SAN ANTONIO — Blueprint Healthcare Real Estate Advisors has negotiated the sale of Franklin Park TPC Parkway, a 269-unit seniors housing community in San Antonio. Built in two phases between 2011 to 2017, the property offers independent living, assisted living and memory care services. Franklin Communities sold the asset to an undisclosed, publicly traded REIT, which will retain Franklin as the operator. Brooks Blackmon, Ben Firestone and Lauren Nagle led the transaction for Blueprint.
DOUGLASVILLE, GA. — Multifamily development and management firm Resia has opened Resia Tributary, a 433-unit apartment community in Douglasville, approximately 20 miles west of Atlanta. Located at 1851 Market St., the property offers studio, one- and two-bedroom apartments across seven five-story buildings. Additionally, the community features a 22,000-square-foot, two-story building comprising 9,000 square feet of retail space and 13 one-bedroom lofts. Monthly rental rates begin at $1,322, according to the property website.
REDMOND, WASH. — A joint venture between Legacy Partners and Lionstone Investments has completed the development of Eastline Grand. Located in downtown Redmond, a suburb east of Seattle, the project is the first phase of redevelopment at the Remond Square Shopping Center. Located at 16595 Redmond Way, Eastline Grand features 311 studios, one-, two- and three-bedroom apartments ranging from 483 square feet to 1,279 square feet and 20,000 square feet of ground-floor retail space. The units offer air conditioning; top-of-the-line finishes, including chef-inspired kitchens complete with Bertazzoni and Kitchen Aid appliance packages, gas ranges, kitchen range hoods, microwaves and Carrera quartz countertops; and bathrooms with tiled tub surrounds, floating vanities and illuminated mirrors. At full build out, the redevelopment project will feature 623 residences on 3.5 acres. The developers broke ground in October 2021. Slated for delivery in first-quarter 2025, the second building, Eastline Central, under construction at 16502 Cleveland St., will offer 312 apartments and 13,000 square feet of retail and commercial space.
URBANDALE, IOWA — MLG Capital has acquired Walnut Lake, a 180-unit multifamily property in the western Des Moines suburb of Urbandale. The purchase price was undisclosed. Completed in 2016, the community is located at 4454 NW 142nd St. MLG acquired an interest in the property using 1031 exchange proceeds from its Legacy Fund, which offers a tax-deferred exit strategy for private real estate owners. Walnut Lake marks MLG’s 10th acquisition in metro Des Moines and brings the owner’s total number of units in Iowa to 1,096. Brett Hood of Northmarq originated a $16.1 million Freddie Mac loan for the acquisition. The five-year loan features a fixed interest rate just below 6 percent.
HUNTINGTON BEACH, CALIF. — Advanced Real Estate has acquired Beachpoint, an apartment building in the Orange County city of Huntington Beach, for an undisclosed price. Situated on Beach Boulevard, the property features a 68-unit apartment building and a 12,000 square feet of multi-tenant office space. Advanced Real Estate plans to update the asset with new paint, signage, an amenities overhaul and drive-entry enhancements. The units will receive new flooring, fixtures, a contemporary paint scheme and the addition of washers and dryers. Gary Tolfa of Triqor’s Newport Beach office brokered the off-market transaction. Farmers & Merchants Bank provided the loan for the acquisition.
HADDONFIELD, N.J. — New Jersey-based developer Woodmont Properties will undertake a multifamily redevelopment project in Haddonfield, about 15 miles east of Philadelphia. The project will convert a portion of the former 8.2-acre site of the Bancroft School into a 120-unit apartment complex. Fifteen percent (18) of the residences will be reserved as affordable housing. A construction timeline has not yet been finalized.
SAN CLEMENTE, CALIF. — CBRE has brokered the sales of two six-unit multifamily properties in the Orange County city of San Clemente. Individual private investors acquired the assets for a combined sale price of $5.5 million. Dan Blackwell, Mike O’Neill and Amanda Fielder of CBRE represented both the buyers and seller in the two transactions. In the first deal, a San Clemente-based private buyer acquired a six-unit, 3,535-square-foot multifamily building, located on a 14,500-square-foot lot at 306 Cazador Lane. A San Diego County-based seller sold the property for $2.8 million, or $470,000 per unit. Built in 1951, the residential building comprises one-bedroom units, five garage spaces and two open parking spaces. In the second transaction, the same seller sold a six-unit, two-story multifamily building, located on an 8,004-square-foot lot at 239 Avenida Pelayo. A Newport Beach-based private buyer purchased the asset for $2.7 million, or $454,167 per unit. Constructed in 1965, the 6,211-square-foot building features six two-bedroom units, residential storage lockers, laundry facilities and six carport spaces.
CHESTERFIELD, MO. — Shelbourne Healthcare Development Group is nearing completion of The Lumiere of Chesterfield, an upscale senior living community in the St. Louis suburb of Chesterfield. The developer has tapped Tutera Senior Living & Health Care as the operator. The 193,000-square-foot development will offer 150 units, including 96 independent living, 37 assisted living and 17 memory care units.
EDISON, N.J. — Locally based developer Garden Communities is nearing completion of Millbrook Horizon, a 40-unit multifamily project located in the Central New Jersey community of Edison. Millbrook Horizon comprises three buildings that house one- and two-bedroom units. Two buildings are complete, and the third building will be complete later this summer. Rents start at $2,600 per month for a one-bedroom apartment.
PHOENIX — ABI Multifamily has arranged the $2.6 million sale of 1011 Apartments, a multifamily community in Phoenix. The undisclosed buyer and seller are both based in Arizona. Carson Griesemer, Mitchell Drake and Dallin Hammond of ABI Multifamily represented the seller and buyer in the deal. Located at 6623, 6627 and 6631 South 10th St. and 6624 and 6632 South 11th St., 1011 Apartments features 20 two-bedroom/one-bath units each totaling 621 square feet. All units underwent interior upgrades, including new flooring, countertops, window coverings, paint, bathrooms and cabinets. Exterior upgrades include new roofing and air conditioning systems.