KENNESAW, GA. — TSB Realty has negotiated the sale of Bixby Kennesaw, a 656-bed student housing community located near the Kennesaw State University campus in Georgia, on behalf of Gilbane Development Co. TSB Capital Advisors helped to secure acquisition financing on behalf of the buyer, an undisclosed joint venture partnership. Bixby Kennesaw offers a mix of studio, one-, two-, three-, four- and five-bedroom units. Community amenities include a heated saltwater swimming pool, outdoor courtyard with fire pits, 24-hour fitness center and a rooftop terrace overlooking the university’s football stadium.
HOLLYWOOD, FLA. — FM Capital has arranged the $6.2 million financing of Lincoln Gardens Apartments, a 77-unit multifamily community in Hollywood. Sheridan Capital provided the loan, which was structured with an 80 percent loan-to-cost ratio and full-term interest-only payments. Noam Temchin of FM Capital arranged the financing for the borrower, Gelt Team. Located at 2711 Lincoln St., Lincoln Gardens is situated about 3.6 miles from Hollywood Beach, 7.6 miles from Fort Lauderdale-Hollywood International Airport and 10.5 miles from Fort Lauderdale. Built between 1952 and 1987, the property was 80 percent occupied at the time of financing. Community amenities include a pool, courtyard and parking.
LUBBOCK, TEXAS — The Multifamily Group (TMG), a Dallas-based brokerage firm, has arranged the sale of a portfolio of four multifamily properties totaling 350 units in Lubbock. The properties include Summertime Villa, Genoa Gardens, Genoa Gardens II and Yorkshire Villas. Jon Krebbs of TMG represented the seller, and Paul Yazbeck of TMG procured the buyer. The buyer and seller(s) involved in the transaction requested anonymity. The sales price was also not disclosed.
SELMA, TEXAS — Locally based investment and development firm Embrey Partners has acquired Retreat at Chelsea Park, a 280-unit apartment community in Selma, a northeastern suburb of San Antonio. Built in 2006, the property features one-, two- and three-bedroom units and amenities such as a pool, fitness center, coffee bar, dog park, clubhouse and outdoor grilling areas. Patton Jones of Newmark brokered the deal, the seller in which was not disclosed. Embrey plans to implement an interior value-add program that will upgrade units’ countertops, cabinetry, appliances, flooring and closets.
BURLESON, TEXAS — Locally based general contractor KWA Construction has topped out Atlantica at Burleson, a 217-unit multifamily project located south of Fort Worth in Tarrant County. Developed by Sovereign Properties and designed by Womack + Hampton Architects, the property will offer one-, two-and three-bedroom units. Amenities will include a pool, outdoor gaming lawn and grilling areas, dog park, cybercafé and a fitness and yoga studio. Atlantica at Burleson is expected to be completed in June 2022.
TACOMA, WASH. — Blueprint Healthcare Real Estate Advisors has arranged the sale of Alaska Gardens Health and Rehabilitation Center, a 123-bed skilled nursing facility in Tacoma. The buyer was an unnamed private owner-operator. LTC Properties Inc., a publicly traded healthcare REIT based out of Westlake Village, Calif., sold the asset for an undisclosed price.
JERSEY CITY, N.J. — A partnership between investment management firm Arden Group and developer Spitzer Enterprises will build a $150 million multifamily project within one of Jersey City’s opportunity zones. The 26-story, 390-unit building will be located adjacent to the Journal Square PATH station and will include ground-floor retail space and onsite parking. Dustin Stolly, Jordan Roeschlaub, Chris Kramer and Nick Scribani arranged the equity partnership between the two firms. Completion of the project is scheduled for 2024.
BURLINGTON, MASS. — CBRE has arranged the sale of Seven Springs, a 331-unit apartment community located in the northern Boston suburb of Burlington. The property was built on 37.8 acres in 2006. Amenities include a pool, fitness center, clubhouse, leasing office, resident lounge, outdoor patio and grilling area and walking trails. Simon Butler, Biria St. John and John McLaughlin of CBRE represented the seller, a joint venture between Clarion Partners and National Development, and procured an undisclosed institutional investor as the buyer.
ASHLAND, MASS. — Boston-based global private equity firm Taurus Investment Holdings has purchased Chestnut Place, a 207-unit apartment community located in the western Boston suburb of Ashland, for $53.6 million. Built in 1971, the property offers studio, one- and two-bedroom units that are furnished with recently upgraded cabinets and kitchens. According to Apartments.com, residences range in size from 373 to 1,000 square feet. Communal amenities include a pool, onsite laundry facilities, a pet play area and package handling service. The seller was not disclosed. Jamie Leachman, Jackie Meagher, and Sean O’Brien arranged acquisition financing through CBRE Global Investors on behalf of Taurus.
HAVERHILL, MASS. — Locally based owner-operator The Procopio Cos. will develop The Beck, a 290-unit multifamily project that will be located in the northern Boston suburb of Haverhill. The Beck will consist of two five-story residential buildings, 6,750 square feet of retail space and 3.2 acres of public parks, playgrounds and hiking/jogging trails. Dellbrook | JKS is the construction manager of the project, and CUBE3 designed the project. Construction is scheduled to begin next spring and to be substantially complete by 2024.