TUCSON, ARIZ. — Cushman & Wakefield|PICOR has brokered the sale of Colonia de Tucson, an apartment complex located at 1335 and 1351 W. Saint Mary’s Road in Tucson. The seller, 1335 W. Saint Mary’s LLC, sold the asset for $7.8 million. The community features 84 apartments. Allan Mendelsberg and Conrad Joey Martinez of Cushman & Wakefield|PICOR represented both parties in the transaction.
PAWTUCKET AND NORTH PROVIDENCE, R.I. — JLL has arranged two loans totaling $39.7 million for the refinancing of a pair of multifamily properties in Rhode Island. In the first deal, the firm arranged a $20.5 million loan for The Village Lofts, a 149-unit complex in Pawtucket. The property features an average unit size of 929 square feet and amenities such as a fitness center, game room and onsite laundry facilities. In the second transaction, JLL placed an $18.2 million loan for Greystone Lofts, a 150-unit community in North Providence that was built in 1900 and converted to multifamily in 2008. Peter Rotchford, Scott Aiese and Alex Staikos of JLL arranged both fixed-rate loans through J.P. Morgan on behalf of the borrower, Urban Smart Growth.
HOBOKEN, N.J. — Northmarq has provided a $32.5 million Freddie Mac loan for the refinancing of Westview Apartments, 116-unit affordable housing property in Hoboken, located outside of New York City. The property at 55-75 Bloomfield St. was originally built in 1905 and renovated in 1995. The unit mix consists of 63 one-bedroom apartments, 39 two-bedroom units and 14 three-bedroom residences. Gary Cohen of Northmarq originated the loan, which carried a 10-year term and a 30-year amortization schedule, on behalf of the borrower, an affiliate of Applied Housing Management Co.
CHICAGO — Chicago-based developer Sterling Bay has formed a joint venture with Ascentris, a Denver-based real estate private equity firm, for the development of 160 N Morgan, a 29-story apartment tower in Chicago’s Fulton Market. The project received approval from city council in October. The development will house 254 market-rate units, 28 affordable units, 89 parking spaces and 2,600 square feet of ground-floor retail space. Amenities will include an outdoor deck, fitness center and rooftop pool. The architecture firm is bKL Architecture. Construction is expected to begin this quarter, with completion slated for the fourth quarter of 2023. The project is Sterling Bay’s first-ever residential development in Fulton Market.
RICHFIELD, MINN. — Colliers Mortgage has arranged a $53 million HUD 223(f) loan for the refinancing of Chamberlain Apartments in Richfield, a southern suburb of Minneapolis. Of the apartment community’s 316 units, 20 percent are designated as affordable and are rented to residents who earn up to 50 percent of the area median income. The remaining units are rented at market rates. Amenities include a clubhouse, game room, fitness center, outdoor pool, playground and dog run. The 35-year loan is fully amortized. Chamberlain Apartments LLC was the borrower.
CHARLOTTE, N.C. — New York City-based AMAC has purchased Steele Creek Rivergate, a 408-unit garden-style multifamily property in Charlotte, for $113 million. Austin Green, Alex McDermott, Caleb Troop and Rhodes Marley of Charlotte-based Capstone Apartment Brokers represented the seller, Lucas Development, in the transaction. Built in May 2021, Steele Creek Rivergate offers one-, two- and three-bedroom floorplans with units averaging 1,053 square feet. Unit features include stainless steel appliances, granite countertops, walk-in closets and plank flooring. Community amenities include a fitness center, clubhouse, cyber café, pool, grilling stations, playground and multiple pet parks. Located at 12509 Park Sharon Court, the Class A property is situated close to Uptown Charlotte and Charlotte Douglas International Airport, as well as Interstate 77 and Highway 49. Steele Creek Rivergate sits directly behind the Rivergate Shopping Center, providing renters direct access to a Super Target. AMAC plans to renovate the property, including adding outdoor amenity space, inserting a package room and creating work-from-home spaces for residents.
OOLTEWAH, TENN. — Fort Worth, Texas-based Olympus Property has acquired The Village at Apison Pike, a 248-unit multifamily community in Ooltewah, about 18.2 miles east of Chattanooga. The Class A property is the third in Olympus Property’s 12th fund, Olympus Property XII LLC. The seller and sales price were not disclosed. Completed in 2015, Village at Apison Pike offers one-, two- and three-bedroom floorplans with units that range in size from 807 to 1,466 square feet. Unit features include granite countertops, nine-foot ceilings and stainless steel appliance packages. Community amenities include a pool with cabanas, fitness center, fully equipped clubhouse and a dog park. Located at 8605 Tradewind Circle, the apartment property is located about nine miles from the Chattanooga Metropolitan Airport and 16.3 miles from the Tennessee Aquarium. The property is also located close to restaurants including Fat Boy’s Roadside Eats and Couch’s Barbecue. Olympus plans to renovate the property with an additional $1 million in capital improvements over the next few years. Renovations will include exterior paint, minor upgrades to the clubhouse and amenity enhancements.
QUINCY, MASS. — CBRE has arranged the $114 million sale of Neponset Landing, a 280-unit apartment community located at 2 Hancock St. in the South Shore Boston suburb of Quincy. The sales price equates to approximately $407,000 per unit. Built in 2007, the 12-story building offers a mix of one-, two- and three-bedroom units with stainless steel appliances, granite countertops and individual washers and dryers. Amenities include a lounge with an entertainment kitchen, fitness center, billiards room, leasing office, private media room and concierge services. In addition, residents have access to shuttle service to the North Quincy MBTA station. Neponset Landing is also near Interstate 93, which provides direct access to downtown Boston. Simon Butler, Biria St. John and John McLaughlin of CBRE represented the seller, an entity doing business as Neponset Landing LLC, in the transaction. The seller is an affiliate of Oregon-based Green Cities Co. that secured LEED Certification status for the property in 2018. The CBRE team also procured the buyer, a joint venture between Boston-based Synergy Investments and an undisclosed foreign investment partner. The new ownership plans to implement a capital improvement program, specific details of which were not released. “This transaction marked the successful conclusion …
UPLAND, CALIF. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of The Benson, a multifamily community located at 850 N. Benson Ave. in Upland. An affiliate of Abacus Capital Group sold the property to New Standard Equities for $80.7 million, or $342,161 per unit. Located 1.4 miles from the Los Angeles County border, The Benson features 236 apartments in one-, two- and three-bedroom units spread across 32 residential buildings. Amenities include two resort-style swimming pools with furnished sundecks, a spa, fitness center, dog park, playground and more than 350 on-site parking spots. The asset was built in 1973 on a 516,578-square-foot lot. Joseph Grabiec, Alexander Garcia Jr., Kevin Green, Greg Harris and Chris Zorbas of IPA represented the seller and procured the buyer in the transaction.
ARLINGTON, VA. — Denver-based Partners Group and Orlando-based Zom Living have plans to develop Hazel & Azure at National Landing, a 492-unit apartment community in Arlington, about five miles south of Washington, D.C. The developers secured a total of $150 million in construction financing for the project. Zom Living has also secured a $26 million bridge loan with CB&S Bank for the site’s acquisition. Construction is slated to begin in the first quarter with completion set for late 2024. Hazel & Azure will feature two 14-story buildings, as well as 6,800 square feet of ground-floor retail space. The multifamily community will offer studios, one-, two- and three-bedroom floorplans, as well as townhomes, all ranging from 519 to 1,784 square feet. The units will feature floor-to-ceiling windows, vinyl plank flooring, walk-in closets, stainless steel appliances, smart thermostats, electronic locks, private balconies or terraces in most units, and views of the Potomac River and the Washington, D.C., skyline. Community amenities will include an e-lounge, concierge service in the lobby, rooftop pool, fitness and wellness spa, coworking spaces, self-serve convenience store and an indoor green space for dogs. Located at 3030 and 3130 Potomac Ave., the project will be situated less than one …