WHEELING, ILL. — Dwight Capital has provided a $55 million HUD 223(a)(7) loan for the refinancing of Mallard Lake Apartments in the Chicago suburb of Wheeling. The 481-unit apartment complex consists of 52 buildings. Amenities include a fitness center, community room, tennis court and pool. Keith Hoffman of Dwight originated the loan, which represented the largest HUD 223(a)(7) refinance in the state of Illinois, according to Dwight. The loan benefitted from a Green Mortgage Insurance Premium reduction set at 25 basis points because the property is Energy Star-certified. The borrower was undisclosed.
ARLINGTON HEIGHTS, ILL. — Ready Capital has closed a $12 million loan for the acquisition and deconversion of a 72-unit, Class B condominium property in the Chicago suburb of Arlington Heights. The undisclosed buyer will deconvert the units and lease the property as traditional multifamily space. The nonrecourse loan features a floating rate and a two-year term. Under the Condominium Property Act in Illinois, condo unit owners can elect to sell a property if 75 percent or more are in agreement. Sellers then have the option to either move out of their units or lease them back from the new owner.
MENOMONEE FALLS, WIS. — Berkadia has arranged the $10.5 million sale of Shady Lane Apartments in Menomonee Falls, a northwest suburb of Milwaukee. The garden-style property, which consists of 56 units across seven buildings, was 98 percent occupied at the time of sale. Richard Evans, Ralph DePasquale, Pete Evans and Jack Maloney of Berkadia represented the seller, Wisconsin-based Hilgart Property Group. RMJ Acquisitions LLC was the buyer.
ATLANTA — GID Development Group, a real estate developer, owner and operator, has broken ground on the first phase of High Street, a $2 billion, 36-acre mixed-use development in Atlanta’s Central Perimeter submarket. Phase I of High Street will deliver 150,000 square feet of retail and restaurants, approximately 600 apartments, 90,000 square feet of new office space, 222,000 square feet of existing office and an approximately 7,500-square-foot lawn. Located at the intersection of Perimeter Center Parkway and Hammond Drive, High Street will be situated close to the Dunwoody MARTA Station and surrounded by the largest office submarket in the Southeast, according to GID. Upon completion of all phases, High Street will encompass 672,000 square feet of Class A office space; a 400-key hotel; 400,000 square feet of shopping, dining, fitness and entertainment; and 3,000 residential units. In September, Puttshack, a mini-golf bar and restaurant destination, was the first anchor tenant to be announced for the project, and will open as part of the first phase of High Street. The retailer will occupy a 26,000-square-foot space and feature four tech-driven, mini golf courses. Molly Morgan and Allie Spangler of JLL are leading leasing efforts for the retail portion of High Street. …
MIAMI BEACH, FLA. — Starwood Real Estate Income Trust Inc. (Starwood REIT) has acquired a 15,460-unit multifamily portfolio from Strata Equity Group for an undisclosed price. Scott Wittman and Andrew Gordon of Strata Equity were responsible for the structuring and execution of the transaction. The portfolio includes 62 communities located across 10 states — primarily in the Southeast states of Georgia, Tennessee and North Carolina. The portfolio’s units are priced affordably with high-quality amenities, according to Starwood REIT. The Miami Beach-based firm will retain Strata Equity to manage the portfolio under terms of the transaction. As of Sept. 30, Starwood REIT’s portfolio had a total asset value of $12.6 billion across 246 properties. Starwood Capital Group manages Starwood REIT via a subsidiary doing business as Starwood REIT Advisors LLC. Strata Equity Group is a San Diego-based, privately held real estate investment and management company. The firm has sold in excess of $4 billion worth of multifamily assets this year through multiple transactions.
NASHVILLE, TENN. — Miami- and New York-based Property Markets Group (PMG) has purchased land at 915 Division St. in Nashville’s Gulch district. The firm plans to develop the site into Society Nashville, a 471-unit, 16-story mixed-use apartment project. Market Street sold the property for $22 million. Tarek El Gammal of Newmark’s Nashville office brokered the land transaction. Society Nashville will feature 7,500 square feet of retail space and 463 parking spaces. Slated for delivery in early 2024, the development will include a mix of traditional units and co-living options. Community amenities will include a pool deck, fitness center and coworking facilities. Baker Barrios Architects Inc., an Orlando-based architectural firm, is the designer for the project. The development is a joint venture between PMG, New York and Miami-based New Valley Realty and New York-based RMWC. Society Nashville will be part of PMG’s Society Living brand, which was created to offer reasonable rents near urban areas. The brand has a focus on mostly market-rate apartments but offers to make co-living easier by eliminating shared bathrooms, splitting up the bills and helping residents to find roommates. In May 2020, Society Las Olas opened in downtown Fort Lauderdale, Fla. Additionally, Society Biscayne in downtown …
HOUSTON — Florida-based AHS Residential will develop a 576-unit multifamily community within Ten Oaks, an 83-acre master-planned development located within the Energy Corridor in West Houston. AHS Residential’s in-house architecture team is designing the project, which will consist of three 12-story buildings on a 6.6-acre site that will house one-, two- and three-bedroom units. Amenities will include a pool, fitness center and a resident clubhouse. Construction is expected to begin in April. Wolff Cos. is the master developer of Ten Oaks that sold the land to AHS Residential.
MONTGOMERY, ALA. — Morrison Avenue Capital Partners has sold Arbor Station and Stratford Village, two apartment communities totaling 512 units in Montgomery. Craig Hey and Andrew Brown of Cushman & Wakefield represented the seller in the transaction. Highlands Vista Group acquired the properties for an undisclosed price. Arbor Station, a 288-unit apartment community, was 98 percent occupied at the time of sale. Stratford Village, a 224-unit community, was 95 percent occupied. Both properties offer one-, two- and three-bedroom floorplans with units featuring private balconies or patios, hardwood-inspired flooring, wood burning fireplaces, ceiling fans and washer and dryer connections in select homes. Arbor Station is located at 2495 Meadow Ridge Lane, and offers community amenities such as a picnic area, playground, fitness center and a Jacuzzi and sundeck. Located at 2000 London Town Lane, Stratford Village’s community amenities include two pools with a sundeck, onsite parking, tennis court, pet play area, fitness center and a clubhouse. The properties are situated about one mile from each other. Morrison Avenue completed $5 million in capital improvements at both communities, including renovations of almost all unit interiors, new roofs and a new clubhouse at Stratford Village.
DALLAS — General contractor Cadence McShane has broken ground on a 121-unit seniors housing community located in the Highland Park area of Dallas. Developed by Anthology Senior Living and designed by PRDG, the 11-story, 130,000-square-foot building will consist of 24 memory care units and 97 assisted living units. Amenities will include a salon, theater, fitness center, library, a pub with a fireplace and elevated terraces. Completion is slated for June 2023.
MIRAMAR, FLA. — Berkadia has arranged the sale of LUMA at Miramar, a 380-unit, garden-style multifamily community in Miramar, about 22 miles north of Miami. Roberto Pesant, Jaret Turkell, Charles Foschini, Omar Morales and Jose Mota of Berkadia Miami marketed the property on behalf of the seller, ANSCA. Avalon Bay Communities Inc. acquired the property for $133 million. Built in 2019, LUMA at Miramar features three- and four-story buildings with one-, two- and three-bedroom floorplans ranging from 818 square feet to 1,355 square feet. Each building features an elevator, and the units include insulated impact windows, wood plank flooring, granite countertops, stainless steel appliances, subway tile backsplash, walk-in closets and private screened balconies or patios. Monthly rent ranges from $1,999 to $2,750, according to Apartments.com. Community amenities include a gated electric entrance, swimming pool, fitness center, yoga room, Zen Garden, billiard room with fireplace, café with complementary self-service Starbucks coffee, outdoor grilling area, independent attached and detached garages and valet trash service. The occupancy rate at LUMA at Miramar remained at or above 90 percent throughout 2020 and 2021. The property was fully occupied at the time of sale. Robert Pesant, a senior managing director at Berkadia, says the property …