PRESCOTT VALLEY, ARIZ. — Bellwether Enterprise Real Estate Capital (BWE) has provided a $75 million HUD loan for the construction of Legado Apartments, a multifamily property in downtown Prescott Valley. Jim Swanson of BWE’s Phoenix office originated the loan through HUD’s 221(d)(4) mortgage insurance program on behalf of the developer, Fain Signature Group. The non-recourse, fully assumable loan features a 40-year, fully amortizing term. The HUD-insured financing provides a combined construction and permanent loan for market-rate multifamily projects. The mid-rise apartment property will feature 329 units in a mix of one-, two- and three-bedroom layouts. Units will offer Energy Star appliances, washers/dryers, patio/balcony storage and scenic views. Community-wide amenities include electric vehicle charging stations, elevators serving all apartment floors and a parking garage. Common area amenities will include a community room/clubhouse with free Wi-Fi, poolside cabanas and spa, fitness center, a picnic area with barbecue grills, and recreation area with a dog run and dog washing station. As part of the mixed-use residential and commercial development project in the Prescott Valley Entertainment District, the property will have a rooftop restaurant open to the public and a variety of other foodservice outlets, including cafés, plus retail space on first and sixth …
CHARLOTTE, N.C. — Blackfin Real Estate Investors has sold Pressley South End, a 504-unit apartment community located at 1210 Pressley Road in Charlotte’s South End submarket. The undisclosed buyer purchased the community for $78 million. Built in 1969, the property comprises one-, two- and three-bedroom units and features onsite management and maintenance teams, a basketball court, playground, pet park and a walking trail. Deaton Investment Real Estate represented Blackfin in the transaction, which is the firm’s third sale in 2022. Blackfin purchased Pressley South End in June 2017 for $19 million.
ORLANDO, FLA. — Trinitas Ventures, a multifamily and mixed-use developer based in Lafayette, Ind., has received $67.3 million in construction financing for a 286-unit, 750-bed student housing development located near the University of Central Florida campus in Orlando. Citizens Financial Group’s commercial real estate finance team is acting as the sole lead arranger, book runner and administrative agent for the financing. Further details of the project were not disclosed. Citizens has also financed Trinitas student housing projects at Miami University in Ohio, Washington State University and University of Nebraska.
WESTFIELD, IND. — TWG is underway on construction of Grand Park Village, a $57 million apartment development in Westfield, a northern suburb of Indianapolis. The project will consist of several buildings located directly south of Grand Park, a 400-acre youth and recreational sports complex. The 240-unit apartment community will feature amenities such as a dog park, fitness center, clubhouse, pool and grilling stations. Centier Bank provided project financing. Completion is slated for summer 2024.
BURNSVILLE, MINN. — The Connor Group has acquired RiZE on Grand in the Minneapolis suburb of Burnsville for an undisclosed price. The 275-unit apartment complex opened in 2021. Amenities include an outdoor pool, fitness center, game room, fire pits, rooftop deck and dog park. Keith Collins, Abe Appert and Ted Abramson of CBRE represented the seller, LeCesse Development Corp.
COLUMBIA, MO. — JLL Capital Markets has brokered the sale of The Wylder, a 656-bed student housing community located near the University of Missouri in Columbia. Built in 1989 and renovated in 2000, The Wylder features a pool, study room, computer room, fitness center and sport courts. Teddy Leatherman, Stewart Hayes, Scott Clifton and Henry Voges of JLL represented the seller, Trimont Real Estate Advisors. Tailwind Group acquired the asset for an undisclosed price.
NEW YORK CITY — A partnership between two privately owned firms, William Macklowe Co. and Senlac Ridge Partners, will develop a 180-unit multifamily project in Brooklyn’s Park Slope neighborhood. The complex will include 45 affordable housing units and a parking garage, as well as 67,000 square feet of commercial space that is now partially leased to CVS and German discount grocer Lidl. Construction is slated for a late 2024 completion. RIPCO Real Estate represented the developer in the retail lease negotiations.
SPOKANE VALLEY, WASH. — Berkadia has brokered the sale of Granite Pointe, a garden-style apartment community in Spokane Valley. A Spokane-based developer sold the asset for $145 million. Kenny Dudunakis, David Sorensen, Benjamin Johnson and George Pallis of Berkadia Bellevue represented the buyer in the transaction. Additionally, Allan Freedman, Ed Zimbler and Nick Provost of Berkadia Los Angeles secured $102.7 million in acquisition financing for the undisclosed buyer. A bank provided the four-year bridge loan. Located at 12707 E. Mansfield Ave., Granite Pointe features 559 one-, two- and three-bedroom floor plans with in-unit washers/dryers and private patios or balconies. Community amenities include a fitness center, movie theater and clubhouse.
LOS ANGELES — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Addison Arms Apartments, a multifamily community located in the Sherman Oaks neighborhood of Los Angeles. A private, Los Angeles-based owner sold the asset to a private family for $21 million, or $375,893 per unit. Originally constructed in 1969, Addison Arms features 57 apartments. The seller spent $2.2 million on capital expenditures to upgrade the property systems, common area amenities and 45 percent of the unit interiors. Improvements include a new roof, commercial air conditioning system and upgrades to the landscaping, signage, exterior paint, leasing office, clubhouse, hallways and exterior lighting. The project also added one accessory dwelling unit. Kevin Green, Joseph Grabiec and Greg Harris of IPA represented the seller and procured the buyer in the deal.
SANTA CLARA, CALIF. — During the pandemic, moving to the suburbs could save apartment renters more than $600 per month. Today, that difference is only $100. Regardless of location, rents everywhere reached an all-time high in July. Avail, a subsidiary of Realtor.com, recently released its Quarterly Landlord and Renter Survey, which collected and analyzed rental data from about 50 metros and suburbs. The study found that median asking rents in cities were $1,928 per month in July, while suburban rents averaged $1,821. That’s a stark difference from just a few years ago, when lower rents lured many remote workers to the suburbs to save money during the pandemic. A report published by Yield PRO in September 2020 estimated median urban asking rents to be $1,955 per month while suburban apartments were a much better bargain at an average of $1,349. Nationally, asking rents are about 23 percent higher today than they were in July 2020, according to Realtor.com, which also claims the latest across-the-board average of $1,879 is the highest rate in the past 17 months. Rent growth in the double digits is historically significant, but landlords are expected to lay off rent hikes in coming months while tenants grapple with inflation. …