HOUSTON — Arizona-based SB Properties has acquired Vargos on the Lake, a 276-unit apartment community in West Houston. The property offers one- and two-bedroom apartments and three-bedroom townhomes. Amenities include a pool with a sundeck, fitness center with yoga and kickboxing stations, resident lounge with billiards and poker tables, conference lounge and a dog park. Jennifer Ray and Ryan Epstein of Walker & Dunlop represented the seller, Berkshire Group, in the transaction. The sales price was not disclosed.
BAYTOWN, TEXAS — Marcus & Millichap has brokered the sale of Cedar Grove Park RV Resort, a 266-site RV park located in the eastern Houston suburb of Baytown. Robert Denninger of Marcus & Millichap represented the seller, a private investor, and the buyer, a limited liability company, in the transaction. Both parties involved in the deal requested anonymity. The property was roughly 90 percent occupied at the time of sale.
ARLINGTON, TEXAS — Locally based investment firm 180 Multifamily Properties has purchased a 224-unit complex in Arlington. According to Apartments.com, the property at 834 Timberlake Drive offers one-, two- and three-bedroom units ranging in size from 600 to 1,010 square feet, as well as a business center and a clubhouse. The new ownership plans to implement a value-add program and rebrand the property as Oakmont Apartment Homes. The seller was Florida-based ZMR Capital.
NEW YORK CITY — JLL has brokered the $50.7 million sale of a 101-unit multifamily building located at 740 West End Ave. on Manhattan’s Upper East Side. Constructed in 1915, the elevator building rises 14 stories and includes six commercial spaces and one superintendent’s apartment. Bob Knakal, Hall Oster, Jonathan Hageman, Paul Smadbeck, Teddy Galligan and Braedon Gait of JLL represented the seller, Wolk Properties, in the transaction, and procured the buyer, Aya Acquisitions.
HARRISON, N.Y. — Locally based brokerage firm Alpha Realty has negotiated the $21.5 million sale of Harrison Playhouse Lofts, a 36-unit apartment complex located north of New York City. The site formerly housed a movie theater, and the complex features one-, two- and three-bedroom units, as well as 5,000 square feet of retail space. Lev Mavashev and Shai Egison of Alpha Realty represented the seller, Verco Properties, in the off-market deal. The duo also procured an undisclosed, locally based private investor as the buyer.
LAWRENCEBURG, IND. — Flaherty & Collins Properties has opened Whiskey River, a $32 million apartment development constructed in partnership with the City of Lawrenceburg and the Lawrenceburg Redevelopment Commission. Located along the Ohio River, Whiskey River comprises 150 units and 179,410 square feet. Community amenities include a pool, fitness center, coworking lounge, bark park, dog spa and bike storage with bike wash and repair station. Units feature quartz countertops, stainless steel appliances, washers and dryers and private balconies on most units. Additionally, the community includes green space that is accessible by the public. Illinois-based Busey Bank served as the construction lender for the project. Indiana-based American Structurepoint was the project architect and engineering firm. Flaherty & Collins Construction served as the general contractor and Flaherty & Collins Properties manages the community. More than 80 percent of the units are leased. Monthly rents start at $1,220 for studios.
ROCKFORD, ILL. — Northmarq has arranged a $27.4 million Freddie Mac loan for the acquisition of Terra Creek Apartments in Rockford. The 278-unit multifamily property, located at 375 Bienterra Trail, was built in three phases in 1992, 2015 and 2019. Of the 278 units, 48 are townhomes. Amenities include a clubhouse, fitness center, community room, heated pool and sun deck. Brett Hood of Northmarq arranged the financing on behalf of the borrower, an affiliate of MLG Legacy Fund and its real estate investor manager MLG Capital. The 10-year loan features a fixed interest rate. Opposed to an outright sale, the undisclosed seller contributed its equity interest in the property to the fund in exchange for ownership units offering diversification across multifamily assets across the country. Parker Stewart, Alex Malzone and Dominic Martinez of Northmarq structured the $42.8 million contribution.
HOUSTON — Walker & Dunlop has brokered the sale of 7 Square, a 402-unit apartment community in Houston. The property offers one- and two-bedroom units and amenities such as two pools, a fitness center with yoga and spin rooms, a wine room and outdoor grilling stations. Walker & Dunlop’s Ryan Epstein and Jennifer Ray represented the undisclosed seller in the transaction. The duo also worked with Mark Vinitsky and Harvey Pava of Walker & Dunlop to arrange acquisition financing through Voya Financial on behalf of the buyer, a partnership between DLP Capital and Avid Realty Partners. The loan was structured with a three-year term and interest-only payments.
ATLANTA — Hudson Capital Properties (HCP) has sold Hudson Ridge Apartments, a 434-unit multifamily community located at 3505 Windy Ridge Lane in Atlanta’s Cumberland-Galleria submarket. An affiliate of New York-based L+M Fund Management purchased the community for $143.5 million. Kevin Geiger of CBRE represented HCP, which purchased the property in 2016 and executed a community-wide renovation, in the transaction. Built in 1998, Hudson Ridge features one-, two- and three-bedroom apartments, some of which feature detached garages and offer views of the nearby Truist Park, the home ballpark of the Atlanta Braves. Amenities at Hudson Ridge include a clubhouse with a lounge, resort-style pool and sundeck, tennis court, business center and a fitness center.
FARMINGVILLE, N.Y. — BRP Cos. has begun construction of The Arboretum at Farmingville, a 292-unit multifamily project that will be located on Long Island. The development, which will span 62 acres and is set to be complete in spring 2025, will offer apartments, lofts, townhouses and single-family homes. Lastly, the property will include 7,500 square feet of space for amenities such as a pool, clubhouse, fitness center, yoga rooms, walking trails and picnic areas. BRP Cos. is developing the project in partnership with funds managed by BlackRock Alternative Investors. Rob Hinckley, Geoff Goldstein, Jeffrey Julien and Nicco Lupo of JLL arranged $91 million in floating-rate construction financing through Santander Bank for the project and advised on the equity portion of the capital stack.