ALEXANDRIA, VA. — Harbor Group International has sold Sussex at Kingstowne, a 556-unit apartment community located in Alexandria, about eight miles south of Washington, D.C. The buyer and sales price were not disclosed, but Harbor Group purchased the property in 2018 for $144 million. Prior to the sale, Harbor Group implemented a multimillion-dollar capital improvement program for Sussex at Kingstowne’s interiors, common areas and amenities, including the community’s two swimming pools, fitness center, cyber café and a resident’s lounge.
CHARLESTON, S.C. — Aventon Cos. has broken ground on Aventon Mikasa, a 336-unit apartment community located in Charleston’s Daniel Island submarket. Set to open for leasing in fall 2024, the property will be situated on 19 acres and comprise multiple four-story, elevator-serviced buildings housing one-, two- and three-bedroom apartments. Amenities will include a clubhouse with a remote working lounge, game room and fitness center, as well as a resort-style swimming pool. The design-build team includes architect Scott + Cormia, interior designer Studio 5 Interiors Inc. and civil engineer/landscape architect Thomas & Hutton. Aventon Mikasa is the second multifamily development in the Charleston area for Raleigh-based Aventon Cos.
WICHITA, KAN. — Post Road Management has acquired an 11-property multifamily portfolio totaling 1,002 units in Wichita for an undisclosed price. With this purchase, Post Road has nearly tripled its footprint in the Wichita market. The firm plans to invest an average of $12,000 per unit in upgrades across the portfolio. About 21 percent of the units have been fully renovated. Post Road purchased the portfolio with assumable nonrecourse Fannie Mae and HUD financing in place. The properties include Kingston Cove, Cimarron Apartments, Stratford East, Park Meadows, The Willows, Willows South, Stratford West, Danish Village, Pine Creek, Edgemoor Townhomes and Cottonwood Crossing. Alex Blagojevich, Brett Meinzer, Colton Howell and Richard Redding of MMG Real Estate Advisors represented the undisclosed seller and procured the buyer.
ARDEN HILLS, MINN. — New Perspective has opened a 146-unit seniors housing community in Arden Hills, a suburb of Minneapolis-St. Paul. The 192,000-square-foot community offers independent living, assisted living and memory care services. The property is New Perspective’s 10th in the Twin Cities metro area. New Perspective Arden Hills will partner with Bethel University, the community’s next-door neighbor, in providing a variety of campus opportunities for those living in the building.
TEXAS — Blueprint Healthcare Real Estate Advisors has negotiated the sale of seven skilled nursing facilities totaling 564 beds in Central and East Texas. The assets on average were built in 1969 and had an average licensed capacity of 80 beds per facility. Blueprint positioned the deal as an opportunity for an incoming owner or operator to acquire an established skilled nursing portfolio and integrate the facilities into an existing regional portfolio. The buyer was a regional owner-operator. The seller and sales price were not disclosed.
JERSEY CITY, N.J. — Locally based developer Halpern Real Estate Ventures has topped out a six-story, 337-unit multifamily project located at 49 Fisk St. in Jersey City’s West Side neighborhood. Designed by Minno & Wasko Architects & Planners, the property will feature studio, one- and two-bedroom units and roughly 50,000 square feet of indoor and outdoor amenity space. Other project partners include JRM Construction Management and The Corcoran Group, which is marketing the property for lease. Completion is slated for the fourth quarter.
INDEPENDENCE, N.J. — New Jersey-based developer Woodmont Properties has begun leasing the first phase of Woodmont Liberty at Independence, a 120-unit multifamily project that is located on an 11-acre site about 60 miles west of Manhattan. The property offers one- and two-bedroom units that are furnished with custom-designed kitchens, walk-in closets, keyless entry mechanisms, individual washers and dryers and private balconies/patios. Amenities include a pool, outdoor grilling and dining areas, a fitness center, game room, conference center, walking trails and a dog park. Rents start at $2,440 per month for a one-bedroom apartment.
CALIFORNIA — Capital Funding Group (CFG) has provided $10.9 million in financing, which supported the refinancing of an existing bridge loan, executed by CFG, into a HUD loan. The refinancing is for a 99-bed skilled nursing facility in California. Further details were not disclosed. Capital Funding Group’s Tim Eberhardt and Ava Julio originated the transaction for the company.
SANTA CLARITA, CALIF. — Griffin Living has received $3 million in financing from Hankey Capital. The funds support the company’s acquisition of an assisted living and memory care development site in Santa Clarita, about 35 miles northwest of Los Angeles. The new community will be located at the corner of Camino Del Arte and Copper Hill Drive, in close proximity to a range of high-end retail and dining options. The approved plans by the city will result in capacity for more than 100 residents. Griffin plans to begin construction this year and open the community in 2024.
NEW YORK CITY — Locally based brokerage firms Stav Equities LLC and Invictus Property Advisors have arranged the $3.7 million sale of a multifamily development site at 48 Somers St. in the Bedford-Stuyvesant area of Brooklyn. The site is approved for the construction of a seven-story building that will house 24 apartments, a community center and a retail space. Jacob Stavsky of Stav Equities and Andrew Levine, Josh Lipton and Jax Hindmarch of Invictus, represented both undisclosed parties in the transaction.