LITTLE FALLS, N.J. — New Jersey-based developer Accurate has completed Citizen Little Falls, a 185-unit apartment complex located about 20 miles west of New York City. The transit-served property features one- and two-bedroom units. The amenity package comprises a fitness center, outdoor grilling and dining stations, business center, mail and package room, lobby lounge and a pet spa. Rents start at $2,640 per month for a one-bedroom apartment.
NEW YORK CITY — JLL has brokered the $7.7 million sale of a 15-unit apartment building located at 515 W. 47th St. in Manhattan’s Hell’s Kitchen neighborhood. The five-story building houses a mix of one-, two-, three- and four-bedroom units as well as a commercial space occupied by a coffee shop. The ground-floor rear apartments feature private outdoor spaces, and units on the fifth floor have private roof terraces. Jonathan Hageman, Hall Oster, Teddy Galligan, Braedon Gait, Jake Russell and Bob Knakal of JLL represented the seller, Corigin, in the transaction. The buyer was RockSolid Ventures.
IOWA, NEBRASKA AND KANSAS — Tutera Senior Living & Health Care has acquired 10 communities in Iowa, Nebraska and Kansas, expanding the family-owned company’s footprint by more than 20 percent. The purchase price was undisclosed. The properties total 443 assisted living, memory care and residential care units with an average of 44 units each. Tutera is retaining all employees at the newly added communities to ensure continuity of care for residents. The properties include: Pinicon Place Senior Living in Anamosa, Iowa; Rolling Meadows Senior Living in Carroll, Iowa; Eiler Place Senior Living in Clarinda, Iowa; Amelia Senior Living in Council Bluffs, Iowa; Floyd Place Senior Living in Sergeant Bluff, Iowa; Cottonwood Place Senior Living in Columbus, Neb.; Pathfinder Place Senior Living in Fremont, Neb.; Morton Senior Living in Nebraska City, Neb.; Greene Senior Living in Seward, Neb.; and Abilene Place Senior Living in Abilene, Kan.
ROLLING MEADOWS, ILL. — Greystone has provided a $16.8 million HUD LEAN 232/223(f) green loan for the refinancing of Plum Creek at Rolling Meadows. The 102-unit supportive living facility is situated in the Northwest Chicago suburb of Rolling Meadows. The three-story property was constructed in 1986 as a hotel and converted into supportive living in 2006. The supportive living program in Illinois is an alternative to nursing home care for low-income older persons requiring mid-range care needs as opposed to skilled nursing. Adam Lipkin and Michael Zukerman of Greystone originated the 35-year loan. Brent Connell of Geneva Capital acted as correspondent on the transaction. The owner committed to implementing green improvements that will result in an estimated 15 percent in energy savings and 10 percent in water savings annually, amounting to projected savings of over $20,000 per year. The new HUD-insured green seniors housing program can cut closing costs by 75 basis points and reduce the interest rate by almost half a percent, according to Greystone.
CHICAGO — Greenstone Partners has brokered the $3.6 million sale of an 11,500-square-foot apartment and retail building in Chicago’s Lincoln Square neighborhood. Located at 2200 W. Lawrence Ave., the building is anchored by Roots Pizza and The Sixth, a two-concept retail tenant signed to a long-term lease. The property’s six apartment units were built in 2014 when the building underwent a full rehab. Danny Spitz, Jordan Multack and Tom Galvin of Greenstone represented the seller and procured the buyer, a New York-based private investor.
REDMOND, WASH. — JLL Capital Markets has arranged the sale of Radiate Apartments, a 360-unit luxury community in Redmond, an eastern suburb of Seattle. Jackson Square Properties acquired the asset from Fairfield Residential for $125 million. Radiate Apartments was built in 2021. The community offers 360 apartments in studio, one- and two-bedroom floor plans. Units feature full-size washers and dryers, stainless steel appliances, quartz countertops and wood-style plank flooring. Amenities include an outdoor terrace, barbecue area, complimentary coffee bar, resident social lounge, game room, demonstration kitchen, fitness center and co-working lounge. According to Apartments.com, the complex rises six stories and is served by an elevator. Located at 15808 Bear Creek Pkwy. in Redmond’s downtown area, Radiate Apartments is less than half a mile from Redmond Town Center, an outdoor shopping center with more than 120 retail stores, 20 restaurants, three hotels and entertainment venue space. According to JLL, there is approximately 1.9 million square feet of retail, restaurant and entertainment space within a half-mile radius of the community. Additionally, Radiate Apartments is about 15 miles from downtown Seattle and eight miles from downtown Bellevue. The property offers access to the Redmond Central Connector trail, which will connect to the upcoming Downton …
AUSTIN, TEXAS — Dallas-based StreetLights Residential has completed The Asher, a 377-unit multifamily community in the Lakeline neighborhood of northwest Austin. The project represents the third phase of a larger development known as Presidio. Units come in one-, two- and three-bedroom formats and range in size from 676 to 1,763 square feet. Residences are furnished with custom cabinetry, granite countertops and tile backsplashes. Amenities include a pool, yoga lawn, coworking spaces, coffee bar, fitness center, pet wash and spa and lounge with space for personal projects or art classes. The first two phases of the Presidio development, The Elizabeth and The Michael, opened in 2019 and 2016, respectively. StreetLights Creative Studio served as the architect of record for the project and handled all interior design work in-house. SLR Construction LLC acted as the general contractor. Information on starting rents was not disclosed.
BROWNSVILLE, TEXAS — Brownsville Residential, an affiliate of the Housing Authority of the City of Brownsville, will undertake a multifamily conversion project in the Rio Grande Valley. The project will transform the historic El Jardin Hotel, which originally opened in 1927, into a 44-unit affordable housing complex that will house units available to renters earning up to 30, 50 and 60 percent of the area median income. Residences will come in one-, two- and three-bedroom formats, and amenities will include fitness center, library, computer lab, community room and garden area. Residents will also have access to annual health fairs, quarterly nutrition courses, bimonthly arts-and-crafts activities and weekly exercise classes. Financing for the project includes $13.6 million in federal and state tax credit equity, which was purchased by Hunt Capital Partners. Additionally, Bank OZK provided the $18.7 million construction loan.
RALEIGH, N.C. — Bell Partners has purchased Vintage Jones Franklin, a newly built, 277-unit apartment community located in Raleigh. The seller and sales price were not disclosed, but multiple outlets report that the developer and seller, TDK Construction, sold the property to Bell Partners for nearly $80 million. Built in 2022, Vintage Jones Franklin is situated at the intersection of I-40, I-440 and U.S. Highway 1 between downtown Raleigh and Cary, N.C. The community comprises studio, one-, two- and three-bedroom apartments, as well as a 24-hour fitness center, pet park, clubhouse and a resort-style pool with cabanas. Bell Partners purchased the asset via its Bell Core Fund I vehicle and will rebrand the property as Bell Jones Franklin.
BOUND BROOK, N.J. — Walker & Dunlop has provided a $6.7 million Fannie Mae loan for the refinancing of The Vibe, a 28-unit apartment complex located in the Northern New Jersey community of Bound Brook. The 10-year, interest-only loan retires existing construction debt. The Vibe offers 12 one-bedroom apartments and 16 two-bedroom apartments. The borrower was New Jersey-based Reynolds Asset Management.
