HOUSTON — Birmingham, Ala.-based Equity Resources has acquired the 276-unit Waterstone Apartments, located in Houston just outside of The Woodlands. The property was built in 2012 and is currently in lease-up. The community's amenities include a resort-style saltwater pool with a sundeck, a fitness center, poolside gourmet grilling area, Wi-Fi computer lounge, clubhouse/entertainment area, garages and privacy gates.
HOUSTON — HFF has secured a construction loan for the development of 2929 Weslayan, a 254-unit, high-rise multifamily development located on the northeast corner of Weslayan and West Alabama streets in Houston. The 40-story property includes 12,156 square feet of ground-floor retail space and a 547-space parking garage. The community will feature a fitness center, pool lounge, fire pit and an adjoining restaurant offering room service for residents. Whitaker Johnson, Rob Rizzi and Cameron Cureton of HFF arranged the loan through Pacific Life on behalf of the borrower, a partnership between PM Realty Group and the INDURE Fund, which is managed by National Real Estate Advisors.
EVERETT, WASH. – An affiliate of the Goldman Sachs Group and East Rock Capital, LLChave received $35 million in acquisition financing for Fulton’s Crossing in Everett. The 504-unit apartment community was built in two separate phases in 1986 and 1991. The five-year loan was secured by Mike Bryant and Jon Wooton of CBRE Capital Markets Dallas Debt & Equity Finance Group under the Freddie Mac Capped ARM program.
TUCSON, ARIZ. — The District on 5th Avenue, a new 208-unit student housing community near the University of Arizona, has sold to Education Realty Trust for $67 million. It is located at 550 North Fifth Ave. The seller, Residential Housing, was represented by Peter Katz of Institutional Property Advisors.
WASHINGTON, D.C. — Federal Capital Partners (FCP) has sold the 297-unit Allegro, a high-rise community at 3460 14th St. in Washington, D.C., to Prudential Real Estate Investors on behalf of one of its client funds. The multifamily property was built in 2009 and features studio, one- and two-bedroom units averaging 740 square feet. David Nachison, Alan Davis and Brenden Flood of HFF represented Washington, D.C.-based Federal Capital Partners.
PHILADELPHIA — Pennrose Properties and dmhFund have broken ground on a $19.5 million LGBT-friendly senior housing project in Philadelphia. The six-story affordable housing project will feature 56 one-bedroom units and multi-purpose public spaces. The project is slated for completion in 2013. Funding for the development stems from a Philadelphia HOME grant, Pennsylvania Redevelopment Assistance Capital Program funds and Low-Income Housing Tax Credits. Mark Segal, president of dmhFund and a well-known gay rights activist, is spearheading the project.
PLAINFIELD, N.J. — Treetop Development has acquired a 108-unit HUD apartment complex in Plainfield for $9.8 million. The garden-style apartment buildings are located at 825 E. Front St. Treetop plans to add new landscaping, new roofs and will complete interior apartment renovations. The acquisition is part of the company's ongoing strategy to add more than 3,000 units to its portfolio in cities such as Newark, East Orange and Jersey City.
TUCSON, ARIZ. — The District on 5th Avenue, a new 208-unit student housing community near the University of Arizona, has sold to Education Realty Trust for $67 million. It is located at 550 North Fifth Ave. The seller, Residential Housing, was represented by Peter Katz of Institutional Property Advisors.
PORTLAND, ORE. — A four-property seniors housing portfolio that is based in Portland has received $56 million in financing. The portfolio, which totals 419 units, includes Carman Oaks in Lake Oswego; Cedar Creek in Sherwood; the Wilsonville in Wilsonville; and Mill Creek Point in The Dalles. The portfolio boasts an overall occupancy rate of 86 percent. It contains a mix of independent living, assisted living and memory care units. The five-year, floating-rate loan facilitated the properties’ acquisitions, repositioning and renovations. It was secured by HFF’s Stephen Skok and Timothy Joyce on behalf of Harrison Street Real Estate Capital, LLC and The Springs Living.
HILLIARD, OHIO — KeyBank Real Estate Capital has arranged a $13.7 million loan for the refinancing of Carriage Court of Hilliard, a 102-unit assisted living and memory care community in Hilliard, a suburb of Columbus. Jack Boudler of KeyBank negotiated the 35-year loan through the U.S. Department of Housing and Urban Development's HUD 232/223(a)(7) program. The borrower is Sentio Healthcare Properties.