CLARKSVILLE, TENN. — Matthews Real Estate Investment Services has negotiated the $31 million sale of Victory Place Townhomes, a 194-unit multifamily community located at 401 Victory Road in Clarksville, about 54 miles northwest of Nashville. New York-based private equity firm BridgeGaps purchased the asset in a 1031 exchange with the seller, Singletary Construction, which developed the property in 2021. Austin Tomaiko and Austin Graham of Matthews represented the seller in the transaction, which Matthews says was the biggest sale in Clarksville by both unit count and sales price in the past 12 months. Victory Place Townhomes features a pool, fitness center, leasing office and dog parks, as well as one-, two- and three-bedroom floor plans.
ORLANDO, FLA. — TSB Capital Advisors has secured acquisition financing for Nine at Central, a 764-bed student housing community located near the University of Central Florida campus in Orlando. QuadReal provided an undisclosed amount of financing to the borrower, L3 Campus. Delivered in 2023, Nine at Central offers a mix of one-, two-, four-, five- and six-bedroom units with bed-to-bath parity. Each unit features a 55-inch smart TV, private balcony, energy-efficient stainless steel appliances and Bluetooth-integrated washers and dryers. Shared amenities include a swimming pool, hammock garden, outdoor barbecues, a wet bar, poolside cabanas, game-day jumbotron, putting green, fitness center, yoga studio, study pods on each floor and a full arcade room.
CORPUS CHRISTI, KILLEEN, NOLANVILLE AND HUNTSVILLE, TEXAS — Berkadia has brokered the sale of a portfolio of four manufactured housing properties totaling 544 sites in Texas. Two of the properties, the 126-site Clear Creek and 98-site Cimarron Park Estates, are located in the Central Texas cities of Killeen and Nolanville, respectively. The 295-site Gateway MHC is located in Corpus Christi, and the 61-site Hidden Valley is located north of Houston in Huntsville. Ian Hilpl, Kevan Enger, Brian Hummell and Hunter LaRocca of Berkadia represented the undisclosed seller in the transaction. The buyer and sales price were also not disclosed.
SAN ANTONIO — A partnership between Bitterblue Inc., Morgan Group and the San Antonio Housing Trust is nearing completion of Caroline at Rogers Ranch, a 351-unit mixed-income residential project located on the north side of San Antonio. Units come in one-, two- and three-bedroom floor plans, with 176 residences reserved for households earning between 60 and 80 percent of the area median income. Amenities include a pool, fitness center, business center, resident clubhouse and a game lawn. Davies Collaborative designed the project. Construction began in early 2022, and the first residents have begun moving in over the past several months. Full completion is slated for later this year. Rents start at $1,250 per month for a one-bedroom market-rate apartment.
SOUTH SAN FRANCISCO, CALIF. — Sares Regis Group of Northern California has completed the construction of Celeste, a ground-up residential development in downtown South San Francisco. Located at 401 Cypress Ave., the eight-story building offers 195 apartments, an onsite leasing center, a fitness loft and secure electric vehicle parking. Sares is pursuing LEED Silver certification for the development. BDE Architecture served as architect of record for Celeste.
SAN ANTONIO — JLL has negotiated the sale of Jones & Rio, a 191-unit apartment complex located in the River Walk area of San Antonio. The property offers studio, one- and two-bedroom floor plans and amenities such as a pool, fitness center, resident lounge, rooftop terrace, coffee bar and outdoor grilling and dining stations. Robert Arzola, Ryan McBride and Robert Wooten of JLL represented the seller, Benefit Street Partners, in the transaction. The buyer and sales price were not disclosed.
WASHINGTON, D.C. — The CIM Group has sold The Argonne, a 276-unit apartment community located at 1629 Columbia Road NW in Washington, D.C.’s Adams Morgan neighborhood. The buyer and sales price were not disclosed. The eight-story brick property was originally built in 1923. Under CIM Group’s management, The Argonne has undergone upgrades to the building’s lobby, common areas, corridors and façade. Today, the property features floor plans ranging from studios to three-bedroom apartments, as well as a swimming pool, fitness center, conference center, yoga room and a dog park.
MURRIETA, CALIF. — Bell Partners, on behalf of its Value Add Fund VII investors, has purchased Silverado Apartment Homes, a multifamily community in Murrieta, approximately midway between Los Angeles and San Diego. Realty Center Management sold the asset for $146.5 million. The property will be renamed Bell Murrieta Springs. Completed in 2007, Bell Murrieta Springs offers 492 one-, two- and three-bedroom floor plans with an average unit size of 948 square feet. Community amenities include a green belt with a walking trail surrounding the entire property, two pools and a clubhouse. The property also features walking access along a nature preserve to Meadowridge Park, a city-owned park. Kevin Green, Gregory Harris and Joseph Grabiec of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the deal. With this acquisition, Bell Partners owns and/or manages 11 multifamily communities in Southern California totaling more than 3,100 apartments.
SEATTLE — A joint venture between Greystar Real Estate Partners and Provident Resources Group Inc. has received $183 million in tax-exempt bond financing and completed the acquisition of two student housing communities on the University of Washington campus in Seattle. The communities, Nordheim Court and Radford Court, will now be owned by Provident under a ground lease agreement with the university. Greystar will now operate the properties. Built in 2003, Nordheim Court offers 454 beds for upper-division students. The community is set to undergo renovations to residential units and common areas beginning this summer. Radford Court, which was developed in 2000, offers 399 beds for students attending the university with families and staff members. Rents at the property are set below market rates, with 127 apartments designated for those earning up to 50 percent of the area median income. The property also includes a childcare center. These acquisitions are Phase I of the University of Washington’s UH4 plan, which seeks to increase housing and improve housing quality for students. The university plans to develop additional on-campus undergraduate housing utilizing proceeds from this transaction to accommodate enrollment growth and alleviate existing demand. The second phase of UH4 will include the redevelopment of …
SEATTLE — GMD Development and WNC & Associates have closed a deal to begin construction on Victory Northgate, a six-story affordable housing developing in north Seattle. Located at 1000 Northeast Northgate Way, Victory Northgate is slated for completion in April 2026. The community will offer 13 studios, 101 one-bedroom units, 17 two-bedroom units and 51 three-bedroom units, as well as 6,800 square feet of commercial space with 77 underground parking stalls. The 182 affordable apartments are targeted for families earning up to 60 percent of the area median income. The first-floor commercial space is tentatively reserved for a daycare facility run by the YMCA of Greater Seattle. Victory Northgate will meet all mandatory criteria required by the Evergreen Sustainable Development Standard, Washington State’s sustainable building framework. Sustainable features will include Energy Star-rated appliances; high-efficiency mechanical systems, windows and insulation; low-flow plumbing components; LED lighting throughout the property; and 90 percent drought-tolerant landscaping. The deal was structured with 4 percent LIHTC equity, a construction and permanent loan through Citi Community Capital and a $25.5 million soft loan from the City of Seattle. AOF/Pacific Affordable Housing Corp. is participating as the nonprofit co-general partner.