Multifamily

Stone-Brook-Apartments-San-Antonio

BAYTOWN, TEXAS — Newmark has brokered the sale of Stone Brook, a 376-unit apartment community located in the eastern Houston suburb of Baytown. Built in 2000, Stone Brook offers one-, two- and three-bedroom units and amenities such as a pool, playground and a dog park. Zach Springer of Newmark represented the seller, Dallas-based private equity firm Knightvest Capital, in the transaction. Tip Strickland, also with Newmark, originated an undisclosed amount of Freddie Mac acquisition financing on behalf of the buyer, Bluebird. The 10-year, fixed-rate loan was structured with a loan-to-value ratio above 80 percent and seven years of interest-only payments.

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BURBANK, CALIF. — BWE has secured a $32.6 million loan to provide first mortgage financing for First Street Village, a six-story, mixed-use development in Burbank. Steve Perricone and Tom Mazlo of BWE originated the loan from a correspondent life company on behalf of the borrower, a regional private investment firm. First Street Village features 94 studio, one-, two- and three-bedroom units and 6,100 square feet of fully leased commercial space. Units feature quartz countertops, Energy Star-rated appliances, European cabinetry, nine-foot ceilings and in-unit washers/dryers. Community amenities include an outdoor swimming pool, a fitness center, spa, sundeck, business center and landscaped courtyard. The loan has a 15-year term with a 30-year amortization and is open to prepayment at par after nine years. The borrower used the proceeds to pay off an existing high-interest construction loan.

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BRADENTON, FLA. — JBM Institutional Multifamily Advisors has brokered the $102 million sale of ParkCrest Landings, a 400-unit apartment community located in Bradenton, a city in metropolitan Sarasota. This sale represents the second time that JBM has brokered the sale of ParkCrest Landings since it was delivered in 2015. Passco Cos. sold the asset to an undisclosed buyer. Situated on a 78.4-acre site, ParkCrest Landings comprises 17 two- and three-story residential buildings, three separate amenity/clubhouse buildings and two swimming pools. The property features one-, two- and three-bedroom apartments with an average size of 1,026 square feet.

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Citrino-Apts-San-Diego-CA

SAN DIEGO — Owner 6916 Fulton St. LLC is nearing completion of the development of Citrino, an apartment complex in the Linda Vista neighborhood of San Diego. Located at 6919 Fulton St., the pet-friendly community features 47 studio, one- and two-bedroom apartments ranging from 470 square feet to 941 square feet.   Units offer open floorplans with oversized windows, stainless steel appliances, quartz countertops and full-size stackable washers/dryers. The solar-powered property features two electric vehicle charging stations, a community clubhouse, kitchen and courtyard. San Diego-based Sunrise Management is serving as property manager for the asset. Pre-leasing for the community is underway.

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Uniti-Montrose-Houston

HOUSTON — Dallas-based Civitas Capital Group has topped out UNITi Montrose, a 238-unit multifamily and coliving project in Houston. The site spans a full acre, and the building rises six stories atop a three-story parking garage. Floor plans consist of 190 studio, one- and two-bedroom units as well as 48 private suites that house a total of 161 private rooms. Amenities will include a pool, coworking space and a courtyard, as well as 4,000 square feet of ground-floor retail space. Meeks + Partners designed the project, and Arch-Con Corp. is serving as the general contractor. Completion is slated for next summer.

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CHICAGO — Quantum Real Estate Advisors Inc. has brokered the $3.8 million sale of an 11-unit multifamily building in Chicago’s West Town neighborhood. The property at 835 N. Wolcott Ave. was renovated in 2020. Quantum represented the out-of-state buyer, which completed a 1031 exchange. The seller was undisclosed.

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National-Black-Theatre-&-Ray-Harlem

NEW YORK CITY — LMXD, an affiliate of New York City-based L&M Development Partners, has topped out the National Black Theatre & Ray Harlem, a 21-story residential and civic project. Designed by Frida Escobedo Architects and Handel Architects, the development will house 222 mixed-income apartments, commercial space along 125th Street and a multi-purpose living room that will be open to the community. In addition, the site will feature a 27,000-square-foot home for National Black Theatre. This space will house offices, classrooms, a 250-seat performance space, a 99-seat flexible studio theater and a set-building shop to support workforce development in theatrical trades. The building is scheduled to open in late 2024, with the theater coming on line in early 2026. 

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STAMFORD, CONN. — Cushman & Wakefield has arranged four loans totaling $223.9 million to refinance four Harbor Point-branded apartment communities. Greystone provided the Freddie Mac mortgages. The portfolio comprises 989 apartment units in Stamford, roughly 40 miles northeast of New York City and 40 miles southwest of New Haven. Units range from 544 to 1,429 square feet in a mix of studio, one-, two- and three-bedroom layouts.  Located at 301 Commons Park South, 111 Towne St., 110 Towne St. and 120 Towne St., the communities —Postmark Apartments, Harbor Point, The Key at Yale & Towne and Vault Apartments — feature amenities including tenant parking, swimming pools, clubrooms with  kitchens and multiple lounges, fitness centers, resident concierges, gaming tables and controlled building access.  The properties offer proximity to downtown Stamford, Interstate 95 and the Stamford Transportation Center, which grants direct train access to the Bronx and Manhattan.  Monthly rental rates at Vault Apartments and Harbor Point begin at $2,411 and $2,408, respectively, according to the property websites. Rental rates at the two other communities are not disclosed.  John Alascio, Alex Hernandez, Alex Lapidus and Chris Meloni of Cushman & Wakefield’s Equity, Debt & Structured Finance team represented the undisclosed borrower in the …

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Arise-Craig-Ranch-McKinney

MCKINNEY, TEXAS — The CONAM Group, a California-based investment firm, has acquired Arise Craig Ranch, a 270-unit apartment community located within the Craig Ranch master-planned development in the northern Dallas suburb of McKinney. Completed in 2018, Arise Craig Ranch offers one-, two- and three-bedroom units that are furnished with stainless steel appliances, granite countertops and tile backsplashes. Amenities include a pool, resident lounge, billiards room, courtyards, fitness center, movie theater, dog park and a business center. The seller and sales price were not disclosed.

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Cadence-Creek-at-Towne-Lake-Cypress

CYPRESS, TEXAS — Caldwell Communities has opened Cadence Creek at Towne Lake, a 250-unit active adult complex in Cypress, a northwestern suburb of Houston. The community features one- and two-bedroom apartments that range in size from 760 to 1,230 square feet and cottages that range in size from 900 to 1,200 square feet. Amenities include a pool, fitness center, library, theater room, arts and crafts room, gaming area and a dog park. Rents start at $1,500 per month for a one-bedroom unit.

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