FORT WORTH, TEXAS — A partnership between Los Angeles-based Cottonwood Group and Dallas-based Texsun Holdings has acquired Taylor Commons, a 224-unit multifamily property in Fort Worth. The property offers one- and two-bedroom units and amenities such as a pool, fitness center, playground, outdoor grilling and dining stations and onsite laundry facilities. The seller and sales price were not disclosed. The new ownership plans to implement a value-add program.
NASHVILLE, TENN. — Crescent Communities has opened Novel Harpeth Heights, a 322-unit apartment community located at 615 Old Hickory Blvd. in Nashville’s Bellevue neighborhood. The Charlotte-based developer partnered with Pearl Street Partners on the project. The property’s clubhouse resembles a country farmhouse and includes a front porch and screened patio space, and the property’s “Carriage House” features a spa and fitness center. A resort-style swimming pool and lap pool are situated between the two amenity buildings. The four residential buildings are elevator-serviced and house studio, one-, two- and three-bedroom apartments. Rental rates start at $1,705 per month, according to the property website. The project team included architecture firms HEDK Architects and 906 Studio Architects, interior designers SJL Design Group and 505 Design, landscape architect EDGE, civil engineer Barge Civil Associates and general contractor McShane Construction.
MOUNT PLEASANT, S.C. — Mesa West Capital has provided a $71.5 million loan for the refinancing of The Cooper, a 344-unit apartment community located on a 30-acre site at 331 Harper Pointe Drive in Mount Pleasant, a suburb of Charleston. Richard Jordan of CBRE’s Atlanta office arranged the floating-rate loan on behalf of the borrower, Atlanta-based Audubon. Proceeds from the financing repaid an existing loan and feature a future funding component to complete ongoing in-unit and community-wide renovations, including the reconstruction of 16 units that were fire-damaged in October 2019. The Cooper was built in 1986 and acquired by Audubon in December 2020.
DEERFIELD BEACH, FLA. — Housing Trust Group (HTG) has formed a joint venture with the Broward County Housing Authority to develop Hillsboro Landing, a 75-unit affordable housing project in Deerfield Beach that will be reserved for renters age 62 and older. The duo broke ground on the $41 million development last month and are aiming for an October 2024 completion date. The project is the first of a two-phase redevelopment of a former public housing site that was demolished in 2007. Located at 3851 N. Dixie Highway, Hillsboro Landing will be a six-story, pet-friendly residential building featuring 45 one-bedroom units spanning 702 square feet and 30 two-bedroom units spanning 927 square feet. Apartments will be reserved for income-qualifying seniors who earn at or below 22, 25 and 60 percent of the area median income (AMI). Monthly rents will range $374 to $1,225. Amenities will include a multipurpose room, fitness center, bocce ball court and outdoor rooftop terraces, along with 96 parking spots. Debt and equity partners on the project include Raymond James, Fifth Third Bank, Grandbridge Real Estate Capital, the State of Florida and Broward Housing Finance Authority. The design-build team includes architect ATL Architecture, general contractor Ferncore Corp., engineer …
ST. LOUIS — Newmark has arranged the sale of Everly on the Loop, a 428-bed student housing community serving Washington University in St. Louis. The sales price was undisclosed. Built in 2017, the high-rise property includes fully furnished units. Amenities include a fitness center, rooftop deck, yoga and spin studio, study rooms and resident shuttle to campus. Located at 6105 Delmar Blvd., Everly on the Loop is situated in the pedestrian-friendly West End neighborhood of St. Louis. Ryan Lang, Jack Brett, Ben Harkrider and Mac Crowther of Newmark represented the sellers, GMH and AGC. The buyer was R5. According to Newmark, total student enrollment at Washington University is just over 17,000, with 90 percent of undergraduate students attending from out of state.
CHICAGO — Structured Development has opened Wendelin Park, a new mixed-income housing community and park in Chicago’s Lincoln Park neighborhood. Replacing a former industrial site, the Wendelin Park development includes three residential buildings oriented around a new publicly accessible park. The master plan includes The Seng, a 34-unit affordable condominium building and Post Chicago, a co-living community with 431 beds. Foundry, a 27-story, 327-unit apartment tower, is under construction and scheduled to open in the fourth quarter. The new park features a community garden, dog park, children’s climbing and play area and 20-foot sculpture from Chicago artist Ruth Aizuss Migdal. Attending the grand opening celebration were descendants of Wendelin Seng, founder of the Seng Furniture Co., which previously occupied the project site.
CHICAGO — Interra Realty has negotiated the $7.5 million sale of a two-building multifamily portfolio on Chicago’s South Side. The properties on South Paxton Avenue total 79 units and consist of three studios, 21 one-bedrooms, 33 two-bedrooms, 13 three-bedrooms and nine four-bedroom units. As part of the transaction, the buyers assumed the existing long-term Fannie Mae loan from the seller. Lucas Fryman of Interra represented the sellers, Mendy Raskin and Jon Kranzler. Brad Feldman of Interra represented the buyer, a local private investor. The portfolio was 94 percent occupied at the time of sale.
LAKE ZURICH, ILL. — Principle Construction Corp. has completed a 13,500-square-foot apartment and retail building in downtown Lake Zurich, a far northwest suburb of Chicago. The brownfield redevelopment project at 17 S. Old Rand Road was made possible by the consolidation of several vacant lots from previously demolished, outdated retail buildings. The new development includes 6,750 square feet of first-floor commercial space and four luxury apartment units. The anchor tenant is Lake Zurich Florist, which is doubling its retail footprint. All four apartment units are occupied. Muran Architects designed the building.
LAWRENCE, MASS. — MassDevelopment and Reading Cooperative Bank have provided a $6.6 million loan for a project that will convert two vacant buildings in Lawrence, located near the Massachusetts-New Hampshire border, into a 24-unit affordable housing complex. The buildings previously housed a mix of office and retail uses, and the residential complex will include a food hall in the remaining retail space. MassDevelopment and Reading Cooperative Bank were equal participants in the loan, and MassDevelopment also enhanced the loan with a guarantee. Construction will begin in July and last about a year. The borrower is The Jowamar Cos.
DEBARY, FLA. — Mosaic Development LLC has purchased 13.1 acres of land in Debary, roughly 23 miles north of Orlando, for the development of the first phase of a mixed-use project to be located immediately north of the city’s SunRail station. Upon completion, the “Main Street-style” development will feature 500 apartment units, 40,000 square feet of retail space and a central park and community plaza. Construction on the project is scheduled to begin early next year. Mosaic purchased the land parcels, which are zoned as a transit-oriented development (TOD) district, from private landowners as well as the City of DeBary for a total $4.2 million. Mosaic is currently under contract to purchase an additional 5.7 acres within three years for the second phase of the development. Colliers worked to bring the private owners into a joint marketing agreement with the city. Ken Krasnow, Brooke Mosier and David Calcanis of Colliers represented the sellers, which included Miller Land Trust, Ray Sands/Frank Slabodnik, Empire Cattle and DeBary Central LLC, in addition to the city. Casey Babb of Colliers represented Mosaic in the transaction. “I envision a main street that serves as the vibrant heart of our community — a place where neighbors …
