GEORGETOWN, TEXAS — Hillwood Communities has begun construction on Wolf Ranch, a $700 million mixed-use development in Georgetown, a suburb of Austin. Hillwood acquired the 755-acre tract on Highway 29 and I-35 from the Wolf family in 2014. The development will include 900 apartment units, space for new retail and restaurants, 1,600 single-family homes and 140 acres of green space. The Georgetown Independent School District will serve the new community. The transaction was conducted between Hillwood Communities and the Wolf family’s representative, Iva Wolf McLachlan. Wolf Ranch is expected to house 4,000 residents once the development is completed.
PROSPECT PARK, PA. — Rittenhouse Realty Advisors has arranged the sale of Colonial Park West Apartments, a 96-unit garden-style apartment property located at 211 Lazaretto Road in Prospect Park. Friedman Realty Group acquired the property from an undisclosed seller for $8.7 million. The buyer plans to renovate the property with upgrades to kitchens and bathrooms in each unit and the exterior. Ken Wellar and Corey Lonberger of Rittenhouse Realty Advisors brokered the transaction.
SALEM, MASS. — CBRE/New England has negotiated the sale of Jefferson at Salem Station, a garden-style apartment community located in Salem. Salem Station LLC sold the property to an affiliate of Bell Partners Inc. for an undisclosed sum. Built in 2002, the property features 266 market-rate apartments spread across five four-story elevator buildings and four two-story townhouse buildings. The units are a mix of one- and two-bedroom apartments and two-bedroom townhomes with an average size of 1,115 square feet. Community amenities include a great room, media room, business center, fitness center and an outdoor pool with sundeck and gas grills. Simon Butler and Biria St. John of CBRE/NE represented the seller in the transaction.
ATLANTA AND NASHVILLE, TENN. — Alliance Residential Co. has started construction on two luxury apartment developments in Atlanta and Nashville. The projects include Broadstone Ridge, a five-story development within walking distance of the Chattahoochee National Recreation Area and the new Atlanta Braves stadium, and Broadstone 8 South in Nashville’s 12South/8th Avenue neighborhood. Since 2012, Alliance Residential’s pipeline has totaled more than $350 million with projects in Georgia, South Carolina and Tennessee. The company recently delivered The Haynes House and Broadstone Court in Atlanta and Broadstone Seaside in Charleston. Current projects in the company’s pipeline include Broadstone Midtown in Midtown Atlanta, Broadstone Springs in Sandy Springs, Ga., and Broadstone Germantown in Nashville.
MINNEAPOLIS — Dougherty Mortgage LLC has closed a $15.1 million HUD 221(d)(4) loan for the rehabilitation of two conjoined warehouses in Minneapolis. The property, 700 Central, will be converted into 80 market-rate housing units. The apartment buildings will also feature 5,600 square feet of ground-floor retail. The project has been placed on the National Register of Historic Places, and the borrower, 700 Central Owner LLC, was able to utilize equity from the sale of historic tax credits for the project.
LAWRENCEBURG, IND. — Evans Senior Investments has arranged the sale of Shady Nook Care Center, a skilled nursing and memory care facility in Lawrenceburg, approximately 25 miles west of Cincinnati, Ohio, for an undisclosed price. A local investor purchased the property and will retain the existing operator. Shady Nook was built in 1984 and consists of 35 semi-private rooms and 12 private rooms in a 37,332-square-foot facility. The property underwent a $395,000 renovation in 2010. Jason Stroiman of Evans Senior Investments arranged the deal.
ARLINGTON, TEXAS — Dougherty Mortgage LLC has closed a $7.3 million Fannie Mae loan for the refinancing of Park Row East Apartments, a 205-unit market rate multifamily property in Arlington. The 10-year loan was arranged on behalf of the borrower, DCP 3201 East Park Row Drive LLC, through a partnership with Old Capital Lending and Dougherty’s Minneapolis office. The loan was structured with a 30-year amortization schedule.
DALLAS — Greysteel has arranged the sale of Carroll Place, a 26-unit apartment community in the Old East Dallas neighborhood of Dallas. Boyan Radic, Doug Banerjee, Andrew Mueller and Ryan Hill of Greysteel served as advisor and agent to 1502 Carroll Place LLC in the sale of Carroll Place to Old East Carroll LLC. The property includes six efficiency and 20 one-bedroom/one-bathroom units within three two-story buildings.
HOUSTON — Old Capital has provided a loan for the 38-unit Magnum Oaks Apartments in Houston. The transaction includes a cash-out refinance after 15 months for a local owner, who is a foreign national. Old Capital provided the Freddie Mac, non-recourse loan with a 30-year amortization schedule at a 4.75 percent interest rate and 75 percent loan-to-value ratio. The loan term is 10 years with a declining pre-payment penalty and three years of interest-only payments.
SAN DIEGO — Nonprofit affordable real estate developer Community HousingWorks has announced plans to build a $27 million, unnamed seniors housing community in San Diego that would welcome LGBT seniors. The 76-unit, affordable independent living community will be located at the corner of Texas Street and Howard Avenue in San Diego’s North Park neighborhood. The community will be open to all seniors, but is intended to create a welcoming community to LGBT seniors. The City of San Diego and the San Diego Housing Commission are providing $7 million for the $27 million complex, which is expected to take about 18 months to build. The San Diego LGBT Community Center recently completed a study that found 68 percent of LGBT seniors had neither family nor younger friends they could count on for support or assistance as they age, and were more likely to live alone and not be in a significant relationship. Further, 23 percent of the LGBT seniors responding to the survey reported an annual income of less than $20,000 per year. Only 16 percent reported having $100,000 or more saved for retirement.