BOSTON — An affiliate of Wingate Cos. has completed the renovation of Forte at 1440 Beacon, a 136-unit apartment building in Boston’s Brookline neighborhood. The property was originally built in 1949, and the renovation entailed upgrades to the lobby, common areas, building exterior and mechanical and utility systems. The project team also enhanced existing amenities and added some additional recreational spaces and features. Dario Designs was the project architect, and Nauset Construction was the general contractor.
TUCSON, ARIZ. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of River Oaks, a 300-unit multifamily property located on Boardway Boulevard in East Tucson. Terms of the transaction were not disclosed. IPA’s Clint Wadlund and Hamid Panahi represented the seller and procured the buyer. Built in 1982 on 10 acres, River Oaks features a mix of studio, one- and two-bedroom apartments. Community amenities include a standalone clubhouse, two pools, a playground and three laundry facilities.
WASHINGTON, D.C. — Meridian Capital Group has arranged a $50 million bridge-to-agency loan for the refinancing of Langston Views, a 671-unit apartment complex located at 2300 Marion Barry Ave. SE in Washington, D.C. Meridian Capital arranged the financing through NewBridge Lending on behalf of the Chicago-based borrower, Clear Investment Group, which purchased the residential property from foreclosure in December 2024. Since acquisition, Clear has invested in capital improvements to Langston Views, including 24/7 onsite personnel, a fob entry system, new swimming pool and a community room. Built in 1966, the property comprises two 12-story residential towers and multiple garden-style apartment buildings. The development was 85 percent occupied at the time of financing.
FORT COLLINS, COLO. — Senior Living Investment Brokerage (SLIB) has arranged the sale of an eight-property seniors housing portfolio located in Colorado. A Fort Collins-based seller, which also served as the portfolio’s operator, sold the portfolio to a Tennessee-based REIT for an undisclosed price. Totaling 540 units, the communities are located in Fort Collins, Loveland and Windsor. An Oregon-based operator will manage the portfolio on behalf of the new ownership. Vince Viverito, Jason Punzel and Jeff Binder of SLIB represented the seller in the deal. SLIB previously brokered the sale of a five-community senior living portfolio on behalf of the seller. With this transaction, the seller has fully divested its 13-asset seniors housing portfolio.
BELMONT, CALIF. — Marcus & Millichap has directed the sale of El Dorado Apartments, a multifamily community in Belmont. The assed traded for $20.2 million, or $518,910 per unit. Robert Johnston, Adam Levin and Arman Sadigh of Marcus & Millichap represented the undisclosed seller and procured the undisclosed buyer in the deal. Constructed in 1962, El Dorado Apartments features 39 units in a mix of one- and two-bedroom layouts. Unit interiors have been upgraded and select units have washers/dryers, dishwashers, stainless steel appliances, modern cabinetry and kitchen islands. Community amenities include a fitness center and private covered parking.
NEW ALBANY, IND. — Marcus & Millichap has arranged the sale and financing of The Villas at Green Valley, an 84-unit multifamily property in New Albany near Louisville. The asset sold for $14.1 million. Tony Rogers and Aaron Kuroiwa of Marcus & Millichap represented the seller, a southern Indiana-based developer, and procured the buyer, a California-based investor. Chad O’Connor of Marcus & Millichap Capital Corp. secured $9.2 million in financing through a national bank on behalf of the buyer. The loan features a 10-year term, 65 percent loan-to-value ratio, 5.85 percent interest rate and 30-year amortization period. Built in 2023, The Villas at Green Valley is situated on Green Valley Road and features a mix of one-, two- and three-bedroom floor plans across 93,840 rentable square feet. The new ownership plans to enhance the amenity package by utilizing additional green space.
KALAMAZOO, MICH. — GREA has brokered the sale of Big Bend Apartments, a 128-unit low-income housing tax credit community in Kalamazoo. Constructed in 2004, the property features a mix of two- and three-bedroom units. GREA facilitated the disposition of the asset on behalf of the original developer.
DENTON, TEXAS — The NRP Group, a Cleveland-based multifamily developer, has broken ground on Arbor Ranch, a 297-unit affordable housing project in the North Texas city of Denton. The site at 2820 Roselawn Drive spans 22 acres, and the development will consist of nine three-story buildings that will house one-, two-, three- and four-bedroom units and will be reserved for households earning between 30 and 70 percent of the area median income. Amenities will include a pool, playground, barbecue and picnic areas, children’s activity room and a community lounge, and residents will also have access to various onsite social services. Younger Partners brokered the sale of the land. Truist Bank provided a $68 million construction loan for the project. The first units are expected to be available for occupancy early next year.
EDGEWATER, N.J. — JLL has arranged a $109.5 million bridge loan for refinancing of a 226-unit, newly renovated apartment building in the Northern New Jersey community of Edgewater. Edgewater Riello features one-, two-, three- and four-bedroom units with an average size of 1,139 square feet, as well as penthouse suites. Amenities include a fitness center, sauna, golf simulator, resident party room and an outdoor lounge. JLL arranged the three-year, floating-rate loan through MF1 Capital on behalf of the sponsors, Skylight Real Estate Partners and PCCP.
LONG BEACH, CALIF. — JLL Capital Markets has arranged $46.3 million in refinancing for 200 W. Ocean, a 106-unit multifamily community in downtown Long Beach. Jeff Sause, Jacob Michael and Thomas Gonzalez of JLL represented the undisclosed borrower in the financing. The property is an adaptive reuse of a former Class B office building that was redeveloped into a multifamily property atop a three-story subterranean garage. Delivered in August 2022, the community features an amenity deck with a pool and fireplaces, a fitness center and smart-entry features.