LACEY, N.J. — New Jersey-based developer Walters is nearing completion of Cornerstone at Lacey III, a 70-unit affordable housing project located near the Jersey Shore. The building is part of the larger Cornerstone at Lacey development, which consists of 23 buildings totaling 188 units in one-, two- and three-bedroom floor plans. Residences are reserved for households earning 60 percent or less of the area median income. Amenities include a clubhouse with computer workstations, fitness center, children’s tot lot, barbecue and picnic area and a basketball half court. Residents also have access to a staffed social services coordinator upon request. Walters is currently accepting renter applications for a lottery drawing that will take place on May 7. The first move-ins will begin in June.
SUMMIT, N.J. — Locally based brokerage firm The Kislak Co. Inc. has negotiated the $22.1 million sale of The Parc at Summit, a 57-unit multifamily property in Northern New Jersey. The five-building complex was constructed on a 3.3-acre site in 1950 and offers one- and two-bedroom apartments, as well as three-bedroom townhomes. Robert Holland and Jeff Squires of Kislak represented the seller, which recently invested $1.5 million in capital improvements to the property, in the transaction. Joni Sweetwood, also with Kislak, procured the buyer. Both parties requested anonymity.
LOS ANGELES — FAMH Group Ltd. has acquired The BW, a multifamily property located in the Brentwood neighborhood of Los Angeles, from California Landmark Group for $58.1 million, or $744,872 per unit. Kevin Green, Joseph Grabiec and Gregory Harris of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the transaction. Completed in 2013, The BW features 78 studio, one-, two- and three-bedroom units with stainless steel appliances, washers/dryers, deep soaking tubs, walk-in closets and floor-to-ceiling double-pane windows. The property also offers 2,300 square feet of ground-floor retail space, a rooftop lounge with Jacuzzi, a fitness center, business center, electric vehicle charging stations and onsite garage parking.
CUPERTINO, CALIF. — Gantry has secured a $25 million permanent loan to refinance a seniors housing community in Cupertino. Restricted to residents age 55 or older, the independent senior property features 160 studio, suite and two-bedroom floor plans. Community amenities include meal service, social activities, housekeeping and laundry, valet parking, concierge services, 24/7 staffing, a swimming pool, fitness center, meditation garden and landscaped courtyards with seating. Mitch Zeemont, Jeff Wilcox, Robert Slatt and Erinn Cooke of Gantry represented the borrower, a private real estate investor. One of Gantry’s insurance company correspondents provided the 10-year, fixed-rate loan, which features a 30-year amortization. Gantry will service the loan.
LA MIRADA, CALIF. — Marina Del Rey, Calif.-based LaTerra Development has completed the disposition of The Charlie La Mirada, an apartment building in La Mirada. Dunbar Real Estate Investment Management acquired the asset for $11.1 million. Developed by LaTerra Development in 2021, The Charlie La Mirada offers 28 apartments. LaTerra built the asset, which is located at 1628 La Mirada Blvd., as part of its Charlie Collection. Joe Leon and Nick Ingle of Voit Real Estate Services represented the seller, while Dean Zander of Newmark represented the buyer in the deal.
GLEN CARBON, ILL. — Builder MBG is nearing completion of Latitude 38 Apartments in Glen Carbon, about 14 miles northeast of St. Louis. Mia Rose Holdings is developing the 144-unit luxury apartment project, which is slated to open in May. The community is part of the larger Meridian Plaza, a 44-acre mixed-use development. Amenities at Latitude 38 will include a pool, clubhouse, fitness center, dog park, walking trails, grills and electric vehicle charging stations. Kunkel Wittenauer is handling leasing efforts.
OMAHA, NEB. — A joint venture between Eastham Capital and Bender Cos. has acquired The Colonial, a 258-unit apartment community in Omaha. Eastham obtained a majority ownership in the deal through its current fund, Eastham Capital Fund VI LP. Bender, which has co-invested and partnered with Eastham on multiple projects, will oversee the day-to-day management. Parker Stewart and Alex Malzone of Northmarq brokered the sale. The Colonial is currently 95 percent occupied with average rents of just over $961 per month. the acquisition includes a renovation budget of $1.9 million, which will include interior unit renovations and exterior upgrades such as roof replacements, balcony repairs and parking lot enhancements. Built in 1967, the property features floor plans averaging 902 square feet. Amenities include an outdoor pool, community room, laundry facilities and storage lockers.
DALLAS — South Florida-based Sunrise Realty Trust (NASDAQ: SUNS) has provided $46.5 million in financing for The Boheme, a 352-unit apartment building in Dallas. The financing is part of a $62 million senior loan that refinances the property, which is owned by San Antonio-based Kairoi Residential. The Boheme is an eight-story building in the Bishop Arts District that was completed in 2023. Units come in studio, one- and two-bedroom floor plans, according to Apartments.com, and amenities include a rooftop pool, coworking lounge with private meeting rooms, courtyards and a game lounge.
FORT WORTH, TEXAS — Locally based owner-operator Trademark Property Co. will develop Westbend Residences, a 321-unit multifamily project that will be located in Fort Worth’s University District. The site spans 3.5 acres within Trademark’s Westbend mixed-use development that fronts the Clear Fork Trinity River. Units will come in one-, two- and three-bedroom floor plans, and a few penthouses will also be available on the top floor. Amenities will include two elevated resort-style pools, a fitness center and a dog spa, as well as 4,500 square feet of retail space. Construction is set to begin in the second quarter and to be complete in late 2026.
DALLAS — A partnership between two locally based investment firms, Discover Multifamily and Rainier Cos., has acquired 1001 Ross, a 204-unit apartment building in the historic West End area of downtown Dallas. The mid-rise property, which was built in 2004 and includes 30,506 square feet of retail space, offers one- two- and three-bedroom units. Amenities include a pool, fitness center, outdoor grilling and dining stations, coffee bar, resident lounge and a coworking space. The seller and sales price were not disclosed. The new ownership plans to implement a value-add program and rebrand the property as The Griffin.