LYNNWOOD, WASH. — American Capital Group (ACG) and Clarion Partners have completed Enso Apartments in Lynnwood. Located at 19630 40th Ave. W., Enso Apartments features 316 studio, one-, two- and three-bedroom floor plans with in-home air conditioning. The property features 3,950 square feet of retail space, a central courtyard, fitness center, yoga studio, game zone, coworking spaces and sky lounges with mountain views.
CHEYENNE, WYO. —Brinkman Real Estate, in partnership with ATLAS Capital Partners, has acquired Pointe Plaza Apartments in Cheyenne for an undisclosed price. Constructed between 2017 and 2022, Pointe Plaza features 123 apartments at 6714 Faith Drive. The new owners plan to implement a hands-on asset management approach to enhance operational efficiency, strengthen leasing and residential retention and optimize ancillary income through market-based fee strategies.
CHICAGO — Interra Realty has brokered the $7.3 million sale of 1755 N. Damen Ave., a 13-unit apartment and retail building adjacent to The 606 trail in Chicago’s Bucktown neighborhood. The deal marks the highest sales price of any multifamily or mixed-use asset in the submarket in over two years, per CoStar data. Joe Smazal and Mark Dykstra of Interra represented the buyer, Stocking Urban LLC, led by Nicholas Stocking. Smazal and Dykstra also represented the confidential seller in the off-market deal. All residential units were fully occupied at the time of sale. The property features three two-bedroom units, five three-bedroom units and two four-bedroom layouts. In addition to the residential units, the building includes three commercial spaces, two of which were occupied at the time of sale to a bridal shop and a health and wellness center. Stocking Urban plans to make light cosmetic updates to the commercial spaces and lease the vacant storefront.
NEW YORK CITY — Tredway, a multifamily owner-operator based in New York City, has acquired a portfolio of 16 affordable housing and mixed-income residential properties totaling approximately 1,200 units in Texas. The sales price was $65.5 million. The majority of the properties are located in South Texas or West Texas cities such as Alamo, Amarillo, Brownsville, El Paso, Lubbock, Odessa, San Juan, Santa Rosa and Victoria. Other markets represented within the portfolio include Fort Worth and the Central Texas cities of Copperas Cove and Lampasas. Tredway plans to invest more than $10 million in capital improvements across the portfolio to preserve affordability and is partnering with Housing Services Inc., a nonprofit organization that will provide social services across the portfolio. The seller was not disclosed. Berkadia originated an undisclosed amount of Fannie Mae acquisition financing for the deal.
LAKE JACKSON, TEXAS — A limited liability company doing business as 100 CS Park LLC has purchased Plantation Park Apartments in Lake Jackson, a southern suburb of Houston, for $31.5 million. According to Apartments.com, the property was built in 2016 and totals 238 units. Residences come in one-, two-, and three-bedroom floor plans and are furnished with stainless steel appliances, granite countertops, wood-style flooring, walk-in closets and full-size washers and dryers. Select residences offer private patios or balconies. Amenities include a pool, outdoor entertainment and grilling areas, a clubhouse, fitness center, business center and a resident lounge with a game area and entertainment space. The seller and sales price were not disclosed.
DAVIS, CALIF. — Interstate Equities Corp. (IEC) has purchased a two-property apartment portfolio in Davis for $42.8 million from an undisclosed seller. The portfolio includes Pepperwood Apartments at 2222 Sycamore Lane and Temescal Apartments at 2477 Sycamore Lane. Situated approximately 2.8 miles from the University of California, Davis, the portfolio currently offers 141 units, or 357 beds. IEC plans to gradually transition leasing toward a “by-bedroom model,” which is prevalent in the Davis student housing market. Constructed in 1981 and 1983, Pepperwood and Temescal offer a mix of one-, two-, three- and four-bedroom apartments averaging approximately 1,090 square feet. The properties offer value-add potential, and IEC plans to maintain affordability while implementing targeted interiors and exterior upgrades to Pepperwood.
NASHVILLE, TENN. — JLL Capital Markets has negotiated the sale of two apartment properties in Nashville’s Hillsboro Village neighborhood totaling 177 units: Belcourt Park and Village 21 at Regions Park. Nick Brown, Peter Yorck and John Weber of JLL represented the seller, Atlanta-based TriBridge Residential, in the off-market transaction. A partnership between Harrison Street Asset Management and Nashville-based Elmington Residential purchased the properties for $54.8 million, according to the Nashville Business Journal. Village 21 at Regions Park opened in 2017 and offers 101 units, including retail space with tenants such as E3 Chophouse, Taco Mama and Bad Ass Coffee, among others. Elmington and Harrison Street only acquired the apartment portion of the development. Belcourt Park, a 76-unit property, stands four stories tall with units averaging 646 square feet in size.
MARIANNA, FLA. — Marcus & Millichap Capital Corp. (MMCC) has arranged $3.2 million in acquisition financing for The Grove Apartments, a 44-unit multifamily community located in the heart of the Florida Panhandle in Marianna, approximately 65 miles west of Tallahassee. Garrett Fierstein of MMCC secured the five-year loan through a local credit union. The loan carries a 6.12 percent fixed interest rate, 30-year amortization period and a 70 percent loan-to-value ratio. Situated near Chipola College and Florida Caverns State Park, The Grove is fully occupied and features a mix of two- and three-bedroom townhomes with an average size of 1,100 square feet, according to Apartments.com.
OAK PARK, MICH. — Bernard Financial Group (BFG) has secured a $14 million permanent loan for a 475-unit multifamily property in Oak Park. Joshua Bernard of BFG arranged the loan on behalf of the borrower, Lincoln Towers Apartments LP. A life insurance company provided the loan. BFG will provide servicing for the loan.
NEW YORK CITY — JLL has arranged a $19 million loan for the refinancing of a portfolio of five multifamily buildings totaling 42 units in Brooklyn. Known as the Edifice Portfolio, the newly renovated buildings are located at 431-433 Wythe Ave. and 313 S. 4th St. in Williamsburg and 19-21 Columbia Place in Brooklyn Heights. Jillian Mariutti and John Flynn of JLL arranged the loan through City National Bank on behalf of the borrower, local investment firm Edifice Real Estate Partners.