JEFFERSON, N.J. — Locally based developer Diversified Properties has acquired two lots totaling 9.8 acres in the Northern New Jersey community of Jefferson for the construction of a new multifamily project. Phase I of the project, which will be known as Jefferson Place, will total 32 units. Residences will be available in one- and two-bedroom floor plans and will range in size from 855 to 1,216 square feet. Amenities will include a fitness center, and an outdoor lounge with grilling and dining stations. Details of Phase II were not disclosed. John Schilp and Sigmund Schorr of NAI James E. Hanson represented Diversified Properties and the sellers of the tracts in the land deal. Sitework on Phase I will begin this spring.
WILDWOOD, FLA. — JLL has arranged $48 million in construction financing for the development of Solamar Wildwood, a 243-unit build-to-rent development in Wildwood. Churchill Real Estate provided the two-year, non-recourse loan to the borrower, a partnership between TRUSOT Developments and Agador Spartacus Development (AS). Max La Cava, Kenny Cutler and Karim Khaiboullin of JLL arranged the financing on behalf of TRUSOT and AS, which are co-developing several residential projects across Florida. Situated adjacent to The Villages, a master-planned community in Central Florida for active adults, Solamar Wildwood will comprise townhomes and villas with one-, two- and three-bedroom layouts. Homes will feature semi-private backyards, surface parking and private garages. Community amenities will include a resort-style swimming pool, sun deck with cabanas, fitness studio with a yoga room, summer kitchen and a tropical clubhouse.
PHOENIX — ABI Multifamily has arranged the sale of Dimension on 27th Apartment Homes in Phoenix. An Arizona-based seller sold the asset to a California-based buyer for $49.7 million, or $191,346 per unit. Built in 1982, the property features 23 residential buildings offering a total of 260 units in a mix of studio, one-bed/one-bath and two-bed/one-bath layouts with stainless steel appliances, vinyl wood flooring and a patios/balconies. Common area amenities include a swimming pool, playground, laundry facilities and onsite maintenance. Alon Schnitzer, Rue Bax, Eddie Chang and Doug Lazovick of ABI Multifamily’s Phoenix-based Institutional Apartment Group represented the buyer and seller in the deal.
SACRAMENTO, CALIF. — Trion Properties has purchased Courtyard at Artisan Square, an apartment community located at 1503 Fulton Ave. in Sacramento. A private seller sold the asset for $23.6 million. Constructed in 1970, the property features 104 one-, two- and three-bedroom apartments averaging 830 square feet with open floorplans. The community comprises 11 two-story residential buildings totaling more than 86,000 square feet. Current amenities include a fitness center, pool deck and high-end upgrades throughout the property. The previous owner fully renovated the property’s exterior and all unit interiors to include quartz countertops, in-unit washers/dryers, dual-pane windows, new roofs, full patio replacement, asphalt and concrete walkways.
CHICAGO — Interra Realty has negotiated the sale of a 36-unit, transit-oriented multifamily property in Chicago’s Fulton River district for $11 million. Located at 851 W. Grand Ave., the building features seven studios, 20 one-bedroom units and nine two-bedroom units. Amenities include a bike room, dry-cleaning pickup, tenant storage, a package room and onsite parking. Constructed in 2017, the property was 95 percent leased at the time of sale. The building is situated one block from the Chicago Transit Authority (CTA) Grand Blue Line station and is also in proximity to several CTA bus routes. David Goss, Jon Morgan and Harrison Pinkus of Interra represented the seller, Monroe Residential Partners. Brad Feldman of Interra represented the buyer, a local private investor.
FOND DU LAC, WIS. — Marcus & Millichap has negotiated the $2.4 million sale of St. Peter’s Place, a 46-unit apartment building in Fond du Lac, a city in eastern Wisconsin that is about 60 miles northwest of Milwaukee. Built in 1925 and renovated in 2009, the property features 27 one-bedroom units and 19 two-bedroom units averaging between 652 and 871 square feet. Matthew Whiteside of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company, and procured the buyer, an individual trust.
PHOENIX — Concord Wilshire Capital and TLG Investment Partners, in partnership with Carl DeSantis’ CDS International Holdings Inc., have completed the acquisition of the Metrocenter Mall in Phoenix. The development group has formed a strategic alliance with Hines, an international real estate firm, to redevelop and repurpose the Metrocenter Mall into a walkable village that will be home to apartments, condominiums, curated boutiques, popular retail stores, restaurants, bars, a town-center park and other commercial and entertainment venues. The property spans approximately 64.2 acres of land in a Qualified Opportunity Zone. The plans for the village include over 2,600 multifamily units, 150,000 square feet of commercial space and 4,100 surface and garage-deck parking spaces. The development team has also signed agreements with the City of Phoenix for a public-private partnership for public improvements. The purchase includes both the Dillard’s building and U-Haul building, which formerly housed a Macy’s. Developers confirmed the planned $850 million redevelopment of the property will begin immediately. The redeveloped Metrocenter will be designed as a transit-oriented community, encompassing the city’s new light rail station currently under construction on the site. The City of Phoenix invested approximately $150 million to build the station, which is scheduled for completion …
LEXINGTON, KY. — The Kirkland Co. has brokered the sale of Shillito Park Apartments, a 216-unit multifamily development located in Lexington. Built in 1990, the community features floorplans in one- and two-bedroom layouts and amenities including a saltwater pool, clubhouse with a movie theater, recreation room, fitness center and a laundry room. An entity doing business as Shillito HT LLC purchased the property from a seller doing business as Shillito Park LLC for an undisclosed price. Brandon Wilson, Brian Devlin and John Seale of Kirkland arranged the sale.
GEORGETOWN, TEXAS — Locally based firm Novak Commercial Development has acquired a six-acre tract in the northern Austin suburb of Georgetown for the development of a 300-unit multifamily project. The site is located within The Commons at Rivery mixed-use development, which will include 45,000 square feet of retail space, as well as open green space. Alex Makris of Partners, the Houston-based investment and brokerage firm formerly known as NAI Partners, internally represented the seller in the land deal. Kevin Murphy of Partners represented Novak Commercial. Completion is slated for 2025.
HOUSTON — CBRE has negotiated the sale of The Village at River Oaks, a seniors housing community in the River Oaks neighborhood of Houston that offers independent living, assisted living and memory care services. A partnership between Harrison Street and Bridgewood Property Co. sold the asset to a fund affiliated with Blue Moon Capital Partners. The sales price and number of units were not disclosed. John Sweeny, Aron Will, Garrett Sacco and Scott Bray of CBRE brokered the deal. CBRE also arranged a seven-year, floating-rate acquisition loan that carried 48 months of interest-only payments through a regional bank.