DALLAS — Forest City Enterprises Inc. has closed a strategic capital partnership with AIG Global Real Estate for the development of 3700M, a 381-unit apartment project in the West Village neighborhood of Dallas. The project, located at 3700 McKinney Ave. at Blackburn Street, will include a 21-story tower, as well as a five-story mid-rise component. Forest City and AIG will share ownership and fund the equity requirements for the project. The new community began construction in December 2012 and will wrap up construction in the third quarter of 2014. Amenities will include a pool, cooking areas, covered seating, a water feature and 37,000 square feet of ground-level retail. Cityplace Co. will own 3700M's ground-level retail component. Civitas Capital Management is providing construction financing through the government's EB-5 loan program.
GOODYEAR, ARIZ. – The 226-unit Broadstone Canyon Trails in Goodyear has sold to HSL Acquisitions, LLC for $23.6 million. The community is located at 16450 W. Van Buren Street. It was originally developed by Alliance Residential in 2008. The seller was Broadstone Canyon Trails, LLC. The transaction was executed by David Fogler and Steven Nicoluzakis of Cassidy Turley Arizona’s Multi-Family Group.
HOUSTON — McCann Realty Partners LLC has started construction on the 323-unit Retreat at Vintage Park Apartments in Houston's Champions submarket. The property will be located in the Vintage development adjacent to the 420,000-square-foot Vintage Park Lifestyle Center. The Class A community will feature attached and detached garages, a fitness center, resort-style swimming pool, cyber cafe and a gourmet kitchen. Pegasus Residential LLC will manage the community, which is slated to begin lease up in the first quarter of 2014. Wells Fargo Bank N.A. funded the construction loan, and McCann will act as its own general contractor for the project.
SAN ANTONIO AND AKRON, OHIO — Johnson Capital's Dallas office has arranged $18.6 million in joint venture equity financing for the construction of two new student housing developments in San Antonio and Akron. The NRP Group LLC (NRP), the borrower and developer of the communities, has broken ground on the projects and is expecting to wrap up construction before the fall 2014 semester. The San Antonio complex is called The Luxx, which will house students from the University of Texas at San Antonio. The 668-bed development costs approximately $32 million to build. The Akron facility is called The Depot, which will house students from the University of Akron. The 624-bed facility costs approximately $37 million to construct. A corporate investor provided the equity capital.
GOODYEAR, ARIZ. – The 226-unit Broadstone Canyon Trails in Goodyear has sold to HSL Acquisitions, LLC for $23.6 million. The community is located at 16450 W. Van Buren Street. It was originally developed by Alliance Residential in 2008. The seller was Broadstone Canyon Trails, LLC. The transaction was executed by David Fogler and Steven Nicoluzakis of Cassidy Turley Arizona’s Multi-Family Group.
PHOENIX – The 144-unit Metro Gardens in Phoenix has sold to an unnamed buyer for $5.1 million. The community is located at 10227 North 32nd Lane.The seller, Federal Home Loan Mortgage Corporation, was represented by Steve Chaben and Cliff David of Marcus & Millichap’s Phoenix office.
ORLANDO — Continental Realty Advisors has acquired Bonita Fountains Apartment Homes, a 560-unit community in Orlando for $25.2 million. The property was built in two phases in 1988 and 2000 and units average 826 square feet. The new owner is planning more than $3.5 million in upgrades to the community in the next 12 to 24 months. “We intend to create a sizeable southeastern portfolio with significant holdings in Florida markets,” according to Warren Horvarth, director of acquisitions at CRA. “Bonita's location is focused on affordability but in close proximity to many tourism, service and manufacturing jobs, which should sustain the viability of the area for the long term.”
MALDEN, MASS. — In a partnership with Mayor Gary Christensen and the city of Malden, Metropolitan Properties of America Inc. (MPA) has plans to invest more than $20 million to remodel the Granada Highlands. Renovations to the 919-apartment community include an upgraded amenity center, which will feature a luxury theater, billiard room, fitness center and community space. Boston-based MPA, which purchased the property from a Hawaii-based company in 2007, also plans to remodel 30 apartments at a time. The apartment community is located at 211 Kennedy Drive, about 10 miles north of Boston.
PHOENIX – The 144-unit Metro Gardens in Phoenix has sold to an unnamed buyer for $5.1 million. The community is located at 10227 North 32nd Lane. The seller, Federal Home Loan Mortgage Corporation, was represented by Steve Chaben and Cliff David of Marcus & Millichap’s Phoenix office.
LOS ANGELES — Canyon Capital Realty Advisors and Citi have teamed up to launch Canyon Multifamily Impact Fund, a multifamily workforce housing fund that will focus on underserved communities in California, Texas and Illinois. The fund is positioned to acquire and manage up to $800 million in apartment communities. Individual investments will range from $20 million to $90 million for both individual properties and multisite portfolios.