ANNA, TEXAS — Locally based developer JPI, in partnership with the City of Anna, has broken ground on Parmore Anna Senior Living, a luxury independent living community located approximately 50 miles north of Dallas. The property will be the first of its kind in Anna and JPI’s second installment in its new line of senior housing developments. The Anna Housing Finance Corp. is also a partner on the project. The 150,000-square-foot community will span over nine acres and include 185 apartments. Completion is scheduled for 2023.
BASKING RIDGE, N.J. — Locally based developer Garden Communities has completed the lease-up of the initial phase of The Enclave at Dewy Meadows, a 198-unit apartment community in the Northern New Jersey community of Basking Ridge. Construction of the second phase is underway and expected to be complete by the end of the year. The Enclave at Dewy Meadows features one-, two- and three-bedroom units with stainless steel appliances, quartz countertops and individual washers and dryers. Amenities include a leasing office, business center, fitness center, clubrooms with kitchen areas and a children’s playroom. Information on starting rents was not disclosed.
AURORA, ILL. — D2 Capital Advisors has arranged an $18.2 million construction loan for Fox Valley Apartments, a 47-unit affordable housing redevelopment project in Aurora. The project consists of the adaptive reuse of two vacant, historic school buildings, the former Mary A. Todd School and Lincoln Elementary School. The Todd school will be transformed into 11 units and a health clinic for low-income families. The Lincoln school will be redeveloped into 14 units. Additionally, a new two-story building will include 22 units. Of the 47 total units, at least 30 percent will be designated for renters earning 30 percent of the area median income. The remaining units will be for residents who earn up to 60 percent of the area median income. The Illinois Housing Department Authority awarded 9 percent low-income housing tax credits for the project, which also qualified for state and federal historic tax credits. An undisclosed lender provided the fixed-rate construction loan. The borrower was Fox Valley Apartments LP, a joint venture that includes General Partner Visionary Ventures NFP. Jack Cortese and David Frankel of D2 arranged the financing.
WASHINGTON, D.C. — A joint venture between MRP Realty and Barings has received a $69.4 million construction loan for Phase III of Washington Gateway, a mixed-use development in Washington, D.C.’s NoMa district. Eastdil Secured arranged the loan through Santander Bank. Located at 202 Florida Ave. NE, the third phase will comprise a 16-story high-rise called The 202 that features 254 apartment and 3,800 square feet of retail space. The property will include a mix of studio, one- and two-bedroom apartments with 10-foot ceilings, designer kitchens and high-end finishes. Amenities will include a rooftop clubroom, pet facilities, fitness center, shared workspaces and a direct connection to the Metropolitan Bike Trail. The previous phases of Washington Gateway included Elevation at Washington Gateway that delivered in 2014 and The Burton, which delivered in December 2021 and is currently in lease-up. MRP Realty and Barings plan to break ground on The 202 in August. Bozzuto Management will oversee the leasing and management of the property.
TEXAS — SWBC Real Estate LLC has sold a five-property multifamily portfolio totaling 1,437 units in Texas for $350 million. The communities include: The Royalton at Grand Prairie in Grand Prairie; Central Park at Craig Ranch and The Royalton at Craig Ranch in McKinney; The Royalton at Rockwall Downes in Rockwall; and The Royalton at Sunfield in Buda. Lightbulb Capital Group, the family office of developer and investor Jay Schuminsky, acquired the properties in the Dallas-Fort Worth metroplex, including those in Grand Prairie, McKinney and Rockwall. Brixton Capital purchased the community in Buda, which is a southern suburb of Austin. Both buyers are based in California. “It’s apparent that there is still a very aggressive appetite for new multifamily properties in the Dallas and Austin markets, as there was a large amount of interest in the sale of these properties,” says Stuart Smith, COO of SWBC. “The recent uptick in interest rates is causing some concern with the future values of commercial real estate properties. However, the continued interest in the multifamily sector in well-located areas throughout Texas has remained strong at this time.” Joey Tumminello, Will Balthrope and Drew Kile of Marcus & Millichap’s Institutional Property Advisors led the …
RALEIGH, N.C. — Magma Equities has purchased Litchford 315 Apartments, a 240-unit multifamily community in Raleigh that was delivered in January. The Southern California-based investor purchased the property in an off-market transaction for $83 million, which represents the company’s fourth investment in North Carolina this year and its largest single-property acquisition in the state. Litchford 315 features one-, two- and three-bedroom apartments across 10 buildings. Community amenities include a clubhouse, resort-style swimming pool, fitness center, billiards and gaming lounge and a dog park. Litchford 315 was 96 percent occupied at the time of sale. The seller/developer was not disclosed.
AUSTIN, TEXAS — Locally based developer OHT Partners has broken ground on Phase I of a 750-unit multifamily development in South Austin. The first phase of the development, which will be branded Lenox Woods, will total 402 units and is scheduled for a late 2023 completion. The second phase, which will comprise 348 units in a yet-to-be-named community, is slated to be delivered in 2024. The site spans 37 acres and includes a 7.5-acre parcel that will function as parkland. Lenox Woods will feature one- and two-bedroom units and amenities such as two pools, a fitness center, dog park, pickleball courts and a business center. Meeks + Partners is designing the community.
SAN ANTONIO — Newmark has brokered the sale of ReNew at TPC, a 408-unit apartment community in northeast San Antonio. The property features a mix of studio, one-, two-, three- and four-bedroom units with an average size of 905 square feet. Units are furnished with hardwood-style flooring, stainless steel appliances, granite countertops and walk-in closets. Amenities include a pool, grilling areas, a resident lounge, business center, fitness center and a dog park. Patton Jones, Matt Michelson and Andrew Dickson of Newmark represented the seller, San Francisco-based FPA Multifamily, in the transaction. California-based DB Capital Management purchased the property for an undisclosed price with plans to implement a value-add program.
FORT WORTH, TEXAS — A joint venture between Las Vegas-based investment firm Camino Verde Group and Arizona-based Bakerson has purchased Antigua Village, a 152-unit multifamily property located about six miles east of downtown Fort Worth. Built in 1968, the complex comprises 10 two-story buildings on a 7.3-acre site. Units come in one-, two- and three-bedroom floor plans, and amenities include a business center and a playground. The new ownership plans to make capital improvements and to rebrand the property as Apex Apartments. Global Real Estate Investors (GREA) brokered the sale.
BALDWIN, MICH. — Friedman Real Estate has arranged the $2.9 million sale of Majestic Pines Apartments in Baldwin, a city in northwestern Michigan. The 72-unit multifamily property is situated north of Ferris State University and east of Lake Michigan. Peter Jankowski of Friedman represented the undisclosed seller. The buyer was also not provided.