GRAND PRAIRIE, TEXAS — Global Real Estate Advisors (GREA) has arranged the sale of Cottonwood Park Village, a 175-unit apartment complex located in the central metroplex city of Grand Prairie. Built in the 1980s, the property offers a range of floor plans and amenities such as a pool, fitness center, outdoor grilling and dining stations and onsite laundry facilities. The buyer and seller were not disclosed. Cottonwood Park Village was 92 percent occupied at the time of sale.
OCEANSIDE, CALIF. — KeyBank Community Development Lending and Investment (CDLI) has provided Mirka Investments a $32 million tax-exempt construction loan and a $15 million taxable construction loan to finance the development of El Camino Real, an affordable housing community at 2136 S. El Camino Real in Oceanside. Additionally, a $27.8 million permanent loan will be privately placed with one of KeyBank Commercial Mortgage Group’s (CMG) institutional investors. El Camino Real will feature a four-story residential building with 111 two- and three-bedroom apartments for families earning between 30 and 80 percent of the area median income. The property will include a leasing office and community area within a 6,500-square-foot common space, including outdoor recreation space and central laundry rooms on each floor. Supportive services will be provided by Mission Neighborhood Centers, which offers educational programs, workforce development, homelessness prevention and social services. The project received an additional $32 million construction loan from the California Municipal Finance Authority through a Multifamily Housing Private Activity Bond issuance, $12.9 million in certificated credits from the City of Oceanside State Housing Tax Credit program via Monarch Private Capital and $16 million in federal Low-Income Housing Tax Credit equity from WNC. Matthew Haas of KeyBank CDLI structured …
MINDEN, NEV. — Metcalf Builders has completed Valage Carson Valley, a senior living community in Minden. Situated on 4 acres, the 79,829-square-foot project offers 88 units, totaling 92 beds, with full-sized kitchens and dining areas. Community amenities include interior and exterior courtyards, an arbor and planters, as well as a wellness center for the assisted living and memory care community. The seniors housing project is valued at $25 million and owned by Valage Minden LLC.
CHICAGO — Chicago-based Slate Asset Management has agreed to acquire a six-property multifamily portfolio in the Sun Belt region for $226.5 million. The seller is ZMR Capital, a value-add multifamily investment firm based in Tampa. The garden-style properties total approximately 1,600 units and are located in the metropolitan areas of Tampa, Atlanta and Phoenix. The names of the properties were not released. King & Spalding advised Slate on this transaction, which is expected to close at the end of July.
CHARLOTTE, N.C. — ATCO Properties & Management has obtained a $66 million loan for the refinancing of Kinship, a newly built, 301-unit apartment community in Charlotte. The property is the first multifamily component to come on line at Camp North End, a 76-acre adaptive reuse development on the north end of Charlotte. Mark Gallinaro of WelcomeLend arranged the three-year bridge loan from Benefit Street Partners. Kinship was 35 percent occupied at the time of the loan closing. The property features studio, one- and two-bedroom apartments with some live-work floorplans and fully furnished corporate housing options. Amenities include work-from-home office spaces, an outdoor pool and lounge area, gas grills and fire pits, fitness center, communal kitchen, conference room, bike storage, rideshare spots, a parking garage and a shared rooftop space. Greystar operates Kinship on behalf of ATCO.
WARREN, MICH. — Eastern Union has arranged a $38.5 million loan for the refinancing of Warren Manor Apartments in Warren, about 13 miles north of downtown Detroit. The 479-unit multifamily property is situated on 30.7 acres at 21516 Dequindre Road. Alex Jaffa and Sinai Eizikovitz of Eastern Union arranged the loan through Bellco Credit Union. The full loan amount included initial funding of $35.7 million, with the ability to earn an additional $2.8 million as rental revenues rise. The refinancing carried a five-year, fixed-rate term with one year of interest-only payments. The borrower was undisclosed. Built in 1969, the property comprises 12 two-story buildings and a one-story pool house. Units average 811 square feet. Since 2023, ownership has completed approximately $5 million in capital improvements.
BELMONT, MASS. — Locally based investment firm The Hamilton Co. has purchased Hill Estates, a 396-unit apartment community in Belmont, a western suburb of Boston, for $175 million. Situated on 14.7 acres, Hill Estates offers 92 townhomes with an average size of 1,417 square feet and 304 apartments with an average size of 997 square feet. Simon Butler, Biria St. John, John McLaughlin and Brian Bowler of CBRE represented the seller, The Giovanni Family, which originally constructed the property in the 1960s, in the transaction. The team also procured The Hamilton Co. as the buyer.
KEARNY, N.J. — JLL has negotiated the sale of a multifamily development site in the Northern New Jersey community of Kearny that is fully approved for the development of 136 market-rate townhomes. The site is located at 55 Passaic Ave., adjacent to a community park that is also under construction. Jose Cruz, Ryan Robertson, Steve Simonelli, Michael Oliver, Elizabeth DeVesty and Austin Pierce of JLL represented the locally based seller, Russo Development, in the transaction. The buyer, PulteGroup Inc., will continue the development as Bridgeview by Pulte Homes.
SUWANEE, GA. — Illinois-based Sherman Residential has acquired Skye Suwanee Town Center, a 233-unit apartment community in the northeast Atlanta suburb of Suwanee in Gwinnett County. The seller and sales price were not disclosed. Built in 2020, Skye Suwanee Town Center offers studio, one-, two- and three-bedroom apartments. Amenities include a 24/7 wine cellar, two-story fitness center and a rooftop terrace with a retrofitted Airstream lounge. The property also features retail space on the ground level leased to Thrive Coworking and Warm Waves, a coffee shop. Skye Suwanee Town Center is located at 500 Buford Highway, about one north of the city’s town square and about a quarter-mile south of Suwanee Town Center, a mixed-use district anchored by the 10-acre Town Center Park.
CHARLOTTE, N.C. — Coldwell Banker Commercial Realty has brokered the $3.4 million sale of a 3.4-acre, multifamily-zoned parcel at 5703-5707 N. Tryon St. in Charlotte. The buyer, The Annex Group, plans to develop a 200-unit affordable housing community on the site. Capital partners for the project include City of Charlotte, Bank of America and the North Carolina Housing Financing Authority (NCHFA). The construction timeline was not released. Ryan Pilsy of Coldwell Banker represented the land seller, an entity doing business as Kilbros3 LLC, in the transaction. Annex Group was represented internally by Joy Skidmore and Ryan Clark.