DALLAS — Miami-based developer Resia, formerly known as AHS Residential, has begun leasing a 336-unit, garden-style apartment community in West Dallas. Resia Dallas West features one-, two- and three-bedroom units, including 17 affordable housing residences, across eight three-story buildings. All units feature private balconies or patios. Amenities include a pool, fitness center and a business center. Fifth Third Bank and Pealmark provided construction financing for the project. Rents start at $1,280 per month for a one-bedroom unit.
LEAGUE CITY, TEXAS — Cushman & Wakefield has brokered the sale of Sorrento at Tuscan Lakes, a 204-unit apartment community located in the southeastern Houston suburb of League City. Built in 2008, the property offers one-, two- and three-bedroom units and amenities such as a pool, business center, coffee bar, fitness center, game room, multiple lounges and courtyards and a pet play area. John Carr, Jennifer Campbell, Ben Fuller, Josh Hoffman, Avery Klatt, Asher Hall and Grant Raymond of Cushman & Wakefield represented the seller, New York City-based Sachs Cos., in the transaction. The buyer and sales price were not disclosed.
NEW YORK CITY — TD Bank has provided a $72.5 million construction loan for a 133-unit multifamily project in the Gowanus area of Brooklyn. The property at 544 Carroll St. will be a 17-story building that will feature an average unit size of 973 square feet and amenities such as a rooftop lounge, fitness center and event space. A quarter of the units will be earmarked as affordable housing. Christopher Peck and Peter Rotchford of JLL arranged the loan on behalf of the borrower, a joint venture between Avery Hall, Declaration Partners and Bridge Investment Group. Delivery is slated for late 2025.
NEW YORK CITY — An affiliate of Empire State Realty Trust (ESRT) has purchased two adjacent commercial buildings in Brooklyn’s Williamsburg neighborhood for $26.4 million. The buildings total a combined 11,000 square feet across six market-rate apartments and 5,600 square feet of retail space. ESRT acquired the buildings, which were both fully occupied at the time of sale, via a 1031 exchange. The seller was not disclosed. Global law firm Fried Frank advised ESRT on the deal.
LOS ANGELES — LaTerra Development has received $143.5 million in combined floating-rate bridge loans for two multifamily communities in the greater Los Angeles area. PGIM Real Estate, on behalf of its core-plus debt strategy, provided the financing. Jace Bertges led the PGIM Real Estate team in the financing. The borrower will use the bridge financing to take out the existing construction loans as it leases up and stabilizes the properties. LaTerra, in joint partnership with Clarion Partners, received $90 million in financing for The Louise, a newly constructed apartment community along Hollywood Boulevard in the Los Feliz neighborhood of Los Angeles. The Louise features 246 apartments in a mix of studio, one-, two- and three-bedroom units, a coworking lounge, 24-hour fitness center, an indoor/outdoor clubhouse, collaborative and private office space, as well as 20,487 square feet of retail space. Rob Rubano, Brian Share, Max Schafer and Becca Tse of Cushman & Wakefield Equity, Debt & Structured Finance represented the borrower in the refinancing transaction. PGIM also provided financing for The Charlie Santa Monica, a community with 99 units spread across three boutique-style buildings. The property offers 20,858 square feet of ground-floor retail space, open-air gathering spaces, fitness centers, resident clubhouses …
Marcus & Millichap Brokers Sale of 17-Property Multifamily, Retail Portfolio in Beaumont, California
BEAUMONT, CALIF. — Marcus & Millichap has arranged the sale of 17-property multifamily and retail portfolio in the Inland Empire city of Beaumont. The assets traded for a total of $13.5 million. Doug McCauley, David Covarrubias and Steve Bogoyevac of Marcus & Millichap represented the undisclosed seller in the all-cash transaction. The portfolio features a mix of multifamily, mixed-use and retail space, as well as unoccupied land. The new owner plans to capitalize on the significant upside in rents that this portfolio has to offer.
CHULA VISTA, CALIF. — Northmarq, in partnership with Ballast CRE, has secured $46.5 million in financing for Union Apartments in Chula Vista, just south of San Diego. Union Apartments features 170 units, a pool, spa, clubhouse, playground, barbecue areas and a fitness center. Aaron Beck, Wyatt Campbell and Conor Freeman of Northmarq’s San Diego office, in collaboration with Mikee Anderson-Mitterling of Ballast CRE, arranged the loan for the undisclosed borrower through Northmarq’s Fannie Mae DUS platform.
ARLINGTON HEIGHTS, ILL. — The development arm of Bradford Allen has submitted plans for a 300-unit apartment development in the Chicago suburb of Arlington Heights. The eight-story project will feature 25,000 square feet of ground-floor retail space. Approximately 30 of the units will be designated as affordable housing. Bradford Allen submitted plans to village officials in a joint venture with Moceri+Roszak, which is also the architect. Plans call for 17,500 square feet of indoor and outdoor amenity spaces, including an outdoor pool, sun deck, fitness area, media rooms, business center, library, work-from-home conference rooms, golf simulator, dog walk and pickleball court. There will also be indoor parking for 484 vehicles and 86 outdoor parking spaces for the retail component. The proposed project is adjacent to the former Daily Herald building, which Bradford Allen is converting into a 150,000-square-foot medical office complex known as ArlingtonMed. Together, the buildings are part of a potential 16-acre, master-planned community that includes additional apartment buildings and retail space.
WILMETTE, ILL. — Interra Realty has brokered the $9.2 million sale of Art House Eleven 21, an apartment building in the Chicago suburb of Wilmette. Developed in 2018, the 16-unit building at 1121 Greenleaf Ave. features six two-bedroom units, eight three-bedroom units and two retail spaces. Lucas Fryman and Craig Martin of Interra represented the buyer, Chicago-based HP Ventures Group. The duo also represented the seller, a joint venture between 4 Corners, Gabe Horstick and Josh Krueger. HP Ventures assumed the existing low-interest loan on the property, which was fully leased at the time of sale.
FORT OGLETHORPE, GA. — General contractor Jim Chapman Construction Group (JCCG) has started construction on The Cottages at Battlefield Crossing, a 244-unit build-to-rent (BTR) townhome project located at the intersection of Dietz Road and Battlefield Parkway in Fort Oglethorpe. Situated on 41 acres about nine miles south of Chattanooga, Tenn., the property will feature homes in five floorplans totaling 1,020 to 1,466 square feet. Amenities at the community will include a 4,000-square-foot clubhouse, swimming pool, fitness center and 24-hour emergency maintenance services. The developer and construction timeline were not disclosed.