NEW YORK CITY — Locally based brokerage firm Ariel Property Advisors has negotiated the $9.2 million sale of an 81-unit, rent-stabilized multifamily building located at 75-89 Wadsworth Terrace in Manhattan’s Washington Heights area. Victor Sozio, Shimon Shkury, Alexander Taic and Jake Brody of Ariel represented the undisclosed seller in the transaction. The buyer was also not disclosed. The deal traded at a cap rate of 6.38 percent.
WAUKEGAN, ILL. — Interra Realty has brokered the $11 million sale of Westwood Apartments in the Chicago suburb of Waukegan. The 132-unit multifamily property is spread across 11 buildings and is located on Westwood Drive. Originally constructed in 1970, the community was 96 percent leased at the time of sale. Patrick Kennelly, Paul Waterloo and Nathan Zito of Interra represented the local private buyer, which plans to make improvements to the building exteriors, common areas and unit interiors. The team also represented the seller, a local investment group. The transaction marked the largest by dollar amount in Waukegan in the past four years, according to CoStar.
SANTA MARIA, CALIF. — MBK Rental Living has completed the sale of Azure, a multifamily property in the Central Coast city of Santa Monica. Terms of the transaction were not released. Developed in MBK Rental Living and opened in September 2020, Azure features 318 one-, two- and three-bedroom units ranging in size from 406 square feet to 1,211 square feet. The units feature open floor plans with vaulted ceilings, wood-style flooring, wall-controlled ceiling fans, gas ranges, stainless steel appliances, quartz countertops, closets with built-in shelves and covered patios with storage rooms. Community amenities include a modern farmhouse-style clubhouse with an entertainment kitchen; two resort-style swimming pools surrounded by cabanas and a firepit; two spas; traditional and Santa Maria-style barbecue grills; a 24-hour fitness center; futsal sports court; Tesla charging stations; two playgrounds; a dog park; pet spa; and business center. Azure is situated on 14 acres at 703 E. Meehan St. Kevin Green, Joseph Grabiec and Greg Harris of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller in the deal.
KALISPELL, MONT. — Gantry has arranged an $8.2 million permanent loan to retire construction financing from the development of Skyview Lofts. The property is located at 2105 Third Ave. E. in Kalispell, just north of Flathead Lake and approximately 70 miles south of the Canadian border. Skyview Lofts features 48 one- and two-bedroom apartments with open floor plans, high-speed fiber optic internet, in-unit washers/dryers and door-to-door trash service. Demetri Koston of Gantry’s Spokane, Wash., office secured the loan on behalf of the borrower, a private real estate company. Fannie Mae funded the 10-year loan with a 30-year amortization and full-term interest-only payments.
LEADVILLE, COLO. — NorthPeak Commercial Advisors has arranged the sale of an apartment building located at 921 Mount Massive Drive in Leadville, approximately 100 miles southwest of Denver. The asset traded for $7 million, or $250,000 per unit. The names of the buyer and seller were not released. Joe Hornstein and Scott Fetter of NorthPeak Commercial Advisors represented the buyer and seller in the transaction. The 26,040-square-foot apartment building features 28 units.
The dearth of new supply in the seniors housing space is a double-edged sword, says Tom Grape, founder, chairman and CEO of regional operator Benchmark Senior Living. While the lack of new product has provided a much-needed lift to operators of existing communities seeking to boost occupancy, it’s also a missed opportunity for developers chomping at the bit to start new projects. The year-over-year (YOY) inventory growth in seniors housing was 1.3 percent in the third quarter, nearly the smallest YOY growth since 2012, according to NIC MAP. Grape foresees the possibility of even slower inventory growth in the near term. “We’ve got a development pipeline, but we’re sort of parking it. Construction costs remain high. We’re starting to see early signs that maybe those are softening a bit, but nothing has really softened materially,” said Grape during the keynote interview at the seventh annual InterFace Seniors Housing Northeast conference in Philadelphia on Wednesday, Nov. 29. Laura Cambria of KARE, senior vice president of operations at KARE, a senior living staffing app that connects caregivers with operators, conducted the interview. France Media’s InterFace Conferece Group and Seniors Housing Business hosted the conference at the Hilton Philadelphia at Penn’s Landing. The daylong event …
FORT WORTH, TEXAS — A partnership between Titan Development and Dallas-based investment firm Aberg Property Co. has topped out The Trailhead at Chisholm Trail, a $63 million multifamily project in South Fort Worth. The 284-unit development is situated within the 625-acre Chisholm Trail Ranch master-planned community. Units will be spread across seven buildings and will be available in studio, one-, two- and three-bedroom formats. Amenities will include a pool, dog park and a pickleball court. HEDK Architects is designing the project, and MW Builders the general contractor. Completion is slated for fall 2024. Construction of a second phase will begin in early 2024.
HOUSTON — Atlanta-based investment firm ECI Group has sold The Columns at Westchase, a 318-unit apartment community in Houston, to Mosaic Residential for an undisclosed price. Built in 1999, The Columns at Westchase offers one-, two- and three-bedroom units and amenities such as a pool, fitness center, clubhouse and outdoor grilling and dining stations. ECI acquired the property in 2018 and implemented capital improvements to unit interiors, building exteriors, landscaping and amenity spaces. David Mitchell of Newmark represented ECI Group in the transaction.
NEW YORK CITY — Bank OZK has provided a $95 million construction loan for a 194-unit multifamily project that is under construction at 300 E. 50th St. in Manhattan’s Turtle Bay neighborhood. Designed by BKSK Architects, the 23-story building will feature studio, one-, two- and three-bedroom units and amenities such as a fitness center, coworking lounge, rooftop garden, grilling terrace and a catering kitchen. The project also includes 4,888 square feet of commercial space, and 30 percent of the units will be reserved as affordable housing. The borrower and developer is a joint venture between locally based developer MAG Partners, global investment firm Safanad and Global Holdings Management Corp. Completion is scheduled for late 2025.
NORTH BERGEN, N.J. — CBRE has brokered the $5.5 million sale of a 30,000-square-foot multifamily development site in North Bergen, located across the Hudson River from Manhattan. The site at 8709 River Road is located across from the Edgewater Harbor lifestyle center. Fahri Ozturk, Richard Gatto, Zach McHale and Jeff Babikian of CBRE represented the seller, AIRN Management, in the transaction and procured an undisclosed, locally based developer as the buyer.