MANCHESTER, N.H. — NorthMarq Capital has arranged $4.8 million in acquisition financing for the purchase of an apartment complex located in Manchester. Mark Whelan of NorthMarq secured the 10-year loan, which features a 30-year amortization schedule, for the undisclosed borrower. The multifamily property features 67 apartment units.
RALEIGH, N.C. — Singh Development, a multifamily owner-operator with communities in Michigan and North Carolina, has unveiled renderings of the interior of Waltonwood Lake Boone, a 183-unit independent living, assisted living and memory care community in Raleigh. Development costs for the 285,000-square-foot project are estimated at $50 million, and Singh Development expects the facility to create more than 125 jobs and serve more than 200 residents. The property is situated on six acres, and will feature 121 independent living units, 39 assisted living units and 23 memory care units. Waltonwood Lake Boone is Singh’s second seniors housing project in the Raleigh area and is scheduled to open in the first quarter of 2018. As of this month, the construction crews are completing framing in the assisted living area, and framing is completed in the independent living portion of the facility.
FORT COLLINS, COLO. — A joint venture between H. Katz Capital Group and Coastal Ridge Real Estate has acquired Aspen Heights Fort Collins, a 712-bed community located near Colorado State University in Fort Collins. The price was not disclosed. Coastal Ridge has taken over management of the property, and is in the process of re-branding the community as The Outpost. The development offers two-, three-, four- and five-bedroom apartment-style units and cottages, with private bathrooms and guest half-baths, washers and dryers, and walk-in closets. Community amenities include a 24-hour fitness center, yoga studio, resort-style pool, hot tub, outdoor grills, a clubhouse, computer lab, sand volleyball court, movie theater, study lounge, tanning beds and a private shuttle. The property was sold by TSB Realty. TSB Capital Advisors assisted the joint venture in procuring a senior loan through Walker Dunlop and Freddie Mac.
WEST HOLLYWOOD, CALIF. — Marcus & Millichap has brokered the sale of a mixed-use development site located at 431 N. La Cienega Blvd. in West Hollywood. A group of local and national developers acquired the 32,574-square-foot site for $21.2 million. At the time of sale, the property was occupied by Royal Car Wash and other local retailers. The property also features multifamily units. Brandon Michaels and Lonnie McDermott of Marcus & Millichap represented the undisclosed seller and procured the buyer in the transaction.
CHARLOTTE, N.C. — Pollack Shores Real Estate Group plans to develop a 350-unit apartment community at 327 and 349 Tremont Ave. in Charlotte’s South End district. Design is currently underway on the project, which is located within walking distance of Atherton Mill. The residential units will feature stone countertops and stainless steel appliances, and the community amenities will include a pool courtyard, clubroom, sky lounge, two courtyards with outdoor kitchen amenities and a dog park. The community will also feature 2,500 square feet of street-level retail space and “Live Work Units” fronting Tremont Avenue. Pollack Shores expects to deliver the unnamed project in late 2018.
NORCROSS AND LAWRENCEVILLE, GA. — Berkadia has brokered the $38.1 million combined sale of two apartment communities in metro Atlanta’s Gwinnett County. The properties include the 180-unit Ellington Woods located at 1359 Beaver Ruin Road in Norcross and the 192-unit Lealand Place at 2945 Cruze Road in Lawrenceville. Andrew Mays and Paul Vetter of Berkadia represented the seller, a private entity based in Atlanta, in both sales. Ellington 192 LLC purchased Ellington Woods for $18 million and Lealand 180 LLC purchased Lealand Place for nearly $20.1 million. Richard Levine of Berkadia originated two Freddie Mac loans totaling $26.9 million for the acquisition of both apartment communities. The loans feature seven-year terms and a floating 2.85 percent interest rate.
PLANO, TEXAS — Rosewood Property Co. has opened The Bridge @ Heritage Creekside, an apartment building located within the 156-acre Heritage Creekside mixed-use development in Plano. Completed by Carbon Thompson, the property features 327 apartment units within the 46-acre first phase of the Heritage Creekside development. Upon completion, the project will also feature 105 single-family townhomes and 41 single-family homes.
GARLAND, TEXAS — Marcus & Millichap has arranged the sale of Oaks Branch, a multifamily building located at 1004 Castleglen Drive in Garland. Oaks Branch features 76 units in a mix of two- and three-bedroom apartment layouts and two-story townhouse-style units. Nick Fluellen and Bard Hoover of Marcus & Millichap represented the seller, a limited liability company, and procured the buyer, also a limited liability company, in the deal. The acquisition price was not released.
ROSELAND, N.J. — Gebroe-Hammer Associates has brokered the sale of Nob Hill Apartments, a garden-style apartment community located at 28 Nob Hill Road in Roseland. Novel Property Ventures acquired the property from Segal & Segal for $130 million. The 360-unit property features one- and two-bedroom layouts, as well as three-story duplexes with ground-floor garages and storage rooms. Community amenities include a swimming pool, tennis courts, off-street parking and sundecks. Greg Pine and Ken Uranowitz of Gebroe-Hammer represented the seller, while Nicholas Nicolaou of Gebroe-Hammer procured the buyer. Additionally, JLL secured $102 million in acquisition financing and a $10 million construction facility for the purchase and rebrand of the 30-building property. Acore Capital provided the financing package, which was arranged by Dustin Stolly and Aaron Niedermayer of JLL.
PHILADELPHIA — A joint venture between The Goldenberg Group, Hines and ASB Real Estate Investments has announced the structural topping out of 1213 Walnut, a residential tower located in Philadelphia’s Center City. The 26-story, 300,000-square-foot building will feature 322 for-rent luxury apartment units, 7,200 square feet of retail space, 11,000 square feet of amenity space, a 3,000-square-foot fitness center, rooftop deck, dog park and bicycle storage. Preleasing will begin in April, with occupancy slated for July.
