DENVER — An unnamed buyer has purchased a 41-unit apartment community in Denver for $6.6 million. The community is located at 2920 W. 32nd Ave. in the Highlands neighborhood. The asset is fully occupied. Josh Newell of the Newell Team represented the buyer in a 1031 exchange that swapped a stabilized asset for this value-add opportunity. Jeff Johnson of Pinnacle Real Estate Advisors’ Johnson Ritter Team represented the seller in this transaction.
AURORA, COLO. — An Inland Real Estate Acquisitions affiliate has acquired the 200-unit Arterra Place Apartments in Aurora for an undisclosed sum. The community is located at 17036 E. Ohio Drive. Arterra Place was built in 2014. Each unit features nine-foot ceilings, granite countertops, a fireplace, walk-in closets, full-size washer and dryer, balcony and scenic mountain views. The property also features community amenities like a clubhouse with Wi-Fi, media room, heated swimming pool, outdoor fireplaces, 24-hour fitness center, bicycle/jogging path, barbecue grills, playground and heated pet wash station. Matthew Tice of Inland Real Estate Acquisitions executed the transaction.
ISSAQUAH, WASH. — Kennedy Wilson (KW) has purchased the 343-unit Atlas apartment complex in the Seattle suburb of Issaquah for $135 million. The community is located at 1036 7th Ave. NW. Atlas features a mix of studio, one- and two-bedroom units ranging from 513 square feet to 1,239 square feet across five mid-rise buildings. The brand-new community includes a fitness center and exercise studio, co-working pods, lounge areas, fire pit, and large outdoor courtyard with seating and barbecue grills. Atlas was one of four properties acquired through a 1031 exchange with proceeds generated from the recent sale of Summer House, a wholly owned, 615-unit apartment community in Alameda, Calif. KW invested $52 million of equity and secured a 10-year, interest-only loan for $84 million at a fixed-rate of 3.86 percent.
ANAHEIM, CALIF. — Kisco Senior Living has completed expansion and renovations at Emerald Court, an independent living and assisted living community in Anaheim. The $22.5 million project includes a new two-story building with 58 assisted living residences, a demonstration kitchen and dining venue, and a wellness center. The expansion physically connects with the existing building and adds additional space to the courtyard. As part of the project, renovations were made to the main dining room, as well as corridors, lighting, the activity room and the salon of the existing building. A total of 58,000 square feet was added to the community overall. Following the expansion, Emerald Court now features 146 independent living and 104 assisted living apartments.
COLORADO SPRINGS, COLO. — Pride Rock has acquired The Preserve at Hidden Creek, an apartment community in Colorado Springs, for an undisclosed sum. The 240-unit community is located at 5910 Vista Ridge Point. The Preserve was built in 1996. Many of the units have been recently upgraded with vinyl plank flooring, new appliances and refinished countertops. Community amenities include a clubhouse, fitness center, pool, hot tub, barbecue grilling station, fire pit and more than 480 parking spaces. The low-density, garden-style community is adjacent to the Sunset Mesa open space with access to trails and recreation. CBRE’s Dan Woodward, David Potarf, Matt Barnett and Jake Young represented the seller, Griffis Blessing, in this transaction.
MURRIETA, CALIF. — Lee & Associates – North San Diego County has arranged the sale of seven acres of land in Murrieta, located between Los Angeles and San Diego, for $1.3 million. The buyer plans to construct a 137-unit memory care community on the site. The plot is an infill development opportunity located near retail, schools, parks and new residential developments in the expanding region. Murrieta’s population more than doubled between 2000 and 2010, according to Lee & Associates. Al Apuzzo and Matt Weaver of Lee & Associates – North San Diego County and Brian Bielatowicz of Lee & Associates – Temecula represented both the seller, The United Church of the Valley, and the buyer, Riverside Care Group LLC of Seattle.
NEW YORK CITY — Cignature Realty Associates has facilitated the sale of a six-story multifamily building located at 221 Wadsworth Ave. in the Washington Heights section of Manhattan. An undisclosed buyer acquired the building for $13.2 million. Built in 1928, the 41,736-square-foot building features 54 apartments. Peter Vanderpool and Lazer Sternhell of Cignature Realty represented the undisclosed seller and buyer in the transaction.
CHICAGO — Kiser Group and Affordable Housing Investment Brokerage Inc. (AHIB) have negotiated the sale of 167 affordable housing units in Chicago for $11.2 million. Lyndale Place is a 67-unit property located at 2575 W. Lyndale St. in the Logan Square neighborhood. Renaissance West is a 111-unit building located at 2517 W. Fullerton Ave. in the Bucktown neighborhood. The Habitat Co. purchased the portfolio from Renaissance Cos. Michael D’Agnostino of Kiser Group and Kyle Shoemaker of AHIB brokered the transaction.
JOHNSTON, IOWA — R&R Realty Group has opened Residences at 62W in Johnston, about 10 miles northwest of Des Moines. The 137-unit apartment community features one-, two- and three-bedroom floor plans. The property, located on 62nd Avenue, features amenities such as a health center, yoga room, game room, pet spa and pool deck. West Des Moines, Iowa-based R&R Realty Group is a full-service real estate company with development, brokerage, construction and property management services.
MCKINNEY, TEXAS — New York-based GFI Capital Resources Group has acquired Venue Craig Ranch, a 277-unit multifamily community located within the Craig Ranch master-planned community in McKinney. Developed by Davis Development, the property features a mix of one-, two- and three-bedroom units across seven buildings. Amenities include a pool, fitness center, a game room, putting green and pet park. The property was 87 percent occupied at the time of sale.
