NEW YORK CITY — Delshah Capital, a locally based real estate private equity firm, has completed a multifamily adaptive reuse project at 30 Morningside Drive on Manhattan’s Upper West Side. The project converted a former hospital complex that was originally constructed between 1896 and 1928 into a residential complex with 204 units across five buildings. CetraRuddy served as the architect for the project, and Titanium Construction Services was the general contractor.
SAN DIEGO — San Diego-based AAA Management has obtained $99.4 million in construction financing and preferred equity for the development of Ion Aero, an eight-story multifamily property in San Diego. Located in 8555 Aero Drive, Ion Aero will feature 302 apartments in a mix of studio, one-, two- and three-bedroom units ranging from 500 square feet to 1,400 square feet. Community amenities will include an indoor-outdoor fitness center and yoga studio; coworking space; a clubroom with indoor and outdoor entertaining space; playground; dog run; pool and spa; and a seventh-floor sky lounge. Bill Chiles, Scott Peterson and Morgon Fraser of CBRE Capital Markets’ debt and structured finance team in San Diego secured the financing, which features a three-year term and 75 percent loan-to-cost ratio.
KENT, WASH. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Waters Edge, an apartment community in Kent. Jackson Square Properties sold the asset to FPA Multifamily for $80 million, or $263,125 per unit. Giovanni Napoli, Philip Assouad, Nicholas Ruggerio, Ryan Harmon and Anthony Palladino of IPA represented the seller and procured the buyer in the deal. Completed in 1987, Waters Edge features 304 apartments in a mix of one-, two- and three-bedroom apartments, averaging 879 square feet, with oversized laundry rooms and wood-burning fireplaces with brick mantels. Community amenities include a private lake with walking trail, central clubhouse, leasing office, lounge, fitness center, outdoor pool, walking trails and children’s playground.
SACRAMENTO, CALIF. — The Mogharebi Group (TMG) has arranged the sale of Rosemont Terrace, a garden-style apartment property in Sacramento. A Southern California-based private investment group sold the community to an undisclosed buyer for $17.9 million. Located at 3690 S. Port Drive, Rosemont Terrace features 100 apartments in a mix of one-, two- and three-bedroom layouts spread across 15 two-story residential buildings. Community amenities include a swimming pool, laundry facilities, an outdoor picnic area and carport parking. The property was built in 1970. Otto Ozen of TMG represented the seller in the deal.
CAMBRIDGE, MASS. — CBRE has negotiated the sale of Hanover North Cambridge, an apartment community in North Cambridge. A fund advised by Goldman Sachs Asset Management purchased the asset from The Hanover Co. and its institutional partner for $182 million. Completed in 2022, Hanover North Cambridge offers 294 units, as well as more than 26,000 square feet of amenity space. The property is also home to a 7,067-square-foot, Caribbean-inspired restaurant, and is built over a podium that offers two levels of covered parking. Community amenities include a lobby with a reception area; clubroom with a projector screen and shuffleboard court; co-working lounge; private meeting spaces; and fitness center. According to the property website, Hanover North Cambridge offers studio, one-, two- and three-bedroom floor plans. Rental rates range from $2,976 per month for a studio to $6,284 per month for a three-bedroom apartment. The property is LEED Gold-certified. The community is located adjacent to the MBTA Alewife Station, giving residents train access to the greater Cambridge and Boston areas. Cambridge is home to more than 32 million square feet of office space, as well as Harvard University and the Massachusetts Institute of Technology (MIT). A CBRE Capital Markets team consisting of Simon …
SAN ANTONIO — Palladium USA, in partnership with the San Antonio Housing Trust Public Facility Corp. (PFC), has broken ground on Palladium Crestway, a $65 million affordable housing project in San Antonio. Income restrictions for the community were not disclosed. Palladium Crestway will be a three-story building with 271 units on a 10-acre site. Residences will come in one-, two- and three-bedroom floor plans. Amenities will include a pool, fitness center, conference center, sports court, dog park, computer lounge, children’s playroom and clubroom with a mini-kitchen. Preleasing will begin next summer, and full completion is slated for next winter. The San Antonio Housing Trust PFC issued $31 million in tax-exempt bonds that were purchased by Cedar Rapids Bank & Trust. PNC Bank provided a $27 million equity investment. Kim Parker of Dynamic Commercial Real Estate represented Palladium USA in the purchase of the land. Cross Architects designed the Palladium Crestway, and Brownstone Construction is serving as the project’s general contractor.
LEWISVILLE, TEXAS — San Francisco-based Legacy Partners and Pondmoon Capital Holdings USA have opened Merit, a 296-unit apartment community in the northern Dallas suburb of Lewisville. The development features one-, two- and three-bedroom units that range in size from 630 to 1,500 square feet and are furnished with granite countertops, stainless steel appliances, work-from-home spaces and private balconies/patios. Amenities include a pool, fitness center, dog park, coworking space, outdoor gaming area and a 24-hour convenience mart. Project partners included JHP Architecture and Provident General Contractors.
VISTA, CALIF. — MIG Real Estate has acquired Waterleaf, a multifamily community in Vista, from an undisclosed seller for $174 million. Located at 333 N. Emerald Drive, Waterleaf features 456 one- and two-bedroom floor plans with eight-foot ceilings, full-size washers/dryers, air conditioning and balconies or patios. Built in 1985, the property offers easy access to Camp Pendleton, Oceanside Business Park, Vista Industrial Park and McClellan Palomar Airport. The buyer plans to modernize the interiors, paint the exterior and enhance the common areas of the property. Walker & Dunlop represented MIG and the seller in the deal.
DENVER — Palisade Partners has completed the disposition of B Street LoHi, a multifamily property located in the Lower Highlands (LoHi) neighborhood of Denver. The Paskin Group acquired the asset for $29 million, or $397,260 per unit. Located at 1736 Boulder St., B Street LoHi features 73 apartments in a mix of one- and two-bedroom floor plans. Dave Martin, Rich Ritter and Brian Mooney of Northmarq’s Denver investment sales team represented the seller in the deal.
PEORIA, ARIZ. — CBRE has brokered the sale of Landmark on 67th, a Class A apartment community in Peoria. LM67 LLC acquired the asset from RET3 LLC for $16.23 million, or $289,857 per unit. Brian Smuckler, Jeff Seaman, Derek Smigiel and Bryson Fricke of CBRE in Phoenix represented the seller and buyer in the transaction. Located at 9160 N. 67th Ave., Landmark on 67th features 56 two-bedroom/two-bath apartments, each averaging 1,100 square feet. Units offer stainless steel appliances, white shaker-style cabinetry, quartz countertops and subway tile backsplashes. Situated on 4.1 acres, the residential units are spread across seven two-story buildings. Community amenities include a leasing office, swimming pool and spa, cabana-style seating, fitness center, covered playground and dog park.