AUSTIN, TEXAS — MIG Real Estate has acquired Adagio Swenson Farms, a 336-unit multifamily community in the Far North submarket of Austin. The complex offers one- and two-bedroom floor plans averaging 1,041 square feet, as well as amenities such as a swimming pool, barbecue area, fitness center and clubhouse. Located at 413 Swenson Farms Blvd., the property is 15 miles from downtown Austin and in close proximity to the city’s technology corridor and attractions including Lake Pflugerville, Gilleland Creek Park and Blackhawk Golf Club. Pat Jones of ARA Real Estate Investment Services represented the undisclosed seller in the transaction, while Newport Beach, Calif.-based MIG Real Estate represented itself. National operator Alliance Residential will manage the property going forward.
SEATTLE – A 19,440-square-foot development site in Seattle has sold to British Columbia Investment Management Corporation (bcIMC) for $17.7 million. The site is located at 2000 Third Ave. near the city’s Belltown neighborhood. The buyer plans to build a 400-foot, high-rise apartment tower with ground-floor retail on the site. The transaction was executed by David Young, Corey Marx and Seth Heikkila of Jones Lang LaSalle’s Capital Markets.
PEEKSKILL, N.Y. — Johnson Capital has arranged a $14 million loan for the refinancing of 120-unit Drum Hill Senior Living complex in Peekskill, located about 25 miles north of White Plains. The two-building property spans approximately 85,000 square feet and is situated a half mile from the Hudson River. Approximately 49 of the 120 units are Low-Income Housing Tax Credit units and the rest are affordable market-rate senior living units. Drum Hill is an adaptive reuse project. The project was converted from a high school to its current use in 1999. The owners of the property received a $13.9 million Industrial Development Bond issued by the City of Peekskill Industrial Development Authority for the project. The bond was refinanced with the $14 million note arranged by Lino DiLascio of Johnson Capital. A regional bank provided the 10-year loan, which includes a 30-year amortization schedule and a interest rate of approximately 5 percent.
AUSTIN, TEXAS — A joint venture between MedProperties Holdings LLC and The LaSalle Group will break ground this month on Autumn Leaves of North Austin, a 46-bed memory care residence in Austin. The 27,000-square-foot property, located in close proximity to State Highway 183, is slated for completion within 12 months. Texas Gulf Bank provided construction financing for the project, and The LaSalle Group will operate the facility upon opening.
DURHAM, N.C. — KeyBank Real Estate Capital has closed a $28 million Fannie Mae loan for Century Trinity Estates, a 270-unit, garden-style apartment complex located in Durham. Jane Harrison and Joe Fadus of KeyBank arranged the 10-year, fixed-rate loan on behalf of the borrower, Centennial Holding Co.
CHARLOTTE, N.C. — NorthMarq Capital has arranged $10.7 million in refinancing for Sunset Village Apartments and Forestbrook Apartments, two apartment communities located in Charlotte. The apartment properties total 360 units. Bill Matone of NorthMarq’s Charlotte office arranged the 10-year, Freddie Mac loan with a 20-year amortization schedule.
JACKSON, MISS. — Multi Housing Advisors (MHA) has arranged the sales of two Jackson apartment communities totaling 316 units. The properties include the 296-unit Audubon Grove and the 20-unit River Bluff. Professional Equity Management purchased Audubon Grove, a Class C community built in 1974, for an undisclosed price. Belhaven Residential purchased River Bluff, a Class B community near Belhaven University, for an undisclosed price. Brian Savage and Jimmy Adams of MHA’s Birmingham, Ala., office represented the seller in both transactions.
VERNON HILLS, ILL. — Chicago-based REVA Development Partners has broken ground on a 304-unit luxury rental community in Vernon Hills, located about 36 miles north of Chicago. The Oaks of Vernon Hills is a 27-acre development that will feature garden-style apartment buildings and rental townhouses in a series of pocket neighborhoods. The apartment homes will include one-bed and two-bed floor plans spanning 696 to 1,212 square feet. The townhomes, measuring 1,487 to 1,800 square feet, will feature two or three bedrooms and an attached two-car garage. Amenities will include a clubhouse, an outdoor swimming pool and walking trails. Kinzie Builders is the general contractor. Leasing is expected to begin in spring with first occupancies in the summer.
BRYN MAWR, PA. — Binswanger has arranged the sale of two parcels situated on a 1.4 acre site in Bryn Mawr, located about 10 miles northwest of Philadelphia. The buyer, JLPH Associates LP, plans to build a new multifamily project on the site. Two separate owners sold the properties, located at 847 and 859 Old Lancaster Ave. Devon Apartments is a two-building complex that includes 24 two-bedroom apartment units and spans 32,580 square feet on 1.1 acres. The multifamily property was 54 percent occupied at the time of the sale. The property located at 847 Old Lancaster Ave., which is currently used as a medical office building, includes a two-story, building on 0.4 acres. Scott Gabrielsen, president, along with Scott Williams and Nick Sannelli of Binswanger Commercial, arranged the transaction.
NEW YORK CITY — Marcus & Millichap has arranged the $11 million sale of 15 Crown St., a six-story, 58-unit multifamily building in the Crown Heights/Prospect Heights area of Brooklyn. The sales price equates to a 4 percent cap rate and $189,655 per unit, according to Marcus & Millichap. Peter Von Der Ahe, Matthew Fotis and Adam Abuaf in Marcus & Millichap’s Manhattan office represented both the seller and the buyer in the transaction. “This sale marks the trend of new investors finding investment opportunities in emerging Brooklyn submarkets,” says Fotis. “New York renters seeking alternatives to the area’s prime neighborhoods has fueled demand for more affordable units, especially those with luxury finishes.”