ARLINGTON, TEXAS — S2 Capital has purchased the Holly Ridge apartment complex located at 2504 Ivy Brook Court in Arlington. With a total of 290 units, the complex was built in 1981. S2 Capital bought the property at a live auction in Houston out of a 23-property portfolio that had been through bankruptcy multiple times the previous five years. S2 Capital plans to spend $4 million on renovations for the Holly Ridge property. Holly Ridge is located near Texas State Highway 360 and I-30.
SAN ANTONIO, TEXAS — Catalyst Multifamily Management has taken over property management responsibilities for three properties in San Antonio totaling 390 units. The properties are: Ashler Oaks Apartments, located at 4100 Parkdale St. The complex was built in 1971 and consists of 150 units; Sierra Royale Apartment Homes, located at 6300 Rue Marielyne St. The complex was built in 1984 and consists of 108 units; Veranda Apartments, located at 7918 Jones Maltsburger Road. The complex was built in 1972 and consists of 132 units. Catalyst Multifamily specializes in Class B and C multifamily property management. Initiatives include traditional and grassroots marketing efforts targeting desired tenants, along with a $4.5 million renovation that will include curing deferred maintenance, new signage, landscaping, updating unit interiors and pool upgrades across all three properties.
WEST NEW YORK, N.J. — Redwood Realty Advisors has arranged the sale of an apartment building located on Dewey Avenue in West New York. LS Realty LLC acquired the five-story, walk-up building from Marin Blvd LLC for $4 million, or $135,833 per unit. The property features 30 apartment units. Steven Matovski and Saul Ramirez of Redwood Realty Advisors brokered the transaction.
COLCHESTER, CONN. — Kennedy Funding Financial (KFF) has closed a $1.6 million loan for a 16-acre development site in Colchester. The two-year, interest-only funding was provided to Settlers Greene LLC, an affiliate of J Healy Builders LLC, and will be serviced by KFF. Situated at 312 Lebanon Ave., the property, known as Settlers Greene, is approved for a mixed-use residential and commercial condominium development. When complete, the 162,000-square-foot property will feature 43 townhouse units, 20 live/work units and four apartments. Kevin Wolfer of KFF arranged the financing for the borrower.
LANSING, MICH. — Pillar has originated an $8.5 million fixed-rate, Freddie Mac loan to refinance a 136-unit multifamily property in Lansing. Willow Ponds Apartments was built in 1998 and is fully leased. The property consists of two-, three- and four-bedroom units. The financing features a 10-year term and 30-year amortization schedule. Maplegrove Property Management of East Lansing and Grand Rapids, Michigan was the borrower. David Wilkins of Pillar arranged the financing.
GURNEE, ILL. — Steadfast Apartment REIT III Inc. has acquired a 136-unit apartment community in Gurnee, approximately 43 miles northwest of Chicago, for $7.6 million. Carriage House Apartments was built in 1970 and is 98 percent occupied. Situated on 8.4 acres, the apartment complex is comprised of 17 two-story buildings featuring one and two-bedroom units with an average size of 653 square feet. Community amenities include a swimming pool with sundeck, pool house, locker room, picnic area, laundry facilities and addition storage areas. Steadfast plans to upgrade the bathrooms, flooring and kitchen counters. Other improvements will include fresh paint and new appliances. The seller in the transaction was undisclosed.
DIXON, ILL. — Evergreen Real Estate Group has completed a $3.3 million renovation of Dixon Square Apartments, a 72-unit affordable housing community in Dixon, approximately 90 miles north of Peoria. Evergreen teamed up with HUD, the Illinois Housing Development Authority (IHDA) and City Real Estate Advisors to complete the project. The three-building property had not been significantly upgraded since it was completed in 1980. Evergreen made improvements to the laundry facilities, on-site playground, community garden and replaced the roof on each building. Renovations were also made to the units and included new flooring, appliances, cabinetry, countertops, plumbing fixtures, air conditioners and television hookups. The rehabilitation project, which started last spring, also included a 20-year extension of the community’s Section 8 Housing Assistance Payment contract, preserving the affordability of the residences through 2036. Dixon Square Apartments is located at 540 Freedom Walk.
ALEXANDRIA, VA. — Washington REIT has closed the previously announced $244.8 million acquisition of Riverside Apartments, a 1,222-unit multifamily property in Alexandria. The property was 98 percent occupied at the time of sale. Comprising three 15-story concrete buildings on approximately 28 acres, Riverside Apartments features a clubhouse with a leasing center and management office, two-story fitness center, exercise studio, social room, outdoor pool with lap pool and an outdoor theater. Washington REIT owns a portfolio of 55 properties totaling approximately 7 million square feet of commercial space and 4,480 residential units, as well as land held for development. The 55 properties consist of 25 office properties, 16 retail centers and 14 multifamily properties.
GAINESVILLE, FLA. — Pierce Education Properties LP has acquired The Pavilion on 62nd, a 990-bed student housing community located just west of the University of Florida (UF) campus in Gainesville. The 312-unit, garden-style community offers two-, three- and four-bedroom, fully furnished units with bed to bath parity, full-sized appliances, washers and dryers and balconies. Community amenities include two resort-style pools, a 24-hour fitness center, outdoor basketball court, upgraded game room and high-speed internet access. In addition to UF, The Pavilion also serves Santa Fe College students. KeyBank Real Estate provided acquisition financing for the transaction.
JONESBORO, GA. — KeyBank Real Estate Capital has provided a $14 million Fannie Mae loan for Villas by the Lake, a 256-unit apartment community in Jonesboro, a southern suburb of Atlanta. Built in 2003, the property’s amenities include an outdoor swimming pool, fitness center, clubhouse, tennis court, business center, detached garages, controlled access gates, grilling areas and lake views. Caleb Marten of KeyBank Real Estate’s commercial mortgage group arranged the acquisition loan on behalf of the undisclosed borrower.