CLIFFSIDE PARK, N.J. — CBRE has brokered the sale of a mixed-use property located at 672-678 Anderson Ave. in Cliffside. The asset sold for $1.3 million. The 8,400-square-foot building features four street-level retail spaces and four multifamily units on the second story. Charles Berger, Mark Silverman and Elli Klapper of CBRE represented the undisclosed seller and procured the undisclosed buyer in the transaction.
LAKE JACKSON, TEXAS — Drever Capital Management has acquired The Villages at Lake Jackson, a Class A, 174-unit garden apartment community in Lake Jackson. Drever Capital Management bought the 96 percent occupied multifamily property from Spyglass Capital Partners of Demarest, N.J. The new owner is launching a property improvement program whereby the kitchen bar tops will be lowered to counter height with granite added throughout the kitchen and bathrooms. Stainless steel appliances, plank flooring and two-inch wood blinds will also be added, and the exterior will receive new landscaping, painting, an improved lighted monument sign and enlarged pool area with two gas grills and pool furniture. Tom Cabibi, who rejoined Drever Capital to head up acquisitions, led Drever’s efforts toward the purchase. Ryan Epstein of Berkadia’s Houston office brokered the transaction on behalf of the seller. Brant Smith of Berkadia Commercial Mortgage in Austin arranged acquisition financing through Freddie Mac.
RICHARDSON, TEXAS — ARA Newmark has brokered the sale of Jefferson Center, a new 360-unit, Class A apartment community in the Dallas suburb of Richardson. The property was 94 percent occupied at the time of sale. ARA Newmark’s Richard Furr, Brian O’Boyle Sr., Brian Murphy and Brian O’Boyle Jr. represented seller, JPI, in the transaction. California-based buyer Frankel Family Trust plans to rename the community Estates of Richardson. The Frankel Family Trust is adding a lighted tennis court and community building that will contain an indoor basketball court, racquetball court, fitness areas and table tennis. Constructed in 2015 by JPI, Jefferson Center fronts the George Bush Turnpike/Highway 190 and features a swimming pool with water features, two playgrounds, a jogging path, bocce ball court, horseshoe pit, sand volleyball court, dog park and an outdoor theater. Units average 943 square feet and feature one-, two- and three-bedroom options.
TEMPLE, TEXAS — Hank Crane of BMC Capital’s Austin office has arranged a $1.2 million loan for the purchase of Silver Park Apartments, a 48-unit multifamily property located in Temple. The loan features a seven-year term with a 4.6 percent fixed interest rate and a 30-year amortization schedule. The loan was arranged through one of BMC Capital’s corresponding agency relationships.
FORT WORTH, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of AMLI 7th Street Station, a 189-unit apartment community in Fort Worth. Will Balthrope, Drew Kile and Rowan Burch of IPA represented the seller, AMLI Residential Properties, and procured the buyer, Fort Worth-based Olympus Property. AMLI 7th St. Station is located at 2601 W. 7th St. AMLI 7th Street apartments feature nine-foot ceilings with crown molding and full-size washer and dryer connections. Select units feature Travertine wood-burning fireplaces with mantels. Community amenities at AMLI 7th Street include a one-acre dog park, pool and heated spa, media center and garden-style courtyards.
DURHAM, N.C. — Bell Partners has purchased 605 West, a 340-unit apartment community located near Duke University in Durham, for $54.6 million. The property, which Bell Partners has renamed Bell West End, is walkable to Brightleaf Square, the Warehouse District, Central Park and City Center. Built in 2014, the property features studio, one- and two-bedroom residences with 9- to 10-foot ceilings, track LED lighting, ceiling fans, granite countertops, kitchen islands, breakfast bars, Energy Star stainless steel appliances, washers and dryers, patios/balconies, coat closets, linen closets, walk-in closets and bike storage. Community amenities include a clubhouse, fitness center, yoga studio, conference rooms and meeting nooks, pet park, heated saltwater pool with large screen TVs, outdoor kitchen and lounge area and an outdoor terrace with a fireplace. The purchase of Bell West End is the third multifamily acquisition for Bell Partners in 2016 and is the 19th apartment community in the company’s Raleigh/Durham portfolio.
MARIETTA, GA. — NXT Capital has provided a $44.8 million acquisition loan for Lincoln Hills Apartments, a 680-unit, Class B apartment complex in Marietta, a northern suburb of Atlanta. The garden-style community is located near Cumberland Mall, Cobb Galleria Centre and SunTrust Park, the Atlanta Braves’ ballpark set to open in April 2017. The unnamed borrower plans to construct a 3,000-square-foot clubhouse at the property and renovate the leasing center and swimming pools. Robert Kadoori and Robert LaChapelle of CBRE’s Atlanta office arranged the loan.
UNION CITY AND FAIRBURN, GA. — The RADCO Cos. has sold two Class B apartment communities totaling 392 units for a combined $23.4 million. An Atlanta-based investment firm purchased both assets from RADCO in a deal brokered by Berkadia. RADCO has owned the 260-unit Ashford Oaks in Union City since December 2011 and the 132-unit Ashford Town & Country in Fairburn since November 2012. They were among the first properties RADCO acquired after implementing its value-added strategy in 2011. RADCO invested in property improvements and enhancements at the properties, including building exterior renovations, windows, roofs, extensive lighting upgrades, security enhancements and life safety measures. Interior unit upgrades and community amenity additions were also made. Occupancy exceeded 95 percent at both properties at the time of sale. Since April 2015, the properties have been managed by RADCO Residential, the property management branch of RADCO.
CHICAGO — CBRE has arranged a $125 million refinancing loan for The Tides at Lakeshore East, a 608-unit luxury apartment tower in downtown Chicago. CBRE procured the 10-year, interest-only financing at a fixed rate with a life company lender. A joint venture between AFL-CIO Building Investment Trust and Magellan Development Group was the borrower. The Class A high-rise contains a parking garage and 4,400 square feet of ground-floor retail space. Amenities at The Tides at Lakeshore East include a fitness center, game and billiards room, outdoor pool with sundeck, hot tubs, sauna and steam rooms, a business center, sky garden lounge, coffee bar, catering kitchen and Zip Cars and electric charging stations.
MINNETONKA, MINN. — The AFL-CIO Housing Investment Trust (HIT) will invest $14.8 million in the Zvago Cooperative project, a 54-unit, four-story cooperative for seniors along the banks of Glen Lake in the Minneapolis suburb of Minnetonka. The $19 million project is an expansion of the Glen Lake Redevelopment project, which includes a 52-unit mixed-use project built in 2008 and a 159-unit seniors housing community built in 2011. In addition to the 54 new seniors housing units, the expansion will offer views of Glen Lake, a community patio overlooking the lake and adjacent wetlands, and amenities such as a clubroom, fitness facility and heated underground parking. The developer for the project is OneTwoOne Development LLC, a wholly owned subsidiary of Ecumen, a Minnesota-based nonprofit provider of seniors housing and aging services. Zvago Cooperative is the HIT’s 76th project in Minnesota. The multifamily investment firm is based in Washington, D.C.
