FORT WORTH, TEXAS — Marcus & Millichap has brokered the sale of Copper Creek, a 274-unit apartment community located on the east side of Fort Worth. The property was built in 1986 and comprises 17 buildings, as well as a pool, soccer field, playground and onsite laundry facilities. An undisclosed, California-based private investment firm sold Copper Creek to California-based Tides Equities. Al Silva and Ford Braly of Marcus & Millichap brokered the deal.
COVINGTON, GA. — Landmark Properties and ACRE have delivered The Cove at Covington Town Center, a 350-unit apartment community within the 131-acre Covington Town Center master-planned development. The property manager, Charleston-based Greystar, has begun leasing the metro Atlanta community for rents ranging between $1,285 and $3,035 per month, according to the property website. Situated at 12301 Town Center Blvd. in Covington, The Cove features a mix of one-, two- and three-bedroom floor plans ranging between 620 and 1,945 square feet. Amenities include a clubhouse, resort-style pool, coworking spaces, fitness center, linear park, dog park and a pet spa. Each unit includes washers and dryers, modern lighting fixtures and quartz countertops.
ARDEN, N.C. — Capital Square has acquired Retreat at Arden Farms, a 312-unit apartment community located at 539 Long Shoals Road in the Asheville suburb of Arden. The Richmond-based firm purchased the property for an undisclosed price through CS1031 Retreat at Arden Farms Apartments DST, a Delaware statutory trust investment offering that seeks to raise $68 million in equity. The seller was not disclosed. Situated on 28 acres in the Blue Ridge Mountains off I-26, Retreat at Arden Farms offers one-, two- and three-bedroom units averaging 957 square feet with tile backsplashes, stainless steel appliances, nine-foot ceilings, walk-in closets and balconies or patios. Amenities include a clubhouse with a lounge, cyber café with a coffee station, resort-style saltwater pool, 24/7 fitness center, wellness studio, poolside grilling area, dog park, electric car charging stations and private garages and storage units.
HOUSTON — Los Angeles-based Thorofare Capital has provided a $48 million acquisition loan for an undisclosed, 246-unit multifamily property in Houston. Built in 2017 in the city’s Tanglewood neighborhood, the property features an average unit size of 1,427 square feet and was 92 percent occupied at the time of sale. The loan was structured with a fixed interest rate, a seven-year initial term and four years of interest-only payments. The borrower was also not disclosed.
PHILADELPHIA — GMH Communities has completed Anova uCity Square, a 462-unit apartment community in Philadelphia’s University City area. The six-story, 330,000-square-foot building will be the first of four Anova-branded multifamily developments that will open in the life sciences district by 2025. Anova uCity Square includes 10,000 square feet of retail space and a 157-space parking garage. Units come in studio, one-, two- and three-bedroom formats and feature stainless steel appliances, individual washers and dryers and private balconies/patios. Amenities include a pool, coworking space, pet care facilities and a package locker system. Construction began in March 2020. Rents start at $1,645 per month for a studio apartment.
SPRINGFIELD, ILL. — Northmarq has negotiated the sale of the Koke Mill Portfolio in Springfield for $29 million. The 308-unit multifamily portfolio consists of the following properties: West Koke Mill Village, Boysenberry Village and Smythberry Village. Parker Stewart of Northmarq represented both the undisclosed buyer and seller. David Garfinkel of Northmarq originated a $19.5 million Fannie Mae acquisition loan on behalf of the borrower.
SEATTLE — The Jacobson Co. has completed the sale of Alley24, an apartment community located at 241 Yale Ave. in Seattle’s South Lake Union neighborhood. An undisclosed buyer acquired the property for $90 million. Built in 2006 and remodeled in 2014, Alley24 features 172 apartments in a mix of studio, one- and two-bedroom layouts with an average unit size of 722 square feet. Community amenities include a 24-hour gym, resident lounge with catering kitchen, media room, rooftop deck with city skyline views and ground-floor retail space. Eli Hanacek, Jon Hallgrimson, Mark Washington and Kyle Yamamoto of CBRE represented the seller in the deal.
MESA, ARIZ. — NextGen Apartments has completed the disposition of Craft @ Gilbert & Baseline, a multifamily community in Mesa. An undisclosed buyer acquired the asset for $45 million, or $432,692 per unit. Completed in 2019, Craft @ Gilbert & Baseline features 104 apartments in a mix of one- and two-bedroom open-concept layouts that average 1,018 square feet. Units feature full-size washers/dryers, smart home features and garage access. Community amenities include a resort-style swimming pool, outdoor yoga space, grilling stations and a firepit. Steve Gebing and Cliff David of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the deal.
WESTMINSTER, COLO. — NewPoint Real Estate Capital has provided a $69 million HUD 223(f) loan on behalf of Ascent Westminster LLC to refinance Ascent, a mixed-use community in Westminster. Built in 2019, Ascent features 25,625 square feet of retail space and 255 apartments, with 10 percent of the units designated affordable at 80 percent of area median income. The five-story, elevator-served building features studio, one- and two-bedroom units, a swimming pool, fitness center, sports simulator, fire pits, barbecue grills and a club room. Additionally, the property features 12 townhome-style units with attached two-car garages. John Motzel of NewPoint originated the loan. The borrower used the loan to pay off a two-year, lease-up bridge loan provided by Barings, a subsidiary of MassMutual. Kyle Morgue of The Carlton Group served as broker on the transaction.
MIAMI — Avanti Residential has acquired Soleste Grand Central, a 360-unit luxury apartment complex in downtown Miami, for $181 million. The seller was The Estate Cos., which developed the property in 2021. Located at 218 NW 8th St., Soleste Grand Central is walkable to various retail and dining options and features immediate access to I-95. Floor plans range from studios to three-bedroom units. Amenities include a fourth-floor pool, fitness center, yoga and spin studios, salon, dog park, clubroom, café, gaming lounge and a business center with individual coworking spaces and a conference room. The acquisition marks Avanti’s fourth South Florida investment in the past year, following purchases in Boynton Beach, Doral and St. Petersburg. Avanti has now invested nearly $500 million in Florida and continues to actively seek Class A apartments in the state and other key markets nationwide. “We continue to see strong fundamentals in several South Florida multifamily markets, where employment growth and migratory trends remain impactful demand generators in an already supply-constrained apartment sector,” says Christian Garner, president and CEO of Avanti. Walker & Dunlop’s South Florida investment sales team, led by Still Hunter, brokered the sale. Headquartered in Denver, Avanti is an investor and owner-operator of …
