GAITHERSBURG, MD. — KLNB has negotiated the sale of two apartment communities in Gaithersburg totaling 194 units. The properties include Towne Crest and Chelsea Park. Acento Real Estate Partners purchased both communities from the undisclosed sellers. The sales prices were also not disclosed. Acento plans to make renovations to both properties and add amenities. Rawles Wilcox, Jared Emery and Dutch Seitz of KLNB represented the sellers in both transactions.
FORT WORTH, TEXAS — Developer and operator Tradition Senior Living has completed construction on a 297-unit project within the 270-acre Clearfork mixed-use development in Fort Worth. The Tradition-Clearfork offers 214 independent living residences and 95 assisted living and memory care units. Residences come in one- and two-bedroom formats and range in size from 880 to 2,200 square feet. Residents have access to 24-hour concierge and valet services, secure parking and transportation options. Common areas include lounges, card rooms, a movie theater, fitness center, pool and other spaces for daily social activities and wellness programs. Jackson & Ryan Architects designed the project, and Rogers-O’Brien Construction served as general contractor.
NEW BRAUNFELS, TEXAS — Texas-based private equity firm SPI Advisory has acquired Hawthorne Riverside, a 164-unit multifamily complex in New Braunfels, a northwestern suburb of San Antonio. Built in 1995, the property offers one- and two-bedroom units and amenities such as a pool, fitness center, volleyball court, cybercafé, pet park, resident clubhouse, business center and outdoor grilling and dining stations. SPI Advisory plans to implement a value-add program and rebrand the property as Riverbend Apartments. The seller and sales price were not disclosed.
LOS ANGELES — Carmel Properties has announced plans for Forge at Alloy, a 1 million-square-foot mixed-use property at 530 Mateo St. in Los Angeles’ Art District. The developer has retained Mike Condon Jr., Brittany Winn, McKenna Gaskill, Pete Collins and Steven Marcussen of Cushman & Wakefield to lead leasing effort for the project, which is slated for completion in third-quarter 2024. Forge at Alloy will consist of a six-story, Class A building featuring 127,456 square feet of creative office space and 18,000 square feet of ground-floor retail space, outdoor space with seating and lounge areas, a rooftop deck and three levels of parking. The second building will be a 35-story, 475-unit residential tower. The office and residential components will be connected via a pedestrian and retail paseo, formerly a rail spur, between Mateo Street and Santa Fe Avenue. The paseo will house year-round activities and attractions, including public art installations, outdoor concerts, movies and other special events.
HUMBLE, TEXAS — New York City-based Lument has provided a $13.4 million Fannie Mae loan for the refinancing of The Fordham at Eagle Springs, a 137-unit seniors housing complex in Humble, a northern suburb of Houston. The six-building, age-restricted community was built in 2020 within the Eagle Springs master-planned development and offers a pool, salon and a coffee bar. Tom Dixon of Lument originated the financing, which was structured with a 10-year term (four years of which are interest-only), fixed interest rate and a 30-year amortization schedule. The borrower was not disclosed.
SILVER SPRING, MD. — Arlington Partnership for Affordable Housing (APAH) has acquired Falkland Chase, a 170-unit apartment community in Silver Spring, just north of Washington, D.C. JBG Smith sold the property for an undisclosed price. APAH plans to redevelop the property and create 1,250 new units in a mix of one-, two- and three-bedroom layouts. Most of the new apartments will be reserved for residents earning at or below 60 percent of the area median income (AMI). Partners on the project include The Housing Partnership Fund, Woodforest National Bank and the National Housing Trust Community Development fund.
MISHAWAKA, IND. — Flaherty & Collins Properties has broken ground on Phase II of the $67 million luxury apartment development named The Mill at Ironworks Plaza in Mishawaka, just east of South Bend. This phase totals nearly 409,000 square feet and includes 226 apartment units, 10,600 square feet of retail space and 422 parking spaces. Flaherty & Collins completed Phase I of the project in 2019. In July, Mishawaka officials approved a new 25-year tax-increment financing district and issued city bonds to support the project, which is situated in the waterfront district. This public-private partnership includes the donation of the land and an investment from the city. Phase II also received $6.3 million from the Regional Development Tax Credit through the Indiana Economic Development Corp. The average unit size is 833 square feet. Amenities include a fitness facility, meeting space, pool, lounge, bike storage and private balconies. Flaherty & Collins expects to welcome the first residential and commercial tenants for Phase II in spring 2025.
CHICAGO — Kiser Group has brokered the sale of a historic multifamily property located at 2324 W. 111th St. in Chicago’s Morgan Park neighborhood for $1.9 million. Known as “The Castle” for its architecture, the property’s 16 apartment units were vacant at the time of sale. Originally constructed in the late 1800s as a funeral home, the building was later converted into a mixed-use asset in the 1920s. John George and Joe Bianchi of Kiser brokered the sale. Buyer and seller information was not provided.
HOUSTON — Midway has begun leasing The Laura, a 359-unit multifamily project that is part of the Houston-based developer’s initial phase of the 150-acre East River development in Houston’s Historic Fifth Ward. Designed by Munoz + Albin with EDI International as the architect of record, The Laura features studio, one- and two-bedroom apartments that range in size from 431 to 1,432 square feet. Amenities include a fitness center, dog park, pool, grilling stations, outdoor yoga space and a lawn for games and passive recreation. OHT Partners served as the general contractor for the project. The first move-ins will begin in December. Phase I of East River also includes 250,000 square feet of office space and 110,000 square feet of retail and restaurant space. Rents start at $1,600 per month for a studio.
RICHFIELD, UTAH — Hunt Capital Partners, in collaboration with CJM Development Group, has opened Sandstone Hills Apartments in Richfield, 150 miles south of Salt Lake City. Located on 5.8 acres at the southeast corner of 1500 S St. and SR 118, the community features five three-story, garden-style residential buildings offering 20 one-bedroom, 70 two-bedroom and 30 three-bedroom apartments for households earning up to 55 percent of the area median income. The vision of Sandstone Hills Apartments began with Dale T. Smith & Sons Meat Packing Co., which wanted to move its operations to Richfield but was aware of the town’s acute housing shortage. The company enlisted CJM Development to lead the effort to develop affordable housing in the area. The project team includes Commercial Construction as general contractor, Think Architecture are the project architect, and CJM Properties, the developer’s affiliate, as the property management agent. Financing for the development includes the syndication of $9.3 million in federal Low-Income Housing Tax Credits (LIHTC) through Hunt Capital Partners Tax Credit Fund 43, as well as $1.1 million in state LIHTC with Standard Insurance as the investor. Zions Bank provided a $17.6 million construction loan, as well as a $12.4 million permanent loan. Additionally, …