SACHSE, TEXAS — Mustang Creek Estates will develop a $7.5 million assisted living and memory care facility in the Dallas-Fort Worth metro of Sachse. The 42,000-square-foot Mustang Creek Estates at Sachse is expected to open this fall and create as many as 50 new staffing jobs. The property will be Mustang Creek’s fifth seniors housing asset in the Dallas-Fort Worth area.
SANDY SPRINGS, GA. — Moran & Co. Southeast has brokered the $63.5 million sale of M789, a 33-story apartment high-rise located at 789 Hammond Drive in Sandy Springs, a suburb of Atlanta. The property’s 300 units average 1,221 square feet. Chicago-based Magnolia Capital purchased M789 from Austin, Texas-based CWS Capital LLC. Sean Henry and Joel Sasser of Moran & Co. Southeast brokered the transaction. The apartment tower’s amenities include a 24/7 concierge, resident clubroom, media lounge, entertaining kitchen, business center, resort-style pool and sundeck, fitness center, tennis court, on-site dry cleaners, sundries store and a private dog park.
BRADENTON AND ST. PETERSBURG, FLA. — Goldman Sachs has provided $54.3 million in financing for two apartment communities in the Tampa Bay area. The properties include the 281-unit Fountain Lakes Apartments located at 5620 Fountain Lake Circle in Bradenton and the 276-unit Sienna Bay Apartments located at 10501 3rd St. in St. Petersburg. Mona Carlton, Elliott Throne and Matthew Sand of HFF arranged the two 10-year, fixed-rate loans through Goldman Sachs. The borrower, Beachwold Residential, will use the financing to retire existing bridge financing and return sponsor equity following a renovation/expansion program at both communities.
WEST MELBOURNE, FLA. — Passco Cos. has purchased The Haven at West Melbourne, a 336-unit apartment community located at 4550 Explorer Drive in West Melbourne, part of Florida’s “Space Coast” in Brevard County along the Atlantic Ocean. Community amenities include a resort-style pool and sundeck, business center, sand volleyball court, children’s play park and a yoga center. The property was 95 percent occupied at the time of sale. Jay Ballard and Ken Delvillar of Cushman & Wakefield’s Orlando office represented the seller, Flournoy Cos., in the transaction. Chris Black of KeyBank Real Estate Capital arranged acquisition financing through Fannie Mae on behalf of Passco Cos.
WESTFIELD, N.J. — Redwood Realty Advisors has negotiated the $3.5 million sale of a multifamily development site in Westfield. The site will be developed into a three-story apartment project known as “The Parker,” featuring 26 market-rate units and five affordable rentals. Westfield Auto Wash formerly occupied the location at the corner of West Broad Street. Redwood’s Jeremy Wernick represented both the seller, Jeff Zoraian, and the buyer, a New Jersey-based multifamily developer, in the transaction.
CHICAGO — Essex Realty Group Inc. has brokered the sale of a 44-unit multifamily building in Chicago’s Sheridan Park neighborhood for $6.1 million. The property, located at 4706 N. Beacon St., consists of studio, one- and two-bedroom apartments. The building was fully renovated in 2007, including all major building systems. Doug Fisher of Essex represented the undisclosed seller. Doug Imber and Kate Varde of Essex represented the undisclosed buyer.
NEW YORK CITY — Madison Realty Capital (MRC) has provided a $53.5 million first mortgage loan for the acquisition of a 90,000-square-foot development site located on Metropolitan Avenue and Graham Avenue in the Williamsburg neighborhood of Brooklyn. SL Development acquired the property, which operated as an umbrella factory since 1933. The financing also will also fund the conversion of the asset into a mixed-use property. Upon completion, the development will include 69 residential condominiums with 18 parking spaces and 20,000 square feet of retail. Rawlings Architects designed the project, which will also feature a resident gym and a roof deck. Construction is expected to begin this month and be completed in July 2019. Aaron Appel, Michael Diaz and Alex Witt from Jones Lang LaSalle sourced the deal to MRC and represented the borrower in the transaction.
NEW YORK CITY — The Britannia Group has negotiated the $23 million sale of a 41-unit apartment property in the South Williamsburg neighborhood of Brooklyn. Britannia’s Jacob Rogosnitzky and David Zlotnick represented the buyer, a German family, in the acquisition of the property at 218 S. 3rd St.
EAST ORANGE, N.J. — Gebroe-Hammer Associates has arranged the $11.3 million sale of 44 apartment units at 75 Prospect St. in East Orange. The property is known as Castle on Prospect. Gebroe-Hammer’s David Oropeza represented the seller and procured the buyer, a longtime East Orange investor, in the transaction. Built in the late 1920s, the property includes three two bedroom/one bath units, three two bedroom/two bath units, 21 three bedroom/two bath units, 17 four bedroom/three bath units and one five bedroom/four bath unit.
FRANKLIN, MASS. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of The Estate at Franklin, an 81-unit seniors housing facility in Franklin. Mark Myers, Joshua Jandris and Matthew Andriano of IPA represented the seller, a family-owned real estate development company, and procured the buyer, a privately held real estate investment and property management firm. Completed in 2014, The Estate at Franklin is located seven miles from the 141-bed Landmark Medical Center.
