HOUSTON — New York City-based Dwight Capital has provided a $37.2 million bridge loan for the acquisition of Valencia Grove, a 460-unit multifamily property in southeast Houston. The garden-style property consists of 32 buildings on a 17.3-acre site. Amenities include a pool, courtyard, leasing office/clubhouse and two dog parks. Kevin Lifshitz and Keith Hoffman of Dwight Capital originated the financing. The borrower was Bodka Creek Capital.
AUSTIN, TEXAS — Newmark has brokered the sale of Citizen House Decker, a 324-unit apartment community in East Austin. According to Apartments.com, the property was built in 2021 and features one- and two-bedroom units that range in size from 650 to 1,250 square feet. Amenities include a pool, resident clubhouse with a kitchen, coworking spaces, an arcade, fitness center, business center and outdoor grilling areas. Locally based developer Endeavor Real Estate Group sold the asset to Toronto-based Prism Multifamily Group for an undisclosed price. Patton Jones and Andrew Dickson of Newmark brokered the deal. The new ownership will rebrand the property as Spectra Parks. Asia Capital Real Estate provided a $57.8 million bridge loan for the acquisition of the property. Mark Grace and Alison Williams of Walker & Dunlop arranged the debt.
CARROLLTON, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Switchyard Apartments, a 234-unit multifamily community located in the northern Dallas suburb of Carrollton. Stoneleigh Cos. and Realty Capital Management developed the property in 2019. Amenities include a pool, fitness center and outdoor gathering areas. Drew Kile, Michael Ware, Joey Tumminello, Taylor Hill, Will Balthrope and Grant Raymond of IPA represented the seller, an entity doing business as SC Switchyard LLC, in the transaction. The team also procured the buyer, Tampa-based American Landmark. Switchyard Apartments was 96 percent occupied at the time of sale.
BROOKFIELD, WIS. — Northmarq has arranged $40.2 million to recapitalize Artisan at Georgetown Square and Foxhaven Apartments in Brookfield near Milwaukee. The borrower completed development of Artisan at Georgetown Square in January 2021. The property includes 99 units that were fully leased at the time of loan closing. Foxhaven was developed in three phases between 1987 and 1994. The borrower acquired the asset in 2000. Brett Hood of Northmarq arranged the financing through Freddie Mac. Loan proceeds for Artisan at Georgetown Square retired a $15.6 million construction loan and returned equity to the borrower. For Foxhaven, the borrower received a $20.4 million loan, which retired maturing agency debt.
FRANKFORT, IND. — Triad Real Estate Partners has arranged the $9.3 million sale of Nickel Plate Flats and Lofts in Frankfort, about 50 miles northwest of Indianapolis. Developed in 2018 and located at 55 N. Jackson St., the apartment building includes 79 units. The property was fully leased at the time of sale. An Indiana-based developer sold the asset to a Chicago-based private investor.
TEMPE, ARIZ. — Invesco Real Estate Income Trust Inc. (INREIT) has acquired an 833-bed student housing community located near Arizona State University in Tempe. Developed in 2017, the 13-story property offers 384 units. The community was fully leased at the time of sale. Further details on the property and the seller were undisclosed. “We are excited to acquire a high-quality, 100 percent-occupied student housing property at one of the nation’s largest universities and in a high-growth market like Tempe,” says R. Scott Dennis, president and CEO of INREIT. “There continues to be strong demand for the student housing sector and we are seeing an increase in undergraduate enrollment at top universities, resulting in student housing occupancy reaching pre-COVID levels.”
AURORA, COLO. — Hudson Capital has completed the disposition of Highland Point Apartments, a multifamily community in Aurora, to Seattle-based Thayer Manca for an undisclosed price. Justin Hunt, Andy Hellman, Kevin McKenna, Saul Levy, Katie Fergen and Jessica Graham of CBRE represented the seller in the deal. Situated on 13.6 acres at 16894 E. Arkansas Ave., Highland Point features 319 apartments, an outdoor swimming pool and fitness center.
CHUBBUCK, IDAHO — Senior Living Investment Brokerage (SLIB) has arranged the sale of Cottonwood Cove, an 82-unit independent living community in Chubbuck, located in the southeast portion of the state. The facility was built in 1987 and totals 117,828 square feet on approximately five acres of land. The price was not disclosed. Cottonwood Cove has consistently performed even through the pandemic, with an occupancy near 100 percent on an ongoing basis, according to SLIB. The seller was a local owner, with this being its sole senior living asset. The buyer is a Western-based private equity group. The buyer plans to invest in extensive renovations and add additional services for the residents. Vince Viverito, Jason Punzel and Brad Goodsell of SLIB handled the transaction.
SAN ANTONIO — Locally based developer Embrey Partners has sold Standard at Legacy, a 323-unit apartment community located on the north side of San Antonio that, according to Apartments.com, offers studio, one-, two- and three-bedroom units. Residences are furnished with quartz countertops, custom cabinetry and stainless steel appliances. Amenities include a cyber lounge with workspaces and a conference room, a fitness center with yoga and virtual fitness studios, golf simulator, an outdoor area with kitchen and games, a pool with cabanas and a dog park. Chicago-based Sherman Residential purchased the property for an undisclosed price.
SOUTHFIELD, MICH. — Southfield-based American House Senior Living Communities has acquired 13 seniors living communities in Tennessee totaling 875 units. Seniors housing giant Ventas sold the portfolio for an undisclosed price. The properties were formerly Elmcroft Senior Living campuses and will be rebranded as American House Senior Living Communities. With this new portfolio, Southfield-based American House will now manage a total of 70 independent living, assisted living and/or memory care facilities. The portfolio includes the following properties: – American House Bartlett features 66 assisted living apartments and is located at 3345 Kirby Whitten Road in Bartlett. – American House Brentwood features 60 assisted living and memory care apartment units, and is located at 5436 Edmondson Pike in Brentwood. – American House Bristol features 83 assisted living and memory care apartment units, and is located at 826 Meadow View Road in Bristol. – American House Halls features 53 assisted living and memory care apartments, and is located at 7521 Andersonville Pike in Knoxville. – American House Hamilton Place features 49 assisted living and memory care apartments and is situated at 1502 Gunbarrel Road in Chattanooga, near the Georgia and Tennessee border. – American House Hendersonville is located at 1020 Carrington Place …