PATTERSON, N.J. — KeyBank Real Estate Capital has arranged $10 million in Fannie Mae financing for Broadway Towers, a high-rise apartment building in Patterson. Built in 1961, the property features 114 units and two ground-floor commercial spaces. Tom Peloquin of KeyBank arranged the loan, which was used to refinance existing debt. The name of the borrower was not released.
NEW YORK CITY — Bestreich Realty Group has arranged the sale of a five-building multifamily assemblage located at 255-265 Linden St. in Brooklyn. An undisclosed buyer acquired the property for $9.2 million. Totaling 34,900 square feet, the assets feature 39 apartment units. Derek Bestreich, Luke Sproviero and Steve Reynolds of Bestreick Realty Group represented the undisclosed seller and buyer in the deal.
ALLENTOWN, PA. — Equus Investment Partnership X, an affiliate of Equus Capital Partners, has acquired The Lakes Apartments, a multifamily property located in the West End neighborhood of Allentown, for an undisclosed price. The 235-unit property was 95 percent occupied at the time of closing. The property features a mix of one-, two-, three-bedroom flat and townhome units, an outdoor swimming pool, tennis court and walking trail. Equus plans to invest $2.5 million to improve the common areas and amenities, as well as to complete unit upgrades that were begun under prior ownership. Madison Apartment Group will manage the community.
KILLEEN, TEXAS — Muskin Commercial has negotiated the sale of The Willows Apartments in Killeen. A California-based investor purchased the asset for an undisclosed price. Ellen Muskin and Daniel Elam of Muskin Commercial LLC represented the sellers in the transaction. Rich Heine of Southwest Investment Properties represented the buyer. First State Bank of Killeen provided financing for the 232-unit asset, which will be managed by Houston-based Asset Plus Management. Built in 1983 by the current owners on an 8.2-acre site, the property features brick construction with pitched composition shingle roofs. The apartments include one-, two- and three-bedroom units in 15 buildings. The property has an average unit size of 715 square feet and includes two swimming pools.
LEWISVILLE, TEXAS — Allied Orion Group has been selected to manage Provenza at Windhaven in Lewisville, adding a 324-unit, Class A community to its Dallas area portfolio. Located at 4900 Windhaven Parkway in the Castle Hills master-planned area, Provenza at Windhaven offers one-, two- and three-bedroom floor plans. Owned by Momentum Real Estate Partners, the apartment homes feature granite countertops and prep islands, stainless steel appliances, wood-style flooring and wood cabinetry. Amenities include a swimming pool and cabanas, grilling stations, fitness center, private courtyards, club lounge, game room, dog park and dog wash stations. Situated off the Sam Rayburn Tollway near the North Dallas Tollway, Provenza at Windhaven is located near employers like Toyota, FedEx, JPMorgan Chase and Fannie Mae.
DALLAS — Marcus & Millichap has arranged the sale of Candlewick, an 11-unit apartment property located in Dallas. Scott Ogilvie of Marcus & Millichap’s Dallas office marketed the property on behalf of the seller, a partnership, and procured the buyer, a limited liability company. Nick Fluellen and Bard Hoover, also of the firm’s Dallas office, assisted with the transaction. Candlewick is located at 5444 Gaston Ave. and consists of eight one-bed/one-bath units, one two-bed/one-bath unit and two two-bed/1.5-bath units. The asset was 91 percent occupied upon execution of the contract. Candlewick, built in 1961, is situated in the historic district of Old East Dallas.
OCOEE, FLA. — ARA Newmark has brokered the $42.8 million sale of Oak Forest, a 408-unit, garden-style apartment community in Ocoee, a suburb of Orlando. Miami-based Advenir Real Estate Management purchased the asset from New York-based Palatine Capital Partners. Built in two phases from 1989 to 1991, the property features two swimming pools, a newly remodeled clubhouse, fitness center, basketball and tennis courts and a playground. Kevin Judd, Scott Ramey, Patrick Dufour, Marc deBaptiste and Dick Donnellan of ARA Newmark represented Palatine Capital Partners in the transaction.
PEMBROKE, N.C.— NorthMarq Capital has arranged $9.8 million in acquisition financing for Pembroke Place, a 336-bed student housing community located near the University of North Carolina at Pembroke campus in Pembroke. The transaction was structured with a 15-year term and 25-year amortization schedule. Lee Weaver and Steve Whitehead of NorthMarq arranged financing for the borrower, Pembroke Place CP LLC, through its Fannie Mae DUS program.
TINLEY PARK, ILL. — Anthem Memory Care has opened its ninth community, Porter Place, in Tinley Park, approximately 30 miles southwest of Chicago. Development costs were estimated at $12.5 million for the 82-bed memory care community. LTC Properties Inc., a real estate investment trust that primarily invests in seniors housing and healthcare properties, financed the development and construction. CB Two Architects designed the community. Adair Group and Pickus Construction served as general contractors. Woolpert Inc. handled civil engineering services.
DES MOINES, IOWA — Hubbell Realty Co. will break ground July 28 on Edencrest at Beaverdale, an assisted living and memory care community in Des Moines. The community will feature 30 units each of assisted living and memory care. Development costs are estimated at $12 million. When completed, Senior Housing Management will operate the community. Edencrest at Beaverdale will be Hubbell’s third community, all located within the greater Des Moines area. The company is also planning to build two more Edencrest communities in the region.
