WILMINGTON, MASS. — CBRE/New England’s Capital Markets team has brokered the sale of Metro at Wilmington Station, a 108-unit apartment community located in Wilmington. A joint venture between EA Fish Development and Real Estate Capital Partners sold the property to Core and Value Advisors LLC, an affiliate of Stockbridge. Built in 2013, the transit-oriented property is adjacent to the MBTA train platform. The community consists of two three-story apartment buildings with one detached single-story garage structure with 35 enclosed garage spaces. The property offers a mix of 30 one-bedroom and 78 two-bedroom apartments with an average unit size of 1,067 square feet. Pursuant to Chapter 40B, the property is required to maintain 30, or 28 percent, affordable apartments governed by both income and rent limits. The affordable apartments are set aside for households earning up to 80 percent of area median income. Simon Butler and Biria St. John of CBRE/New England represented both parties in the transaction.
Multifamily
NEW YORK CITY — AVANT Capital Partners has originated a $3.28 million bridge loan on an apartment building in Brooklyn’s Prospect Lefferts Garden neighborhood. The interest-only, 24-month loan carries an interest rate of 8 percent and refinanced the first mortgage. The 11,943-square-foot property has four ground-floor retail units and five second-floor apartments. Adam Luysterborghs of AVANT originated the loan, which was brokered by Marko Kazanjian of Meridian Capital Group.
ARLINGTON, TEXAS — California-based Brookline Investment Group has purchased Manchester Park, a 126-unit, value-add apartment complex located at 2011 Lincoln Dr. in Arlington from Landmark Apartment Trust. Chris Deuillet and Dirk Goris of CBRE represented the seller in the transaction. The complex is currently 97 percent occupied. Among the community’s amenities are a clubhouse, pool, tennis court, picnic area, gated access and planned activities for residents. Units feature wood-burning fireplaces, full-size washer and dryer connections, black appliances, wood-style flooring, balconies and private patios. Brookline Investment Group plans to revitalize 10,000 square feet of unused clubhouse space, including six racquetball courts, at Manchester Park.
Las Vegas – The 240-unit Cimarron Apartments in Las Vegas has sold to FF Realty II LLC for $24.5 million. The community is located at 8301 W. Flamingo Road. The seller, 8301 W Flamingo Road Holdings LLC, was represented by the Sauter Multifamily Group of NAI Vegas.
ODENTON, MD. — The Goldstar Group has purchased Shelter Cove Apartments, a 300-unit multifamily community in Odenton, for approximately $43 million. The apartment community is located at 537 Tranquil Court about three miles from Fort Meade, the fourth-largest military base in the United States. The property includes a clubhouse, outdoor swimming pool, 24-hour fitness center, children’s playground and tennis courts. Clifford Mendelson of Metropolis Capital Finance arranged private equity for the transaction, while Adam Randall of Berkeley Point Capital arranged debt financing through Freddie Mac. Robin Williams and Dean Sigmon of Transwestern represented the seller in the transaction.
MIDLOTHIAN, VA. — Robinson Development Group Inc. has commenced construction on a new 255-unit, Class A apartment community in Midlothian. The property is located within the 725-acre, mixed-use CenterPointe development. Construction is slated to wrap up in 18 months. BB&T will provide construction financing for the project. Robinson Development has formed a joint venture with Drucker & Falk LLC to develop the unnamed apartment community.
FORT MYERS, FLA. — Tampa-based Aileron Capital Management has closed a $7.2 million loan for the construction of The Rose Gardens of Fort Myers, a 110-bed assisted living facility in Fort Myers. The property is located at 2117 Earl Road. Aileron provided a $4.5 million first mortgage and a $2.7 million mezzanine loan on behalf of the borrower, a Florida-based seniors housing owner and developer. The SBA 504 loan will convert to long-term permanent financing upon the completion of construction, expected for June 2015.
SOUTH BARRINGTON, ILL. — The LaSalle Group will open a 29,000-square-foot freestanding memory care community in the village of South Barrington, approximately 35 miles northwest of the Chicago Loop. Autumn Leaves of South Barrington located at the northeast corner of Higgins and Bartlett Road, will open in July. The $11.1 million memory care community will provide specialized care to nearly 50 residents living with Alzheimer’s, dementia or memory impairment. The LaSalle Group has nine communities open or under construction in the suburbs of Chicago. Autumn Leaves of South Barrington is approximately one mile from the Arboretum of South Barrington shopping mall and five miles from St. Alexius Medical Center. The new community will offer free programs to the public including seminars,speakers, monthly Alzheimer’ssupport groups and respite care. Volunteer opportunities for the community will also be available.
LEBANON, N.J. — HFF has arranged the sale of Presidential Place, a multifamily property located at 701 Presidential Dr. in Lebanon. Pizzo & Pizzo sold the 150-unit property to Eagle Rock Multi-Family Property Fund for $38 million or $253,000 per unit. Constructed in 2011, the six-building community features a mix of one-, two- and three-bedroom units and a clubhouse with fitness center and swimming pool. At the time of sale, the property was 95 percent leased. Zac Pierce and Mark Thomson of HFF Philadelphia, along with Jose Cruz of HFF’s New Jersey office, arranged the off-market transaction.
NEW YORK CITY — Rosewood Realty Group has brokered the sale of 795 Flatbush Avenue in Brooklyn’s Flatbush neighborhood. Built in 1931, the three-story, 5,000-square-foot walk-up apartment building sold for $1.2 million. The property, which has 3,400 square feet of air rights, features four apartments and one commercial unit. Michael Kerwin of Rosewood Realty Group represented the buyer, 795 Flatbush Realty LLC, and the seller, Tanya And Angels LLC, in the transaction.