TACOMA, WASH. — The Westridges, a 714-unit apartment community just outside downtown Tacoma, has sold to JRK Investors for $64.5 million. This 62-building property is the largest apartment community in Pierce County and the fourth largest in the Puget Sound region. The 37.1-acre site is located at 2602 Westridge Ave. West. The community was completed in 1991. The sale was executed by David Young, Corey Marx and Seth Heikkila of Jones Lang LaSalle’s Capital Markets. The seller was not named.
AVONDALE, ARIZ. – The 400-unit Crystal Springs Apartments in Avondale has received $25.7 million in permanent financing. The community is located at 11885 W. McDowell Road in thesouthwestern Phoenix suburb. The property was built in two phases that spanned from 2002 to 2004. It was 95 percent leased at the time of closing. The non-recourse loan has a fixed interest rate for the five-year term. It also features a 30-year amortization schedule. Financing was originated by Don Burnes of Johnson Capital’s Phoenix office on behalf of a California-based real estate investor. The lender is a Wall Street firm. Crystal Springs is managed by Riverstone Residential Group.
TOWSON, MD. — Chesapeake Realty Partners and Wood Partners have teamed up to develop The Winthrop, a 295-unit multifamily property located near Towson Town Center in Towson, a northern submarket of Baltimore. Lease-up of The Winthrop will begin starting May 2014. Additionally, Wood Partners and Taylor Property Group are developing a 175-unit community adjacent to The Winthrop. The four-story, separately operated communities will replace a 70-year-old apartment complex at the site. Both communities will include controlled-access parking garages, swimming pools, fitness centers and game rooms.
KNOXVILLE, TENN. AND JACKSON, MISS. — The New York office of Berkadia Commercial Mortgage LLC has originated two loans totaling $28.8 million for a student housing property in Knoxville and a multifamily property in Jackson. Yuri Kletsman of Berkadia secured the loans through Berkadia's Fannie Mae program. Kletsman arranged a 10-year, $15.3 million refinance loan for The Tower at Morgan Hill in Knoxville on behalf of the borrower, Vols Equities LLC. The 340-bed community is located at 2521 Kingston Pike and features a movie theater, fitness studio and computer and recreation rooms. The property was 93 percent occupied at the time of sale. Kletsman also arranged a seven-year, $13.5 million acquisition loan for The Park at Moss Creek, located at 5000 Ridgewood Road in Jackson on behalf of the borrower, KBS Moss Creek LLC. The property was 95 percent occupied at the time of sale.
OGDEN, KAN. — Block Funds, the investment division of Block Real Estate Services, has acquired a 72-unit Class A townhome community in Ogden, located about 10 miles south of Manhattan. The purchase price was undisclosed. Constructed in 2007, River Trail Townhomes is part of a larger development plan for commercial and residential development at the K-18/K-114 interchange. River Trail Townhomes is located at the eastern entrance to Fort Riley. Block Multifamily Group will manage the River Trails.
NEW YORK CITY — Art collector and real estate developer Michael Shvo, president and CEO of SHVO, and his partner Victor Homes, have closed on the purchase of a 5,530-square-foot residential development site in Manhattan for $23.5 million. The price per buildable square foot was $850, the highest amount ever paid for a residential development site in New York City, according to Shvo. The site, 239 Tenth Avenue, is located in Manhattan’s West Chelsea arts district and includes 78 feet of frontage on Tenth Avenue and an additional 70 feet on West 24th Street. Shvo plans to develop a luxury residential property on the parcel.
UNION CITY, N.J. — Love Funding has arranged an $18.7 million loan for the refinancing of Bella Vista Apartments, a 231-unit apartment building in Union City. Bella Vista Apartments is an age-restricted development for residents 62 and older. Orlando Partners LLC owns and operates the property, which is managed by Goldberg Realty Associates. The refinancing will help fund repairs, including installing new energy-efficient windows to save on energy costs. The 35-year loan features a fixed interest rate of approximately 3 percent. Laura Saull-Smith, senior director at Love Funding, secured the loan through the HUD’s Section 223(f) loan insurance program.
NEW YORK CITY — Local investor 1-29 Bogardus Place LLC has purchased a seven-story, 103-unit multifamily building in Upper Manhattan for $16.2 million. The building, located at 1 Bogardus Place, was 95 percent occupied at the time of sale. R. Stuart Gross, Max Bryce and Scott Ellard of Eastern Consolidated represented the seller, Bogardus Property Owner LLC, and procured the buyer in the transaction. The property includes units ranging from 589-square-foot studios to 1,405-square-foot three-bedrooms units. Attorney Ilan Lerman of Winston & Strawn LLP represented the seller. Attorney Karen Scanna of Stroock & Stroock & Lavan LLP represented the buyer.
TACOMA, WASH. — The Westridges, a 714-unit apartment community just outside downtown Tacoma, has sold to JRK Investors for $64.5 million. This 62-building property is the largest apartment community in Pierce County and the fourth largest in the Puget Sound region. The 37.1-acre site is located at 2602 Westridge Ave. West. The community was completed in 1991. The sale was executed by David Young, Corey Marx and Seth Heikkila of Jones Lang LaSalle’s Capital Markets. The seller was not named.
AVONDALE, ARIZ. – The 400-unit Crystal Springs Apartments in Avondale has received $25.7 million in permanent financing. The community is located at 11885 W. McDowell Road in thesouthwestern Phoenix suburb. The property was built in two phases that spanned from 2002 to 2004. It was 95 percent leased at the time of closing. The non-recourse loan has a fixed interest rate for the five-year term. It also features a 30-year amortization schedule. Financing was originated by Don Burnes of Johnson Capital’s Phoenix office on behalf of a California-based real estate investor. The lender is a Wall Street firm. Crystal Springs is managed by Riverstone Residential Group.