FORT WORTH, TEXAS — Boston-based investment firm TA Realty has purchased The Elm at River Park, a 293-unit apartment community in Fort Worth. The property offers one-, two- and three-bedroom units that are furnished with stainless steel appliances and granite countertops. Amenities include a pool, dog park, fitness center with on-demand programs and a business center with micro-offices and a conference center. San Antonio-based Embrey sold The Elm at River Park for an undisclosed price and will continue to manage the property.
NORTH RICHLAND HILLS, TEXAS — Colliers Mortgage has provided a $17.7 million HUD-insured construction loan for Village Cooperative of Century Hills, a 55-unit active adult project in North Richland Hills, a northern suburb of Fort Worth. The property will be reserved for renters age 62 and above. Units will range in size from 889 to 1,770 square feet, and amenities will include a fitness center, clubroom, arts and crafts room, reading areas and garden plots. The borrower was not disclosed.
LAS VEGAS — Davlyn Investments has purchased Rancho Destino, a multifamily community in Las Vegas, for $65.5 million. The buyer rebranded the 184-unit property as Aviara. Constructed in 1998 on 9.1 acres, the community features central heating and air conditioning, in-unit laundry, vaulted ceilings, fireplaces, arid landscaping, plentiful parking and an expansive amenity package. Spence Ballif, Adam Schmitt and Jannie Mongkolsakulkit of CBRE represented the undisclosed seller in the deal. Torrey Pines Bank provided acquisition financing for the buyer. The transaction marks Davlyn’s second acquisition in Nevada.
MIAMI — Lotus Capital Partners LLC has arranged a $70 million acquisition and construction financing package for a waterfront condominium project on Bay Harbor Islands in Miami. The sponsor is a partnership between Pearl Property Group and L3C Capital Partners, which is acquiring a one-acre site facing the Bay Harbor waterway that currently consists of 30 condos. Lotus arranged the dual-structure loan through MSD Partners to provide acquisition financing for the borrower to purchase the site and funds to construct a new residential project. The borrower plans to demolish the existing condos and build 46 ground-up condos averaging 2,800 square feet. The development will also include a fitness center, resort-style club pool overlooking the water and a marina.
TACOMA, WASH. — 6th & Alder Partners LLC has completed the disposition of Sixth & Alder, an apartment building in Tacoma, to an undisclosed buyer for $46.2 million. Austin Kelley and Ben Norbe of Kidder Mathews represented the buyer in the off-market transaction. Located at 3118 6th Ave., Sixth & Alder features 111 apartments and 75,240 square feet of retail space. Community amenities include an on-site dog washing station, electric vehicle charging, fitness center and rooftop putting green.
MEMPHIS, TENN. — Berkadia has arranged a $45 million Fannie Mae refinancing loan for Residences at Lakeview, an 827-unit apartment community located at 2774 S. Mendenhall Road in Memphis. Mitch Sinberg, Brad Williamson, Matthew Robbins, Scott Wadler and Mike Basinski of Berkadia originated the 10-year, fixed-rate loan on behalf of the borrower, a joint venture between New York City-based Atlas Real Estate Partners and Washington, D.C.-based West End Capital Group. Atlas-West End purchased the property in February 2021 and recently completed a value-add program at the community. Built in 1969, Residences at Lakeview features one-, two-, three- and four-bedroom units ranging from 400 to 1,628 square feet. Community amenities include a newly built clubhouse and pool, fitness center, four playgrounds, a dog park, onsite maintenance and management and package services.
TUCSON, ARIZ. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale Metro Tucson, a multifamily property in Tucson. Vertical Street Ventures acquired the community for $38.5 million, or $165,948 per unit. Constructed in 1984, Metro Tucson offers 232 apartments spread across nine garden-style residential buildings, a swimming pool, laundry facilities and pet areas. Apartment amenities include wood-style vinyl plank flooring, dishwashers and private patios or balconies. Select units, approximately 22, have been upgraded with stainless steel appliances, carpeting in living spaces and bedrooms, and kitchen cabinetry with brushed nickel hardware. Hamid Panahi, Clint Wadlund, Steve Gebing and Cliff David of IPA represented the seller, a private owner, and procured the buyer in the deal.
TUCSON, ARIZ. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale Metro Tucson, a multifamily property located in Tucson. Vertical Street Ventures acquired the community for $38.5 million, or $165,948 per unit. Constructed in 1984, Metro Tucson offers 232 apartments spread across nine garden-style residential buildings, a swimming pool, laundry facilities and pet areas. Apartment amenities include wood-style vinyl plank flooring, dishwashers and private patios or balconies. Select units, approximately 22, have been upgraded with stainless steel appliances, carpeting in living spaces and bedrooms and kitchen cabinetry with brushed nickel hardware. Hamid Panahi, Clint Wadlund, Steve Gebing and Cliff David of IPA represented the seller, a private party, and procured the buyer in the deal.
TACOMA, WASH. — 6th & Alder Partners LLC has completed the disposition of Sixth & Alder, an apartment building in Tacoma, to an undisclosed buyer for $46.2 million. Austin Kelley and Ben Norbe of Kidder Mathews represented the buyer in the off-market transaction. Located at 3118 6th Ave., Sixth & Alder features 111 apartments and 75,240 square feet of retail space. Community amenities includes an on-site dog washing station, electric vehicle charging, fitness center and rooftop putting green.
LAS VEGAS — Davlyn Investments has purchased Rancho Destino, a multifamily community in Las Vegas, for $65.5 million. The buyer rebranded the 184-unit property as Aviara. Constructed in 1998 on 9.1 acres, the community features central heating and air conditioning, in-unit laundry, vaulted ceilings, fireplaces, arid landscaping, plentiful parking and an expansive amenity package. Spence Ballif, Adam Schmitt and Jannie Mongkolsakulkit of CBRE represented the undisclosed seller in the deal. Torrey Pines Bank provided acquisition financing for the buyer. The transaction marks Davlyn’s second acquisition in Nevada.