ARLINGTON, TEXAS — Dallas-based brokerage firm The Multifamily Group (TMG) has negotiated the sale of Villas at the Parks, a 103-unit multifamily property in Arlington. The property was built in 1983 and houses one- and two-bedroom units that are furnished with quartz countertops, individual washers and dryers and private balconies/patios. Amenities include a pool, fitness center and onsite laundry facilities. Trey Caldwell of TMG represented the seller in the transaction, and Jon Krebbs of TMG procured the out-of-state buyer. Both parties requested anonymity
MINNEAPOLIS — Northmarq has arranged a $9.5 million agency loan for the refinancing of Isles East and West, an 85-unit apartment complex in Minneapolis. Originally built in 1922, the property rises three stories and features laundry facilities, a courtyard and car charging stations. Mike Padilla of Northmarq arranged the five-year, fixed-rate loan, which features three years of interest-only payments and a 30-year amortization schedule. The borrower was undisclosed.
LONGMONT, COLO. — The Dinerstein Cos. has unveiled its plans to develop Atlas Longmont, an apartment property located at 301 First Ave. in Longmont. Situated on 12 acres, Atlas Longmont will feature 371 studio, one-, two- and three-bedroom apartments ranging from 541 square feet to 1,411 square feet. The 300,000-square-foot property will consist of 10 three-story buildings, one four-story residential building and a two-story leasing and amenity building. Community amenities will include an outdoor pool, multiple spas, a clubhouse, roof deck and coworking space. An affiliate of The Dinerstein Cos. plans to break ground on the asset later this year, with initial units being delivered in early 2025 and a target completion date of early 2026.
VANCOUVER, WASH. — HFO Investment Real Estate has arranged the sale of Meadow Brook Place Apartments, a multifamily community located at 2231 NE Bridgecreek Ave. in Vancouver. California-based Aukum Group acquired the asset from Meadowbrook Place LLC, an entity associated with an Oregon family investor group, for $38.5 million. Built in 1996, Meadow Brook Place Apartments features 154 one-, two- and three-bedroom residences spread across 17 buildings, ample off-street parking, storage space, a rental office, pool and basketball court. Greg Frick, Tyler Johnson and Rob Marton of HFO facilitated the transaction.
MONTROSE, COLO. — Northmarq has arranged the forward sale of Basecamp Apartments in Montrose. Range Colorado sold the asset to Blueline Equity Partners for $33.5 million. Slated to open this year, Basecamp Apartments will offer one- and two-bedroom floor plans, ranging from 719 square feet to 995 square feet. The units will feature stainless steel appliances, wine refrigerators, hard-surface countertops and a modern flooring and lighting package. Alex Possick, Seth Gallman, Mark Jeffries and Jeff DeHarty of Northmarq’s Colorado Multifamily Investment Sales and Debt/Structured Finance team handled the transaction.
SOUTH JORDAN, UTAH — Stellar Senior Living has acquired Anthology of South Jordan, a 103-unit seniors housing community in South Jordan, a suburb of Salt Lake City. The new owner has changed the name to Copper Creek Senior Living. The property offers independent living, assisted living and memory care services. Copper Creek is located near retail, entertainment, recreational and healthcare destinations. Utah-based Stellar Senior Living is a family-owned senior living provider operating 28 senior living communities in nine states in the Western United States.
HOUSTON — Resia, a Miami-based developer formerly known as AHS Residential, has received $96.5 million in construction financing for Resia Ten Oaks, a 573-unit multifamily project in Houston. Santander Bank provided the senior loan, with Valley Bank also included among the syndicate of lenders. Additionally, Artemis Real Estate Partners provided preferred equity. Resia Ten Oaks will offer one-, two- and three-bedroom units and amenities such as a pool, fitness center, business center and a multi-purpose clubhouse. Sitework on the project began in July 2022, and full completion is scheduled for the fourth quarter of 2024.
HOUSTON — Nonprofit organization Texas Inter-Faith Housing Corp. will develop Westheimer Garden Villas, an 85-unit affordable seniors housing project in Houston. The majority of the property’s one- and two-bedroom units will be reserved for renters aged 55 and above who earn up to 30, 50, and 60 percent of the area median income. Amenities will include a community room and a fitness center. Total development costs are estimated at $23 million. Hunt Capital Partners provided $13.8 million in Low-Income Housing Tax Credit equity for the project, which is slated for a spring 2024 completion.
DALLAS — Texas-based brokerage firm Wellington Realty has arranged the sale of The Ascent at Midtown, an 81-unit multifamily property located at 6431 Ridgecrest Road in northeast Dallas. The complex was built in 1980. According to Apartments.com, Ascent at Midtown offers one- and two-bedroom units. David Shaffer, Caleb Jones, and Investment Sales Associates, Will Miller, Chase Thompson and Charles Larkam of Wellington Realty brokered the deal. The buyer and seller were not disclosed.
NEW YORK CITY — Walker & Dunlop has arranged $120 million in financing for a portfolio of three affordable housing properties totaling 557 units in Harlem. The portfolio’s capital stack now includes agency debt originated by Freddie Mac and historic tax credit equity that was generated by The New York City Housing Authority (NYCHA) and was subsequently purchased by J.P. Morgan Chase. Proceeds will be used to rehabilitate and preserve the affordability status of Audubon Houses, Bethune Gardens and Thurgood Marshall Plaza, which were built between 1962 and 1985. The owner, a partnership between Dantes Partners and NYCHA, plans to invest about $200,000 per unit in capital improvements. Interior upgrades will include new kitchens, bathrooms, windows, appliances and flooring, and the project team will also modernize the properties’ HVAC systems. Construction is expected to be complete by August 2025. John Gilmore led the Walker & Dunlop team that structured the agency financing.