SAN ANTONIO — Partners Real Estate has brokered the sale of an apartment building in San Antonio’s Oak Park/Northwood neighborhood. According to Apartments.com, Riviera Apartments totals 20 units in studio, one- and two-bedroom floor plans and was built in 1965. Steve Garza and Justin Ventura of Partners represented the buyer, an entity doing business as SP 2118 Edgehill LLC, in the transaction. Diego Guevara of Core Commercial represented the undisclosed seller.
WASHINGTON, D.C. — Affordable Homes & Communities (AHC) and Hoffman & Associates have opened The Westerly, a 449-unit apartment community in southwest Washington, D.C. The mixed-income property features apartments in studio, one- and two-bedroom layouts, including 136 units that are evenly split with income restrictions set at 30 and 50 percent of the area median income (AMI). The property is situated less than one block from the Waterfront Station Green Line Metro station and three blocks from The Wharf, a multibillion-dollar mixed-use development co-developed by Hoffman & Associates. Designed by Torti Gallas + Partners, The Westerly features a façade with cascading balconies and landscapes by Michael Vergason. The property also includes 20,000 square feet of amenities, including a rooftop pool deck, outdoor courtyard with a fire pit, entertainment lounges, fitness center, coworking and meeting spaces and a lobby lounge. The Westerly also houses 29,000 square feet of retail space leased to Good Company Doughnut Café, GoodVets and AppleTree Public Charter School. AHC and Hoffman funded the project using a market-rate equity investment with both 4 percent and 9 percent Low-Income Housing Tax Credits (LIHTC). Partners in the development included development partners CityPartners and Paramount Development; capital partners Grosvenor Americas, Merchants …
NEW YORK CITY — Affinius Capital, which is a joint venture between San Antonio-based USAA Real Estate and New York-based Square Mile Capital Management, and global investment firm Kennedy Wilson have provided a $160 million construction loan for a multifamily project in Brooklyn. The site at 340 Nevins St. is located in the Gowanus neighborhood. The project will be a 22-story building that will house 320 units, 25 percent of which will be set aside as affordable housing, as well as 29,000 square feet of retail space. Units will come in studio, one-, two- and three-bedroom floor plans, and amenities will include a pool, fitness center, coworking spaces and indoor and outdoor lounges. Dustin Stolly and Jordan Roeschlaub of Newmark arranged the debt on behalf of the borrower, a partnership between Tavros Holdings and Charney Cos. Completion is slated for mid-2027.
LENEXA, KAN. — Walker & Dunlop Inc. has arranged $29.6 million in federal Low-Income Housing Tax Credit (LIHTC) equity for the financing of Canyon Creek East, an affordable housing project in Lenexa. The development will include 212 units across five buildings. Jennifer Erixon led the Walker & Dunlop team that arranged the LIHTC equity, which will finance approximately 40 percent of the total development costs, on behalf of MRE Capital. Canyon Creek East is part of the larger Cedar Canyon West development plan, which encompasses a mix of residential, commercial and recreational facilities. MRE’s development will provide units for households earning between 30 and 80 percent of the area median income.
CHICAGO — Interra Realty has brokered the sale of a 30-unit multifamily property in Chicago’s Uptown neighborhood for $5 million. Built in 1927 and renovated in 2014, the asset at 5051 N. Kenmore Ave. was fully leased at the time of sale. Joe Smazal of Interra represented the buyer, East Superior Real Estate Partners, and the seller, an East Coast-based investment company. The buyer assumed the property’s existing mortgage, which carries an interest rate below current market levels.
SEATTLE — Washington Federal Bank, the wholly owned subsidiary of WaFd Inc. (NASDAQ: WAFD), has consummated the sale of approximately $2.8 billion of multifamily commercial real estate loans to Bank of America, which in turn is selling the loans to funds managed by Pacific Investment Management Co. The sale of the multifamily loans was executed at no loss to WaFd and provides immediate liquidity, according to the seller. The packaged loans all came from WaFd’s acquisition of Luther Burbank Savings in March. The sale of the CRE loans was not a condition of the merger.
SEATTLE — Kidder Mathews has negotiated the sale of Uptown Queen Anne Apartments, a mid-rise multifamily property at 315 First Ave. W. in Seattle. The seller, which originally developed the building in 2001, sold the asset to Trinity Real Estate for $19.9 million, or $331,000 per unit. Situated in the Queen Anne neighborhood, Uptown Queen Anne Apartments features 60 apartments and two commercial spaces. Jerrid Anderson and Winslow Lee of the Simon and Anderson team, a multifamily investment team based at Kidder Mathews’ Seattle headquarters, represented the seller in the off-market transaction.
DENTON, TEXAS — A partnership between two Dallas-based firms, Town Cos. and BC2 Capital, and New Orleans-based Benson Capital Partners has purchased Panhandle at Rayzor Ranch, a 105-unit multifamily property located in the North Texas city of Denton. The complex is part of the 400-acre Rayzor Ranch mixed-use development. Information on floor plans and amenities was not disclosed. The seller and sales price were also not disclosed.
NORTH MYRTLE BEACH, S.C. — The Klotz Group of Cos. and Longleaf Real Estate plan to soon break ground on The Preserve, a $250 million residential development in the coastal city of North Myrtle Beach. The plans for the 110-acre project call for 370 luxury apartments, 207 build-to-rent homes, 227 paired villa lots and 10,000 square feet of commercial space. Situated between the Intercoastal Waterway and the Carolina Bays Parkway, The Preserve will eventually be a part of a planned development district (PDD) that will feature more than 3,500 dwelling units and 1 million square feet of commercial space, including a 165,000-square-foot Amazon delivery facility. The construction timeline was not disclosed, but Klotz and Longleaf plan to break ground on The Preserve this summer.
COLUMBIA AND MYRTLE BEACH, S.C. — Berkadia has arranged the sale of two assisted living and memory care communities in South Carolina. Berkadia Seniors Housing & Healthcare, led by Mike Garbers, Cody Tremper, Dave Fasano and Ross Sanders, closed the 156-unit transaction on behalf of a publicly traded REIT. The properties, located in the Columbia and Myrtle Beach MSAs, were purchased by a regional owner-operator. The sales price and specific locations were not disclosed.