FAYETTEVILLE, N.C. — StoutCap, a real estate investment firm specializing in raising capital from passive investors, has closed on its $9.2 million acquisition of Treetop Apartments in Fayetteville. The seller was not disclosed. The buyer plans to renovate the interiors of all 146 apartments, as well as upgrade the property’s amenities and exteriors. Treetop is situated on 10.4 acres and features a pool, lounge area, onsite laundry facilities, picnic area with grills and onsite property management and maintenance. StoutCap expects the value-add acquisition to double the return for investors in six years. The buyer plans to return 100 percent of capital to its investors in three years.
NORTH BERGEN, N.J. — Hall Structured Finance, a Dallas-based lender, has provided a $52.5 million construction loan for The Braddock Apartments, a 135-unit multifamily project located across the Hudson River from Midtown Manhattan in North Bergen. New York City-based Sanz Management is developing the 10-story building, which will also house 2,400 square feet of retail space. Units will come in studio, one- and two-bedroom floor plans and will be furnished with stainless steel appliances, walk-in closets and individual washers and dryers. Private balconies/patios will also be available in select residences. Amenities will include a fitness center, coworking lounge and a rooftop terrace. Peter Nicoletti, Dylan Kane and Zach Redding of Colliers arranged the loan. Construction is slated for a summer 2025 completion.
Prism Capital Partners Completes Two Multifamily Buildings Totaling 84 Units in Dunellen, New Jersey
DUNELLEN, N.J. — Locally based developer Prism Capital Partners has completed two multifamily buildings totaling 84 units in the Central New Jersey community of Dunellen. Designed by Spiezle Architectural Group, the buildings are the second and third structures to be delivered within The Nell, a development that will ultimately consist of 252 units across six buildings. Units come in one- and two-bedroom formats, with rents starting at $2,075 per month for the former floor plan.
KANSAS CITY, MO. — Northmarq has arranged the sale of Timberlane Village in Kansas City for an undisclosed price. Built in 1987, the 456-unit multifamily community consists of 40 buildings across 27 acres. Units range from 704 to 1,253 square feet. Amenities include a pool, tennis court, fitness center, sauna, clubhouse, covered parking and green space. Gabe Tovar, Jeff Lamott, Parker Stewart and Dominic Martinez of Northmarq represented the seller, the property’s original developer. Daniel Stickane of Northmarq arranged acquisition financing on behalf of the buyer, Venterra Realty. The Fannie Mae loan features a fixed interest rate. The transaction marks the first time the property was on the market and the first acquisition for Venterra in the Kansas City market.
WEST DES MOINES, IOWA — ARTISAN Capital Group (ACG) and its partner Eastham Capital have acquired Cambridge Court Apartments in West Des Moines for an undisclosed price. Built in 1992, the 192-unit apartment complex features a clubhouse, fitness center, dog park and pools. ACG’s management vertical, ARTISAN Management Group, will oversee property operations. ACG plans to renovate apartment units beginning this spring. ACG assumed the current agency financing, which features an interest rate that is below current market rates. Chicago-based ACG maintains a regional office in Des Moines and a portfolio of nearly 6,000 apartment units in the Midwest. Parker Stewart and Anthony Martinez of Northmarq represented the seller, CRES Management.
MILWAUKEE — NewPoint Real Estate Capital has provided $20.6 million in construction financing for Michigan Street Commons, a 99-unit affordable housing community in Milwaukee. Kenosha-based Bear Real Estate Group is developing the project, which is slated for completion in spring 2024. Michigan Street Commons is being built on the western border of a larger redevelopment project spearheaded by Bear Real Estate Group and Kacmarcik Enterprises. Plans call for an 11-acre mixed-use sports and entertainment district, known as Iron District MKE, that will include a hotel, event space and a soccer stadium that will serve the USL Championship League and Marquette University. Michigan Street Commons will rise five stories on a development site that currently contains a parking lot. Of the total units, 30 percent will be reserved for residents who earn up to 50 percent of the area median income (AMI), 40 percent will be designated for those who earn up to 60 percent of AMI and the remaining 30 percent will be reserved for those who earn up to 70 percent of AMI. Amenities will include a community room, fitness center, storage units and underground parking. Cesar Diaz of NewPoint originated the loan, which was structured as NewPoint Impact …
WHITEHALL, OHIO — N.R. Investments has started construction of a three-phase, $300 million mixed-use project located at the corner of East Broad Street and North Hamilton Road in the Columbus suburb of Whitehall. The development will be named Rockwell District, according to reports by Columbus Business First. The 50-acre project, which is being developed in partnership with the Central Ohio Community Improvement Corp. and the City of Whitehall, is set to include 1,000 residential units, 250,000 square feet of Class A office space and 75,000 square feet of retail and restaurants upon completion. The residential portion of the property will offer a mix of for-sale and for-rent units, 20 percent of which will be dedicated workforce housing. The redevelopment will be fully integrated with the adjacent Whitehall Community Park, an 80-acre nature park with access to Big Walnut Creek, walking paths and sport fields. N.R. Investments is the master developer for the project. Duany Plater-Zyberk, M + A Architects, Ruscilli Construction Co., EMH&T and additional community partners collaborated with N.R. Investments on the site plan for the development. Phase I is scheduled for completion in 2025. The Ohio Department of Development awarded a $4.2 million grant to the City of …
MESQUITE, TEXAS — Colliers Mortgage has provided a $9.9 million Fannie Mae acquisition loan for The Ventura Apartment Homes, a 111-unit multifamily complex located in the eastern Dallas suburb of Mesquite. Built in 2003, the garden-style property consists of 10 three-story buildings and offers amenities such as a pool, fitness center, clubhouse and onsite laundry facilities. Fritz Waldvogel of Colliers Mortgage originated the seven-year loan through a partnership with Old Capital Lending on behalf of the borrower, an entity doing business as LM-Ventura LLC.
GUILDERLAND, N.Y. — United Group of Cos. will develop The Apex at Crossgates, a 222-unit multifamily project located northwest of Albany in Guilderland. The community will feature one-, two- and three-bedroom apartments, as well as townhouse-style residences. Units will be furnished with stainless steel appliances, quartz countertops, designer fixtures, walk-in closets and private patios/balconies. Amenities will include a fitness center with a yoga studio, game room with pool card tables, dog park, outdoor kitchens and multi-sport courts. Trinity Building + Construction Management Corp. is the general contractor for the project. M&T Bank provided financing for construction, which is expected to last about 24 months.
ROYAL PALM, FLA. — Lynd Development, a subsidiary of San Antonio-based Lynd Group, has broken ground on The Villas at Tuttle Royale, a 401-unit luxury apartment development in Royal Palm. Situated on the west side of South Florida’s Palm Beach County, the property will feature 26 three-story, garden-style buildings and 55 townhomes. Lynd and partner Tuttle Land Investments recently secured a $126 million construction loan from S3 Capital and a $21 million preferred equity investment from New York-based Declaration Partners to fund the project. Kevin O’Grady of Miami-based Concord Summit Capital arranged the debt, and B.J. Litwin of GLJ Real Estate LLC sourced the preferred equity. Villas at Tuttle Royale will comprise one-, two- and three-bedroom units averaging 1,119 square feet and three- and four-bedroom townhomes ranging in size from 1,685 to 2,035 square feet. Rents are expected to start at over $2,000 for a one-bedroom apartment. Amenities will include a resort-style pool with cabanas, fitness facility, dog park, lakeside putting and chipping greens, indoor and outdoor summer kitchens, fire pits, soccer fields, a jogging and bike trail and hot/cold plunge pools. Lynd expects first units to deliver in third-quarter 2024. West Palm Beach-based Verdex Construction is the general contractor …