HOUSTON — Locally based development and investment firm Pagewood has purchased Costa Mesa, a 152-unit apartment complex in northwest Houston. The property consists of 12 two-story buildings that house one- and two-bedroom units that range in size from 614 to 1,044 square feet. Amenities include a pool, clubhouse, playground, business center and onsite laundry facilities. Amegy Bank provided acquisition financing for the deal. The seller and sales price were not disclosed. Pagewood plans to implement a value-add program.
MISSION, TEXAS — Northmarq has brokered the sale of Las Misiones Apartments, a 118-unit multifamily complex located in the Rio Grande Valley city of Mission. Built in 2005, the property offers one-, two- and three-bedroom units that range in size from 751 to 1,359 square feet. Amenities include a pool, fitness center, business center, playground, clubhouse, basketball court and a lounge. McGuire Family Properties purchased the asset from a pair of private investors for an undisclosed price. Zar Haro, Moses Siller, Phil Grafe, Bryan VanCura and Brian Booth of Northmarq brokered the deal.
OKLAHOMA — Evans Senior Investments (ESI) has arranged the sale of an undisclosed, 95-bed skilled nursing community located about 85 miles south of Oklahoma City. ESI represented the seller, a private owner-operator, which sold the property to a West Coast-based investor with experience in skilled nursing operations. Both parties requested anonymity.
BOSTON — New York-based investment firm Aker has acquired Pelham Hall Apartments, a 148-unit mid-rise building in Boston’s Brookline area, for $70 million. The building was originally constructed in 1926 and includes 14,601 square feet of retail space. Units come in studio, one-, two- and three-bedroom floor plans, and amenities include a fitness center, laundry facilities and a rideshare lounge. Simon Butler, Biria St. John, John McLaughlin and Brian Bowler of CBRE represented the undisclosed seller in the transaction. John Kelly of CBRE arranged acquisition financing for the deal.
JERSEY CITY, N.J. — Hudson Atlantic Realty has brokered the $2.3 million sale of Grand Gardens, a 16-unit apartment complex located in the Bergen-Lafayette area of Jersey City. The property was originally built in 1950 and houses one- and two-bedroom units. Ben Susskind and Adam Zweibel of Hudson Atlantic brokered the deal. The buyer and seller were not disclosed. The deal traded at a cap rate of 4.46 percent.
BERWYN, ILL. — Interra Realty has brokered the $10.4 million sale of reVerb Century Station in the Chicago suburb of Berwyn. The 52-unit apartment building features 10,662 square feet of ground-floor commercial space. The sales price represents a record price for multifamily or mixed-use properties in Berwyn, according to CoStar. Constructed in 2010 and located at 3200 S. Oak Park Ave., the property features four ground-floor retail suites, 12 one-bedroom apartments and 40 two-bedroom units. Joe Smazal, Patrick Kennelly and Paul Waterloo of Interra represented the undisclosed seller. The team also represented the buyer, an investment group that assumed the loan from the seller. The buyer plans to renovate common areas and add a package system for residents.
TUCSON, ARIZ. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of The Place at Spanish Trail, an apartment property in Tucson. Terms of the transaction were not disclosed. Clint Wadlund, Hamid Panahi, Steve Gebing and Cliff David of IPA represented the undisclosed seller and procured the undisclosed buyer in the deal. Completed in 1979, The Place at Spanish Trail features 256 one- and two-bedroom apartments with white Shaker-style cabinet fronts, new appliances, wood-plank laminate flooring and new electrical and plumbing fixtures. Community amenities include barbecue areas, a renovated clubhouse with full kitchen and coffee station, a renovated fitness area, Amazon package lockers, a new pool fence and furniture, and entry gate.
COSTA MESA, CALIF. — CBRE has brokered the sale of Crestview Apartments, a multifamily community in the Orange County city of Costa Mesa. An Orange County-based private investor sold the asset to a local private investor for $5 million, or $264,474 per unit. Dan Blackwell and Mike O’Neill of CBRE represented the seller, while Blackwell, O’Neill and Jack O’Connor of CBRE represented the buyer in the transaction. Located at 859 W. 19th St., the two-story, 8,931-square-foot building features 19 apartments, primarily studio units with patios or balconies. The community also has an onsite laundry facility. Recent capital improvements include new exterior paint, repaved asphalt, new decks, new windows throughout and wood replacement.
SWEETWATER, FLA. — Development firm CREI Holdings has received a $41 million loan for the refinancing of Li’l Abner II apartments in Sweetwater, a South Florida city just west of Miami. Marc Suarez led the Lument team that provided the funds. The project was completed in April 2023. Designed by Burgos Lanza Architects and Planners, an architectural firm based in Coral Gables, Fla., the eight-story building is situated adjacent to its 87-unit sibling, Li’l Abner I. Li’l Abner II consists of 244 one- and two-bedroom units dedicated to affordable and workforce housing. Among these, 40 percent cater to low-income seniors, while the remainder is allocated to residents earning up to 120 percent of the area’s median income (AMI). The building is near full occupancy, according to CREI Holdings.
ATHENS, GA. — Landmark Properties has recapitalized The Mark Athens, a 1,364-bed student housing property located at 130 Hickory St. near the University of Georgia campus. The property was developed in two phases, with the first phase completed in 2017 and the second phase completed in 2022. The community offers studio through six-bedroom apartments, alongside 67,000 square feet of retail space and 46,734 square feet of offices, with locally based Landmark occupying over 90 percent of the office space. The Mark also features 55,000 square feet of shared amenity space, including a rooftop pool and sundeck with views of the university’s campus, Sanford Stadium and downtown Athens; study spaces; a fitness center; golf simulator; racquetball court; and an indoor basketball court. Details of the refinancing were not disclosed.