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.
Continental Properties Opens 240-Unit Springs at Northgate Multifamily Community in Colorado Springs
COLORADO SPRINGS, COLO. — Continental Properties has opened Springs at Northgate, an apartment property located at 93 Clear Pass View within the 200-acre master-planned Polaris Pointe development in Colorado Springs. Springs at Northgate features 240 townhome-style studios, one-, two- and three-bedroom apartments with modern floor plans, high-end finishes, gourmet kitchens, abundant natural light, in-unit washers/dryers and private patios or balconies. Onsite amenities include a swimming pool, community clubhouse, outdoor grill area, 24-hour fitness center, car care area and leash-free dog park.
GREENVILLE, SPARTANBURG AND COLUMBIA, S.C. — Greystone Affordable Development is serving as development manager four affordable housing properties totaling 855 units in South Carolina. The three properties include: The Park at Sondrio in Greenville, which comprises 271 one- and two-bedroom units. Greystone acquired the property for $38.1 million. The Park at Vietti in Spartanburg, which comprises 204 units. Greystone acquired the property for $26.9 million. According to Apartments.com, the property was originally built in 1986, and offers one- and two-bedroom floor plans. Windsor Shores in Columbia, comprising 176 units, which Greystone acquired for $22.4 million. The Ivy in Greenville, comprising 212 units, was acquired for $30.5 million. For the fourth transaction, Greystone’s Adam Lipkin originated a financing solution through GHI. Greystone Affordable Development will serve as the developer on this renovation project at that property as well. Two nonprofit entities recently acquired the portfolio — Greenville Housing Fund acquired The Ivy and Opportunity South Carolina acquired the other three. The acquisition price was $118 million. Greystone Housing Impact Investors LP (GHI) provided financing for the acquisition and rehabilitation development transactions. Cushman & Wakefield, with which Greystone has a strategic joint venture, provided multifamily investment sales advisement on the transactions. The teams …
CHICAGO — Lendlease has begun pre-leasing at The Reed at Southbank in Chicago’s South Loop. The 41-story residential tower includes both rental units and for-sale homes. The Reed is the second building Lendlease is developing as part of Southbank, a seven-acre master plan community situated along the Chicago River. The Reed features 224 apartment units on floors nine through 22. Floor plans range from 544 to 1,417 square feet and monthly rents start at $2,160. First move-ins are expected in late May. The eighth floor features 15,000 square feet of outdoor amenities, including a pool, cabanas, sunning lawn, fire pits, outdoor kitchens and dining areas. The Reed also features an indoor-outdoor fitness center with dedicated HIIT and yoga spaces, as well as cardio and strength-training equipment. Other eighth-floor amenities include a wet lounge adjacent to the pool deck, lounge room, virtual sports simulation room, massage room and media room. A rooftop garden created in partnership with The Roof Crop will feature fresh flowers, gardens and honey. Bozzuto manages the apartments. At the center of the Southbank master plan is Southbank Park, a two-acre publicly accessible green space that connects the neighborhood’s residents to the Chicago River. Designed by Hoeer Schaudt, …