RICHARDSON, TEXAS — Locally based investment firm ClearWorth Capital has acquired Belle Grove at Custer, a 202-unit multifamily property located in the northeastern Dallas suburb of Richardson. According to Apartments.com, the property offers one-, two- and three-bedroom units and amenities such as a fitness center, business center, playground, tennis court, walking/biking trails and onsite laundry facilities. ClearWorth Capital purchased the asset from RealSource for an undisclosed price with plans to implement a value-add program. Chris Deuillet, William Hubbard and Jaxx Davis of CBRE brokered the deal. Belle Grove at Custer was 94 percent occupied at the time of sale.
NORTH MIAMI, FLA. — Integra Investments has received final approval from the City of North Miami to build a 338-unit mixed-use multifamily community located at 13855 N.W. 17th Ave. Called NoMi Square, the project will sit on 7.6 acres and take the form of a seven-story building comprising apartment homes in one-, two- and three-bedroom layouts, as well as four live/work units with commercial space. The property will also feature a 528-foot-long linear public park. Other amenities will include a courtyard with a pool deck and pavilion and a clubhouse with a coffee bar, clubroom, business center, fitness center and yoga and spin room. Designed by Anillo Toledo Lopez Architecture, the project is scheduled to begin construction in 2023, with an 18-month timeline. Integra Investments is investing over $100 million in the community, which will generate 500 jobs during its construction phase.
Bellwether Enterprise Provides $6.5M Refinancing of Affordable Seniors Housing Property Near Buffalo
KENMORE, N.Y. — Bellwether Enterprise has provided a $6.5 million HUD-insured loan for the refinancing of Ken-Ton Presbyterian Village, a 150-unit affordable seniors housing property located near Buffalo in the upstate New York community of Kenmore. The borrower was Beechwood Continuing Care. Lundat Kassa and Anthea Martin led the transaction for Bellwether Enterprise.
NEW YORK CITY — Locally based brokerage firm Ariel Property Advisors has negotiated the $5.5 million sale of an eight-unit apartment building located in the Park Slope area of Brooklyn. According to StreetEasy.com, the four-story building was originally built in 1920. Benjamin Vago, Stephen Vorvolakos and Sean Kelly of Ariel Property Advisors brokered the deal. Both the buyer and seller requested anonymity. The deal traded at a cap rate of 4.8 percent.
KANSAS CITY, MO. — Community Builders of Kansas City (CBKC) has completed The Rochester, a $12.6 million apartment project on the city’s East Side. The 81,400-square-foot property is home to 64 units and is named after the late Rochester Charles Gatson, former CBKC president. The Rochester rounds out CBKC’s mixed-use development on Dr. Martin Luther King Jr. Boulevard, including KC Sun Fresh on the Boulevard, a grocery store now owned and operated by CBKC. Amenities at The Rochester include a fitness center, rooftop terrace and yard with grilling areas. Monthly rents start at $1,050. Straub Construction Inc. served as general contractor, and Hufft Projects was the architect. CBKC’s subsidiary, EastPointe Realty LLC, will manage the property.
WEST FARGO, N.D. — Northmarq has arranged a $5.8 million loan for the refinancing of The Lights-South in West Fargo. Constructed in 2020, the apartment building rises six stories with 36 units. The property at 3100 Sheyenne St. is part of a larger mixed-use development known as The Lights. Bill Mork of Northmarq arranged the 35-year loan through Northmarq’s in-house FHA/HUD team. EPIC Cos. was the borrower.
CHICAGO — Greenstone Partners has brokered the sale of a 6,600-square-foot apartment building at 2049 W. Division St. in Chicago’s Wicker Park neighborhood for $2 million. The property features four recently renovated units as well as retail space. Brewster Hague and Danny Spitz of Greenstone represented the seller, a Chicago-based partnership, and procured the buyer, a California-based hospitality group.
PHOENIX — Los Angeles-based Odyssey Properties Group has purchased Nola on 50th, an apartment property in the Arcadia neighborhood of Phoenix, from an undisclosed seller for $37.2 million. Odyssey will rebrand the 155-unit community as Parq on 50th. Constructed in 1979, Parq on 50th features 12 buildings on 5.6 acres of land and offers a mix of studios, one- and two-bedroom units. Current amenities include a pool and spa, two laundry facilities, a fitness center, grilling station and dog park. The asset is located at 5008 E. Thomas Road.
LACEY, WASH. — Buchanan Mortgage Holdings, an affiliate of Buchanan Street Partners, has provided a $39 million non-recourse construction loan for the completion of a garden-style multifamily community in Lacey. The borrower is Harbor Custom Development. Upon completion, the 177-unit property will offer a mix of studio, one- and two-bedroom residences with Class A finishes and above-average unit sizes compared to the existing competitive set. Harbor plans to lease the community’s first phase beginning in February 2023 and complete construction in June 2023.
LAS VEGAS — Newmark has negotiated the sale of The Quinn Apartment Homes, a garden-style multifamily property located at 5500 S. Mountain Vista St. in Las Vegas. Haven Realty Capital sold the asset to a Los Angeles-based real estate firm for an undisclosed price. Angela Bates, Curt Allsop, Doug Schuster and Vittal Ram of Newmark represented the seller in the transaction. Built in 1991 on 10.3 acres, the two-story property features 237 units in a mix of four floor plans ranging from 740-square-foot one-bedroom/one-bath layouts to 1,056-square-foot two-bedroom/two-bath units.