ATTLEBORO, MASS. — MassHousing has provided $18 million in financing for Hillcrest Acres, a 100-unit affordable housing complex located south of Boston in Attleboro. The property houses a mix of floor plans that are reserved for renters earning at various percentages of the area median income and includes a workforce housing component. The borrower is a partnership between nonprofit Retirement Housing Foundation and Schochet Cos. In addition to refinancing existing debt, ownership will use a portion of the proceeds to fund renovations and preserve the property’s affordability status.
FRISCO, TEXAS — Dallas-based developer StreetLights Residential and its partners have unveiled plans for The Mix, a $3 billion mixed-use development that will be located at the intersection of Dallas Parkway and Lebanon Road in Frisco. The 112-acre project is set to include 2 million square feet of office space; 375,000 square feet of retail space, including a grocery store; a 400-key business hotel and 200-key boutique hotel; and 3 million square feet of residential development. The development will also include a central park designed by OJB Landscape Architecture, the landscape firm behind Klyde Warren Park in Dallas. The park will include an event lawn and performance pavilion, playground, promenades and a pond for a total of 20 acres of communal green space. The development team includes master architects Torti Gallas + Partners and CallisonRTKL, with Kimley-Horn providing planning and design engineering services. The Retail Connection will handle leasing for the retail component, and JLL has been appointed to lease the office and medical space. The groundbreaking of Phase I took place in December, and full completion of the project is slated for 2026. The Mix joins a number of large-scale mixed-use developments underway in the Dallas/Fort Worth metroplex, …
MYRTLE BEACH, S.C. — Hudson Capital Properties (HCP) has sold Inspire Coastal Grand, a 194-unit active adult community in Myrtle Beach. An undisclosed buyer acquired the property for $53.2 million. Tai Cohen of Cushman & Wakefield represented HCP in the transaction. Units are available in one-, two- and three-bedroom options. Cape Fear Commercial co-developed the project alongside HCP. The partnership broke ground on the community in 2019. Like many of the Southeastern markets where HCP invests, the greater Myrtle Beach area benefits from continued population growth that has strong potential to continue over the long term, according to HCP.
MOBILE, ALA. — Cushman & Wakefield has arranged the sale of Astoria, a 252-unit multifamily community in Mobile. Carter Multifamily purchased the community from Saxony Capital Management for $35.6 million. Andrew Brown and Ben Thomas of Cushman & Wakefield represented the seller in the transaction. Built in 2001, Astoria’s amenities include a resident lounge with billiards, foosball and a coffee bar; a remodeled clubhouse and wellness center; valet trash removal; and a saltwater swimming pool with an outdoor kitchen area. Carter Multifamily plans to make interior renovations to Astoria during its ownership period, according to Cushman & Wakefield.
COLLEGE STATION, TEXAS — Tailwind Group has acquired Campus Crossings on Marion Pugh, a 628-bed student housing property located near Texas A&M University in College Station. The community comprises 30 residential buildings offering a mix of one- and two-bedroom units. Shared amenities include two pools, a clubhouse, business center, dog park, fire pits and barbecue grills, as well as sand volleyball, tennis and basketball courts. The new ownership has plans to rebrand the property and invest in significant capital improvements. Campus Apartments sold the property. Brandon Buell of Berkadia brokered the deal.
ENGLISHTOWN, N.J. — F.M. Ferrari Investments has acquired Royal Pines at Marlboro, an 89-unit active adult community in Englishtown, located in the Garden State’s Raritan Valley area. The sales price was $29.9 million. Built in 2008, Royal Pines at Marlboro offers one- and two-bedroom units that are mostly restricted to renters age 55 and above. Amenities include a fitness center, business center, game room, library and outdoor grilling and dining areas. Michael Oliver, Jose Cruz, J.B. Bruno, Steve Simonelli and Michael Zlotnick of JLL represented the seller, a joint venture between GRJ and Castellan Real Estate Partners, in the transaction.
LOWELL, MASS. — Blueprint Healthcare Real Estate Advisors has brokered the sale of a 90-bed skilled nursing facility in Lowell, a northern suburb of Boston. Located near Lowell General Hospital, the facility has historically maintained stable census levels with a steady stream of referrals and admissions, according to Blueprint. The regional buyer plans to implement a capital improvement program. The seller, price and name of the community were not disclosed.
CHICAGO — Marcus & Millichap has brokered the sale of a 25-unit multifamily property in Chicago’s Streeterville neighborhood for $10.5 million. The property at 227 E. Walton Place rises 13 stories. Designed by Chicago architect Harry Weese, the building was completed in 1956 and designated a Chicago landmark in 2012. Of the 25 units, 24 have been updated, mostly in the last three years. Kyle Stengle, Sean Sharko and Austin Weisenbeck of Marcus & Millichap represented the seller, Brad Management, which previously worked with the same brokerage team to acquire the property through a condo deconversion in 2018. The buyer, Altitude Capital Partners, plans to modernize the common areas.
CHICAGO — Peak Realty Chicago (PRC) has brokered the sale of a six-unit apartment building in Chicago’s Logan Square neighborhood for $2.7 million. The sales price marks the highest price per unit in the submarket, according to CoStar. A private investor purchased the property, which is located at 2852-54 W. Shakespeare Ave. and has been renovated within the last five years. Oren Pollack of PRC brokered the transaction. At the time of sale, the building was managed by PRC’s affiliate, Peak Properties LLC.
COLORADO SPRINGS, COLO. — Origin Investments and Jackson Dearborn Partners have formed a joint venture to develop Solace at The Ranch, a $117.9 million multifamily community at 7718 E. Woodmen Road in Colorado Springs. Construction is underway for the project, which will feature a three-story, 374-unit, garden-style apartment community and 12 carriage house-style units. The first units are slated for delivery by year-end 2024, with the balance of the units being delivered in phases over a period of several months. The community will consist of 21 residential buildings and a clubhouse. The unit mix will be 52 three-bedroom, 210 two-bedroom and 112 one-bedroom layouts, and the carriage houses will be a mix of two- and three-bedroom floor plans. Additionally, the community will offer 628 parking spaces, including 189 attached and detached garages. The carriage house units will sit atop attached garages. Sub4 Development is serving as general contractor for the project.