KILLEEN, TEXAS — Greysteel has brokered the sale of Brickstone Villas, a 222-unit apartment complex located in the Central Texas city of Killeen. The recently renovated community features one- and two-bedroom units. Amenities include a pool and onsite laundry facilities. J.R. Ellis of Greysteel represented the seller in the transaction. Harrison Cole and Daniel Hartnett, also with Greysteel, arranged acquisition financing on behalf of the undisclosed buyer.
LAWRENCE, MASS. — MassHousing has provided $26.9 million in financing for the redevelopment of a portion of the historic Marriner Mill in Lawrence, a northern suburb of Boston, into an 87-unit mixed-income residential complex. The financing consisted of a $2.3 million permanent loan, $22.5 million in bridge loan financing and $2.1 million in funding from the agency’s workforce housing initiative. Of the 87 units, 17 will be restricted to lower-income households earning 30 percent or less of the area median income (AMI). Forty-nine units will be rented to households earning 60 percent or less of AMI, and 21 apartments will be workforce housing units for households earning up to 80 percent of AMI. The borrower and developer is Trinity Financial. ICON Architecture is designing the project, and Aberthaw Construction Co. is the general contractor. Completion is slated for summer 2023.
SHELTON, CONN. — Marcus & Millichap Capital Corp. (MMCC) has arranged an $18.9 million loan for the refinancing of The Ridge at Sawmill, an 89-unit multifamily property in Shelton, located in Fairfield County. The property was built in 2020 and offers a fitness center, resident clubhouse and a conference facility. Robert Bhat of MMCC arranged the 10-year, fixed-rate loan on behalf of the undisclosed borrower.
MINOT, N.D. — Capstone has negotiated the $6.4 million sale of The Cobblestone Apartments in Minot, which is located in central North Dakota. Built in 2012, the 76-unit apartment community is located near Minot Air Force Base and Minot State University. Kevin Phelan of Capstone represented the seller, which also developed the property. The asset sold to an out-of-state buyer.
ALLENDALE, MICH. — Northmarq has arranged a $4.2 million loan for the refinancing of Conifer Creek and Conifer Creek West Townhomes, two student housing properties serving Grand Valley State University in Allendale near Grand Rapids. The communities, constructed in 2006 and 2016, total 186 beds. Both properties were fully leased at the time of loan closing. Robert Hernandez of Northmarq arranged the 10-year loan, which features a 25-year amortization schedule. A life insurance company provided the loan. The borrower was undisclosed.
CHESTERFIELD, MO. — CRG has sold 4.9 acres within Wildhorse Village, an 80-acre, $500 million mixed-use community in Chesterfield, about 22 miles west of St. Louis. CRG sold the land to St. Louis-based developer Pier Property Group to build The Flats at Wildhorse Village, a four-story, 266-unit apartment building. Arcturis and LJC are the architects, while St. Louis-based Holland Construction Services will be the builder for the multifamily project. Construction will begin in the first quarter of 2022 and is slated for completion by the summer of 2023. David Garfinkel of Northmarq secured a $46 million construction loan for The Flats at Wildhorse Village. UMB Bank provided the loan to the borrower, Pier Property Group. The loan terms were not disclosed. Located at 350 Wildhorse Lake Blvd., The Flats at Wildhorse Village will feature studio, one-, two- and three-bedroom floorplans on four floors. The building’s exterior will resemble townhomes, with balconies and open terraces. The units will feature quartz countertops, stainless steel appliances, glass shower doors and custom flooring. Community amenities will include an interior courtyard, resort-style pool, deck with grilling stations, firepits, fitness center, dog park, dog spa, business center, resident lounges, bike storage and a 400-space parking structure. …
BELLEVUE, WASH. — Evergreen Point Development has completed the disposition of Cerasa, a multifamily property located at 10961 NE 2nd Place in Bellevue. Virtu Investments acquired the asset for $109 million, or $707,792 per unit. Completed in 2019, Cerasa features 154 apartments, including top-floor penthouses with 11-foot to 14-foot ceilings. Community amenities include a clubhouse, resident lounge with fireplace and gated underground parking garage with electric car charging stations. Philip Assouad and Giovanni Napoli of Intuitional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the deal.
HOUSTON AND PASADENA, TEXAS — Berkadia has brokered the sale of a portfolio of four workforce housing properties totaling 1,556 units in the Houston area. The portfolio consists of the 504-unit Mosaic in the eastern suburb of Pasadena; the 364-unit Huntington Glen in Houston; the 438-unit Onyx in Houston; and the 250-unit Avenue in Houston. Joey Rippel, Chris Young, Jeffrey Skipworth, Kyle Whitney, Todd Marix and Chris Curry of Berkadia represented the seller, Austin-based GVA Real Estate Group, in the transaction. The buyer was a joint venture between Houston-based Stonewall Associates and New York-based Nord Group.
AUSTIN, TEXAS — Locally based developer Thompson Realty Capital and its equity partner, Trez Capital, will develop Larkspur Liberty Hill, a 504-unit multifamily project in Austin. The garden-style property will be located on the city’s north side and will feature a pool, leasing office and amenity center. Units will come in one-, two- and three-bedroom floor plans and average 920 square feet. Construction will occur in two phases, with the initial groundbreaking scheduled for early this year and tentative completion slated for 2025.
KATY, TEXAS — Miami-based investment firm Lloyd Jones has acquired Seville at Clay Crossing, a 351-unit apartment community located in the western Houston suburb of Katy that was built in 2020. Units at the property feature granite countertops, private garages and individual washers and dryers. Amenities include a pool, package lockers and a dog park. The seller and sales price were not disclosed.