ST. PETERSBURG, FLA. — Northmarq has brokered the sale of Aura @ 4th, a 150-unit garden-style apartment community in St. Petersburg. McCann Investments, a Tampa-based investment firm, sold the community to TRIG Investment Group, a California-based private multifamily investment company, for an undisclosed price. Luis Elorza, Justin Hofford and Kevin Mosher of Northmarq’s Tampa office brokered the transaction. Aura @ 4th was constructed in 2016 and features a unit mix that consists of 40 percent one-bedroom and 60-percent two-bedroom units at an average unit size of 1,087 square feet. The property’s amenity package includes a resort-style pool, clubhouse, 24-hour fitness center, outdoor covered lounge area, stainless steel Weber grills, picnic areas, bark park and a cyber café.
AURORA, COLO. — A joint venture between Legacy Partners and Griffin Capital has broken ground on Legacy Metro 525, a 380-unit apartment community in Aurora. The transit-oriented development will be adjacent to the Sable light rail station and near I-225 and Highway 83. Legacy Metro 525 will offer a mix of 380 studio to three-bedroom apartments, with an average unit size of 846 square feet. It is scheduled for completion near the end of 2025. Legacy and Griffin Capital closed on the construction financing with a loan from Poppy Bank of Santa Rosa, Calif. The developers purchased the site, located at 525 S. Dawson St. in southern Aurora, in September 2022. Cushman & Wakefield’s team of Wade Fletcher, Jim Capecelatro, and Mike Kboudi brokered the sale transaction.
LOS ANGELES — Keller Williams Commercial has negotiated the sale of The Glendon, a 27-unit apartment building in the Palms submarket of West Los Angeles. Glendon LP acquired the asset for $11.5 million. Built in 1986, the community is located at 3724 Glendon Ave. Matthew Kanner of Keller Williams Commercial and president of the Kanner Group, represented both the buyer and the seller, JEB Properties, in this transaction. The closing cap rate was 3.84 percent, with price per unit of $427,778.
HTG, Mount Hermon AME Church Break Ground on Affordable Seniors Housing Community in Fort Lauderdale
FORT LAUDERDALE, FLA. — Housing Trust Group (HTG) and Mount Hermon African Methodist Episcopal (AME) Church Inc. has broken ground on Mount Herman Apartments, an affordable seniors housing project in Fort Lauderdale. The seven-story property will be located at 750 NW 4th St. and offer one- and two-bedroom units ranging from 650 to 950 square feet. Apartments will be reserved for income-qualifying residents 62 and older who earn at or below 25 and 60 percent of the area median income (AMI), with rents ranging from $425 to $1,225 per month. Amenities will include a rooftop pool and pool deck with lounge seating, fitness center, multipurpose clubroom with kitchenette and an outdoor community gathering space. Services provided at the community will include 24-hour resident assistance and a resident assurance check-in program, adult literacy training and assistance with light housekeeping, grocery shopping and laundry. Funding sources for Mount Hermon Apartments include $32.6 million in 9 percent LIHTC equity syndicated through Raymond James, a $33 million construction loan through TD Bank, a $7.5 million Freddie Mac loan through Berkadia and a $640,000 loan from the City of Fort Lauderdale. HTG and Mount Hermon AME Church plan to open the property in late 2024.
ASHEVILLE, N.C. — Clarion Partners Real Estate Income Fund Inc., an investment vehicle sponsored by New York-based Clarion Partners, has acquired Retreat at Weaverville, a 176-unit apartment community in Asheville. The seller and sales price were not disclosed. Completed in 2021, the property sits on a 16.9-acre site within one mile of I-26. Community amenities include a clubhouse, coffee bar, dog park and dog wash station, fitness center, yoga and spin room, office workspaces and a swimming pool. The new, undisclosed property manager will complete numerous amenity upgrades over the next year at Retreat at Weaverville, including pool furniture upgrades, clubhouse enhancements, the installation of property access gates, the addition of a parcel locker and elevated landscaping.
DALLAS — Marcus & Millichap has brokered the sale of a portfolio of three multifamily properties totaling 782 units in the Dallas area. Mercer Park is a 248-unit property in Arlington that was built in 1984. Timber Oaks in Grand Prairie, which was constructed in 2003, totals 264 affordable housing units, and Plum Meadow, located in the Redbird area of Dallas, consists of 270 market-rate units that were completed in 1984. Wesley Racht, Nick Fluellen and Bard Hoover of Marcus & Millichap represented the seller, NeuRock Capital, in the transaction. Additional terms of sale were not disclosed.
PETERSBURG, ILL. — Hunt Capital Partners has provided $9 million in federal Low-Income Housing Tax Credit (LIHTC) equity financing for the acquisition and rehabilitation of Lukin’s Landing. Located in Petersburg, about 24 miles north of Springfield, Lukin’s Landing is a 74-unit affordable housing property. Central Illinois Services and Windsor Development Group plan to rehabilitate the community and set aside 12 units for households with disabilities or those who are prone to homelessness. Lukin’s Landing was originally built in 1981 as part of a 126-unit scattered public housing site known as Menard Family Homes. In 2018, under the Rental Assistance Demonstration program, Menard County Homes converted Lukin’s Landing from public housing to Section 8 housing. The project team for the rehabilitation includes Bedrock Housing Consultants as development consultant, Windsor Homes Inc. as general contractor and Designed Architecture Inc. as architect. Christian County Development Corp. will serve as property manager. Completion is slated for August 2024. The total development cost for the project is $12.8 million. Hunt Capital Partners syndicated the federal tax credits through its multi-investor funds, Hunt Capital Partners Tax Credit Funds 37 and 41. Carrollton Bank provided an $8.3 million construction loan and a $1.2 million permanent loan. The …
DENTON, TEXAS — SPI Advisory, a private equity firm with offices in Dallas and Austin, has sold Canopy at South Lakes, a 240-unit apartment community in the North Texas city of Denton. Residences come in one-, two- and three-bedroom floor plans and are furnished with stainless steel appliances, walk-in closets, full-size washers and dryers and private balconies/patios. Amenities include a pool, volleyball court, clubhouse, coffee bar and a package locker system. SPI Advisory acquired the property in February 2021 and implemented a value-add program. Drew Kile, Taylor Hill, Michael Ware and Will Balthrope of Institutional Property Advisors, a division of Marcus & Millichap, represented SPI Advisory in the deal. The team also procured the buyer, Bridwell Capital.
AUSTIN, TEXAS — CBRE has provided an $18.2 million Freddie Mac loan for the refinancing of Village on the Park Onion Creek, a 124-unit seniors housing community in Austin. The borrower is Bridgewood Property Co. Operated by The Aspenwood Co., the property sits on nine acres and predominantly offers independent living services. Aron Will, Tim Root and Michael Cregan of CBRE arranged the 10-year, floating-rate loan, which carried five years of interest-only payments.
OKLAHOMA CITY — Dallas-based brokerage firm The Multifamily Group (TMG) has negotiated the sale of Pelican Hill Apartments, an 89-unit multifamily complex in Oklahoma City. Built in 1973, the property offers one- and two-bedroom units and amenities such as a pool, outdoor grilling and dining areas and onsite laundry facilities. Danny Wieland of TMG represented the seller and procured the buyer, both of which requested anonymity, in the transaction.