LONG BEACH, CALIF. — Killefer Flammang Architects (KFA) has completed Immanuel Place, an affordable seniors housing community in the Bluff Heights Historic District of Long Beach. The $12 million project converted the 90-year-old Immanuel Church into a 31,000-square-foot, 25-unit community. Thomas Safran & Associates developed the property. The adaptive reuse project preserved the church’s stained-glass windows, pipe organ and three-story sanctuary. The development also moved an adjacent home to another area of Long Beach, making room for a parking lot. Immanuel Place was financed through a combination of Low Income Housing Tax Credit equity from Union Bank, an Infill Grant from the California State Department of Housing and Community Development, a loan from the U.S. Department of Housing and Urban Development (HUD), HOME Investment Partnership Program funds from the City of Long Beach/The Long Beach Community Investment Co., a loan from the Community Development Commission of the County of Los Angeles and funds from the Federal Home Loan Bank. KFA is an architecture and design firm specializing in urban infill and adaptive reuse projects. The company is based in Santa Monica, Calif.
JUPITER, FLA. — Northland Investment Corp. has purchased two adjacent multifamily communities in Jupiter for a combined $56 million. Preston Giuliano Capital Partners sold the two assets — Mallards Cove and Shell Trace — that together total 359 units. Matt Mitchell, Jaret Turkell, Maurice Habif, Zach Nolan and Simon Banke of HFF arranged the transaction on behalf of the seller. Upon purchasing, Northland Investment combined the two properties and rebranded the community as Jupiter Isle. The property, located at 6705 Mallard Cove, comprises 46 two-story buildings and offers one- and two-bedroom units averaging 818 square feet. Apartment units feature walk-in closets, in-unit washers and dryers and balconies or patios. Community amenities include a pool, fitness center, clubhouse and onsite maintenance and management. Jupiter Isle was 97 percent occupied at the time of sale.
CUMMING, GA. — Preferred Apartment Communities Inc. (PAC) has received a $20.1 million loan from Mid First Bank for the acquisition of Reserve at Summit Crossing, a 172-unit apartment community in the Atlanta suburb of Cumming. The loan features a 30-year amortization schedule and a fixed interest rate of 3.87 percent. PAC acquired the community through a wholly owned subsidiary. The seller and sales price were not disclosed. Reserve at Summit Crossing features a fitness center, yoga studio, clubhouse, saltwater pool and a fire pit with outdoor seating.
BELLEVUE, OHIO — Marcus & Millichap has arranged the sale of Shadow Hill in Bellevue, located in central northern Ohio, for $1.3 million. The 40-unit apartment property is located at 300 Derby Lane. The property, comprised of five buildings on 3.7 acres, features a mix of two- and three-bedroom units. The Barron, Burkons & Wintermute group of Marcus & Millichap marketed the property on behalf of the seller, an out-of-state limited liability company. The team also procured the buyer, a regional limited liability company.
MCKINNEY, TEXAS — Orlando-based multifamily developer ZOM Living has broken ground on The KINSTEAD, a $45 million, garden-style apartment community in McKinney. The 376-unit property will comprise six three-story buildings, the first units of which are scheduled for a first-quarter 2018 delivery. Amenities will include a coffee bar, yoga or spin room and sports simulator. Stanford Construction will serve as general contractor for the project, which is ZOM Living’s fifth in the Dallas area and 10th overall in Texas.
FORT WORTH, TEXAS — Marcus & Millichap has brokered the sale of Normandale Place Apartments, a 130-unit multifamily complex located at 8713 S. Normandale St. in Fort Worth. The property offers a mix of studio, one- and two-bedroom units. Mark Allen of Marcus & Millichap represented the seller and procured the buyer, an undisclosed partnership and limited partnership, respectively.
FITCHBURG, MASS. — WinnCompanies has completed a $24.5 million transformation of a 112-year-old yarn mill into a mixed-income multifamily property in Fitchburg. Situated on 7.4 acres along the Nashua River, the three-story, 190,000-square-foot Yarn Works Apartments features 96 residential rental units. The property features a current tenancy mix of 30 percent market renters, 30 percent middle income/workforce earners and 40 percent for residents earning 60 percent or below the area median income. The Architectural Team served as architect, while Colantonia Inc. served as general contractor. WinnResidential manages the property.
BOSTON — Akelius US has purchased a multifamily building located at 12-14 Commonwealth Ave. in the Back Bay neighborhood of Boston. An undisclosed seller sold the asset for $33.5 million. Built in 1928, the property features 58 apartments.
LAKEWOOD, COLO. — Castle Lanterra Properties (CLP) has purchased the 257-unit Mountain Vista Apartments in the Denver suburb of Lakewood for an undisclosed sum. The community is located at 474 S. Wright St. Amenities include a resident clubhouse, business center, fitness center, two outdoor swimming pools, picnic areas with barbecue grills, dog park, parking and laundry rooms.
COLUMBIA, MO. — Brinkmann Constructors has completed the Rise on 9th, a 178-unit student housing property in Columbia, home of the University of Missouri. The 232,000-square-foot, 10-story property features 178 luxury apartment units. Floor plans range from studios to four-bedroom units with a total of 415 beds. Amenities include a pool and entertainment deck, fitness center, penthouse lounge and private study lounges. CA Student Living developed the property, while ACI Boland provided architectural services.