BOSTON — West Shore has acquired Sweetwater Apartments in Charleston, Vantage at Wildewood in Columbia, S.C., and Uptown Village in Gainesville, Fla. The acquisition brings the Boston-based investor’s total units to over 12,000. The sales price and sellers were not disclosed. Sweetwater Apartments is a 320-unit waterfront luxury community that offers studio, one-, two- and three-bedroom floorplans. Community amenities include community gardens, a fitness center, outdoor kitchen, yoga studio, six deep water docks, private boat ramp and a kayak ramp. Located at 12000 Sweet Place, the property is 17.7 miles from the College of Charleston and 10.7 miles from Charleston International Airport. Vantage at Wildewood, a 264-unit apartment complex with newly renovated units, offers one-, two- and three-bedroom floorplans. Unit features include in-unit washers and dryers, fireplaces and open layouts. Community amenities include a pool and an outside fireside sitting area. The property also has access to local trails and nearby parks. Located at 811 Mallet Hill Road, the property is 12.3 miles from the University of South Carolina. Uptown Village, formerly known as Evergreen at Uptown Village, is a 322-unit luxury apartment community that offers one-, two- and three-bedroom floorplans. Community amenities include a resort-style pool, shaded cabana, nature …
Dwight Capital Provides $60.8M HUD Refinancing for Affordable Housing Community in Herndon, Virginia
HERNDON, VA. — Dwight Capital has provided a $60.8 million HUD 223(f) cash-out refinancing loan for Coppermine Run, a 288-unit affordable housing community in Herndon. Brandon Baksh of Dwight Capital originated the loan transaction. The loan includes a Green Mortgage Insurance Premium (MIP) Reduction set at 25 basis points because Coppermine Run is Energy Star-certified. Coppermine Run includes 11 four-story residential buildings and a clubhouse and leasing office situated on 15.7 acres. The property offers two-bed/one-bath, two-bed/1.5 bath and three-bed/two-bath floorplans. Unit features include trash and snow removal, walk-in closets, central air and heat, cable ready and updated appliances and cabinets. Community amenities include a basketball and multi-sports court, fitness center, playground, swimming pool with sundeck and walking paths. Located at 2450 Masons Ferry Drive, Coppermine Run is situated 19.7 miles from Arlington, 25 miles from Washington, D.C., and 31.6 miles from Alexandria.
CHICAGO — Development firm Optima Inc. has begun pre-leasing Optima Lakeview, a 198-unit luxury apartment community in Chicago’s Lakeview neighborhood. Located at 3478 N. Broadway St., the project includes 14,000 square feet of street-level retail space. First move-ins are scheduled for April. David Hovey Sr., Optima’s CEO and founder, designed the project, while Optima’s in-house construction team served as general contractor. Units average 1,053 square feet, and monthly rents start at $2,400. Optima Lakeview features 40,000 square feet of amenities, including a rooftop sky deck, heated pool, grilling stations, basketball court, sports lounge, golf simulator, fitness center, yoga room, sauna, dog park, children’s play area, game room and chef’s kitchen. Work-from-home amenities include two conference spaces, a business center and several indoor and outdoor seating areas. Each residence comes with smart home technology, including keyless unit entry and smart thermostats.
MUNCIE, IND. — Developer TWG has broken ground on River Bend Flats, a $12 million affordable housing community in Muncie, about 50 miles northeast of Indianapolis. The three-story, 60-unit project will be located at 1800 Burlington Drive. Units will be reserved for renters earning up to 60 percent of the area median income. Amenities will include a clubhouse and playground. Completion is slated for spring 2023. The project was made possible with support from the City of Muncie and low-income housing tax (LIHTC)credits from the Indiana Housing and Community Development Authority.
ATLANTA — Cleveland, Ohio-based GBX Group LLC, in partnership with developer Atlanta-based Urban Landings, will rehabilitate Winnwood Apartments, a historical multifamily property in Midtown Atlanta that will be renovated into affordable housing. Construction on the project is expected to be complete by the fourth quarter. Winnwood is a 90-year-old, two-story property. When renovations are complete, the property will feature about 50 micro and one-bedroom units. Community amenities will include covered parking and a dog park. Located at 1460 W Peachtree St. NW, the property is situated within two miles from Georgia Tech, less than a mile from Atlantic Station, 1.5 miles from Tech Square and 4.4 miles from Georgia State University. Urban Landings helped secure Winnwood’s spot on the National Register of Historic Places in 2021, enabling access to historic tax credits. Simultaneously, the ownership group donated a facade easement to Easements Atlanta, a nonprofit organization whose mission is to accept qualified historic preservation easement donations of certified historic properties in Atlanta. This donation allows permanent protection for Winnwood’s exterior design and makes the project eligible for additional tax incentives.
NEW YORK CITY AND PHILADELPHIA — Blackstone Real Estate Income Trust Inc. (BREIT) has agreed to acquire Resource REIT, a publicly registered, non-traded REIT based in Philadelphia, for $3.7 billion in an all-cash transaction. Under the terms of the deal, BREIT will acquire all of the outstanding shares of common stock of Resource REIT for $14.75 per share, including the assumption of existing debt. The transaction is expected to close in the second quarter. Resource REIT’s portfolio currently consists of 42 garden-style apartment communities totaling more than 12,600 units across 13 states, including Arizona, Colorado, Florida, Georgia and Texas. “This transaction represents a continuation of our high-conviction investing in top-quality multifamily communities in growth markets across the country,” says Asim Hamid, senior managing director at Blackstone. “We intend to capitalize on our expertise, scale and management practices to ensure these properties are well maintained and provide an exceptional experience for residents.” Lazard Frères & Co. LLC is acting as exclusive financial advisor to Resource REIT, and DLA Piper LLP is acting as the firm’s legal counsel. BofA Securities, BMO Capital Markets Corp., Eastdil Secured Advisors LLC and RBC Capital Markets LLC are acting as financial advisors to BREIT. Simpson Thacher …
WASHINGTON, D.C. — Merchants Capital has provided more than $141 million in financing for Waterfront Station II, a mixed-income multifamily development currently under construction in the Southwest neighborhood of Washington, D.C. The development team is a joint venture between Hoffman & Associates, AHC Inc., City Partners and Paramount Development. Construction is slated for completion by winter 2023. Situated at 1000 4th Street SW, Waterfront Station II will have 449 apartments, including 313 market-rate units, 68 units affordable to households earning 30 percent of the area median income (AMI) and 68 apartments affordable for households earning 50 percent of AMI. The development will include a single, 12-story apartment building with approximately 29,000 square feet of retail, educational and commercial space on the ground level with below-grade parking. The commercial tenants include AppleTree Public Charter School, a D.C.-based early childhood education provider, as well as a neighborhood restaurant by Good Company Doughnuts. The project has an additional 7,000 square feet of retail space available for lease. Designed by architect Torti Gallas Urban with interiors by Hickok Cole, the project will include more than 19,000 square feet of outdoor and interior amenity space across four floors. Community amenities will include a coworking and …
LOUISVILLE, KY. — Greystone has provided a $30.9 million Fannie Mae Green Rewards loan to refinance Germantown Mill Lofts, a 189-unit multifamily property in Louisville. Michael Zukerman at Greystone originated the financing on behalf of the borrower, Dearborn Capital Partners LLC. The loan carries a 10-year term and 30-year amortization schedule, along with a low fixed interest rate. Built in 1889, Germantown Mill Lofts originally operated as a fabric mill through the mid-20th century. After subsequent use as a retail facility, the property was eventually converted into residential units in 2017. The rehabilitation included significant environmental remediation, qualifying the project for Green Rewards incentives. Now, the property offers studio, one- and two-bedroom floorplans. Unit features include open concept kitchens with designer countertops, shelving and cabinetry, as well as stainless steel appliances. Units also feature washers and dryers and hardwood flooring. Community amenities include a fitness center, community pool, outdoor grilling area, bocce ball court, pet park and spa and a clubhouse. Located at 946 Goss Ave., the property is situated 2.6 miles from downtown Louisville and two miles from the University of Louisville. The property is also 4.3 miles from Louisville Muhammad Ali International Airport.
ITASCA, ILL. — JVM Realty Corp. has acquired The Residences at Hamilton Lakes in Itasca, a northwest suburb of Chicago. The purchase price and seller were not released. The 297-unit luxury apartment community is located at 1133 N. Arlington Heights Road. Built in 2017, the property rises four stories with studio, one-, two- and three-bedroom floorplans. Amenities include a fitness center, pool, gourmet kitchen, outdoor patio space, theater and a rejuvenation center complete with a hot tub, steam room and sauna. This is the sixth acquisition for JVM Realty in the Chicagoland area. The company’s portfolio consists of 19 communities across four states.
SAN ANTONIO — Locally based brokerage firm Independence Commercial Advisors (ICA) has negotiated the sale of Atrium Commons, a 256-unit apartment community located on the north side of San Antonio. The property was built in 1983 and features studio, one- and two-bedroom units. Amenities include a pool, fitness center, clubhouse and a dog park. Michael Moffitt of ICA represented the seller, a Texas-based limited liability company, in the transaction. The buyer and sales price were not disclosed.