BURLINGTON, WIS. — Boston Capital has invested approximately $4 million in the construction of a 32-unit apartment community in Burlington, 40 miles southwest of Milwaukee. Boston Capital is teaming up with Bear Development to deliver Fox Crossing II, which will utilize the Low-Income Housing Tax Credit (LIHTC) program. The property will consist of three market-rate units, 29 units for tenants earning less than 60 percent of the area’s median income and eight units for tenants earning 30 percent less. Units will feature dishwashers, washer and dryer hookups, walk-in closets and patios or balconies. Community amenities will include a 635-square-foot community room with a kitchen, fitness center, laundry facility, interior storage units and secure entry.
NASHVILLE, TENN. — Security Properties, a Seattle-based multifamily investment and development firm, has purchased two apartment communities in Nashville for a combined $53.7 million. The assets include the 139-unit Opus 29 in Nashville’s West End neighborhood and the 86-unit Note 16 in the Music Row area. Security Properties has purchased the assets off-market in a 50/50 joint venture with Loma Linda University. This represents the fourth and fifth acquisitions between the two groups. Security Properties used a 10-year, fixed-rate loan for the two transactions.
ANNAPOLIS, MD. — Armada Hoffler Properties Inc., a Virginia Beach, Va.-based REIT, has invested $42 million for the development of the $102 million residential component of Annapolis Junction Town Center, a planned 18-acre mixed-use development in Annapolis. Upon completion, Annapolis Junction Town Center will feature 17,000 square feet of retail space, a 150-room hotel, 416 upscale apartment residences and 100,000 square feet of Class A office space. Scheduled to break ground in the second quarter of 2016 with estimated completion in the first quarter of 2018, the Residences will pursue LEED Silver certification and feature structured parking adjacent to the Savage MARC Commuter Rail Station. The investment agreement includes a purchase option for Armada Hoffler to acquire an 88 percent interest in the project at the developer’s cost basis, upon completion of construction. The agreement also includes a $68 million maximum price construction contract for Armada Hoffler to build the asset.
NORCROSS, GA. — PointOne Holdings has sold Grove Point Apartments, a 312-unit multifamily community in the Atlanta suburb of Norcross for $27 million. The South Florida-based multifamily investor purchased the asset in January 2014 via Auction.com from special servicer CW Capital for approximately $12.8 million. PointOne Holdings invested more than $3 million in capital improvements to the property, including upgrades to unit interiors, overall repairs to building exteriors, replacement of mechanical, electrical and plumbing and improved curb appeal. The company also upgraded the amenities by adding a business center, dog park, fitness center, outdoor kitchens, playground and a Zen garden. During PointOne’s ownership of Grove Point, occupancy rose from 85 percent to more than 97 percent at the time of the sale. Average rents also increased an average of $200 per unit and the property’s net operating income per month increased by 77 percent.
SAN DIEGO — The Richman Group has received joint venture equity for its $100 million, 221-unit residential tower project in the downtown San Diego submarket of East Village. The newly approved project will be located at its namesake, 330 Thirteenth. The Class A+ building, also known as Library Tower, will stand 23 stories tall. It is scheduled for completion in 2018. The project is situated adjacent to the new $184 million San Diego Central Library. It will also feature 7,521 square feet of ground-floor retail and six floors of subterranean and above-ground parking. DesignARC and Rob Wellington Quigley are designing the building. HFF’s Aldon Cole, Tim Wright and Hunter Combs arranged the joint venture equity partnership with American Realty Advisors.
NEW YORK CITY — Rosewood Realty Group has arranged the sale of two contiguous multifamily properties located at 916-920 and 926 Southern Blvd. in the Longwood section of the Bronx. A1 Equities acquired the assets from 922 Southern LLC for $16.1 million. Built in 1911, the buildings total 100,704 square feet with 66 apartments and nine vacant commercial units. One of the buildings, which was delivered vacant, is slated to undergo a gut renovation; while the other building, with 15 tenants, is scheduled for a partial renovation. Aaron Jungreis of Rosewood Realty Group represented the buyer, while Jungreis and Jonathan Brody, also of Rosewood, represented the seller in transaction.
NEW YORK CITY — Meridian Investment Sales has arranged the sale of a mixed-use property located at 600 E. 178th St. in the Bronx. The six-story, elevator-serviced building sold for $8.8 million, equivalent to a 5.5 percent cap rate. Located in the Tremont neighborhood, the 47,200-square-foot property features 45 residential units and six retail units. Mark Steinmetz of Meridian Investment Sales represented the buyer and seller in the transaction. The names of the buyer and seller were not released.
FORT COLLINS, COLO. — Marcus & Millichap has arranged the $24.6 million sale of Lokal CSU, a 194-bed student housing property located one block away from the Colorado State University (CSU) campus in Fort Collins. Robert Kaplan of M&M represented the seller, Scott’s Plaza LLC, and procured the buyer in the transaction. The property is located in CSU’s west campus area at 1201 West Plum St., near the site of the university’s new football stadium and one block away from the Fort Collins Elizabeth Street entertainment area. Community amenities at the property — fully leased for the current school year — include outdoor hot tubs, an indoor/outdoor bar and grill lounge, Zipcars, reserved covered parking, bike parking, security cameras and restricted building access with 24/7 emergency maintenance services. Units include bed-to-bath parity, full-size washers and dryers, 55-inch televisions and free satellite television service.
TAMPA, FLA. — NorthMarq Capital has arranged $40.7 million in financing for a seniors housing property, apartment community and a shopping center in Florida. The properties include Twin Creeks Assisted Living, a 96-bed seniors housing property under construction in Riverview; Lakehouse Luxury Apartments, a 125-unit apartment property located at 3003 S. Frontage Road in Plant City; and Publix at Summerfield Crossings, a 69,917-square-foot shopping center located at 13146 U.S. Highway 301 South in Riverview. Robert Hernandez of NorthMarq Capital’s Tampa office arranged the loans. The financing included a three-year, $14.2 million, interest-only construction loan for the Twin Creeks property on behalf of the borrower, Lithia Assisted Living LLC; a 10-year, $12.5 million, Fannie Mae loan with a 30-year amortization schedule for the refinancing of Lakehouse Luxury Apartments on behalf of Lakeside Gardens of Plant City LLC; and a 10-year, $14 million loan with a 30-year amortization schedule for the refinancing of Publix at Summerfield Crossings on behalf of the borrower, Big Bend Group LLC.
EDEN PRAIRIE, MINN. — New York Life Real Estate Investors has provided a $30 million mortgage loan for a 191-unit luxury multifamily community in Eden Prairie, approximately 17 miles southwest of Minneapolis. The recently constructed Martin Blu is a Class-A property that includes a fitness center, clubroom, coffee bar and outdoor plaza with fire pit and kitchen. The loan features a 15-year term with two years of interest-only payments. Ben Fazendin of Grandbridge Real Estate Capital acted as the mortgage broker in the transaction. Bader Development was the project developer, and Steven-Scott Management is managing the property.