LOS ANGELES — Nuveen Real Estate has completed the disposition of San Regis, an apartment property in the Van Nuys neighborhood of Los Angeles. Terms of the transaction were not released. The five-building, gated community offers 390 apartments with breakfast bars and private patios or balconies. Renovated units have stainless steel appliances, quartz countertops, Shaker-style cabinets and updated plumbing and lighting fixtures. Community amenities include two levels of subterranean parking, a Junior Olympic-sized swimming pool, three pickleball courts and a modernized fitness center. Kevin Green, Joseph Grabiec and Gregory Harris of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller in the deal.
Multifamily
ST. LOUIS — HDA is serving as the architect for the historic renovation of 4500 Washington, a four-story building in St. Louis that was originally constructed in the 1920s as Liberty Hospital. The first osteopathic hospital in the city, the building later evolved into a neighborhood hub for youth programs, gatherings and support services. Today, MBG is transforming the property into 31 apartment units, a dedicated community space for veterans and a revitalized neighborhood hub. The building’s history is deeply intertwined with Leo Hardin Sr., a Korean War veteran and longtime pastor of Christ Temple First Church located across the street. Through the leadership of his son, Jeff Hardin, the building is entering a new chapter. The goal is to return the property to its original role, serving as a place of care, belonging and community connection. The dedicated space for veterans will serve as a tribute to Hardin Sr.
VIRGINIA BEACH, VA. — Bonaventure, a multifamily owner-operator based in Alexandria, Va., has purchased Royal Pointe Apartments, a 208-unit garden-style community in Virginia Beach. The firm acquired the value-add apartment property for $39.5 million via its Bonaventure Multifamily Income Trust investment vehicle. The seller was not disclosed. Bonaventure worked with Greystone to assume the property’s existing debt as part of the acquisition. Built in 1987, Royal Pointe Apartments will be updated with new LVP flooring, appliances, cabinets, lighting and fixtures for unit interiors. Exterior improvements will center on improving the property’s curb appeal.
Progressive Real Estate Partners Brokers $2.9M Sale of Armstrong Building in Pomona, California
by Amy Works
POMONA, CALIF. — Progressive Real Estate Partners has arranged the sale of The Armstrong Building, a historic mixed-use property at 150-196 E. Third St. and 345 S. Locust St. in Pomona. Western University of Health Sciences, a private medical university, acquired the asset from a Los Angeles-based private investor for $2.9 million. The 27,980-square-foot building features seven ground-level commercial units and eight residential lofts. Western University of Health Sciences will utilize the building as an extension of its campus, expanding the university’s footprint in downtown Pomona. Roxy Klein and Greg Bedell of Progressive Real Estate Partners represented the seller in the deal.
LAKEWOOD, OHIO — Cross Street has begun leasing, marketing and property management services for Westline, a two-building apartment community located at 16000 Detroit Ave. in Lakewood, a suburb of Cleveland. Resident move-ins at the property, which is 20 percent preleased, will begin in late April. Westline features 124 units starting at $1,695 per month. Amenities include a fitness center, resident lounge, package services and bike storage. Reserved parking is available in the attached garage.
RALEIGH, N.C. — Walker & Dunlop has arranged a $105 million loan for the refinancing of Maeve, a 20-story apartment tower located at 319 W. Lenior St. in Raleigh. Capital Square delivered the 297-unit high-rise last year. Alexandra Huffman, Justin Nelson and P.J. Feichtmeier of Walker & Dunlop arranged the floating-rate, interest-only bridge loan through TPG Real Estate Finance. Situated in Raleigh’s Warehouse district, Maeve offers studio, one-, two- and three-bedroom residences, as well as 10,000 square feet of retail space and amenities such as a resort-style pool and rooftop lounge.
Landmark, Kane Properties Acquire 128-Bed Student Housing Community Near University of Georgia
by John Nelson
ATHENS, GA. — A partnership between Landmark Properties and Kane Properties has acquired Eclipse on Broad, a 128-bed student housing community located near the University of Georgia campus in Athens. TSB Capital Advisors secured debt financing through Seacoast Bank for the acquisition. Built in 2013, the community offers units in four-bedroom configurations with bed-to-bath parity, as well as five separate townhomes with private two-car garages. Shared amenities include a clubhouse, 24-hour fitness center, study lounges and an outdoor courtyard and grill. The property also features 68 parking spaces.
KEMAH, TEXAS — Newmark has arranged an undisclosed amount of bridge financing for a 360-unit apartment community in Kemah, about 35 miles southeast of Houston. The Kippford at Kemah Crossing was built in 2023 and offers one-, two- and three-bedroom units that are furnished with stainless steel appliances, granite countertops, walk-in closets and individual washers and dryers. Amenities include a pool, fitness center and coworking spaces. David Schwarz of Newmark arranged the debt through Greystar on behalf of the owner, a partnership between Allen Harrison Co. and Carlyle.
NEW YORK CITY — North Bridge, a provider of commercial credit solutions, has provided an $8.5 million C-PACE (Commercial Property Assessed Clean Energy) loan for Herald Towers, a three-building apartment complex located at 50 W. 34th St. in Midtown Manhattan. The borrower, JEMB Realty, will use the loan proceeds to fund infrastructural upgrades and modernize building systems across the 690-unit complex. According to North Bridge, the transaction represents the first multifamily C-PACE deal to close in New York City.
WOODCLIFF LAKE, N.J. — Locally based brokerage firm The Kislak Co. Inc. has negotiated the $8.8 million sale of a 14-unit apartment building in Woodcliff Lake, located near the New York-New Jersey border. The three-story building at 62 Broadway was completed in 2019 and includes five retail spaces. According to Apartments.com, the building houses one- and two-bedroom units that range in size from 755 to 1,150 square feet. Jason Pucci and Barry Waisbrod of Kislak represented the seller in the transaction, and Michael Todaro of Serhant Real Estate procured the buyer. Both parties requested anonymity.