Multifamily

ASHEVILLE, N.C. — Clarion Partners Real Estate Income Fund Inc., an investment vehicle sponsored by New York-based Clarion Partners, has acquired Retreat at Weaverville, a 176-unit apartment community in Asheville. The seller and sales price were not disclosed. Completed in 2021, the property sits on a 16.9-acre site within one mile of I-26. Community amenities include a clubhouse, coffee bar, dog park and dog wash station, fitness center, yoga and spin room, office workspaces and a swimming pool. The new, undisclosed property manager will complete numerous amenity upgrades over the next year at Retreat at Weaverville, including pool furniture upgrades, clubhouse enhancements, the installation of property access gates, the addition of a parcel locker and elevated landscaping.

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DALLAS — Marcus & Millichap has brokered the sale of a portfolio of three multifamily properties totaling 782 units in the Dallas area. Mercer Park is a 248-unit property in  Arlington that was built in 1984. Timber Oaks in Grand Prairie, which was constructed in 2003, totals 264 affordable housing units, and Plum Meadow, located in the Redbird area of Dallas, consists of 270 market-rate units that were completed in 1984. Wesley Racht, Nick Fluellen and Bard Hoover of Marcus & Millichap represented the seller, NeuRock Capital, in the transaction. Additional terms of sale were not disclosed.

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PETERSBURG, ILL. — Hunt Capital Partners has provided $9 million in federal Low-Income Housing Tax Credit (LIHTC) equity financing for the acquisition and rehabilitation of Lukin’s Landing. Located in Petersburg, about 24 miles north of Springfield, Lukin’s Landing is a 74-unit affordable housing property. Central Illinois Services and Windsor Development Group plan to rehabilitate the community and set aside 12 units for households with disabilities or those who are prone to homelessness. Lukin’s Landing was originally built in 1981 as part of a 126-unit scattered public housing site known as Menard Family Homes. In 2018, under the Rental Assistance Demonstration program, Menard County Homes converted Lukin’s Landing from public housing to Section 8 housing. The project team for the rehabilitation includes Bedrock Housing Consultants as development consultant, Windsor Homes Inc. as general contractor and Designed Architecture Inc. as architect. Christian County Development Corp. will serve as property manager. Completion is slated for August 2024. The total development cost for the project is $12.8 million. Hunt Capital Partners syndicated the federal tax credits through its multi-investor funds, Hunt Capital Partners Tax Credit Funds 37 and 41. Carrollton Bank provided an $8.3 million construction loan and a $1.2 million permanent loan. The …

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DENTON, TEXAS — SPI Advisory, a private equity firm with offices in Dallas and Austin, has sold Canopy at South Lakes, a 240-unit apartment community in the North Texas city of Denton. Residences come in one-, two- and three-bedroom floor plans and are furnished with stainless steel appliances, walk-in closets, full-size washers and dryers and private balconies/patios. Amenities include a pool, volleyball court, clubhouse, coffee bar and a package locker system. SPI Advisory acquired the property in February 2021 and implemented a value-add program. Drew Kile, Taylor Hill, Michael Ware and Will Balthrope of Institutional Property Advisors, a division of Marcus & Millichap, represented SPI Advisory in the deal. The team also procured the buyer, Bridwell Capital.

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AUSTIN, TEXAS — CBRE has provided an $18.2 million Freddie Mac loan for the refinancing of Village on the Park Onion Creek, a 124-unit seniors housing community in Austin. The borrower is Bridgewood Property Co. Operated by The Aspenwood Co., the property sits on nine acres and predominantly offers independent living services. Aron Will, Tim Root and Michael Cregan of CBRE arranged the 10-year, floating-rate loan, which carried five years of interest-only payments.

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OKLAHOMA CITY — Dallas-based brokerage firm The Multifamily Group (TMG) has negotiated the sale of Pelican Hill Apartments, an 89-unit multifamily complex in Oklahoma City. Built in 1973, the property offers one- and two-bedroom units and amenities such as a pool, outdoor grilling and dining areas and onsite laundry facilities. Danny Wieland of TMG represented the seller and procured the buyer, both of which requested anonymity, in the transaction.

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BROCKTON, MASS. — Lument has provided a $15 million HUD-insured loan for the refinancing of Alliance Health at West Acres, a seniors housing property located in the southern Boston suburb of Brockton. Built in 1965 and renovated in 2017, the property offers 130 beds. Aaron Becker of Lument originated the financing, which was structured with a 35-year term and fixed interest rate, on behalf of the owner-operator, Alliance Health & Human Services.

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JERSEY CITY, N.J. — Greystone, a privately held commercial real estate financial services firm, has provided a $257.2 million loan for The Beacon, a six-building apartment complex in Jersey City totaling 1,155 units. The borrower, Building and Land Technology (BLT), is using the loan to refinance the construction loan stemming from the project’s adaptive reuse of a historic hospital. The Beacon opened as the Jersey City Medical Center Complex in 1936 before its conversion to high-end apartments between the early 2000s and 2016, according to Jersey Digs. Judah Rosenberg of Greystone originated the Freddie Mac loan, which features a 10-year term and fixed interest rate. John Alascio, Alex Hernandez, Alex Lapidus, Mitch Rothstein, Brian Whitmer, Niko Nicolaou and David Bernhaut of Cushman & Wakefield arranged the financing on behalf of BLT. “The property is ideally located at the intersection of three of Jersey City’s most populated neighborhoods and features unparalleled views of the New Jersey Gold Coast and Manhattan,” says Alascio. “The recently redeveloped complex features best-in-class amenities and a thoughtful community design offering tenants a convenient live-work-play environment.” Situated on 14 acres near Jersey City’s Journal Square, McGinley Square and Bergen Lafayette neighborhoods, The Beacon is located within two …

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— By Glen Collins, founder of Autside — Many people care deeply about their own wellness — not just fitness and nutrition, but overall physical, emotional and mental health. This has spurred multifamily property decisionmakers to reimagine how amenities can be leveraged to enhance vitality and well-being. The push to improve quality of life for residents offers additional advantages by bolstering tenant retention and making properties more desirable and competitive. Active social spaces enhance well-being According to the Urban Land Institute, top-ranked amenities that appeal most to today’s consumers include those located outdoors where people can meet and socialize, as well as amenities promoting healthy lifestyles. Outdoor living spaces that encourage activeness and social interaction can have powerful impacts on human health and happiness. In fact, numerous studies point to the mood-lifting benefits of recreational fun out in nature, unplugged from technology and dynamically engaged with other people. This much-needed mental break from day-to-day stressors can go a long way toward improving emotional well-being and relationships. The positive effects of physical activities on mind and body are also endorsed by the Office of Disease Prevention and Health Promotion, a public health authority. “Physical activity’s implications for significant positive effects on …

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CHICAGO — Related Midwest has begun pre-leasing at The Row Fulton Market, a 43-story, 300-unit luxury apartment tower under construction at 164 N. Peoria St. in Chicago’s Fulton Market district. The first residents are expected to take occupancy in June. Designed by Morris Adjmi Architects, with interiors by March and White Design, The Row will offer floor plans ranging from 617 to 1,933 square feet. Monthly rents will start at $2,565. Six penthouse units will start at $14,395 per month. Amenities at The Row will include a fitness center and wellness studio, entertainment suite, study, children’s play area and a pool deck with outdoor grilling areas, green space and fire pits. The Row’s fireplace lobby will be staffed by a 24-hour concierge and door attendant. Residents will have access to services such as move-in coordination, housekeeping, package storage, onsite dry cleaning and pet care. As one of Chicago’s first 80/20 buildings, created under recently passed Affordable Illinois legislation, 20 percent of The Row’s apartment units will be designated as affordable.

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