NEW YORK CITY — TerraCRG has brokered the sale of an apartment building located at 267 Flatbush Ave. in Brooklyn’s Prospect Heights neighborhood. An undisclosed buyer acquired the property for $9.7 million, or $919 per square foot. The four-story building features nine apartment units and one commercial unit. Morgan’s BBQ occupies the commercial space. Ofer Cohen, Dan Marks, Adam Hess and Daniel Lebor of TerraCRG brokered the transaction.
PATCHOGUE, N.Y. — Spellman Brady & Co. has completed interior design work for Village Walk, a five-story assisted living community in the Long Island village of Patchogue. Carlisle Senior Living Communities, an affiliate of The D&F Development Group, is developing the 87,700-square-foot community. Spellman Brady & Co. is a St. Louis–based interior design firm specializing in senior living, healthcare and higher education.
CHICAGO — Golub & Co. and USAA Real Estate have formed a joint venture to acquire Century Tower in the heart of Chicago’s Loop for an undisclosed price. The 292-unit luxury condominium tower is located at 182 W. Lake St. Built in 1930, the building was converted from office to multifamily units in 2001, and then condominiums in 2006. The buyer plans to renovate the residential units and convert them back to rental apartments. Upgrades will also be made to the amenity spaces, including a fitness center, co-working space, game and lounge room and roof deck. Collin McKenna of Golub led transaction negotiations on behalf of the joint venture. The seller was not disclosed.
CHAMPAIGN, ILL. — Marcus & Millichap has brokered the $29.2 million sale of a 400-bed student housing community in Champaign. The property is located at 512 S. Third St., just west of the University of Illinois at Urbana-Champaign. The four-story building features 140 units, in-unit washers and dryers and balconies. Built in 2001, the property includes three shared courtyards and underground parking for 246 vehicles. The community is currently 95 percent preleased for the 2018-2019 school year. Scott Harris and Bryan Kunze of Marcus & Millichap represented the seller, a local private developer. The team also procured the buyer, a Denver-based limited liability company.
HILLSBORO, ORE. — The Wolff Company has announced plans for Revel AmberGlen, a 140-unit independent living community in the Portland suburb of Hillsboro. Wolff plans to break ground later this year for a planned completion in 2020. The four-story property will be located in the Tualatin Valley on the west side of Portland. Revel AmberGlen is the 12th senior living community that The Wolff Company has developed since 2016. The company plans to invest $300 million to $400 million annually in the development of new independent and assisted living communities, in addition to the purchase and renovation of existing communities.
CORONA, CALIF. — A joint venture between Wermers Properties and Watermarke Properties has developed The Metro, a mixed-use property located in the center of the Main Street Corridor in Corona. The transit-oriented development features 286 residential units and more than 70,000 square feet of retail space. Currently signed retailers include Starbucks Coffee, Z-Pizza Tap Room, Poke Cat, Burgerim, America’s Best Eyeglass, Citibank, Organic Junkie, Paws at Main, Nail & Spa Today, D’Vine Mediterranean, Meraki Salon and Union Barber.
FORT MYERS, FLA. — Cushman & Wakefield has brokered the $71.4 million sale of Spectra Apartments, a 324-unit multifamily community in Fort Myers. Robert Given, Zachary Sackley, Neal Victor, Luis Elorza, Brad Capas and Gary Tasman of Cushman & Wakefield arranged the transaction on behalf of the seller, Naples-based Stock Development, which completed construction on the property in July 2017. Mark Grace and Will Baker of Walker & Dunlop represented the buyer, a joint venture between Coastal Ridge Real Estate and H. Katz Capital, and secured a Freddie Mac loan on behalf of the partnership. The deal marks the 20th joint venture acquisition between the firms, which currently own and operate $867 million of student housing and multifamily properties throughout the U.S. Spectra Apartments offers a mix of one- to three-bedroom units with an average size of 993 square feet. Community amenities include a resort-style pool, cabanas with TVs and wet bar, tennis court, playground, cardio and yoga rooms, fitness center and a dog park.
CAMBRIDGE, MASS. — CBRE/New England has arranged the sale of 14 Centre Street, an apartment building located between Central and Harvard squares in Cambridge. Cambridge Centre LLC, an affiliate of Chestnut Hill Realty, sold the property for $11.8 million. Built in 1910, the four-story building features nine one-bedroom units and eight two-bedroom apartments with an average unit size of 1,159 square feet. Simon Butler and Biria St. John of CBRE/NE represented the seller and procured the undisclosed buyer in the transaction.
PHILADELPHIA — Hunt Mortgage Group has provided a $5.5 million Freddie Mac Small Business Loan to finance the acquisition of Reach Lofts Apartments, an affordable multifamily property located at 1701-1707 Tulip St. in Philadelphia. The borrower is MM Equity Partners Philly LLC. The seven-year fixed-rate loan features an 84-month overall term with the first two years as interest-only payments followed by seven years of 30-year amortization and a yield management prepayment schedule. The five-story apartment building features 30 residential units in a mix of one- and two-bedroom layouts. Property amenities include in-unit washers and dryers, bike storage and a furnished roof deck.
BEDFORD AND FORT WORTH, TEXAS — Transwestern has brokered the sale of two multifamily communities totaling 796 units in the Fort Worth area. An undisclosed local investment partnership purchased the 464-unit Oak Creek in Bedford and the 332-unit Oakland Hills in Fort Worth. Taylor Snoddy, Philip Wiegand and James Roberts of Transwestern represented the seller, Madera Residential, in the portfolio transaction. The new ownership has since rebranded the assets as Morgan Apartments and Asher Apartments, respectively.
