DETROIT — Lument has provided a $13.5 million bridge loan for the refinancing of two apartment communities in Detroit. Greatwater Opportunity Capital was the borrower. Selden Manor consists of 48 units within a four-story building, while Heather Hall includes 70 units across a 10-story building. Both properties were constructed in 1924. Greatwater acquired the assets in early 2020, at a time when they were in disrepair and had almost no occupants. The firm then completed $7.5 million in renovations. James Kelly of Lument originated the loan, which features a two-year term and a floating interest rate.
SAN MARCOS, TEXAS — Cardinal Group Cos. and TPG Real Estate Partners have purchased The Village on Telluride, a 1,116-bed student housing community located near Texas State University in San Marcos. Built in 2011, the property offers 385 units alongside shared amenities including two resort-style pools, a two-story fitness center and a newly renovated clubhouse. The new ownership plans to further upgrade the community with the addition of in-unit furnishings; appliance upgrades; the replacement of existing countertops; fresh cabinet finishes; repainting; upgraded flooring; updates to the property’s poolside grilling station and pool area; and the expansion of the community’s basketball court. Institutional Property Advisors, a division of Marcus & Millichap, brokered the transaction. CBRE’s capital markets team advised on debt for the acquisition. The seller and other terms of the transaction were undisclosed.
SALT LAKE CITY — Watt Investment Partners and Walton Street Capital have completed the disposition of Harvest Apartments, a multifamily property in downtown Salt Lake City. A joint venture between New York-based Cadre and Ethos Real Estate acquired the asset for an undisclosed price. Located at 580 North and 300 West, the five-story podium building features 252 residences, ranging from studio to two-bedroom units averaging 785 square feet. Units features kitchen islands, stainless steel appliances, quartz and black granite countertops, modern fixtures and balconies. Community amenities include a heated swimming pool, fitness center, top-level view lounge with outdoor space, multiple community gathering areas, bike storage and 12 fire pits throughout the common areas. Eli Mills and Patrick Bodnar of CBRE represented the sellers in the deal.
SAN ANTONIO — Locally based developer The Lynd Group has broken ground on Potranco Commons, a 360-unit mixed-income apartment project in San Antonio’s Far West Side. Residences will be available in one-, two- and three-bedroom formats, with approximately 40 percent of the units reserved for renters earning 80 percent or less of the area median income. Amenities will include a clubhouse, pool, fitness center, outdoor grilling and dining stations, multiple open green spaces and a DJ booth. Lynd Group is partnering with Santikos Enterprises and the San Antonio Housing Authority on the project. Construction is scheduled for completion in the second quarter of 2024.
MESA, TEMPE AND PHOENIX, ARIZ. — Phoenix-based Taylor Street Advisors has arranged the sales of three multifamily communities in Arizona for a total of $8.7 million. Brian Tranetzki and Anton Laakso of Taylor Street Advisors represented the sellers, local private capital owners, and the buyers, local syndicators and professional investors, in the transactions. The transactions include: The $3.6 million, or $200,000 per unit, sale of Williams Apartments at 530-538 N. Williams in Mesa. The property features 18 two-bedroom/one-bath units. The $3.5 million, or $250,000 per unit, sale of Don Carlos Apartments at 1825 E. Don Carlos Ave. in Tempe. Don Carlos Apartments offers 12 one-bedroom units and two two-bedroom units. The $1.6 million, or $174,444 per unit, sale of Coolidge Apartments at 2416 W. Coolidge St. in Phoenix. The community features one studio, six one-bedroom units and two two-bedroom/two-bath units. According to Taylor Street Advisors, the buyers plan to renovate each property, which are all individually metered for electric with individual HVAC units.
BUDA, TEXAS — Southern California-based investment firm Brixton Capital has acquired Royalton at Sunfield, a 300-unit apartment community located in the southern Austin suburb of Buda. Built in 2021, the garden-style property comprises 14 three-story buildings. Amenities include a pool, dog park, office space, community kitchen, entertainment pavilion, tenant lounge and fitness center. Will Balthrope, Jordan Featherston, Kent Myers and Taylor Hill of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller, Dallas-based developer SWBC, in the transaction. Brixton Capital, which plans to implement minor upgrades to unit interiors, was self-represented.
DALLAS — Locally based financial advisory firm Terrydale Capital has arranged a $2.9 million loan for the refinancing of an undisclosed multifamily property located in the Dallas Central Business District. Brian Gramlich of Terrydale Capital arranged the loan through an agency lender on behalf of the undisclosed borrower. The loan carries an interest rate that is fixed at 3.16 percent for a five years, followed by 15 years of floating-rate financing with one year of interest-only payments.
OCALA, FLA. — Greysteel has brokered the sale of Parkside Gardens, a Section 8 affordable multifamily community in Ocala. An affiliate of Boston-based JE Properties acquired the asset from Christiansburg, Va.-based Community Housing Partners for an undisclosed price. Built in 1970, Parkside Gardens features 144 apartments. The buyer plans to rehabilitate the property to improve the physical asset and the quality of life for residents. Fletcher Hultman of Greysteel represented the seller and procured the buyer in the transaction.
PHILADELPHIA — Rittenhouse Realty Advisors, a member of GREA, has brokered the $23.5 million sale of Diamond Green, a 350-bed student housing community located near Temple University in Philadelphia. Orens Brothers Real Estate developed the 92-unit property using modular construction. The community features six retail spaces on the ground floor and a 28-stall parking garage. Apex Student Living, a joint venture between Alexandra Capital and Axela Group, acquired the property.
BROCKTON, MASS. — Blueprint Healthcare Real Estate Advisors has negotiated the sale of Connemara Senior Living, an 86-unit independent living, assisted living and memory care community located in the southern Boston suburb of Brockton. The community was originally built in 1990. Elevation Financial Group acquired the property and plans to convert it to an affordable seniors housing complex. The seller and price were not disclosed.