HAPPY VALLEY, ORE. — MG Properties Group has purchased the 390-unit Green Leaf Monterey Apartments in the Portland suburb of Happy Valley for $76 million. The community is located at 8640 S.E. Causey Ave. The 11.8-acre site is near the Clackamas Town Center. Green Leaf Monterey has been continually upgraded over the past few years. Tyler Johnson, Cody Hagerman, Greg Frick and Rob Marton of HFO Investment Real Estate executed the sale. The seller was Green Leaf Partners.
DALLAS — Stoneleigh Cos. and USA Infrastructure Investments will open One Uptown, a 196-unit high-rise apartment tower in Uptown Dallas, in January 2017. The project, located on McKinney Avenue, will offer units with private balconies, floor-to-ceiling glass windows, washers and dryers and large walk-in closets with Elfa closet shelving systems. Community amenities will include a rooftop pool, a 9,000-square-foot sky deck and lounge, a relaxation zone with a fire pit, a demonstration kitchen, cabanas, a private fitness studio, an entertainment room, and two hospitality suites for out-of-town guests. The tower will also feature more than 18,000 square feet of restaurant space occupied by Circo, a five-star European restaurant, and Fogo de Chão, a Brazilian steakhouse. Dallas-based architect Phil Shepard designed the development.
NEW YORK CITY — TerraCRG has arranged the sale of One Prospect Park West, an iconic building located at the corner of Union Street and Prospect Park West in Brooklyn’s Park Slope neighborhood. An undisclosed buyer acquired the property from Haysha Deitsch for $84 million. The nine-story, 169,410-square-foot building is positioned to be converted into residences. The property overlooks Prospect Park and Grand Army Park and features frontage on Prospect Park West, Union Street and President Street. Ofer Cohen and Adam Hess of TerraCRG brokered the transaction.
NEW YORK CITY — Pacolet Milliken Enterprises, a privately owned investment company controlled by the shareholders of Milliken & Co., has acquired an apartment building located at 341 Eastern Parkway in the Crown Heights section of Brooklyn. An undisclosed seller sold the building for $52 million. The newly constructed property features 63 apartments and ground-floor retail leased to Capital One, Starbucks Coffee and Statcare Urgent Medical Care. Scott Burk of Eastern Consolidated represented the buyer, while Matt Sparks and Alexandrea Rossland, also of Eastern Consolidated, along with Bluejay Management represented the seller in the transaction.
HARRISON, N.J. — HFF has arranged the sale of 221 Bergen, an apartment building located at 221 Bergen St. in Harrison. The TAK Group acquired the 104-unit property from a joint venture between The Hampshire Companies and CrownPoint Development Group for an undisclosed price. Constructed in 2015, the property features studio, one- and two-bedroom market-rate units with high-end finishes, including stainless steel appliances, quartz countertops, wood cabinetry, pendant lighting, faux wood plank flooring and in-unit washers and dryers. On-site amenities include a 24-hour fitness center, resident lounge, business center, smartphone security/intercom system, remote-operated garage parking and a furnished rooftop terrace. Jose Cruz, Kevin O’Hearn, Stephen Simonelli, Michael Oliver and Marc Duval of HFF represented the seller in the deal.
KEY WEST, FLA. — Berkadia has arranged a $70 million loan for the refinancing of Ocean Walk, a 296-unit multifamily property in Key West. The recently renovated community features one-, two- and three-bedroom units with upgraded cabinetry and finishes, stainless steel appliances and plank flooring. Community amenities include a swimming pool, basketball court, tennis court and a nearby jogging trail. Mitch Sinberg, Brad Williamson and Matt Robbins of Berkadia arranged the Fannie Mae loan on behalf of the borrower, a joint venture between Mast Capital and Rockpoint Group.
HYATTSVILLE, MD. — Fore Property Co. has formed a joint venture with PCCP LLC to develop The Edition, a five-story, Class A apartment community located at 3401 East-West Highway in downtown Hyattsville, roughly six miles north of Washington, D.C. Situated on a 3.7-acre site, The Edition will be part of an 11-acre mixed-use development that formerly housed a Kiplinger magazine publishing plant. The Edition’s amenities will include an outdoor recreational area with billiards, ping pong, barbecue stations and a fire pit. The community will also include a 412-space parking deck. The unit mix will consist of 72 studios, 148 one-bedroom units, 113 two-bedroom units and 18 three-bedroom units. Fore Property and PCCP are aiming for The Edition to be certified LEED Silver upon completion, which is scheduled for spring 2019.
ANAHEIM HILLS, CALIF. — JCH Consulting Group has arranged the sale of six skilled nursing facilities in Central California for an undisclosed price. Riverside Healthcare sold the facilities to Meridian Management Services, which operates all six. The specific facilities and purchase price were not disclosed. Built between 1950 and 1975, the facilities range from 42 to 99 beds. The average occupancy rate at the time of closing was 80 percent. JCH represented the buyer while Marcus and Millichap represented the seller. Nick Stahler was JCH’s lead agent on the transaction. Anaheim Hills-based JCH Consulting Group is a brokerage firm focused on the seniors housing industry.
FRISCO, TEXAS — Embrey Partners has broken ground on Domain At The Gate, a 350-unit multifamily community located within the master-planned community of The Gate in Frisco. The community will offer one- and two-bedroom units. Shared amenities will include an 11,000-square-foot clubhouse; a two-level fitness center; a golf simulator; a dog spa; and a bike garage. The property is scheduled for completion in summer 2018. The Gate master-planned community is currently being developed by Invest Group Overseas, and will offer office, residential, hospitality and retail space.
SAN ANTONIO — BMC Capital has arranged a $2.6 million bridge loan for the purchase and renovation of The Dunes Apartments in San Antonio. The property offers one- and two-bedroom units. Community amenities include laundry facilities, a swimming pool and night patrol. The three-year, fixed-rate loan featured a 75 percent loan-to-cost ratio with two to three years of interest-only payments, as well as funds for significant capital improvements. The loan was arranged by BMC on behalf of the undisclosed borrower through a non-bank lender.
