HUNTINGTON BEACH, CALIF. — Matthews Real Estate Investment Services has directed the purchase of Mora Kai Apartment Homes, a multifamily property located at 18881 Mora Kai Lane in Huntington Beach. A local private value-add investor acquired the asset from an undisclosed seller for $16.1 million in an off-market transaction. Situated on 2.7 acres, Mora Kai Apartments features 12 residential buildings offering a total of 42 two- and three-bedroom townhome-style apartments. According to Matthews, the property offers more than 60 percent rental upside potential through interior renovations and rental repositioning, as in-place rents are currently well below market. The buyer plans to implement a strategic capital program to increase rents, stabilize operations and refinance into long-term debt. Kyle Mirrafati of Matthews represented the buyer in the transaction. Matthews Capital Markets secured nonrecourse, 24-month bridge financing at an 80 percent loan-to-cost ratio for the buyer.
BURLINGTON, COLO. — Senior Living Investment Brokerage (SLIB) has arranged the sale of a 44-bed skilled nursing facility in Burlington, a city in eastern Colorado. The building totals roughly 25,003 square feet. A group of California-based investors sold the property to a Colorado-based owner and operator for an undisclosed price. Vince Viverito, Jason Punzel, Jeff Binder and Nick Cacciabando of SLIB brokered the transaction.
EDINA, MINN. — JLL Capital Markets has negotiated the sale of The Eddi at Pentagon Village, a luxury apartment community with 202 units in Edina. Completed in 2023, the property is positioned within the Pentagon Village development. Units average 753 square feet. According to JLL, The Eddi is the largest wood-frame modular apartment building in Minnesota, with 205 modules manufactured off site by Rise Modular and stacked atop a site-built concrete parking and amenity podium. Amenities include a fitness center, pool, clubroom, coworking spaces, dog spa and outdoor fire pits. Josh Talberg, Joseph Peris and Jack Graveline of JLL represented the sellers, Rise Modular and Soloman Real Estate Group. Oaks Properties was the buyer.
ADDISON, ILL. — Essex Realty Group has arranged the $3.3 million sale of 439-449 W. Stevens Drive, a 23-unit multifamily property in Addison. Anthony Citriglia of Essex Realty Group brokered the transaction. Additionally, Asher Motew, Quinn Keenan and Elliott Quigley of Essex Capital Markets arranged a $2.2 million acquisition loan through Freddie Mac. The five-year loan features interest-only payments for two years.
GAINESVILLE, FLA. — CBRE has arranged a $162 million acquisition loan for a six-property multifamily portfolio totaling 1,432 units in Gainesville on behalf of Westlight Capital. Jubeen Vaghefi and Denny St. Romain of CBRE represented the undisclosed seller in the transaction and secured the financing. The multifamily properties named in the portfolio, which are located near major employment drivers, universities and key regional infrastructure, include Hunters Crossing, Huntington Lakes, Lake Crossing, Spyglass, Lakewood Villas and Woodland Villas.
JERSEY CITY, N.J. — Developer Nasser Freres is nearing completion of The Greyson, a 29-story apartment tower in the Journal Square neighborhood of Jersey City. Designed by Handel Architects, The Greyson will have 622 apartments, approximately 45,000 square feet of office space and ground-floor retail space. Apartments will come in studio, one-, two- and three-bedroom floor plans. Amenities will include a relaxation zone and spa, an art gallery and studio, children’s playroom, karaoke room, pet spa, bowling alley, screening room, game lounge, speakeasy, VR sports room with arcade games and a catering kitchen. Residents will also have access to a coworking space with a lounge, private work pods and conference rooms, as well as a fitness center, coffee bar, podcast/TikTok room and a party lounge. Construction began in summer 2024, and leasing will commence in February.
FORT COLLINS, COLO., AND MERIDIAN, IDAHO — The Milestone Group has purchased two apartment properties in Colorado and Idaho totaling 602 units. Terms of the transactions were not released. Milestone acquired Bucking Horse Apartments, a 322-unit, garden-style asset within the 160-acre Bucking Horse master-planned community in Fort Collins. The property features low-density residential buildings offering one-, two- and three-bedroom units, as well as three-bedroom garage townhomes. Additionally, Milestone purchased Prelude at Paramount, a 280-unit garden-style property in Meridian. The resort-style community features one-, two- and three-bedroom units with smart home technology and recently renovated common area amenities.
ALISO VIEJO, CALIF. — BMO Healthcare Real Estate has provided financing for the acquisition of Belmont Village Aliso Viejo in southern California’s Aliso Viejo. Harrison Street Asset Management was the borrower. Opened in 2019, the community totals 156 assisted living and memory care units. Belmont Senior Living developed and operates the property. Harrison Street currently has more than $108 billion in assets under management.
CHAMPAIGN, ILL. — Marcus & Millichap has arranged the $13.3 million sale of University Commons, a 100-unit student housing property in Champaign. Located at 209 E. University Ave., the building comprises 95 fully furnished units in a variety of floor plans along with five ground-floor retail spaces. Built in 2018, the 68,309-square-foot property spans 2.7 acres and features amenities such as a gym, recreation center and study room. The asset is situated a few blocks from the University of Illinois campus. Sam McCarthy and Scott Harris of Marcus & Millichap represented the seller and procured the buyer, Illini Rental Properties LLC, which plans to complete modest interior and common area upgrades as well as enhancements to the retail portion.
NEW YORK CITY — Walker & Dunlop has arranged $19.1 million in financing for Melrose Concourse, a proposed 72-unit affordable housing project in The Bronx. The financing comprises a $6.3 million permanent loan commitment from Freddie Mac and a $12.8 million equity investment. Melrose Concourse will consist of a four-story building with eight units, a nine-story building with 34 apartments and a 10-story building with 30 residences. All units will be reserved for renters earning between 30 and 70 percent of the area median income, and 23 units will be set aside for seniors. John Gilmore and Ethan Waite of Walker & Dunlop led the debt financing process, and the firm’s Diego Benites and Ricky Figueroa led the equity placement efforts. The developer is a joint venture between Settlement Housing Fund and the Beechwood Organization.