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.
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.
