INDIANAPOLIS — Morgan Properties has acquired Astoria Park Apartments in Indianapolis for an undisclosed price. The 470-unit multifamily community features amenities such as an outdoor pool, fitness center, tennis courts, playground, dog park and pet washing station. Morgan plans to invest $4 million in renovations, including upgrading unit interiors, expanding amenities and integrating smart home technology. The acquisition brings Morgan’s Indianapolis-area portfolio to more than 2,500 units.
BROWNSBURG, IND. — Berkadia has arranged $13 million in institutional equity as well as a $29.9 million Freddie Mac loan for the acquisition of Legacy Park, a 250-unit apartment community in the Indianapolis suburb of Brownsburg. Wilkinson Corp. was the buyer. Cody Kirkpatrick, Noam Franklin and Chinmay Bhatt of Berkadia arranged the equity, while Richard Levine of Berkadia originated the seven-year loan. Built in 2009, the property at 6750 Legacy Park Drive features one-, two- and three-bedroom units averaging 1,056 square feet. Amenities include a golf simulator, pool, fitness center, clubhouse and enclosed garages.
CHICAGO — Kiser Group has brokered a Section 15 condominium deconversion sale of The Granville Tower Condominium Associated for $31.5 million. Situated immediately south of the Loyola campus, the property is located at 6166 N. Sheridan Road. Granville Tower was converted from apartments to condominiums in 1981. There are 154 units. Andy Friedman and Jake Parker of Kiser brokered the sale. Becovic Management Group was the buyer. With high dues and upcoming maintenance needs, properties like Granville Tower have faced challenges in resale, making a deconversion sale an attractive option, says Parker.
PHOENIX — Milhaus and Banyan Residential are developing Alanna, an apartment community located at 48th and Washington streets in Phoenix. Spread across four residential buildings, Alanna will feature 320 apartments with quartz countertops, luxury vinyl tile flooring and tile tub/shower surrounds. The property will offer 10,000 square feet of amenity space, including a fitness center, yoga studio, social lounge, golf simulator and saltwater pool. McShane Construction Co. will provide design-assist construction services for the project, which Todd & Associates designed. Before construction began, McShane performed site work, which included using deep dynamic compaction and imported fill prior to mass grading, as well as installing a vapor/methane mitigation system for site remediation.
DENVER — MG Properties has purchased 4400 Syracuse Apartments, a multifamily community in Denver. Morgan Group and LaSalle Investment Management sold the property for an undisclosed price. Situated in the Denver Tech Center/Southeast Business Corridor, 4400 Syracuse Apartments features 316 units with modern finishes, functional floor plans and best-in-class amenity spaces. Jordan Robbins and Alex Possick of JLL Capital Markets represented the sellers in the deal. Charles Halladay, Rick Salinas, Brandon Smith and Annie Rice of JLL Capital Markets arranged an undisclosed amount of Freddie Mac financing for the transaction.
Today’s accelerating technology transformation is altering how the commercial real estate industry executes transactions and manages assets. “The amount of information that a multifamily borrower needs to submit and disclose has become more demanding over time,” says William (Bill) Hyman, a Lument senior managing director who oversees the firm’s strategic business technology transformation and conventional loan production. “That has made due diligence more complex and data intensive, and we wanted to create a more secure and expedient way to tackle that process.” Seeing this need, Lument responded by creating a suite of proprietary technology tools. Across the industry, the advent of online, friendlier multifamily loan application and servicing processes has not only eliminated the transfer of sensitive information through email by moving the processes to secure portals, but it has also streamlined common paper-based, time-consuming and burdensome tasks. That has translated into much speedier decisions about loans and responses to questions and requests. LeapOnline Beginnings Lument is a commercial real estate finance solutions provider based in New York that specializes in Fannie Mae, Freddie Mac, Federal Housing Administration and balance sheet lending. The company’s digital transformation began in 2017. At the time, the company saw the opportunity to better …
LAWTON, OKLA. — Cushman & Wakefield has brokered the sale of Legend Park, a 360-unit apartment community in Lawton, located about 90 miles southwest of Oklahoma City. Built between 2010 and 2012, Legend Park offers one-, two- and three-bedroom units and amenities such as a pool, fitness center, basketball court, dog park, business center, playground and outdoor grilling and dining areas. Martin Bynum, Craig Hey and Stephen Pestinger of Cushman & Wakefield represented the undisclosed seller in the transaction. The buyer and sales price were also not disclosed.
ATLANTA — Canterbury Court, a continuing care retirement community in Atlanta’s Buckhead district, has doubled in size with its new expansion. The property now includes two new additions: The Garden Tower, a high-rise that features 105 independent living apartments and a ground-level restaurant; and Monarch Pavilion, a four-story building that offers seniors housing units, amenities and services in a neighborhood setting. Monarch Pavilion comprises Azalea View, a new assisted living community; Wisteria Park, a memory care destination centered around a courtyard garden; and Sage Glen, a skilled nursing neighborhood that features dedicated physical, speech and occupational therapists. The construction period for the expansion lasted approximately two years. Greystone Communities served as the project’s financial advisory and financial consultant, and JLL provided project management services. The design-build team included architect Rule Joy Trammell + Rubio and general contractor Brasfield & Gorrie.
HYATTSVILLE, MD. — JLL has secured a $63 million refinancing for Vie Towers, a 910-bed student housing community located in the Washington, D.C., suburb of Hyattsville. The high-rise community serves students attending both Howard University and the University of Maryland. Doug Opalka, Dan Kearns, Jayme Nelson and Owen Claypool of JLL worked on behalf of the borrowers, Safanad and Vie Management, to secure the three-year, floating-rate loan through Värde Partners. Built in 2006 and renovated in 2019, the community offers a mix of two-, three- and four-bedroom, fully furnished units with bed-to-bath parity. Shared amenities include a rooftop pool deck, modern fitness center, yoga studio and coworking and creative space.
CHARLOTTE, N.C. — Berkadia has arranged the sale of a two-property multifamily portfolio in Charlotte. The assets include Hamilton Square, a 120-unit property located at 6017 Williams Road, and Heatherwood Trace, a 172-unit community located at 5600 Paces Glen Ave. Caleb Troop and Thomas Colaiezzi of Berkadia’s Charlotte office represented the seller, European Investment Management Corp. (EIMC), in the transaction. The buyer and sales price were not disclosed.
