LA PORTE, TEXAS — Marcus & Millichap has arranged the sale of Village by the Bay, a 79-unit apartment property located in La Porte. Juan Cuevas of Marcus & Millichap’s Houston office marketed the property on behalf of the seller, a private investor. John Susank of Marcus & Millichap’s Newport Beach, Calif., office secured the exchange buyer, a limited liability company. Village by the Bay is located at 1026 S. 6th St. in La Porte.
NEW YORK CITY — Marcus & Millichap has brokered the sale of a multifamily property located at 26 Fort Charles Place in New York City’s Marble Hill neighborhood. The 20-unit apartment property sold for $2.9 million. Peter Von Der Ahe, Scott Edelstein, Seth Glasser and Rafi Moskowitz of Marcus & Millichap’s Manhattan office represented the seller and buyer, both private investors, in the transaction.
CHARLOTTE, N.C. — Wood Partners LLC has broken ground on Alta Berewick, a 266-unit apartment community located on a 16-acre lot at 5503 Dixie River Road in Charlotte. Wood Partners expects to have apartments available for lease in February 2016, with construction slated for a December 2016 completion. This apartment community marks the 15th property that Wood Partners has developed in North Carolina. Architect Cline Design Associates has designed the property to comprise one- to three-bedroom units, each featuring stainless steel appliances, washers and dryers, granite countertops and faux wood flooring. The community’s amenity offerings include a fitness center, resort-style pool, clubroom, cyber café and a playground. Wood Partners purchased the lot from Berewick Town Center III for an undisclosed price. Wood Partners’ equity partner on the project is Sumitomo Corporation of the Americas, and the community’s general contractor is WP East Builders. Wood Residential Services will manage the community upon completion.
ORLANDO, FLA. — CBRE has brokered the $29 million sale of Laguna Oaks, a 360-unit lakeside apartment community located at 3211 S. Semoran Blvd. in Orlando. Avesta Communities purchased the gated apartment property from Ram Realty Services. Built in 1973 and renovated in 1997 and 2013, the multifamily community in situated near the 64-acre Lake Frederica. Laguna Oaks’ amenity package includes an onsite boat ramp and boat slips, two pools, an outdoor kitchen, clubhouse, community room, fitness center and covered parking. Shelton Granade, Luke Wickham and Justin Basquill of CBRE represented the seller in the transaction.
TUCSON, ARIZ. – The Place at Tierra Rica, a 288-unit apartment complex in Tucson, has sold to Aspen Square for $14.3 million. The community is located at 3201 and 3225 West Ina Road. It was built in 1988. The seller was MC Companies. The sale was executed by Art and Clint Wadlund of Berkadia.
FRESNO, Calif. — Integral Senior Living (ISL), a seniors housing operator based in Carlsbad, will manage Kingston Bay Senior Living in Fresno, which recently started construction. ISL expects the community to open in spring of 2016. Quiring General, a seniors housing-focused construction company headquartered in Fresno, is building Kingston Bay. Sitting on four acres, the 86,467-square-foot community will have 107 units, which will consist of 61 one-bedroom and 22 bedroom assisted living apartment homes, as well as 24 memory care residences. This senior living community will provide an active and healthy lifestyle while promoting independence and upholding the dignity of the residents.
CRANFORD, N.J. — Woodmont Properties has opened Woodmont Station at Cranford, an apartment community located in Cranford. Located at 555 S. Avenue East, the Woodmont Station at Cranford features 163 one-, two- and three-bedroom apartments in six different floor plans ranging from 858 and 1,238 square feet. The apartments feature gourmet kitchens with quartz countertops, full stainless steel appliance packages and bar-style seating. Community amenities include an outdoor spa pool and barbecue terrace, game room, strength and cardio center, state-of-the-art fitness studio with virtual classes on demand, clubroom with resident lounge, cyber café, bark park and an indoor pet spa. The company broke ground on the property, which is more than 50 percent leased, in 2013.
LONG BRANCH, N.J. — Pennrose Properties, along with Long Branch Housing Authority and Maestro Community Development Corp., have opened the final phase of Woodrow Wilson Commons, an affordable, mixed-income rental community in Long Branch. The residential community features 173 apartments and townhomes. The first two phases, totaling 122 units, received LEED Gold certification, and the 51 final-phase units have the new ENERGY STAR 3.0 designation. Designed by Wallace Roberts & Todd, the property features one-, two-, three- and four-bedroom units with open layouts and large windows. All units feature fully equipped kitchens with ENERGY STAR appliances; spacious closets; ceramic tiled baths; washer and dryer hook-ups; and resident-controlled heating and central air conditioning. Woodrow Wilson Commons’ last phase is the first development in the state to be completed using a 9 percent Low Income Housing Tax Credit as part of Federal Community Development Block Grant Disaster Recovery Funds given to the state as part of the Hurricane Sandy relief effort.
CHICAGO — Community Investment Corp. (CIC), a Chicago-based community development financial institution (CDFI), has raised a $200 million loan pool to finance the acquisition and rehabilitation of affordable rental housing in the Chicago area over the next five years. The funding will preserve at least 7,500 affordable units, preventing their loss due to demolition or decay, as well as providing quality rental housing for approximately 18,000 people. The new fund consists of investments by 37 Chicago-area banks to support CIC’s Multifamily Loan Program. The program, which is the foundation of CIC’s affordable rental housing initiatives, primarily targets privately owned rental housing. To date, the program has provided more than $1.2 billion in financing for the acquisition, rehab and preservation of more than 55,000 units of affordable housing for more than 130,000 Chicago-area residents.
DALLAS — Brian Gramlich of BMC Capital’s Dallas office has arranged a $3.5 million acquisition loan for a 67-unit apartment complex located in Dallas. The loan featured a five-year term with a fixed 3.8 percent interest rate and a 30-year amortization schedule. The loan was arranged through one of BMC Capital’s correspondent agency relationships.
