FORT WORTH — Marcus & Millichap has arranged the sale of Arbor View, a 15-unit apartment property in Fort Worth. Robert Denninger and Kevin Parrish with Marcus & Millichap’s Dallas office marketed the property on behalf of the seller, an out-of-state private investor. Parrish also represented the buyer, an individual/personal trust. Arbor View is located at 4738 El Campo Ave. in the Arlington Heights submarket of Fort Worth. Built in 1949, the community includes 14 two-bedroom, one-bathroom units with 775 square feet. There is also one two-bedroom/two-bathroom unit with 1,550 square feet.
Multifamily
LEWISVILLE, TEXAS — NorthMarq Capital’s Dallas office has arranged the $3.9 million refinancing of Victoria Heights, which consists of 37 newly constructed townhome buildings located at 290 Country Ridge Road in Lewisville. The transaction was structured with a 23-year loan term that is fully amortized. NorthMarq arranged financing for the borrower through its relationship with a life company.
WASHINGTON, D.C. — ARA has brokered the $176.5 million sale of Louis at 14th, a 268-unit, mid-rise apartment community located in Washington, D.C.’s U-Street Corridor. The nine-story property features a rooftop terrace with grilling stations, fire pits, lounge-style seating, residents lounge, fitness center with a yoga room, business center and concierge. Trader Joe’s occupies the ground-floor retail space at the property. Drew White and Ryan Ogden of ARA represented the seller, The JBG Cos., in the transaction. The buyer was TIAA-CREF.
CHATTANOOGA, TENN. — Housing Trust Group has opened the doors to Phase I of Forest Cove Apartments, a 120-unit resort-style multifamily community located at 7700 Aspen Lodge Way in Chattanooga. The development cost for Forest Cove is estimated at roughly $14 million. The property features one-bedroom units starting at $850 per month and two-bedroom units starting at $999 per month. Phase I units range in size from 750 square feet for one-bedroom units to 1,136 square feet for two-bedroom units. The community’s amenity package includes a saltwater swimming pool, heated Jacuzzi, clubhouse with free Wi-Fi, 24-hour fitness center, yoga studio, landscaped greenspace, playground, dog park and car care center. Riverstone Residential Group is providing property management services for the asset. The design team includes general contractor NorSouth and architect Michael Brady Inc. Walker & Dunlop provided construction financing for the project.
NEWARK, DEL. — Ingerman has started construction for Alder Creek, an affordable multifamily community in Newark. The 56-unit community will feature 13 newly constructed, two-story buildings with a mix of one-, two-, three- and four-bedroom units. Each residence will feature a private entrance, front porch, rear balcony or patio, and ample parking. Community amenities include laundry facilities, a fitness center, maintenance space and an after-school care center. Delaware State Housing Authority, the Delaware Department of Natural Resources and Environmental Control, and Capital One Bank are funding the community.
BORDENTOWN, N.J. — Aileron Capital Management has closed on a $10.2 million loan for the construction of a 101-room Holiday Inn Express in Bordentown. Structured as a SBA 504 loan, the $6.1 million first mortgage loan was provided by Aileron; Mercantile Capital and EnviroCap provided a $4.2 million interim second mortgage loan. Once the hotel is completed, the loan will be converted to long-term permanent financing.
NEW YORK CITY — TerraCRG has brokered the sale of 922 Prospect Place in the Crown Heights neighborhood of Brooklyn. The four-story multifamily building features eight residential units and an approximately 2,000-square-foot basement that may be used for storage or future duplex conversion. At the time of closing, six of the eight two-bedroom apartments were vacant. Michael Hernandez of TerraCRG negotiated the transaction.
DENVER – Advenir has acquired the 326-unit Lowry Heights apartment complex in Denver for $35 million. The Class B community is located at 8000 East 12th Ave. Property amenities include a 10,000-square-foot clubhouse with an indoor basketball court, a fitness center, movie theater, billiards, a business center and leasing center. It also includes a junior Olympic-sized swimming pool, and a splash pool and a hot tub, in addition to a playground, barbeque grill, picnic area and multiple courtyards. The seller, The Bascom Group, made significant capital improvements to the property over the past six years. Advenir plans to further enhance the amenities and unit interiors. Advenir represented itself in this transaction. Bascom was represented by ARA Denver. Financing was secured by Charles Foschini of CBRE.
MESA, ARIZ. – Security Properties has acquired the 388-unit Sonora Canyon apartment community in Mesa for $30 million. The community is located at 265 North Gilbert Road. Sonora Canyon is set to receive a $2.6-million renovation. It will include upgrades to the clubhouse, pool and interior units. Security Properties had previously purchased the property in 2005 for $22 million. It was known as University Green at the time. The firm sold the community in 2007 for $33.3 million. The property was purchased by Security Properties in conjunction with an East Coast life insurance company.
AUSTIN — HFF has secured joint venture equity and financing for a six-property multifamily portfolio in Austin. HFF worked on behalf of Commerce Capital Partners LLC to secure joint venture equity through Harbert United States Real Estate Fund V. HFF also placed six separate 12-year Fannie Mae loans with M&T Realty Capital Corp. Each loan has a four-year, interest-only period. The HFF team representing Commerce Capital included Robert Wooten, Doug Opalka and Matt Kafka.