LOS ANGELES — Universe Holdings has secured a $9.2 million loan for the 50-unit Sycamores apartments in the Los Angeles submarket of Inglewood. The community is located at 875 Victor Ave. The Sycamores was built in 1972. Universe Holdings has renovated and modernized the asset since it acquired the property in 2014. The refinancing retired existing debt and the original principal and improvement capital. It was arranged by HFF’s Charles Halladay.
SACRAMENTO, CALIF. — Hunt Mortgage Group has provided a $5 million loan to Promise Keeper LLC for the acquisition of the 72-unit Arden Villas apartment community in Sacramento. The community is located at 2043-2045 Wyda Way. Arden Villas is currently 96 percent occupied. Units were recently updated with new flooring, countertops, cabinetry and hardware. Select units also contain a washer and dryer, central HVAC and/or small yards and patio spaces. The loan was a Freddie Mac Small Balance Loan.
HOUSTON — Austin-based investment firm The PPA Group, in a partnership with a private Israeli investment company, has acquired Citation North Apartment Homes, a 236-unit multifamily property in north Houston. Situated on eight acres at 411 Highland Cross Drive, the Class C property will be rebranded as Highland Cross Apartments. Grandbridge Real Estate Capital brokered the transaction.
TYLER, TEXAS — Abby Development has acquired 16 acres on Grand Boulevard near the intersection of Old Jacksonville Highway in Tyler for the development of Auberge of Tyler, a 234-unit, Class A multifamily community. Amenities will include a stocked fishing lake, saltwater pool, 24-hour fitness center, resident coffee bar and a yoga studio. Construction is scheduled to begin in late 2017, and completion is slated for the first quarter of 2019.
ARLINGTON, VA. — Jefferson Apartment Group has acquired a 0.6-acre site at 40000 Fairfax Drive in Arlington’s Rosslyn-Ballston area for the development of a new high-rise apartment tower. The 22-story property will be situated at the corner of Fairfax Drive and North Quincy Street and feature 264 below-grade parking spaces and 8,260 square feet of ground-level retail space. The site is approved for up to 330 residential units. Planned amenities at the yet-to-be-named property include a rooftop swimming pool, fitness center, clubroom, rooftop outdoor lounge and 24/7 concierge services. Jefferson Apartment Group plans to break ground in the fourth quarter and pursue LEED Gold certification. The McLean, Va.-based developer is building the high-rise in a joint venture with Mitsui Fudosan America Inc. (MFA), a U.S. subsidiary of a publicly traded Japanese real estate company. MFA is providing equity to the project.
MAITLAND, FLA. — Pollack Shores plans to build a 237-unit lakefront apartment community in Maitland, a suburb of Orlando. The Atlanta-based developer will demolish the existing Maitland Shores, a vacant 1960s-era complex situated on Lake Avenue fronting Lake Gem. The new apartment community will feature a resort-style pool with an outdoor kitchen and a bar area, as well as a lighted biking and pedestrian trail that will connect to the City of Maitland’s trail east of the property. The development will also feature 20 private garages and a newly rebuilt fishing dock and gathering areas with fire pits. The project team includes architect Poole & Poole Architecture and general contractor Oxford Construction. Pollack Shores’ subsidiary, Matrix Residential, will manage the apartment community upon completion, which is expected to be 15 months after construction begins.
BOSTON — Blackstone Real Estate Income Trust has purchased a six-property multifamily portfolio that spans four states for $430 million. The assets contain a total of 2,514 units. TA Realty LLC sold the portfolio on behalf of its Realty Associates Fund IX. The assets are situated in high-barrier-to-entry markets such as Dallas, Chicago and Orlando, supported by favorable demographic trends and positive economic indicators, according to TA Realty. Although the specific properties were not disclosed, CoStar notes that TA recently sold a 461-unit complex in Orlando for $105 million. Other properties CoStar believes to be included in the acquisition are the 483-unit Preserve at Osprey in Gurnee, Ill.; the 479-unit San Merano at Mirasol in Palm Beach Gardens, Fla.; the 312-unit Mason Park in Katy, Texas; and the 309-unit West End at City Center in Lenexa, Kan. “We believe the outcome of this transaction represents compelling value for Fund IX investors,” says Tom Landry, managing partner at TA Realty. “The price we were able to command for this well-located portfolio of apartment communities reflects the significant value created through strategic operational and capital improvements over the ownership period.” This is TA Realty’s second major disposition this month. On April 4, …
SAN ANTONIO — Cadence McShane Construction Co. has broken ground on 120 Ninth Street Apartments, a 220-unit multifamily property that will be located along the River Walk area of San Antonio. Situated on 2.2 acres, the five-story building will house four studio apartments, 165 one-bedroom units and 40 two-bedroom units. Amenities will include a fitness center, central courtyard with a bocce ball court, pool and grilling stations. SC Bodner Co., an Indianapolis-based firm, is the developer of the project, the first phase of which is slated for September 2018 completion.
HARLINGEN, TEXAS — KeyBank Real Estate Capital has arranged $15.4 million in first mortgage financing for Regency-Windsor Atrium View, a skilled nursing facility in the south Texas city of Harlingen. Located at 1814 Atrium Place Drive, the facility, which was built in 2012, offers 120 beds. John Randolph of KeyBank arranged the loan, which has a 35-year amortization schedule, to refinance existing debt on the property.
HOUSTON — Allied Orion Group has begun leasing Eighteen25, a 242-unit midrise apartment community located at 1825 San Jacinto St. near Interstate 45 in downtown Houston. The property, which is slated for August move-ins, consists of studio, one- and two-bedroom apartments. Amenities include a rooftop pool, fitness center, business center, parking garage and 24-hour dry cleaning service.
