HARVEY, LA. — Colliers has arranged the sale of The Waters at Manhattan, an apartment community located in Harvey, approximately seven miles outside of downtown New Orleans. Developed in 2022 by the seller, Stoa Group, the property comprises 360 units. New York-based Four Corners Development Group acquired the community for an undisclosed price. Albert Elmore of Colliers led a team that represented both the buyer and seller in the transaction.
ARLINGTON, TEXAS — GREA, a multifamily brokerage firm with a dozen offices around the country, has arranged the sale of Sawyers Mill, a 133-unit apartment complex in Arlington. Built in 1969, Sawyers Mill offers one- and two-bedroom units and amenities such as two pools, a business center, outdoor grilling and dining stations and onsite laundry facilities. Mark Allen led the GREA team that brokered the deal. The buyer and seller were not disclosed.
NEW YORK CITY — Developer JCS Realty is underway on construction of Bruckner House, a 365-unit multifamily project in The Bronx. The site is located at 40 Bruckner Blvd. in the Mott Haven neighborhood on the borough’s south side. Bruckner House offers studio, one- and two-bedroom units and amenities such as a fitness center, coworking areas, a movie theater and a rooftop pool and lounge area. Project partners include S9 Architecture and EP Engineering.
BELLEVUE, KIRKLAND, SEATAC AND SEATTLE, WASH. — JLL Capital Markets and JLL Public Institutions have arranged $139.6 million in financings from The Amazon Housing Equity Fund over the last six months. The loans are for the development and preservation of 11 affordable housing communities, totaling 1,970 units, spread across the Puget Sound region of Washington State. JLL acted as the credit underwriter for Amazon, which provided long-term, fixed-rate loans for nine separate borrowers. Through Amazon Housing Equity Fund, Seattle-based tech giant Amazon provided low-rate subordinate financing to carry out the acquisition, construction and rehabilitation of the properties and assure that the properties will deliver high-quality housing and 99-year income rent restrictions. The properties included in the financing are: C.W. Early, Mary Davis and David Lott of JLL Capital Markets Debt Advisory worked with Amazon to underwrite and structure the transactions, while Martine Combal and Eileen Tumalad of JLL’s Public Institutions will focus on program management for Amazon.
DENVER — Berkadia has arranged $81.2 million in joint venture equity for Trammell Crow Residential (TCR) for the development of Alexan Pena Station, a multifamily development project in Denver. Cody Kirkpatrick, Chinmay Bhatt and Noam Franklin of Berkadia JV Equity & Structured Capital represented the sponsor, TCR, to arrange the joint venture equity partnership. Berkadia secured the equity through MBK Rental Living, a privately held real estate investment and development firm. Located on the northeast side of Denver, Alexan Pena Station will feature 578 one-, two- and three-bedroom apartments, with an average unit size of 976 square feet, spread across 12 buildings. The community will offer 46 affordable units for individuals earning up to 60 percent of the area median income. Alexan Pena Station will be built over two phases on a 20-acre site with more than 725 parking spaces.
SCOTTSDALE, ARIZ. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of The Hadley North Scottsdale, a midrise apartment property in the Phoenix suburb of Scottsdale. Completed in 2014, The Hadley North Scottsdale features 240 apartments with nine-foot ceilings, wood-style plank flooring, full-size washers/dryers, large walk-in closets and private patio or balconies. The average unit size is more than 1,000 square feet. Community amenities include a resort-style heated pool and a clubhouse with a conference room and workstations. Steve Gebing and Cliff David of IPA represented the undisclosed seller and procured the undisclosed buyer in the deal. The acquisition price was not released.
CHICAGO — Blueprint Healthcare Real Estate Advisors has arranged the sale of three value-add seniors housing properties in the western suburbs of Chicago for an undisclosed price. Opened between 1994 and 2000, the portfolio comprises approximately 290 assisted living and memory care units and roughly 40 Medicare-only skilled nursing units. According to Blueprint, the communities struggled post COVID and presented a meaningful value-add opportunity, despite some recent capital improvements. Ultimately, the seller elected to divest the properties to preserve liquidity. The buyer was a regional owner-operator looking to expand into Illinois. The seller was a national developer and investor. Ryan Kelly, Connor Doherty, Alex Florea, Lauren Nagle and Brooks Blackmon led the Blueprint team.
ST. LOUIS — Brinkmann Constructors has completed 11th and Spruce, a 148-unit apartment complex in downtown St. Louis. San Francisco-based Balboa Real Estate Partners was the developer. Located three blocks from Busch Stadium, the project features 3,000 square feet of ground-floor retail space as well as amenities such as a fitness center, clubroom, courtyard, pet spa, dog run and rentable work-from-home space. TR,i Architects was the project architect.
ILLINOIS — CFG, a subsidiary of CFG Bank, has provided two HUD loans totaling $13.6 million to refinance debt on two skilled nursing facilities in Illinois. The specific properties were not disclosed, but they total 173 beds. Tim Eberhardt and Ava Julio of CFG originated the loans.
ALEXANDRIA, VA. — Berkadia has provided a $157 million Fannie Mae acquisition loan for Mason at Van Dorn, a 1,180-unit apartment community in Alexandria, located just south of Washington, D.C. The sales price was not disclosed, but the Washington Business Journal reports that the amount exceeded $200 million. The borrower and purchaser was a partnership between South Florida-based Shoreham Capital and Bridge Investment Group. The seller was Los Angeles-based investment firm CIM Group, which acquired the property in late 2017 and implemented various capital improvements during the course of its ownership. Mason at Van Dorn consists of 14 four- and five-story buildings on 30 acres at 140 S. Van Dorn St. The site is adjacent to WestEnd Alexandria, a 4 million-square-foot mixed-use destination that is a redevelopment of the former Landmark Mall. The 52-acre development will also be the future home of the Inova Alexandria Hospital Campus, which will employ more than 2,000 people. Originally built in 1972, Mason at Van Dorn offers studio, one- and two-bedroom apartments with an average size of 761 square feet. Amenities include two pools, a fitness center, tennis courts, courtyards, a business center, outdoor grilling and dining stations, game room, movie theater and a …
