AUSTIN, TEXAS — Pennsylvania-based TSB Realty has arranged the sale of Villas on Rio, an 858-bed student housing community located near the University of Texas in Austin. An affiliate of Blue Vista Capital Management purchased the property from Villas Student Housing for an undisclosed price. Completed in fall 2021, the property offers shared amenities including a rooftop pool with cabanas and a hot tub; a full spa with hydrotherapy pools, individual steam rooms, saunas and a meditation room; and a fitness center. TSB Capital Advisors, an affiliate of TSB Realty, secured an undisclosed amount of acquisition financing on behalf of the buyer.
DRIPPING SPRINGS, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of View at Belterra, a 233-unit apartment community in Dripping Springs, a western suburb of Austin. The property was built earlier this year on eight acres within the 93-acre Belterra Village mixed-use development. Units feature one-, two- and three-bedroom floor plans with an average size of 988 square feet. Amenities include a pool, wellness center, coworking spaces, sky lounge, clubroom and kitchen and a package room with cold storage capabilities. Will Balthrope, Jordan Featherston and Kent Myers of IPA represented the seller, American Residential Group, in the transaction. Oregon-based Hayden Properties purchased the asset for an undisclosed price.
SARALAND, ALA. — Berkadia has provided $24.6 million in permanent refinancing for Olde Oak Apartments, a garden-style multifamily property in Saraland. Pat Garlich of Berkadia originated the seven-year Freddie Mac loan on behalf of the borrower, Missouri-based Maxus Realty Trust Inc. Olde Oak Apartments features one- and two-bedroom floor plans with in-unit washers and dryers and air conditioning. Community amenities include a swimming pool, fitness center, business center, clubhouse, dog park, spa, off-street parking and a picnic area with grilling stations. Located at 1200 Grande Oak Blvd., the property is situated close to Interstate 65, about 10.7 miles from downtown Mobile and approximately 3.6 miles from the University of Mobile.
WILTON, IOWA — Woda Cooper Cos. Inc. is underway on construction of Chandler Pointe in Wilton, about 30 miles east of Iowa City. The $6.9 million project will provide 35 units for residents age 55 and older. Monthly rents will range from $330 to $640 for one-bedroom units and from $395 to $735 for two-bedroom floor plans. Of the 35 units, 31 will be affordable for households with incomes at or below 80 percent of the area median income. Four apartments will be available at market rates. Completion is slated for late 2022. Nonprofit Housing Services Alliance Inc. is the co-developer and owner. The Iowa Finance Authority (IFA) provided affordable housing tax credits to support financing for the affordable units. IFA will also provide the first and second mortgages, including a HOME loan. Huntington National Bank is providing equity financing and a construction loan. The project team includes architect Excel Engineering, civil engineer Hall and Hall Engineers Inc. and sustainability consultant Sol Consulting + Design. Woda Cooper’s construction division is the general contractor for the project. The company’s management division will oversee leasing and day-to-day operations at Chandler Pointe.
BELLEVUE, WASH. — An affiliate of New York-based Abacus Capital Group has purchased The Ridgedale Apartment Homes, a multifamily property located at 14111 SE Sixth St. in Bellevue. A Calabasas, Calif.-based company sold the asset for $144 million. Originally constructed in 1970 and fully renovated in 2017, The Ridgedale features 25 two-story buildings on a 13.4-acre site. The property features 334 units in a mix of one-, two- and three-bedroom layouts with an average size of 865 square feet. Community amenities include a fitness center, clubhouse, two swimming pools and 520 parking spaces. Eli Hanacek, Jon Hallgrimson, Kyle Yamamoto and Byron Rosen of CBRE represented the seller in the transaction.
IRVINE, CALIF. — Intracorp has broken ground on a 178-unit apartment property located at 2055 Main St. in the Irvine Business Complex (IBC). The project, which is Intracorp’s fourth development in the IBC, will be the company’s first for-rent multifamily development in the area. Situated on 2.2 acres, 2055 Main will feature five stories of residential living in a modern geometric design. Community amenities will include a rooftop deck with a resort-style pool and spa, entertainment pavilion, expansive LED wall, lounge areas, barbecues and a game area. Other amenities will include a fitness center, sunken amphitheater, outdoor dining areas, fire features, business center and social club. Leasing on the project is slated to begin in summer 2023.
MIDDLETOWN, OHIO — Main Street Community Capital has unveiled plans for Hollywoodland, a 50-acre mixed-use development along the Great Miami River in Middletown. The city, which boasted a population of about 50,000 residents as of the 2020 census, is located 25 miles southwest of Dayton and 30 miles northeast of Cincinnati. Development costs for the project are estimated at $1.3 billion. The Middletown City Council met for over six hours this week to discuss the project with the public. The official vote on approving or denying the development is scheduled for Oct. 21. If approved, Hollywoodland would be a public-private partnership between the city and Main Street Community Capital. If approved, the development would include: A luxury hotel with an attached, publicly owned convention center, rooftop bar and themed restaurants; a family-oriented hotel with a water park; the adaptive redevelopment of an existing First National Bank building into a boutique hotel; an indoor entertainment and concert venue; an indoor amusement park; 3,000 deck-based parking spaces; luxury, mid-rise multifamily units and condominiums; a pre- and post-production motion picture studio with sound stages and support offices; restaurants, bars, brew-pubs and cafes; a comedy club; and lifestyle, convenience and recreational retail space. The project …
TACOMA, WASH. — Ziegler has arranged $91.9 million in bond financing, issued through the Washington State Housing Finance Commission, for an expansion project at Eliseo, a continuing care retirement community in Tacoma. Eliseo, formerly known as Tacoma Lutheran Retirement Community, is a nonprofit corporation established in 1975 to develop, own and operate senior living facilities. Eliseo comprises 53 independent living apartments, 88 condo-style independent living units, 41 licensed assisted living beds, 14 memory care units and 187 skilled nursing beds. The expansion project will add 91 new independent living units (consisting of 50 apartments and 41 villas) and a new dining venue, as well as renovations to multipurpose and meeting rooms, administrative offices and the entrance to the health center. In addition to funding the project, the bonds will refinance bonds from 2013 and repay a loan used for pre-development expenses.
ALBUQUERQUE, N.M. — TriWest Multifamily has purchased Monterra Apartments, a 312-unit multifamily community located at 4217 Louisiana Blvd. NE in Albuquerque. Vukota Capital Management sold the asset for an undisclosed price in an off-market transaction. Built in 1972, Monterra Apartments features 132 one-bedroom/one-bath units, 96 two-bedroom/one-bath units and 84 two-bedroom/two-bath units. Each unit features stainless steel appliances, dishwashers, granite countertops, washers and dryers and air conditioning. Community amenities include a clubhouse, pet play area, business center, lounge and playground. David Suah of Sub Sahara Group represented the seller, while TriWest Multifamily was represented in-house.
CANBY, ORE. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Countryside Living, a memory care community in Canby, approximately 21 miles south of Portland. The asset features 37 units and 55 beds. The community was originally built in 1959; gutted, remodeled and expanded in 2007; and had its most recent renovations and expansion in 2011. The facility is approximately 21,746 square feet and is situated on approximately 0.78 acres of land. The seller was a local owner that has multiple different business interests. The buyer is an Oregon-based owner-operator with extensive senior living development and operations experience. Jason Punzel, Brad Goodsell and Vince Viverito of SLIB handled the transaction. “Countryside Living is a strategically located community in downtown Canby,” says Punzel. “The community has had historically high occupancy and overall did very well through COVID. The new owner-operator is expanding their Oregon portfolio.”