HOUSTON — Houston-based developer BHW Capital has sold The Park at Tour 18, a 241-unit apartment community located on the city’s northeast side. Units at the property come in one- and two-bedroom floor plans that, according to Apartments.com, range in size from 700 to 1,198 square feet. Amenities include two pools, a fitness center, game room, dog park, indoor and outdoor grilling stations and a conference room. Dallas-based Civitas Capital acquired the asset for an undisclosed price.
JACKSONVILLE, FLA. — An affiliate of Bristol Development Group and Hallmark Partners have sold Vista Brooklyn, 308-unit multifamily property in Jacksonville. The buyer, an entity known as CS 1031 Vista Brooklyn Apartments DST, an affiliate of Capital Square, purchased the property for $126.3 million. Built in 2021, Vista Brooklyn is a 10-story apartment community offering studio, one-, two- and three-bedroom floorplans, as well as 12,687 square feet of ground floor commercial and retail space. Community amenities include a resort-style rooftop pool and beer garden, fitness studio with yoga room, gaming area, grilling stations, gift wrapping room, coworking spaces, dog park, pet spa and a meditation suite. Located at 200 Riverside Ave., Vista Brooklyn is situated adjacent to downtown Jacksonville. The property is also near retailers and restaurants such as The Fresh Market, Burrito Gallery Brooklyn, Chipotle Mexican Grill, Navy Federal Credit Union and Winston Family YMCA.
ROSWELL, GA. — New York-based Eastern Union has secured a $71.3 million acquisition loan for Crest at Riverside, a 396-unit multifamily property in Roswell. Michael Muller of Eastern Union arranged the loan through New York-based Arbor Realty on behalf of the buyer, Atlanta-based MSC Properties. With a full sale price of $87.5 million, the transaction’s loan-to-cost ratio equaled 81 percent. The non-recourse loan carries a three-year term with options for two one-year extensions, and repayment is interest-only over its full term. Built in 1965 and renovated in 2016, The Crest at Riverside was rebranded to Grace Apartment Homes Roswell. The property offers one-, two- and three-bedroom floorplans with 18 one-bedroom units that are 882 square feet in size; 247 two-bedroom units that range from 1,258 to 1,408 square feet in size and 131 three-bedroom units that range from 1,290 to 1,408 square feet in size. Unit features include white or stainless steel appliances, laminate or solid surface counters, wood cabinets and tile backsplashes. Community amenities include two pools, business center, fitness center, playground, grills and a pet park. The property was 96 percent occupied at the time of sale. Located at 100 Chattahoochee Circle, the 518,460-square-foot property is situated 20.4 …
FORT WORTH, TEXAS — Marcus & Millichap has brokered the sale of The Villas at Cantamar, a 265-unit apartment community located on the west side of Fort Worth. The property features one-, two- and three-bedroom units and amenities such as two pools, a playground and onsite laundry facilities. Al Silva and Ford Braly of Marcus & Millichap represented the locally based buyer and seller, both of which requested anonymity, in the transaction.
MARSHFIELD, MASS. — Newmark has brokered the sale of Modera Marshfield, a 248-unit apartment community located in the South Shore city of Marshfield. Built in 2021, the property features one-, two- and three-bedroom units and amenities such as a pool, fitness center, multiple outdoor dining and lounge areas and shared workspaces. Michael Byrne, Thomas Greeley, Devlin Man and Casey Griffin of Newmark represented the seller, a partnership between Mill Creek Residential Trust and CrossHarbor Capital Partners, in the transaction. Boston-based TA Realty purchased Modera Marshfield, which was 90 percent occupied at the time of sale, for an undisclosed price.
JERSEY CITY, N.J. — Greystone has arranged a $30 million construction loan for 40 Center, a six-sttory, 80-unit multifamily project in Jersey City that will include 3,200 square feet of ground-floor commercial space. White Oak Real Estate Capital provided the loan to the developer, affiliates of The Manhattan Building Co. Drew Fletcher, Matthew Hirsch and Bryan Grover of Greystone arranged the debt. Completion is slated for 2024.
CHICAGO — The Habitat Co. and P3 Markets have broken ground on 43 Green, a $100 million mixed-income apartment community in Chicago’s Bronzeville neighborhood. The transit-oriented development will be located on a long-vacant, city-owned lot on the northeast corner of East 43rd Street and Calumet Avenue. Phase I will consist of a 10-story building with 99 units and 5,500 square feet of retail space. Half of the residences will be market-rate while the other half will be income-restricted to renters earning up to 60 percent of the area median income. Completion of Phase I is slated for February 2023. Later phases of 43 Green call for two more mixed-income buildings. All told, 43 Green will bring roughly 300 new units to the area. Bowa Construction and McHugh Construction are leading construction. Future retail tenants include Momentum Coffee and Super Cycle. Financing for 43 Green involved a multi-layered capital stack, including the use of the City of Chicago’s Low Income Housing Tax credit allocation, tax credit investor Richman Capital and HUD-insured debt provided by Fifth Third Bank.
PHOENIX, ARIZ. — Chicago-based Clayco has broken ground on PALMtower, a 28-story residential tower development in downtown Phoenix. The project is slated for completion by early 2024. Development costs were not disclosed. PALMtower will feature 352 apartment units with unit features including quartz countertops, luxury vinyl tile, custom finish light fixtures and views of downtown Phoenix. The property will also offer parking onsite, including six floors of above-ground parking with 370 spaces and 120 spots for bike parking. The property will also include a 17,500-square-foot seventh-floor amenity level with an indoor-outdoor common space. The outdoor amenities will include a pool, spa, outdoor kitchen, native gardens and 360-degree city views. Indoor amenities will feature a resident’s club, media room, lounge areas and fitness and yoga centers. The project is landlocked on all sides in one of downtown Phoenix’s most constrained sites, according to Clayco. The 481,980-square-foot building’s exterior cladding will include glass and metal paneling. Located at 440 East Van Buren St., PALMtower is located less than a half mile from the Arizona State University Downtown Phoenix campus and across the street from the University of Arizona College of Medicine campus. The property will be located near retailers and restaurants, including …
NORTH CHARLESTON, S.C. — Marcus & Millichap has brokered the sale of a three-property, 430-unit multifamily portfolio in North Charleston. The sales price for the portfolio was $68.8 million, or $160,105 per unit. Ian Turnbull, Jim Davis, Nate McDaniel and William Graves Jr. of Marcus & Millichap represented the undisclosed seller, the developer of the properties, and procured the undisclosed buyer, a private investor. The properties include Summerfield Apartments, Willow Ridge Apartments and Dove Creek Townhomes. Built in 2009, Summerfield includes 152 units and was sold for $24.7 million. Willow Ridge is a 145-unit property built in 2002 and was sold for $22.5 million. Built in 2010, Dove Creek features 133 units and was sold for $21.6 million.
CEDAR RAPIDS, IOWA — Developer TWG has broken ground on Annex on the Square, a $49 million mixed-income apartment community in downtown Cedar Rapids. The property will include 202 units for residents earning up to 60 percent of the area median income along with 22 market-rate units. TWG will serve as owner and general contractor. Amenities will include a pool, fitness room, business center, bike storage, gated garage and top-floor deck. The development will also include 1,219 square feet of retail space. Studio Architecture is the project architect. Jeremy Tipton of NAI Iowa Realty Commercial coordinated the land acquisition. Completion is slated for January 2024.
