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.
Growth in the Indianapolis downtown multifamily market is as dynamic as the city itself. Since 2013, 3,000 units have been delivered and leased up rapidly. The vacancy rate registers 4.5 percent in a submarket that historically has seen vacancy rates of around 8 percent. Demand is healthy and growth continues, with another 283 units scheduled for delivery by the end of this year. A unique contributor to this multifamily construction boom is the downtown campus of Indiana University-Purdue University Indianapolis (IUPUI), the IU Law School and the IU Medical School. A sudden building spree of more than $100 million of student-focused projects is occurring downtown near IUPUI. With more than 1,000 units currently under construction or in the works, these new deliveries signal a real change for IUPUI from a commuter orientation to that of a residential campus. These off-campus locations will likely appeal to young professionals as well, and savvy developers are making certain to provide conventional units as part of their mix. The largest such development currently under construction is Trinitas Ventures’ 193-unit, 669-bed project at the northeast corner of Michigan Street and Capitol Avenue. Known as Lux On Capitol, the student housing development is due to open …
FULLERTON, CALIF. — The Richman Group of California Development Company has completed construction of Ventana, a 95-unit affordable seniors housing community in Fullerton. The six-story, 130,000-square-foot midrise building on 0.6 acres features 3,200 square feet of retail space and a subterranean parking garage. The community is already fully leased. Richman Property Services will operate and handle leasing for Ventana. Irwin Partners of Costa Mesa was the architecture firm and Cannon Constructors of San Diego was the general contractor. City of Fullerton Housing Bonds, tax credit funds and Bank of America all provided financing for the project. Founded in 1987, The Richman Group is a residential real estate investment, development and asset management firm based in Connecticut. The California branch is based in La Jolla.
AUSTIN, TEXAS — ARA Newmark has secured the sale of Broadstone 8 One Hundred, a 376-unit multifamily community in northwest Austin. The complex is located near Apple’s planned expansion of its 39-acre corporate campus, as well as local hubs for eBay, PayPal, Google, Visa and 3M. San Francisco-based Jackson Square Properties was the buyer. Pat Jones of ARA Newmark represented the seller, Alliance Residential. Constructed in 2015, Broadstone 8 One Hundred is a Class A community situated on 17 acres. The property offers a pool with lounge seating and a tanning ledge, outdoor kitchen with gas grills, bocce ball court and a hammock green. The clubhouse includes viewing/entertainment spaces, a social lounge with a beverage bar and an athletic center. Unit interiors feature 10-foot ceilings and hardwood floors.
HURST, TEXAS — Marcus & Millichap has arranged the sale of The Gables of Notting Hill, a 175-unit apartment property located in Hurst. Al Silva and Ford Braly of Marcus & Millichap’s Fort Worth office marketed the property on behalf of the seller, a Houston-based private investment firm. Silva and Braly also secured the buyer, a Dallas-based investment group. The property was built in 1968 and consists of 27 buildings with one-, two- and three-bedroom floor plans.