HOUSTON — The Houston Housing Authority (HHA), a provider of homes for low-income Houstonians, will break ground on a 154-unit multifamily property located at 302 Crosstimbers St. on Monday, March 20. The project for mixed-income residents represents HHA’s first multifamily development in the Independence Heights neighborhood, located slightly northwest of downtown, in more than a decade.
ATLANTA — CBRE has arranged the $36 million sale of 10 Perimeter Park, a 230-unit multifamily development in Chamblee, a northeastern suburb of Atlanta. Shea Campbell and Kevin Geiger of CBRE represented the seller, California-based Ardena Capital Management. The buyer, Aududon Communities, an Atlanta-based firm specializing in multifamily acquisitions, obtained the property by assuming the existing loan and sourcing a supplemental one.
MIAMI — Housing Trust Group has completed the $23 million development of Wagner Creek Apartments, a 73-unit complex located at 1501 N.W. 13th Court in Miami’s health district. Funding for the project included $17 million in equity from Raymond James Tax Credit Fund and a $3.4 million permanent loan from Citi Community Capital. The company broke ground on the development in November 2016.
NEW YORK CITY — Eastern Consolidated’s capital advisory division has arranged a $38.5 million construction loan for a 176,130-square-foot mixed-use development at 178-02 Hillside Ave. in Jamaica, Queens. The project will include 131 apartments on floors three through eight, over 10,000 square feet of retail space for a pharmacy, a 25,000-square-foot medical office space on the lower level and a public parking facility. Eastern Consolidated’s Adam Hakim, Andrew Iadeluca and James Murad arranged the transaction with Bank of the Ozarks on behalf of the borrower, Piermont Properties. Located at the northern end of Jamaica, 178-02 Hillside Ave. offers 200 feet of frontage. The corner site is adjacent to the neighborhoods of Jamaica Hills and Jamaica Estates, and above the F-Train 179 Street/Hillside Avenue Subway station.
SAN FRANCISCO — An anonymous buyer has acquired a 50-unit apartment building in San Francisco for $29.8 million The asset is located at 1755 Van Ness Ave. The community was built in 1928 and features steel-frame and brick-infill construction on a concrete foundation. It also contains two ground-floor retail units. Architect Albert H. Larsen designed the property. Union Bank’s Trust Department represented the building owner. James Devincenti and Brad Lagomarsino of Colliers International executed the transaction.
PORTLAND, ORE. — National Health Investors Inc. (NYSE: NHI) has acquired a 102-unit assisted living and memory care community in Portland for $26.2 million. The seller was Prestige Senior Living, which will continue to operate the property. The name of the community was not disclosed. The facility was added to the existing Prestige master lease with NHI that includes three skilled nursing facilities and one assisted living facility. The lease has a remaining term of 12 years. NHI funded the acquisition using its revolving credit facility. Based in Tennessee, NHI is a publicly traded REIT focused on sale-leaseback, joint-venture, mortgage and mezzanine financing of seniors housing and medical investments.
PHOENIX — Dalan Management has purchased the 224-unit Sterling on 28th Apartments in Phoenix for $14.3 million. The community is located at 11821 N. 28th Drive. The property is situated near Metrocenter mall and the North Mountain Redevelopment Area. Dalan plans to renovate the unit interiors to reposition the asset. David and Steve Gebing of Marcus & Millichap’s Institutional Property Advisors represented both the buyer and seller, Pacific Real Estate Partners, in this transaction.
LOS ANGELES — An unnamed buyer has acquired a 20-unit apartment complex in the Koreatown district of Los Angeles for $2.1 million. The community is located at 859 S. New Hampshire Ave. The asset was purchased as a value-add play. Adam Peterson of RE/MAX Commercial represented the seller, a family trust, in this transaction.
CHICAGO — American Realty Advisors (ARA) has acquired The Madison at Racine, a 216-unit luxury apartment community in Chicago’s West Loop. The purchase price was not disclosed. The 216-unit property is located at 1164 W. Madison St. The community features one- and two-bedroom apartments, as well as a rooftop with a sun deck, pool, hot tub and fire pits. Other amenities include a coffee bar, dog park and concierge services. John Jaeger, Dan Cohen and MJ Zaring of CBRE represented the seller, a partnership between Boston-based Intercontinental Real Estate Corp. and Chicago-based Ascend Real Estate Group.
WEST BLOOMINGTON, MINN. — CBRE has brokered the sale of Bristol Village in West Bloomington for an undisclosed price. The 290-unit apartment and townhome community is located at 7301 Bristol Village Drive. The property includes a 119-unit apartment building and 11 buildings of townhouse-style rental units. Amenities include a clubhouse, community room, fitness center and pool. The community was 98 percent occupied at the time of sale. Dominium, who originally developed the property in 1988, was the seller. An affiliate of TH Real Estate was the buyer. Keith Collins, Abe Appert and Laura Hanneman of CBRE represented Dominium in the transaction.