HOUSTON — Locally based developer Avenue Community Development Corp. has completed an affordable housing project in northwest Houston. Avenue on 34th offers 56 units that are reserved for renters earning up to 30, 50, 60 and 80 percent of the area median income, as well as some market-rate units. Support services for residents include an afterschool program, exercise classes, arts-and-crafts classes and onsite social events. Los Angeles-based Hunt Capital Partners contributed $3 million in Low-Income Housing Tax Credit (LIHTC) equity for the project, which carried a total price tag of $18.3 million. Amegy Bank provided a $9 million tax-exempt construction loan and $5.7 million in permanent financing as part of the capital stack.
WHITE PLAINS, N.Y. — San Francisco-based Friedkin Property Group has acquired Windsor at the Gramercy, a 260-unit multifamily property located north of New York City in White Plains, for $113 million. Built in 2003, the property features one- and two-bedroom units that are furnished with stainless steel appliances, built-in workstations, breakfast bars, walk-in closets, full-sized washers and dryers and private balconies/patios. Amenities include a pool, fitness center, theater, clubhouse, billiards room and a dog park. Jeff Dunne, Eric Apfel, Jeremy Neuer, Stuart MacKenzie and Zach McHale of CBRE represented the seller, institutional investment firm GID, in the transaction.
PTM Partners, IDI Near Completion of 318-Unit Viridium Apartment Development in Woodbridge, Virginia
WOODBRIDGE, VA. — Co-developers PTM Partners and The IDI Group Cos. have launched leasing at Viridium, a 318-unit, waterfront apartment development located at 1000 Annapolis Way in Woodbridge. The developers began construction in second-quarter 2021, and the first phase is scheduled to be completed and available for move-ins this November. Designed by Heffner Architects, the community’s amenities will include a rooftop terrace, outdoor pool with a sundeck, health and fitness center, business lounge, conference room, theater, dog park and pet grooming facility, electric vehicle charging stations and a putting green and cornhole. Viridium is part of a two-phase project with its sister property Rivergate North, an adjacent 402-unit property that IDI completed in May 2018.
NASHVILLE, TENN. — Capstone Land Sales has arranged the sale of an affordable housing development site located at 3720 Clarksville Pike in Nashville’s Bordeaux neighborhood. The buyer, a local development partnership led by Woodbine Community Organization, will build a mixed-used development at the site that will be anchored by 250 mixed-income apartments. The construction timeline for the apartment development was not disclosed. The parcel sits within a half-mile of the Cumberland River Greenway on the other side of the Cumberland River and the Whites Creek Greenway, which connects Hartman Park and Joseph Brown Mullins Park.
ORLANDO, FLA. — Boca Raton, Fla.-based multifamily developer Waypoint Residential has sold Luma Headwaters, a 328-unit garden-style apartment community located in Orlando. Houston-based Venterra Realty purchased the asset for an undisclosed price. Luma Headwaters was more than 94 percent occupied at the time of the sale. Rental rates at the property had increased by approximately 22 percent over the prior 12 months, according to Waypoint Residential.
SAN RAMON, CALIF. — Standard Communities has released plans to lead a public-private partnership in the ground-up development of Aspen Wood, a $55 million affordable seniors housing community in San Ramon, approximately 20 miles east of San Francisco Bay. Aspen Wood will provide 123 units of affordable housing for seniors with incomes between 30 and 60 percent of the area median income. Aspen Wood will be built on a currently vacant site of 1.4 acres. Amenities at the 130,000-square-foot community will include a community room, recreation deck/courtyard, fitness center, business center and pet spa. “This is the first affordable development in San Ramon in more than 20 years. The site was originally intended for a luxury development, but we worked closely with the city to turn the site into affordable housing for seniors,” says Sean Carpenter, director of development at Standard Communities. “With the cost of living rising across the region and nation, adding more affordable housing in Contra Costa County and the city of San Ramon — one of the wealthiest communities in the Bay Area — is more important than ever.” Black Mountain Development sold the land parcel. The general contractor is Deacon and LCA Architects leads the …
SEATTLE — Intercontinental Real Estate has completed the disposition of two apartment properties totaling 155 units in the Ballard neighborhood of Seattle. An undisclosed buyer acquired the assets for $41.5 million. Located at 6559 15th Ave. NW, Belay features 104 studio, one- and two-bedroom units with an average size of 521 square feet. Noba, located at 8022 15th Ave. NW, offers 51 one-bedroom apartments with an average unit size of 557 square feet. Noba was built in 2012 and Belay was constructed in 2013. Eli Hanacek, Jon Hallgrimson, Mark Washington and Kyle Yamamoto of CBRE’s Pacific Northwest multifamily team represented the seller in the transaction.
PHOENIX — Tauro Capital Advisors has secured a $15 million acquisition loan for a value-add multifamily community in Phoenix. Patrick O’Donnell of Tauro Capital’s Scottsdale office negotiated the financing . Karl Abert and Bret Zinn of Kidder Mathews represented the buyer, Summit on Thomas, while Bill Hahn of Northmarq represented the seller, Rise Thomas LLC (Rise48 Equity), in the acquisition. The two-story apartment complex is located at 2735 E . Thomas Road. Formerly Rise on Thomas, the community has been rebranded to Summit on Thomas. The purchase price was $21 million. Built in 1967, 44 of 100 units were renovated at time of sale. The property features two pool areas with built-in barbecues, two workout rooms and communal patio space. Future plans include renovating the remaining 56 units and continuing improvements across the common areas. All units will have in-unit washers/dryers once renovations are complete.
NEW YORK CITY — Sapphire Acquisitions has purchased a single-room occupancy (SRO) residential building located at 342 W. 71st St. on Manhattan’s Upper West Side for $6.7 million. The property houses 126 units, equating to a sales price of roughly $53,000 per unit. Michael Ferrara and Alan Stenson of Brax Realty represented the seller, Riverside Studios, in the off-market transaction and procured Sapphire Acquisitions as the buyer.
LAS VEGAS — MorningStar Senior Living and Confluent Senior Living have broken ground on MorningStar Senior Living at The Canyons, the joint venture’s first development in Nevada. Located in Las Vegas, the four-story, 196,000-square-foot community will feature 95 independent living, 49 assisted living and 24 memory care units. Common areas will include indoor and outdoor dining venues, a pool and spa, fitness center and clubroom terrace with views of the Vegas Strip and mountains to the west. Additionally, the community will feature wellness programs that will meet residents’ social, intellectual, physical and spiritual needs. Completion is slated for summer 2024. Confluent Senior Living, a subsidiary of Denver-based Confluent Development, serves as project owner, and MorningStar Senior Living as operator. MorningStar at The Canyons is the 14th development for the co-developers and project partners.