WISCONSIN — Hendricks & Partners (H&P) has negotiated the sale of the Wisconsin Affordable Housing Portfolio for $8.06 million. The 14-property portfolio is located throughout the state and consists of HUD Project-based Section 8 housing for low-income, elderly residents. It contains a total of 210 housing units. The sellers were Dunn County Realty Group, Housing Development Services and Housing Management Services, all of New Richmond, Wis. The buyers were WHPC-Dunn County LLC, WHPC-Washburn County LLC and WHPC-St. Croix County, all of Madison, Wis. The sellers were represented by Robert DiPietrae of H&P’s Seattle office, Eric Taylor of the firm’s Detroit office and Ralph DePasquale of the firm’s Chicago office.
NEW YORK CITY — Renovations are complete at 20 Exchange Place, a former office tower located in New York City’s Financial District that was converted into residential apartments. The last part of the redevelopment to be complete was the creation of a residents’ lounge on the 19th floor. The lounge features a wet bar, flat-screen televisions, a billiard room, a card room and a gym. The 19th floor sundeck was also modernized. The interior architect for the project was CDA. 20 Exchange Place features apartments on floors 16 to 57 ranging from studios to two-bedroom units. The owner is Metro Loft Management.
DENVER — Jaaso Unlimited Series 1525 Yates Only LLC has purchased 1525 Yates Street, an 18-unit multifamily property in Denver, for $1.09 million or $45,718 per unit. Built in 1969, the property offers 12 one-bedroom/one-bath units, six studios and six two-bedroom/two-bath units. Matt Ritter and Jeff Johnson of Pinnacle Real Estate Advisors LLC represented the buyer; JB Hochman and Josh Newell, also of Pinnacle, represented the seller, L/D Properties Inc., in the transaction.
JACKSONVILLE, FLA. — An institutional client has sold the 200-unit Southern Pines apartment complex to an undisclosed party for $13 million. The 20-year-old property is located at 1010 Belle Rive Blvd. in Jacksonville. Steve Lear and Bart Walchle of Jacksonville Beach, Fla.-based Walchle Lear Multifamily Advisors brokered the sale.
ELKTON, MD. — MHTJ Enterprises has borrowed a $9.62 million loan to refinance its 156-unit Apartments at Iron Ridge, located on Iron Hill Road in Elkton. The property encompasses 16 two-story buildings and features a tennis court, a swimming pool and a weight room. The 10-year, non-recourse loan carries a 30-year amortization and was arranged using FNMA financing. Laura Saull-Smith of Love Funding’s Washington, D.C., office secured the loan.
CHICAGO — Leasing has commenced for the rental component of Aqua, an 82-story mixed-use tower located in Chicago within Lakeshore East, Magellan Development Group’s master-planned community. The rental component of Aqua will occupy floors 19 to 52, comprising 474 units in a mix of studios, convertibles, one and two-bedrooms. Rents will range from $1,498 to $3,111. Residents will be able to take advantage of an amenity package that includes an 80,000-square-foot outdoor deck and a 35,000-square-foot amenity floor with fitness and business centers, a spa, media and game rooms, and a lounge. The rest of the Aqua tower will contain for-sale condominiums, a hotel and retail space. The project is also applying for LEED certification. The rental unit interiors were designed by Stanton Interior Concepts and leasing is being handled by NNP Residential.
PATERSON, N.J. — Marcus & Millichap has brokered the $510,000 sale of Summer Street Apartments, a 10-unit apartment property located in Paterson. Summer Street Apartments, which was built in 1950, features 6,500 rentable square feet. Six of the 10 units have been renovated with new flooring, kitchen cabinets, bathroom vanities and appliances. Kevin McCrann and Thomas McConnell of Marcus & Millichap’s New Jersey office, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, a local investor/developer, was secured and represented by Urszula Zoltek and Greg Babaian, also of Marcus & Millichap.
FRISCO, TEXAS — Post Properties has opened Post Sierra at Frisco Bridges. The 36-acre, $250 million development offers luxury apartments as well as 30,000 square feet of retail space. Thirty-four of the 269 apartments are available for move-in as well as community amenities. Completion of the complex will be later this year, and rent ranges from about $750 to $1,640 per month. The complex offers features such as granite countertops, stainless steel appliances, wood shaker-style cabinetry, simulated wood plank flooring, ceramic tile flooring and backsplashes.
ALISO VIEJO, CALIF. — Walker & Dunlop recently provided a $60 million conventional loan for Alize, a 484-unit apartment community located in Aliso Viejo. Built in 1999, the Class A property features a clubhouse with a deluxe kitchen, a state-of-the-art fitness center, an outdoor pool and individual parking garages. The loan was structured with a 10-year term with 2 years interest only and a 30-year amortization. Verne Murray and Jeff Burns of Walker & Dunlop arranged the financing for the borrower, Sequoia Equities.
THE VILLAGES, FLA. — Ocala, Fla.-based Edwards Construction Services has broken ground on the 32,000-square-foot Seabreeze Regional Recreation Center in The Villages of Lake Sumter, a retirement community. The project includes a wellness center, meeting areas, an area for arts and crafts and a pool. Delivery is slated for early next year.