NEW YORK CITY — Bellwether Enterprise Real Estate Capital has expanded its affordable housing lending group in New York City. The company has hired three team members to exclusively focus on Federal Housing Administration lending in the New York region. Hadley Bressman and John Mannix have joined the company as senior vice presidents and loan originators, and Nicole Bressman has joined as an analyst. Hadley Bressman and Nicole Bressman most recently served at the Hadley Group, while Mannix previously served at Merchant Equity Group. Bellwether Enterprise is a national, full-service commercial and multifamily mortgage banking company and a subsidiary of Enterprise Community Investment Inc.
LAWRENCEVILLE, GA. — Steadfast Apartment REIT III Inc. (STAR III) has purchased Reflections on Sweetwater, a 280-unit apartment community located in Lawrenceville, a northeast suburb of Atlanta in Gwinnett County. STAR III purchased the asset from the undisclosed seller for $32.4 million. Built in 1996, Reflections features one-, two- and three-bedroom units averaging 933 square feet, with rents averaging $965 per month. Unit interiors include 9-foot ceilings, washer/dryer connections, crown molding, built-in bookshelves, breakfast bars, ceiling fans and private balconies or patios. Community amenities include a resort-style pool with a sundeck, 24-hour fitness center, playground, clubhouse with resident lounge, outdoor grills, business center, lighted tennis-courts, walking trail, on-site lake, car-washing station and detached garage parking. The property was 95.7 percent occupied at the time of sale. The previous owner upgraded half of the apartment units, and STAR III plans to renovate and paint the remaining units when turning the apartments between residents.
ALTAMONTE SPRINGS, FLA. — CBRE has brokered the $31 million sale of Charter Pointe, a 312-unit apartment community located at the corner of Ballard Street and South Ronald Reagan Boulevard in Altamonte Springs, roughly 10 miles north of Orlando. Jacksonville-based Michaelson Group purchased the property from Sarasota, Fla.-based Insula Cos. Built in the 1970s, the newly renovated, 258,000-square-foot property sits on 19 acres near Eastmonte Park. In addition to recent upgrades including new signage and roofs, Charter Pointe features a clubhouse, fitness center, two pools, pet spa and an outdoor kitchen. Shelton Granade, Luke Wickham and Justin Basquill of CBRE represented the seller in the transaction.
MUNDELEIN, ILL. — Evergreen Real Estate Group has begun pre-leasing at Fairhaven Crossing, an affordable housing community in Mundelein, about 35 miles northwest of Chicago. The $13.5 million project is part of a larger initiative to turn downtown Mundelein into a walkable mixed-use district. Located at 407 E. Hawley St., the transit-oriented development consists of 40 units. The site was previously home to an industrial building that was converted into the three-story residential building. The redevelopment was partially funded using $5.6 million in low-income housing tax credit financing secured by Evergreen Real Estate.
TORONTO AND GREENWICH, CONN. — Milestone Apartments Real Estate Investment Trust (TSX: MST.UN), a Toronto-based multifamily REIT, has entered into an agreement with an affiliate of Starwood Capital Group whereby Starwood will acquire all of Milestone’s subsidiaries and assets. The transaction, which is expected to close in the second quarter of this year, is valued at $2.85 billion (USD). Milestone’s board of trustees has unanimously approved the acquisition and recommends that its shareholders vote in favor of the transaction. Milestone’s shareholders will receive $16.15 per share in cash upon closing, and the REIT expects to continue paying its monthly distributions in the normal course through closing. Milestone REIT’s portfolio consists of 78 garden-style apartment properties comprising 24,061 apartment units that are located in 16 major metropolitan markets throughout the Southeast and Southwest. Nearly half of the REIT’s holdings are in Texas. The transaction’s average price per apartment unit of approximately $120,000 compares favorably to Milestone’s current book value of approximately $109,500 per apartment unit. Starwood’s acquisition of Milestone’s portfolio of multifamily properties and operating platform of more than 1,200 employees will allow the firm to grow its multifamily footprint, especially in the Sunbelt region, where Starwood owns more than 67,000 …
TUCSON, ARIZ. — A limited liability company has purchased the 236-unit 3 At West Ajo apartment building in Tucson for $7 million. The community is located at 1240, 1310 and 1502 West Ajo Way. Peter Flis of Marcus & Millichap represented the LLC. The firm’s Hamid Panahi, Cliff David, Steve Gebing and James Crawley represented the seller, another LLC.
HOLBROOK, N.Y. — Clarion Partners has completed the sale of Broadway Knolls, a garden-style apartment building located at 2200 Dolphin Lane in Holbrook. A private buyer acquired the property for $81.9 million, or $290,000 per unit. Built in 2006, the 22-building property features 284 units in one- and two-bedroom layouts, a fitness center, outdoor swimming pool, grilling area, fire pit, basketball and tennis courts, playground, dog park, community room, business center and walking trail. Jose Cruz, Kevin O’Hearn, Michael Oliver, Stephen Simonelli and Marc Duval of HFF, in collaboration with Select Real Equity Advisors, represented the seller in the deal.
SAN ANTONIO — The PPA Group has sold Kenton Place, a multifamily property located on 20 acres in northeast San Antonio. A private buyer acquired the 244-unit property for an undisclosed price. In 2008, The PPA Group originally purchased Kenton Place as part of a three-property portfolio that featured 10 acres of vacant land. The company renovated and updated the property and increased its NOI by 22 percent during its ownership period.
EL PASO, TEXAS — Hunt Mortgage Partners has provided $5.2 million in financing for the acquisition and rehabilitation of Father Carlos Pinto Memorial Apartments in downtown El Paso. The Freddie Mac tax-exempt loan features an 18-year term, two years of interest-only payments and a 35-year amortization schedule. Paisano Housing Redevelopment Corp. will use the financing to purchase and renovate the 113-unit property, which is restricted to residents age 62 or old. After the $6.5 million renovation, the property will offer one- and two-bedroom units for seniors.
OAK BROOK, ILL. — McShane Construction Co. has been selected by Interforum Holdings to construct Lakeside Village of Oak Brook, a 315-unit apartment complex in Oak Brook. The building will be constructed on a six-acre parcel located off Royce Boulevard. The four-story development will feature an urban “Texas donut” design in which the residential component is constructed around a central core parking garage. The property will consist of 40 one-, 263 two- and 12 three-bedroom floor plans. Amenities will include a fitness center, business center, swimming pool, playground, dog park and dog washing station. Construction will be completed in phases with move-ins beginning in early 2018. The entire development will be completed in late 2018. Baranyk Associates Ltd. is providing architectural services.