new construction and redevelopment for market-rate and affordable housing properties. Red Mortgage Capital provided the loan. The name of the borrower was not disclosed. In addition to arranging financing, Trillium arranged the land purchase on behalf of the buyer. The community will feature a furnished clubhouse, business center, resort-style pool, fitness center, sauna, playground, outdoor walking trails, dog parks, garages and grills. Construction on the property is estimated for completion in fall 2019.
