GREENVILLE, S.C. — Trade Street Residential has acquired The Aventine Greenville, a new 346-unit, Class A apartment community in Greenville for $42 million, or $121,000 per unit. The community is located at 97 Market Point Drive, adjacent to the Millennium Campus, a 500-acre master-planned corporate and research park. The Aventine Greenville’s amenity package includes a WiFi café, fitness center, pet park, business center, resort-style pool, pool pavilion with TVs and built-in grills. The community was 76 percent occupied at the time of sale. Trade Street obtained a $21 million mortgage to help fund the acquisition.
CHICAGO — Weis Builders has completed the $44 million second phase of Lake Park Crescent, a multifamily redevelopment in Chicago. Phase II, called Sullivan Station, encompasses more than two city blocks in the North Kenwood-Oakland neighborhood.The project will replace the 1960s-era public housing and provide mixed-income housing within both low and midrise buildings. The Davis Group contracted Weis Builders to add a total of 132 units to the community. Weis will also build a midrise building and three-story parking ramp, as well as site preparation for future buildings.
INDIANAPOLIS — CBRE has arranged a $14.5 million loan for the acquisition of Waterside at Castleton Apartments, a Class B multifamily property located on the northeast side of Indianapolis. CBRE worked on behalf of Yakima, Wash.-based Wilkinson Corp. to secure the CMBS financing.The 400-unit apartment community features a mix of one- and two-bedroom layout. Jason Brown, vice president of CBRE’s debt and structured finance office in Indianapolis, originated the loan.
NEW YORK CITY — UC Funding LLC has arranged a $6.4 million construction bridge loan for a five-story, 15,763-square-foot luxury condominium development in Brooklyn. Upon completion, the five-story building will include 10 condo units. The property will feature one 537-square-foot studio condo, four one-bedroom condos that average 921 square feet, two two-bedroom condos that average 1,254 square feet, two three-bedroom condos that average 1,372 square feet and one 2,230-square-foot, four-bedroom condo. Condos will feature stainless steel appliances, granite countertops in the kitchens, marble tile flooring in the bathrooms and hardwood flooring. Community amenities will include a roof terrace, bike room, package room and virtual doorman.
GLENDALE, CALIF. – The 32-unit Winchester Apartments in Glendale has sold to C & P Properties for $8.1 million. The community is located at 1140 Winchester Ave. Warren Berzack of Berzack Investment Property Advisors, amultifamily specialty group of Lee & Associates-LA North/Ventura, represented both the buyer and the private family seller in this transaction. C & P purchased this asset as part of a 1031 exchange.
COLONIA, N.J. — Ingerman and BCM Affordable Housing have broken ground on Reinhard Manor, a new affordable seniors housing community at 350 Outlook Ave. in Colonia. The project will transform a vacant and unused school facility into 62 one- and two-bedroom affordable rental residences for seniors. Ingerman was granted $8.7 million in tax credits over 10 years and a $4.8 million Community Development Block Grant to develop Reinhard Manor. The company is partnering with BCM Affordable Housing and the Woodbridge Affordable Housing Corp. to develop the community.
LEAGUE CITY, TEXAS — General contractor Weis Builders Inc. has completed Orchard Park at Victory Lakes, a 126-bed senior living community in the southeast Houston suburb of League City. Constructed in 14 months, the property features 60 assisted living units and 40 memory care units, as well as amenities including a fitness center, recreation area, therapy room and landscaped courtyard. Move-in began immediately upon completion of the HUD project.
CHARLOTTE, N.C. — The Connor Group has purchased The Apartments at Quarterside, a 184-unit apartment community located in Charlotte, for $31.2 million. The Connor Group purchased the community from Quarterside Charlotte Apartments LLC and GFDR Quarterside LLC. The property was built in 2009 and includes a resort-style swimming pool, fitness center, controlled access building entry and garages. The Apartments at Quarterside is The Connor Group’s third acquisition in Charlotte in the last 16 months.
ST. CLOUD, MINN. — Michael Padilla of NorthMarq Capital’s Minneapolis office has secured $1 million in refinancing for Victorian Terrace Apartments in St. Cloud. Located at 230-240 Second St. NE, the property offers 48 residential units. The loan was structured with a 10-year term and 15-year amortization schedule. NorthMarq arranged the loan for the borrower through its relationship with a correspondent life insurance company.
NEW YORK CITY — Marcus & Millichap has brokered the sale of an apartment building, located at 314-316 50th St. in Sunset Park section of Brooklyn. The four-story, 20-unit property sold for $2.7 million to an undisclosed private investor. Matthew Fotis and Jeb Hollingsworth of Marcus & Millichap’s Manhattan office represented the buyer and the undisclosed seller in the 1031 exchange sale.