Multifamily

PHOENIX — CBRE has arranged the sale of Clarendon Park, a 138-unit multifamily community in Phoenix.  WhiteHaven, a Phoenix-based private equity firm, purchased the property for $37 million. Matt Pesch, Austin Groen, Jeff Seaman and Bryson Fricke represented the undisclosed seller. Anthony Valenzuela of CBRE Phoenix Debt & Structure Finance arranged the deal’s financing.  Clarendon Park offers one- and two-bedroom apartments. Community amenities include a recently renovated fitness center, remodeled clubhouse and leasing center, pool area, new package lockers and a dog park.

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LOS ANGELES — JLL has arranged an undisclosed amount of financing for USC Expo, a 260-bed student housing development located near the University of Southern California campus in Los Angeles.  Greg Brown and Zane Sweet of JLL worked on behalf of the borrower, Mosaic Investment Partners, to secure both joint-venture equity and mezzanine financing from HC2 Capital, as well as a senior construction facility from Calmwater Capital.  The seven-story community is scheduled for completion in spring 2025 and will offer fully furnished studio, one-, two-, three- and four-bedroom units. Shared amenities will include a rooftop swimming pool, second-floor amenity deck, fitness center, computer room and dog park.

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ATLANTA — Rockefeller Group has broken ground on 1072 West Peachtree, a mixed-use high-rise tower in Midtown Atlanta. At a planned height of 730 feet, the tower is slated to be the tallest building delivered in Atlanta in the past 30 years, according to Rockefeller. Situated at the corner of 12th and West Peachtree streets, the property will comprise more than 350 luxury apartments and amenities situated atop 224,000 square feet of flexible, Class A offices and 6,400 square feet of street-level retail space. Sumitomo Mitsui Trust Bank Ltd. is providing construction financing in the form of a senior loan to Rockefeller. A joint venture between Rockefeller, Japan-based Taisei USA LLC and Mitsubishi Estate New York is providing equity. Atlanta-based TVS was the lead architect for 1072 West Peachtree. A construction timeline was not disclosed.

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ORANGE, CALIF. — CBRE arranged the $1.6 million sale of a four-unit multifamily community located at 224 S. Oak St. in Orange.  The fourplex was built in 1957 on a 10,809-square-foot site. The property offers one- and two-bedroom units, as well as four garage parking spaces and four tandem spaces. Dan Blackwell, Sean Farag and Amanda Fielder represented the Orange County-based 1031 exchange seller.

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RICHMOND, VA. — BWE has arranged a $50 million construction loan for the development of 900 North Allen Apartments, a 300-unit multifamily development in Richmond. The property is being constructed within an opportunity zone in the city’s Newtowne West neighborhood. Charles DuBose, Adam Bieber and Alec Jenkins of BWE originated the financing through an unnamed regional bank on behalf of the borrower, Spy Rock Realty Group. Upon completion, 900 North Allen will comprise one-, two- and three-bedroom units along with high-end amenities, including a pool, fitness center, resident lounge, dog park, coworking booths and an internal parking garage. The construction timeline was not disclosed.

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DOWNERS GROVE, ILL. — The Opus Group has opened Dash Downers Grove, a 167-unit apartment complex in the Chicago suburb of Downers Grove. The seven-story, 259,000-square-foot building is located at 926 Maple Ave. Residents have started moving in. Amenities include work-from-home suites, a clubroom, fitness center, conference room, coffee bar, outdoor pool, pet spa, outdoor dog run and gaming areas. Monthly rents start at $1,917. As part of the development, Opus is providing 71 dedicated covered parking spaces to neighboring First Baptist Church of Downers Grove. Opus served as developer, design-builder, interior designer, architect and structural engineer. Greystar is the property manager. Opus has completed 15 projects in Downers Grove over the last 40 years.

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CHICAGO — Preservation of Affordable Housing (POAH) has broken ground on Fifth City Commons, an affordable housing development located on a long-vacant site in the city’s East Garfield Park area. Phase I will consist of 4,300 square feet of commercial space and 43 one-, two- and three-bedroom apartment units. Completion is slated for mid-2024. The City of Chicago selected POAH for this project in 2019 as part of the C40 Reinventing Cities competition, an international competition designed to attract highly sustainable development examples to urban sites. POAH has used the time since then for extensive community outreach to ensure the final product reflects the community’s desires. The project is named for The Fifth City Human Development Project, a community development organization active in the area. Fifth City Commons, located blocks from the Chicago Transit Authority’s Green Line and the Blue Line Kedzie train stations, will be reserved for families earning 30 to 80 percent of the area median income. The three-story building part of Phase I will include community rooms, a resident terrace, fitness room, three laundry rooms and onsite management offices. Phase II will be built across the street on the north side of Fifth Avenue and is slated …

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ST. PAUL, MINN. — Colliers Mortgage has provided an $18.3 million HUD 221(d)(4) loan for the substantial rehabilitation of Sherman Forbes Housing in St. Paul. The Section 8 multifamily property features 104 one- and two-bedroom units. Amenities include onsite laundry, a playground, community patio and leasing office. In addition to the HUD-insured first mortgage, the project will utilize 4 percent Low Income Housing Tax Credits and tax-exempt bonds. Colliers Securities LLC, an affiliate of Colliers Mortgage, underwrote the bonds. The 40-year loan features a 40-year amortization schedule. Sherman Forbes Housing Partners LLC, an affiliate of Vitus Group LLC, was the borrower.

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CHICAGO — Kiser Group has brokered the sale of a four-building, 53-unit multifamily portfolio in Chicago for $4 million. Situated in the city’s Chicago Lawn neighborhood, the portfolio features seven one-bedroom units, 34 two-bedroom units, 10 three-bedroom residences, one four-bedroom apartment and one five-bedroom unit. All are fully occupied. John George and Joe Bianchi of Kiser brokered the sale. Buyer and seller information was not provided.

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Autumn-Ranch-on-Swenson-Farrms

PFLUGERVILLE, TEXAS — Newmark has brokered the sale of Autumn Ranch on Swenson Farms, a 336-unit apartment community located in the northern Austin suburb of Pflugerville. Built on 16.9 acres in 2008, the property offers one-, two- and three-bedroom units with an average size of 1,041 square feet. Roughly 40 percent (133) of the units recently received light upgrades to flooring, interior paint, light fixtures, appliances and countertops. Amenities include a pool, fitness center, clubhouse, package lockers and a dog park. Patton Jones and Andrew Dickson of Newmark represented the seller, MIG Real Estate, in the transaction. Knightvest Capital purchased the asset for an undisclosed price. Autumn Ranch on Swenson Farms was 94 percent occupied at the time of sale.

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