TULSA, OKLA. — Dallas-based brokerage firm The Multifamily Group (TMG) has arranged the sale of The Broadmoor Retirement Community, a 124-unit independent living facility in Tulsa. Built in 1986, the age-restricted property features studio, one- and two-bedroom units with an average size of 510 square feet. Casey Litsey and C.J. Swanson of TMG represented the seller, and Paul Yazbeck of TMG procured the buyer. Both parties requested anonymity.
LONG BEACH, CALIF. — Advanced Real Estate has acquired The Edison, a 12-story former office tower in downtown Long Beach. The property was originally built in 1960. It was converted to apartments in 2016. The space formerly served as the headquarters of the Edison Co., the Long Beach Police Department and city hall. The property was divided into 156 apartment units, with six added penthouses and a rooftop pool when it was converted. All electrical, mechanical, and plumbing systems were overhauled and structural enhancements were made. While the price was not disclosed, the acquisition required around $30 million of equity. Cushman & Wakefield’s Marc Renard represented both the seller and buyer in the transaction. Greystone provided a Freddie Mac loan in conjunction with the transaction.
SEATTLE — Gantry has arranged $53.5 million of permanent financing for Cypress Apartments in Seattle’s Yesler Terrace community. The 237-unit, Class A apartment complex was completed in 2019 as part of the Yesler public housing redevelopment, which created a 30-acre public housing community that includes 5,000 new housing units for all income types. Gantry’s Michael Taylor and Alex Saunders worked in conjunction with Russ Cree of Glacier Real Estate Finance to secure the financing on behalf of the borrower, a private real estate entity that Gantry has worked with for more than 20 years. The five-year, fixed-rate loan was secured through a credit union.
CHARLOTTE, N.C. — Portman has signed local coffeeshop concept Night Swim Coffee to anchor the ground level retail space at 2161 Hawkins, a 34-story apartment tower under construction in Charlotte’s South End district. The coffeeshop is expected to open in third-quarter 2024 and will activate the space between 2161 Hawkins and The Line, Portman’s adjacent Class A office tower that will include Sycamore Brewery, GritBox Fitness, Chapter 6 and Savi Provisions. The Night Swim Coffee space represents the 15th location for Black Rock Hospitality, the team behind local purveyors Not Just Coffee and Undercurrent Coffee. In addition to the coffeeshop, the 370-unit apartment development will house Bar One South End, which is expected to open in fourth-quarter 2024. Foundry Commercial is handling the retail leasing assignment at 2161 Hawkins. Portman has also enlisted local artists Eva Crawford and Caroline Simas to transform the temporary Rail Trail protection at 2161 Hawkins into a new public art installation.
CHARLOTTE, N.C. — Dominion Realty Partners has broken ground on The Exchange Apartments, a 252-unit multifamily development in southwest Charlotte. The community will be situated within the Exchange Business Park off I-77 and Tyvola Road, about a half-mile from the Woodlawn stop on the Blue Line Light Rail. Units will feature oversized windows, sliding glass doors, Nest thermostats and smart locks. Community amenities will include a resort-style pool and sundeck, coffee bar, fitness center with a yoga and spin room and a game room. United Bank and Dogwood State Bank are providing an undisclosed amount of construction financing for the development. The design-build team includes architectural firm Rule Joy Trammell & Rubio, civil engineer LandDesign and general contractor Harkins. Katherine Southard of CBRE assisted in the land sale between Dominion Realty and the seller, Dilweg. Dominion Realty expects to deliver the first units in first-quarter 2025. The Exchange represents the developer’s fifth project in the metro Charlotte area.
DALLAS — Northmarq has arranged the sale of Grand Seasons Apartment Homes, a 144-unit multifamily complex in North Dallas. The property was built in 1978 and offers one- and two-bedroom units. Amenities include a pool, fitness center, outdoor grilling and dining areas and a dog park. Taylor Snoddy, Charles Hubbard and Eric Stockley of Northmarq brokered the deal. The buyer and seller were not disclosed. The new ownership plans to implement a value-add program.
PHILADELPHIA — A partnership between New York City-based developer The Gotham Organization and locally based REIT Brandywine Realty Trust is nearing completion of Avira, a 326-unit multifamily project in Philadelphia. Residences will be constructed atop the 570,000-square-foot mixed-use building at 3025 JFK Blvd. within Brandywine’s Schuylkill Yards development. Units will come in studio, one- and two-bedroom floor plans and will be housed within the top 18 floors of the building. The property already includes 29,000 square feet of indoor and outdoor amenity space, 9,000 square feet of retail space, 200,000 square feet of office and life sciences space, 120 structured parking spaces and a 7,500-square-foot park. The first residences are expected to be available for occupancy this summer.
UNION, N.J. — Locally based financial intermediary G.S. Wilcox & Co. has arranged a $90 million permanent loan for Sol at Vermella Union, a 309-unit apartment community in Northern New Jersey. The property, which is part of the larger Vermella Union mixed-use development, offers studio, one-, two- and three-bedroom units. Amenities include a pool, fitness center, children’s play area, outdoor grilling and dining stations and a rooftop terrace. Gretchen Wilcox and David Fryer of G.S. Wilcox arranged the seven-year loan through an undisclosed direct lender on behalf of the borrower, Russo Development.
CHICAGO — Luxury Living has begun pre-leasing efforts for Cadence Apartments in Chicago’s Illinois Medical District. The 11-story apartment complex is located at 2050 W. Ogden St. and features 161 units. Amenities include an outdoor terrace, fitness center, coworking lounge, business center, outdoor rooftop, pool, indoor lounge and bike storage. The property is now more than 25 percent leased and expected to be fully leased by the end of the summer. Monthly rents start at $1,650 for studios. Pierkarz Associates was the architect and Brianne Bishop Design was the interior designer.
GREEN BAY, WIS. — Marcus & Millichap has arranged the sale of Hoffman and Hibernia Apartments in Green Bay for $2.4 million. The 34-unit apartment building was completely renovated in 2014. David Tarnoff, Patrick Suffield and Yianni Mouflouzelis of Marcus & Millichap represented the seller, a local private investor. The team also secured and represented the buyer, a Wisconsin-based private investor.