PHILADELPHIA — Greysteel has arranged the $8.3 million sale of Eastern Lofts, an apartment complex in Philadelphia’s Brewerytown neighborhood. According to Apartments.com, the property was built in 2016, totals 37 units in one-, two- and three-bedroom floor plans and houses an onsite daycare and pet play area. Greysteel represented the locally based seller, Mazzarini Real Estate, in the transaction. The locally based buyer requested anonymity.
LOWELL, MASS. — Marcus & Millichap has brokered the $3.1 million sale of a 17-unit apartment building located at 887 Varnum Ave. in the northwestern Boston suburb of Lowell. The property consists of five studios and 12 two-bedroom units as well as onsite parking and laundry facilities. Tony Pepdjonovic, Evan Griffith and Will Sanborn of Marcus & Millichap represented the seller and procured the buyer, both of which requested anonymity, in the transaction.
UTAH — CFG, a subsidiary of CFG Bank, has provided $16.3 million in bridge-to-HUD financing for the acquisition of two skilled nursing facilities. The properies, which are in Utah, support a total of 220 beds. The deal allowed the undisclosed borrower to expand its footprint into a new state. Further details were not disclosed. Tommy Dillon of CFG originated the transaction.
TAMARAC, FLA. — Aztec Group has arranged a $95 million loan for the refinancing of Tamarac Village, a 401-unit apartment community in South Florida’s Broward County. MF1 Capital provided the bridge financing. Situated on 12.7 acres, the property was developed in two phases in 2020 and 2023 by the borrower, Lotis Group. Tamarac Village features one-, two- and three-bedroom apartments ranging in size from 800 to 1,485 square feet, as well as a nearly 9,000-square-foot clubhouse, according to Apartments.com. The loan marks the eighth transaction between Aztec Group and the developer.
Harrison Street Recapitalizes 1,527-Bed Student Housing Community Near University of Central Florida
ORLANDO, FLA. — Harrison Street has recapitalized The Aves at Twelve 100, a student housing community located adjacent to the University of Central Florida campus in Orlando. Harrison Street executed the transaction via a new joint venture with The Scion Group. The property was originally acquired by Harrison Street in 2011 and recently underwent extensive renovations. The community offers one-, two-, three- and four-bedroom, fully furnished units with bed-to-bath parity. Shared amenities include four resort-style swimming pools; a 24-hour fitness center and yoga studio; private study rooms; a business center; community clubhouse; courtyard space; and onsite parking garages.
ATLANTA — On behalf of its investors, Hunt Capital Partners (HCP) has transferred ownership of Ashford Parkside Senior Residences to a nonprofit affiliate of the Housing Authority of DeKalb County. Located in Atlanta, Ashford Parkside is a mid-rise, mixed-income seniors housing community built in 2007. Following the end of 15-year recapture period in 2022, a collaborative effort ensued between the nonprofit and HCP to reach a mutually beneficial outcome regarding the property’s future. The decision provides the Housing Authority of Dekalb County greater capital flexibility surrounding all aspects of property operations and repair projects as it shapes its long-term housing plan. Ashford Parkside offers a mix of one- and two-bedroom apartments. Of the 151 total units, 134 are dedicated to seniors with incomes ranging from 30 percent to 60 percent of the area median income (AMI). Additionally, two of the units are reserved for property management while the remainder are rented at market rates.
DALLAS — A partnership between three investment firms — California-based Waterford Property Co., The Vistria Group and Brooklyn-based Northern Liberties — has acquired Domain at Midtown Park, a 395-unit apartment community in North Dallas. Concurrent with the sale, the new ownership entered into a 99-year ground lease with the Dallas Housing Finance Corp. to place rent restrictions on the property in exchange for a full property tax abatement. More specifically, 51 percent of the units will be reserved for renters earning 80 percent or less of the area median income (AMI), while 39 percent of the residences will be earmarked for households earning 140 percent or less of AMI. The remaining units will be rented at market rates. Domain at the Park was originally constructed in 2016 and offers amenities such as a pool, clubhouse, fitness center, business center, outdoor grilling and dining stations, dog park and a golf simulator. Walker & Dunlop originated Freddie Mac acquisition financing for the deal.
KINGWOOD, TEXAS — Colorado-based investment firm InterUrban Cos. has sold Woodland Hills Village, a 260-unit apartment complex in Kingwood, a master-planned development located north of Houston. The property offers one-, two- and three-bedroom units to go with a pool and fitness center. Kyle Whitney, Chris Young, Joey Rippel, Jeffrey Skipworth and Chris Curry of Berkadia represented InterUrban Cos. in the transaction. The buyer, an undisclosed Dallas-based investment firm, plans to implement a value-add program. The sales price was not disclosed.
OAKLAND, CALIF. — Cityview has completed Portico, an apartment property located at 37 8th Ave. in Oakland’s Brooklyn Basin master-planned community. Portico features 378 studio, one-, two- and three-bedroom apartments, as well as townhomes. The units offer a Latch smart-home system that includes keyless entry and smart thermostats; stainless steel appliances; large closets; in-unit, full-size washers/dryers; luxury vinyl plank flooring; and kitchens with fully tiled backsplashes and quartz countertops. Community amenities include a rooftop sky lounge; resort-style pool and spa deck; and an outdoor courtyard featuring fireplaces, outdoor games and a community garden. The community’s indoor/outdoor fitness space features state-of-the-art equipment and a movement studio, while the clubhouse offers a community wine room, game room and leasing lobby lounge, as well as an outdoor pet spa and pet park. The community also offers managed Wi-Fi throughout the community, technology-enabled workspaces and 331 parking spaces for residents and guests. The project team includes James E. Roberts Obayashi, Webcor, AC Martin and Nadia Geller Designs.
WYOMING, MICH. — Commonwealth Senior Living has acquired American House Wyoming, a 102-unit assisted living and memory care community in the Grand Rapids suburb of Wyoming. The purchase price and seller were undisclosed. The buyer will rebrand the facility as Commonwealth Senior Living at North Byron. The acquisition marks the third community for Commonwealth in the Grand Rapids area. Commonwealth plans to renovate the property, primarily focused on enhancing the secure memory care neighborhood.