NEW YORK CITY — Mortar Development has acquired a development site located at 31 Frost St. in the Williamsburg neighborhood of Brooklyn. The sales price was undisclosed. Mortar plans to build a five-story, 15,000-square-foot residential condominium building with 10 units on the site. Construction is expected to begin this summer with the project expected to be completed in early 2020.
SARASOTA, FLA. — Passco. Cos. has purchased Springs at Bee Ridge, a 360-unit, Class A apartment community located at 5900 Wilkinson Road in Sarasota. The Irvine, Calif.-based company purchased the newly constructed property from the developer, Continental Properties, for $77.5 million. Jamie May of JBM Institutional Multifamily Advisors represented both parties in the transaction, and Chris Black and Caleb Marten of KeyBank Real Estate Capital arranged acquisition financing. Passco plans to rebrand the community as Longitude 82°. This acquisition brings the privately held company’s Florida portfolio to nine properties totaling more than 2,700 units, including an asset in Estero named Longitude 81° that the company also purchased from Continental Properties. Amenities at Longitude 82° include a saltwater swimming pool with a sun deck, poolside kitchen, grills and a firepit; 24-hour fitness center; resident clubhouse and lounge; conference room; coffee bar and catering kitchen; two leash-free dog parks; pet grooming station; car wash area and gated entry.
TAMPA, FLA. — Meridian Capital Group has arranged $66 million in acquisition financing for a six-property multifamily portfolio located throughout Florida. Tampa-based Blue Roc Premier acquired the assets, which total 1,101 units and are located in Atlantic Beach, Jacksonville, Orange Park Ormond Beach, DeLand and Brandon. Community amenities across the portfolio include sports courts and swimming pools. Seth Grossman and Sarah Keubler of Meridian’s Solana Beach office arranged the seven-year Freddie Mac loans through Capital One Multifamily Finance on behalf of Blue Roc. Each of the properties were financed separately, and all of the loans featured floating interest rates and two years of interest-only payments. The new ownership plans to invest $10 million to renovate and upgrade the portfolio.
FORNEY, TEXAS — Dallas-based JMJ Development will build Parc at Windmill Farms Apartments, a 272-unit community that will be located in Forney, an eastern suburb of Dallas. The 17-building community will consist of 116 one-bedroom units, 120 two-bedroom apartments and 36 three-bedroom residences. Amenities will include a pool, clubhouse, business center, internet café, fitness center and a gathering room with a kitchen. A timetable for construction has not yet been established.
FORT WORTH, TEXAS — Dougherty Mortgage LLC has provided a $3.9 million Fannie Mae loan for the acquisition of Willow Manor Apartments, a 71-unit multifamily community in Fort Worth. Built in 1965, the property includes studio, one-, two- and three-bedroom units and amenities such as a pool and on-site laundry facilities. The 12-year loan, which utilized the Fannie Mae Green Rewards program and has a 30-year amortization schedule, was arranged on behalf of Colosseus Property Group III LLC.
COLORADO SPRINGS, COLO. — Nexus Commercial Realty has arranged the acquisition of a multifamily portfolio in Colorado Springs. Denver-based Slipstream Properties purchased the seven-building portfolio from a Colorado Springs-based apartment owner for a total consideration of $102.2 million. Adam Riddle and Jason Koch of Nexus Commercial Realty represented the buyer and seller in the deal. The properties are: Pine Creek Village Apartments, a 312-unit property that sold for $29.2 million. Shannon Glen Apartments, a 192-unit property that sold for $17.8 million. Cedar Creek Club Apartments, a 175-unit community that sold for $14.2 million. El Vecino Apartments, a 174-apartment community that sold for $12.2 million. 162-unit South Pointe Apartments, which sold for $13.3 million. 84-unit Timbers Apartments that sold for $7.3 million. New Horizons Apartments, a 79-unit property that sold for $8 million.
DENVER — The Bascom Group has purchased Modera at Observatory Park Apartments, a newly constructed infill apartment community located in Denver, from an undisclosed seller. The price was $92.5 million, or $336,364 per unit. Built in 2017, the property features 275 Class A apartment units. Mill Creek Residential will manage the property. Charles Halladay, Jamie Kline and Brock Yaffe of HFF arranged $66.7 million in acquisition financing through TH Real Estate for the purchase. Tim Shunta of National Realty Advisors brokered the acquisition. Since 2005, Bascom and its affiliates have acquired 30 multifamily properties in the Colorado market, totaling 11,057 units.
SEATTLE — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Origin Apartments, a seven-story multifamily property located at 12311 32nd Ave. NE in Seattle’s Lake City neighborhood. JB Matteson acquired the property for $53 million, or $346,405 per unit. Kim Grant of IPA represented the buyer in the deal. The seller was not disclosed. Constructed in 2017, the property features 153 units in a mix of studio, one- and two-bedroom apartments averaging 750 square feet. Community amenities include a rooftop deck, an outdoor dog park and gated underground parking.
SOUTH BEND, IND. — Asset Campus Housing has been awarded the management of two adjacent student housing properties in South Bend near the University of Notre Dame. The 221-bed Campus Court features a mix of one-, two- and three-bedroom units while the 330-bed Campus View features one- and two-bedroom units. Each community includes amenities such as a yoga studio, study room, game room, fitness center, outdoor grilling area and volleyball courts. Property owners were not disclosed.
HOUSTON AND WASHINGTON, D.C. — Retail developer Madison Marquette and Houston-based developer PMRG have confirmed that they plan to combine operations. The terms of the merger were not disclosed, but PMRG will become part of the family of companies owned by Capital Guidance, a global investment firm that owns Washington, D.C.-based Madison Marquette. The leadership of both firms will remain intact, and the combined company will maintain its primary office locations in Houston and Washington, D.C. Closing is expected in the next 30 days. “We anticipate a highly complementary combination that significantly expands the capabilities of both firms,” says Amer Hammour, chairman of Madison Marquette. “Madison Marquette’s investment management as well as retail and mixed-use development, marketing and management expertise would join PMRG’s office, medical, industrial and multifamily capabilities to provide leadership across all asset classes to our clients and investment partners.” PMRG’s concentration in the Southern United States will balance well with Madison Marquette’s presence in primary gateway markets on both coasts, according to PMRG. The companies’ shared clients include several institutional owners and investors in the industry. PMRG is a privately held commercial real estate firm specializing in project leasing, property management, investment management and development services. The company’s 180 …