DALLAS — Marcus & Millichap has brokered the sale of five multifamily communities in the Dallas-Fort Worth area for $45.6 million. The company’s Dallas-based Fluellen|Hoover Multifamily investment sales team, led by Nick Fluellen and Bard Hoover, arranged the transaction. The portfolio totals 705 units and includes West Wind, 160 units, Irving; La Jolla Terrace, 340 units, Fort Worth; Castle Glen, 48 units, Garland; Northridge Court, 85 units, Cleburne; and Social House, 72 units, Nacogdoches.
TULSA, OKLA. — KeyBank Real Estate Capital has provided a $9.1 million HUD loan to LEDIC Realty Co. for the rehabilitation of Quail Creek Villa, an affordable seniors housing community in Tulsa. The community is restricted to residents over 62 years of age and those with disabilities. All 120 units of the property are reserved for those making 60 percent or less of the area median income. Jeff Rodman of Key’s Commercial Mortgage Group and Kelly Frank of Key’s Community Development Lending and Investment (CDLI) group arranged the financing.
NORWOOD, MASS. — Bellwether Enterprise Real Estate Capital has arranged $41.5 million in joint venture equity financing on behalf of John M. Corcoran and Co. for the $199 million acquisition of Windsor Garden Apartments in Norwood. The deal is the first equity financing of Bellwether’s New Orleans-based equity products division since its formation in November 2016. The company’s Todd Johnson arranged and structured the joint venture equity, which was provided by a New York City-based real estate investment fund. Located in metro Boston, Windsor Garden Apartments is a 914-unit apartment community. The complex includes 31 three-story apartment buildings, 36 two-story townhouses and six accessory buildings including a clubhouse and daycare center. Units range from one to three bedrooms and range from 580 to 1,210 square feet. The community features an on-site commuter rail station providing service to Boston’s Back Bay and South Station.
NEW YORK CITY — Eastern Consolidated has negotiated the $52 million sale of a multifamily portfolio consisting of four six-story buildings at 60-68 W. 107th Street between Columbus and Manhattan avenues in the Upper West Side. The four buildings include more than 100,000 square feet and include 100 apartments, of which 25 are two-bedroom units and 75 are three-bedroom units. Eastern Consolidated’s Matt Sparks represented the seller, Suehar Associates, which has owned the buildings for over 60 years. The company’s Ron Solarz procured the buyer, FBE Limited.
NEW YORK CITY — NGKF Capital Markets, serving as advisor to Quality Capital, has arranged a $59 million loan for 827-831 Broadway in Manhattan’s Greenwich Village neighborhood from LoanCore Capital. The loan will be used to recapitalize the multifamily property by retiring existing debt. Jordan Roeschlaub and Daniel Fromm of NGKF Capital Markets brokered the loan for Quality Capital. 827-831 Broadway consists of three interconnected buildings located at 827 Broadway, 831 Broadway and 47 E. 12th St. The property contains 75 feet of frontage on Broadway, with an additional 28 feet on East 12th Street. The owner purchased the property for $60 million in 2016. The residential units have since been vacated and the owner is completing renovations. The owner plans to hold on to the asset for the foreseeable future.
CHICAGO — The Habitat Co. has been awarded the property management and leasing contracts for two luxury apartment properties totaling 444 units in Chicago and Evanston, Ill. The Reserve at Evanston is a four-story building located at 1930 Ridge Ave. Habitat will consult on repositioning and upgrading the property, which opened in 2009. Amenities include a cyber café, fitness center, poolside gas grills and complimentary coffee bar. Barings owns the property. Slated to open this July, 640 North Wells consists of 250 apartment units. The new tower is located in Chicago’s River North neighborhood. Amenities include a rooftop swimming pool, fitness center, open-air terraces and lounges, billiards lounge and golf simulator. JDL Development is the developer.
MIAMI — The Related Group has acquired a 50 percent interest in Wynwood 25, a planned mixed-use development in Miami’s Wynwood district, from East End Capital. Wynwood 25 will feature 289 multifamily residences, 31,000 square feet of retail space and 340 parking spaces. Related Group and East End Capital plan to break ground on the project this summer. Situated between 24th and 25th Streets near 2nd Avenue, the property will feature studio, one- and two-bedroom units with rents starting at $1,400 per month. Community amenities will include a fitness center with a yoga studio, co-working office spaces, coffee lounge, courtyard, bike storage, package storage, dog wash facilities and a rooftop terrace with a pool, grills, movie screen and outdoor and covered work areas.
FORT BELVOIR, VA. — Chesapeake Realty Partners has opened Belvoir Square, a 282-unit apartment community located outside of Fort Belvoir’s Tulley Gate in Fairfax County, roughly 20 miles south of Washington, D.C. The fitness-focused development features the country’s only MyEquilibria outdoor gym, an outdoor workout center that was imported from Italy. Nicknamed the “fitness tree,” MyEquilibria is the centerpiece of the outdoor Fitness Park and supports rings, pull-up bars and parallel bars. Workout stations with box steps, parallettes, level and incline benches, a battle rope and rotating push up handles surround the feature. Belvoir Square also features a 24-hour indoor gym known as the FX Well Fitness Center, which is equipped with treadmills, elliptical machines, a Jacobs Ladder machine, full weight rack and free weights. Complimentary group yoga classes will be offered at the FX Well Fitness Center, and personal training will soon be available. Other community amenities include dry cleaning services, a pet salon, central courtyard with gas grills and lounges, resident clubhouse, game room, business center and a walking trail. Chesapeake Realty has selected Greystar to manage the property.
BIRMINGHAM, ALA. — Financial Federal Bank’s Memphis office has arranged $31.8 million in acquisition financing for two multifamily communities in suburban Birmingham. The financing includes a $13.5 million loan for Mountain Lodge Apartments, a 254-unit community built in 1973, and a $18.3 million loan for Madison at Shoal Run Apartments, a 276-unit property built in 1986. Both communities were more than 90 percent occupied at the time of closing. Rick Wood and Jon Van Hoozer of Financial Federal arranged the 10-year, fixed-rate loans, which both feature four years of interest-only payments and 30-year amortization schedules. Financial Federal arranged the financing through an agency lender’s green program, which allowed for the financing of energy- and water-saving improvements.
MAULDIN, S.C. — NAI Earle Furman has arranged the $13.5 million sale of Terrace at Butler Apartments, a 132-unit multifamily community located on East Butler Road in Mauldin, roughly eight miles south of Greenville. Engel Realty purchased the property from 771 East Butler Investors LLC. Built between 1999 and 2000, Terrace at Butler was 94 percent occupied at the time of sale. Tony Bonitati, Kay Hill and Bern DuPree of NAI Earle Furman represented the seller in the transaction. Engel Realty was self-represented.
