NILES, MICH. — Marcus & Millichap has brokered the $4.2 million sale of Village West in Niles, a city in Southwest Michigan. The 54-unit apartment building is located at 746 Colony Court. Renovations made to the property in 2020 and 2021 included a new roof, windows and gutters, as well as upgraded electrical and HVAC systems. Aaron Kuroiwa, Jack Friskney and Austin Meeker of Marcus & Millichap represented the seller, a limited liability company that plans on using proceeds from the sale and a 1031 exchange to buy another multifamily asset in Indiana or Florida. The Marcus & Millichap trio also represented the buyer, a limited liability company that secured agency financing with five years of interest-only payments.
MERIDIAN, IDAHO — Developer Morgan Stonehill, with Los Angeles-based Newman Garrison + Partners as architect, has released plans for Seasons at Meridian, a 360-unit apartment community located at 2700 E. Overland Road in Meridian, a western suburb of Boise. The team broke ground on the development in January. Seasons at Meridian will feature 10 residential buildings arranged around an open-air courtyard space. Each building will offer a mix of studio, one-, two- and three-bedroom units ranging from 488 square feet to 1,328 square feet. The community will offer more than 30,000 square feet of amenity space, including a 10,000-square-foot clubhouse, a pool, park, community garden, fitness facility, bike maintenance room and barbecue areas. Additionally, the project is designed to provide direct pedestrian linkages to the adjacent commercial and retail developments with access to nearby recreational trails, landscaped areas and pocket parks. Completion is slated for second-quarter 2025.
SCOTTSDALE, ARIZ. — Arizona-based Mark-Taylor Residential has opened San Bellara, a multifamily property located at 17800 N. 78th St. in Scottsdale. Mark-Taylor will manage the 180-unit community in-house. San Bellara features a mix of one-, two- and three-bedroom layouts with granite countertops, stainless steel appliances, walk-in closets, in-unit washers/dryers, air conditioning, private patios or balconies and direct-access garages. The pet-friendly property also offers a swimming pool, hot tub, fitness center, business center, outdoor cabanas with a poolside kitchen, an electric car station and a resident clubhouse with flat-screen TV.
TUCSON, ARIZ. — Cushman & Wakefield | PICOR has brokered the sale of The Beverly On Fifth, a residential property in Tucson. Beverly On Fifth Owner LLC acquired the acquired the asset from Dry Desert LLC for $6.7 million. Located at 5601 E. 5th St., The Beverly On Fifth features 35 apartments. Allan Mendelsberg and Joey Martinez of Cushman & Wakefield | PICOR represented both parties in the transaction.
VIRGINIA BEACH, VA. — Blackfin Real Estate Investors has purchased Waterford Apartments on Lake Smith in Virginia Beach for $55.4 million. Built in 1980, the community comprises 376 units and was previously renovated to feature walk-in closets, custom maple cabinets, granite countertops, updated lighting and fixtures and dishwashers. The property was fully occupied at the time of sale. Hank Hankins, Victoria Pickett, Charles Wentworth and Garrison Gore of Colliers represented the undisclosed seller in the transaction.
JACKSONVILLE, FLA. — RangeWater Real Estate has purchased a 28.6-acre site in the San Jose neighborhood of Jacksonville for the development of a 280-unit multifamily community. Located at 3730 Dupont Ave., the property, dubbed The Maggie, will feature residences in one- and two-bedroom layouts, as well as a clubhouse with meeting space, resident’s lounge, fitness center, deck and grilling area, dog park and fountains. Delivery of the first units and clubhouse is scheduled for late spring 2024. ParkProperty Capital is partnering with RangeWater on the project, which will mark RangeWater’s sixth development in the Jacksonville area.
MYRTLE BEACH, S.C. — ACRE and partner ARK Residential have announced plans for The Springs at Arcadia, a 150-unit single-family-rental (SFR) community in Myrtle Beach. Located within the master-planned Arcadia community, the development will offer three- and four-bedroom detached homes ranging in size from 1,500 to 2,300 square feet. Residents will have access to Arcadia’s amenities, which include a clubhouse, pickleball courts and a pool. Construction, which is currently underway, is scheduled for completion in the first quarter of 2024. Preleasing began in January of this year, and Elmington Property Management will manage the community. John Alascio, Chuck Kohaut, T.J. Sullivan and John Spreitzer of Cushman & Wakefield arranged $37 million in financing through Arbor Realty Trust Inc. for the project.
PERRY, N.Y. — KeyBank has provided $10.6 million in financing for the acquisition and rehabilitation of Silver Lake Meadows, a 52-unit affordable housing complex in Perry, about 50 miles east of Buffalo. Silver Lake Meadows comprises seven buildings that house one- and two-bedroom units that are reserved for renters earning up to 30, 50 and 60 percent of the area median income. John-Paul Vachon and Kate de la Garza of KeyBank originated the financing package, which includes $5.4 million in Low-Income Housing Tax Credit equity and a $5.5 million construction loan. The sponsor is a partnership between locally based nonprofit Wyoming County Community Action Inc. and developer Rochester’s Cornerstone Group.
SHREWSBURY, MO. — Spellman Brady & Co. (SBC) has completed the interior design for the addition to Our Mother of Perpetual Help Memory Care at the Cardinal Ritter Senior Service’s campus in Shrewsbury, a western suburb of St. Louis. SBC selected the project’s interior finishes as well as the furnishings and artwork. The single-story memory care addition features two memory care households consisting of 13 private units each. Bright door colors were used in the hallways to help residents locate their units. SBC collaborated with Vessel Architecture, which developed the building addition, and BSI Constructors, the general contractor.
BEND, ORE. — Cushman & Wakefield has arranged the sale of The Alexander Bend, a 136-unit independent living community in Bend. Opened in late 2019 and representing the city of Bend’s newest independent living offering in over 10 years, The Alexander Bend features 3.1 acres of adjacent land. Cushman & Wakefield’s Rick Swartz, Jay Wagner, Aaron Rosenzweig, Dan Baker and Bailey Nygard represented the seller, BPM Real Estate Group, in the transaction. The buyer was Touchmark, which renamed the community Touchmark at Pilot Butte and will operate it alongside Touchmark at Mount Bachelor Village on the west side of Bend. The price was $57.8 million.