STAUNTON AND TOANO, VA. — Boston Capital has invested in the rehabilitation of two seniors housing communities including the 98-unit Gypsy Hill House Apartments in Staunton and the 22-unit Burnt Ordinary Village Apartments in Toano. The developments will be rehabilitated with tax credit equity from the Low Income Housing Tax Credit (LIHTC) program. Boston Capital has invested in approximately 13,000 affordable housing units in Virginia.
WILLISTON, N.D. — Marcus & Millichap has arranged the $2.1 million sale of 507 Reclamation Drive, an 18-unit apartment property in Williston. The property is fully leased and has recently undergone several large renovations. Mox Gunderson and Joe Cuskey of Marcus & Millichap represented the seller, a partnership, in the transaction.
PHILADELPHIA, PITTSBURGH AND WEST CHESTER, PA. — Walker & Dunlop has arranged a $70.2 million Fannie Mae loan for the refinancing of a portfolio of historic properties that were converted to multifamily buildings. Reinhold Residential is the borrower. The portfolio consists of seven garden-style apartment buildings totaling 628 units in Philadelphia, Pittsburgh and West Chester. Each of the 10-year loans feature a 25- to 30-year amortization schedule. Reinhold Residential plans to use funds from the closing to upgrade the properties over the next five years.
AUSTIN — AMLI Residential plans to develop a 279-unit apartment building in the new mixed-use town center in Austin's Mueller master-planned community. The property will include approximately 8,000 square feet of retail space and will be located adjacent to the upcoming Austin Children's Museum. Fifteen percent of the units will be included in the Mueller Affordable Homes Program. The new apartment community will feature a fitness studio, a conference center, Wi-Fi, club, gaming lounge, resort-style pool, private sundeck and a public paseo linking the lakefront with the apartments. AMLI is anticipating the project to achieve LEED certification. AMLI will break ground on the development in the first quarter of 2013, with the first units available in the third quarter of 2014.
SAN ANTONIO — Beech Street Capital has closed $39.2 million in Freddie Mac Capital Market Execution loans to refinance a three-property apartment portfolio totaling 942 units in San Antonio. The three properties include Sunset Canyon Apartments, Kenton Pace Apartments and Peppermill Apartments in San Antonio. Brian Sykes of Beech Street's Boston office originated the 10-year loans.
PHOENIX – The 224-unit Fountain Oaks apartments in Phoenix has sold to Summit Equity Investments for $8.3 million. It is located at 1225 North 40th Street. Summit Equity represented itself in the transaction, while the undisclosed seller was represented by Cindy Cooke, Brad Cooke and Carrie Burton of Colliers International’s Phoenix office.
WASHINGTON, D.C. — MassCourt East End, a 371-unit luxury multifamily community in Washington, D.C.’s Mount Vernon Triangle neighborhood, has received $92.6 million in financing. The property at 300 Massachusetts Ave. is 96 percent leased and features studio, one- and two-bedroom units. Kevin MacKenzie and Cary Abod of HFF secured the financing on behalf of the borrower, TIAA-CREF, through M&T Realty Capital Corp. and Fannie Mae. TIAA-CREF used the financing to acquire MassCourt East End.
ATLANTA — The 212-unit Colonial Homes, a multifamily community built in 1947 in Atlanta’s Buckhead submarket, has been sold by Pope & Land to Pollack Shores Real Estate Group for $15 million. Bill Shippen and John Weber of Atlanta-based ARA and Rich Arroll of Major & Arroll LLC represented Pope & Land. Pollack Shores Real Estate Group will tear down and redevelop a newly zoned portion of the Colonial Homes site into a four- or five-story apartment building.
WASHINGTON, D.C. — Urban Investment Partners (UIP) has acquired the 21-unit The New Hampshire House, an apartment community, for $2.1 million in Washington, D.C. UIP plans to reposition the property, which is located on top of the Georgia Avenue/ Petworth Metro Station at the corner of New Hampshire Avenue and Quincy Street. Marty Zupancic of Marcus & Millichap’s Washington, D.C. office represented the seller, a private investor, and secured UIP as the buyer.
NEW LENOX, ILL. — A joint venture between Focus Health Partners and Artemis Real Estate Partners has acquired Paradise Park of New Lenox, an 80-unit assisted living and memory care community in New Lenox, for $9.8 million. The community includes 48 assisted living units and 32 memory care units in five cottages. ARA National Seniors Housing Group represented the buyer in the transaction.