NEW YORK CITY — Locally based firm Ariel Property Advisors has arranged a $5.5 million construction loan for a 24-unit multifamily project in the Morrisania neighborhood of The Bronx. Matt Dzbanek and Matt Swerdlow of Ariel Property Advisors arranged the loan. The borrower was an international family office, and the direct lender was a local debt fund. Both of those parties involved in the transaction requested anonymity.
The COVID-19 pandemic changed the ways schools operate, how classes were taught, and how students learned and socialized in 2020. Life still hasn’t returned to normal for anyone, including students away at college. Interior design may seem like a lower priority in the wake of such a health crisis, but these professionals would argue the exact opposite — that it’s more important than ever. That’s because leasing, retention, and making students and parents feel safe and secure as they return to their college experiences is more important than ever. The pandemic shifted higher education from in-person classes to online learning in 2020. This gave students and parents an entire year to reassess whether going away to school was the right decision going forward. This has been compounded by a focus on increasing education costs, as well as many colleges announcing that the 2021 to 2022 school year would emphasize hybrid learning, with lots of classes remaining online as the Delta variant took hold. The cumulative result of all this was a 4 percent decrease in undergraduate enrollment in 2021, per the National Student Clearinghouse Research Center. Freshman enrollment for the fall 2021 semester start sank by 13 percent when compared to …
MIAMI — Aztec Group has arranged $247.5 million in debt financing for Downtown 5th, an apartment community in downtown Miami spanning 1,042 rental apartments and 13,261 square feet of retail space. Peter Mekras of Aztec Group arranged the financing on behalf of the developer, Miami-based Melo Group. Berkadia’s Miami office acted as seller-servicer for the Freddie Mac loan. The 10-year loan features a fixed interest rate and is full-term interest only. Downtown 5th opened for occupancy in July of 2021 and almost every unit was leased in under seven months, or approximately 150 units per month. Downtown 5th offer one-, two- and three-bedroom floor plans that range in size from 650 and 1,200 square feet. Monthly rental rates range from approximately $1,700 to $4,000. The property is located at the corner of 5th Street and North Miami Avenue adjacent to the College North Metromover station.
PEARLAND, TEXAS — Chicago-based investment firm Waterton has acquired Stonepost at Shadow Creek Ranch, a 360-unit apartment community located within the Shadow Creek master-planned community in the southern Houston suburb of Pearland. Built on 27.5 acres in 2010, the garden-style property offers one-, two- and three-bedroom units with an average size of 1,150 square feet. Amenities include a pool, fitness center, resident clubhouse, grilling area, billiards room, playground and a dog park. Waterton plans to upgrade the community’s unit interiors, mechanical systems, exterior landscaping and parking areas, as well as to rebrand the community as Sladestone at Shadow Creek Ranch. The seller and sales price were not disclosed.
MANSFIELD, TEXAS — South Carolina-based developer Greystar has begun leasing Album Mansfield, a 190-unit active adult community located on the southern outskirts of Fort Worth. Units come in one- and two-bedroom formats and are reserved for renters age 55 and above. Amenities include a pool, outdoor activity terrace, dog park, coffee bar, game room, movie theater, fitness center and walking trails. Rents start at $1,300 per month for a one-bedroom unit.
ATLANTA AND NEWARK, N.J. — Atlanta-based Carroll, in partnership with Newark-based PGIM Real Estate, has bought 12 multifamily communities in Orlando, Sarasota, West Palm Beach and Fort Lauderdale totaling 3,976 units. All properties were acquired through Carroll’s latest institutional investment vehicle, Carroll Multifamily Venture VI LP. The sales price was not disclosed. Carroll will manage the properties, which include seven Orlando properties, three Sarasota-Bradenton communities, one West Palm Beach property and one Fort Lauderdale community. The properties will all be rebranded under the Arium name, including: • Arium Altamonte Springs (previously Ashford Altamonte Springs) • Arium Winter Park (Bishop Park) • Arium Springs Colony (Springs Colony) • Twelve Oaks at Windemere by Arium (Twelve Oaks at Windemere) • Arium Valencia Gardens (Verona at Valencia Park) • Arium Mission Bay (Mission Bay) • Arium Mariner’s Village (Valencia Plantation) • Arium Bristol Bay (Perico Apartments) • Arium Citrus Run (Mcintosh Apartments) • Arium Grove Walk (Heron’s Run) • Gardens East by Arium (Gardens East) and • Park Place at Turtle Run by Arium (Park Place at Turtle Run) Carroll currently manages 39 properties throughout Florida and more than 13,000 units, totaling $3.5 billion in assets under management. Between 2015 and 2021, Carroll …
LAS VEGAS — The Bascom Group has purchased Sun Chase, an apartment property in Las Vegas, in an off-market transaction for $40.5 million, or $202,500 per unit. The name of the seller was not released. Annie Rice and Jamie Kline of JLL Capital Markets sourced the acquisition loan from ACRE Credit for the purchase. Scott McClave and Tom Gilfillan of Bascom oversaw the acquisition for Bascom. Constructed in 1984/1985, Sun Chase features 200 apartments in a mix of one- and two-bedroom floor plans. Community amenities include a fitness center, resident clubhouse, pool, barbecue area and putting green. Bascom plans to modernize the fitness center, clubhouse and pool areas while repurposing the putting green into a central park with a play structure, barbecue station, seating areas and landscaping.
COLORADO SPRINGS, COLO. — Northmarq has arranged the sale of Fireside Apartments, a multifamily property located at 610 N. Murray Blvd. in Colorado Springs. Clear Capital acquired the asset from Blueline Equity Partners for $20.5 million. Built in 1971, Fireside Apartments features 108 units. Alex Possick, Rich Ritter and Seth Gallman of Northmarq’s Colorado Multifamily Investment Sales team represented the seller. Brandon Harrington, Bryan Mummaw and Tyler Woodard of Northmarq arranged $16.2 million in acquisition financing for the buyer.
MARIETTA, PA. — New Jersey-based Goldcrest Properties has acquired a 172-unit apartment complex in Marietta, located southeast of Harrisburg, for $39 million. The property was built in 2020 and offers a clubhouse, fitness center and onsite laundry facilities. Aaron Jungreis and Michelle Jungreis of New York-based Rosewood Realty Group represented Goldcrest Properties as well as the seller, Inch & Co., in the transaction.
NEW YORK CITY — Locally based investment and development firm HAP Investments has received a $76.7 million loan for the refinancing of a portfolio of three multifamily buildings totaling 160 units in East Harlem. The buildings are located at 2338 Second Ave., 329 Pleasant Ave. and 2211 Third Ave. Allegiant Real Estate Capital provided the three-year loan, specific terms of which were not disclosed.