AUSTIN, TEXAS — Locally based REIT Stratus Properties has entered into an agreement to sell The Santal, a 448-unit apartment community in Austin’s Barton Creek neighborhood, for $152 million. The sales price equates to roughly $339,000 per unit. The property, which was fully occupied at the time of sale, was constructed in phases between 2015 and 2019. Units feature one-, two- and three-bedroom floor plans and are furnished with hardwood floors, quartz countertops, stainless steel appliances, individual washers and dryers and private balconies. In addition, The Santal offers multiple pools, fitness centers and resident lounges, as well as a bark park and dog wash station, package lockers and electric vehicle charging stations. The buyer was undisclosed. The deal is expected to close in the fourth quarter.
MINNEAPOLIS — NorthMarq has arranged a $32.2 million loan for the refinancing of Stone Arch Apartments in Minneapolis. The 221-unit affordable housing community, built in 2002, is located at 601 Main St. Amenities include a fitness center, business center, laundry facilities and grill area. Michael Padilla of NorthMarq arranged the loan through Freddie Mac’s Targeted Affordable Housing (TAH) program. The seven-year loan features a 30-year amortization schedule.
MOUNT PROSPECT, ILL. — Kinzie Builders has completed construction of 10 North Main in downtown Mount Prospect, a suburb of Chicago. The $20 million luxury apartment complex rises five stories with 97 units, which range in size from 564 to 1,290 square feet. Amenities include a fitness center, coffee bar, club lounge and outdoor rooftop deck. Kinzie worked alongside owner First Equity Group LLC, developer Harlem Irving Cos. and architect OKW Architects. Other project team members included ECL Engineer Consultants, Pierce Engineering, LETech Inc., V3 Cos. and Kathryn Talty Landscape Architecture.
HOUSTON — Chicago-based 29th Street Capital has acquired San Cierra Apartments, a 362-unit multifamily community located in the Cypresswood neighborhood in northwest Houston. Built in 2008, the property features one-, two- and three-bedroom apartments with nickel fixtures and hardware, individual washers and dryers, granite countertops and island kitchens. Communal amenities include a resort-style pool, fitness center, theater room, business center, children’s play area, a coffee bar and package concierge services. The new ownership plans to implement a capital improvement plan that will renovate unit interiors by adding smart-home features such as ecobee thermostats and Ring doorbells, as well as modern backsplashes and updated kitchen appliances. Landscaping will also be upgraded, and a new yoga/spin studio will be added to the fitness center.
SPRINGFIELD, ILL. — Colliers International has brokered the sale of Woodland Acres Mobile Home Community in Springfield for $16.3 million. Totaling 231 units on more than 50 acres, the property is located at 3500 N. Dirksen Parkway. The community is 94 percent occupied with average rents of $373 per month. Michael Nissley of Colliers represented the seller, Ronald Coleman. Flagship Communities REIT was the buyer. The purchase marks Flagship’s entrance into the Illinois market.
CHICAGO — Interra Realty has negotiated the sale of 2827-47 N. Clybourn Ave. in Chicago’s Lakeview neighborhood for $14.8 million. Constructed in 2020, the building includes 30 apartment units and six commercial spaces on the ground floor. The apartment units were fully occupied at the time of sale. Of the six commercial spaces, two are rented as offices, two are occupied by resident gyms and two are vacant. Brad Feldman of Interra represented the buyer, a local private investor who plans to rent out the vacant space and increase rents. The seller was 2829 N. Clybourn LLC.
DALLAS — JLL has arranged an undisclosed amount of acquisition financing for Alexan on Ross, a 292-unit apartment community located in Dallas. Built in 2018, Alexan on Ross offers a mix of studio, one- and two-bedroom units with an average size of 877 square feet. Residences are furnished with stainless steel appliances, granite or quartz countertops and full-size washers and dryers. Amenities include a pool, fitness center, resident lounges and an outdoor skyline terrace. Mark Brandenburg and Chad Russell of JLL placed the 10-year, fixed-rate loan through Northwestern Mutual on behalf of the borrower, private investment firm Internacional.
NEW YORK CITY — Charlotte, N.C.-based Grubb Properties will develop 8 Carlisle, a 50-story apartment building that will be located in Manhattan’s Financial District. Grubb Properties acquired the site from New York-based Pink Stone Capital Group, which purchased it in 2011 and helped assemble the air rights and construction permits as Grubb’s development service partner. In addition to 22,000 square feet of retail space, the property will feature 400 units that will be operated under Grubb’s Link brand, which provides housing geared to renters earning between 60 and 140 percent of area median income (AMI). A construction timeline has not yet been finalized.
RUTHERFORD, N.J. — Vango Development has received site plan approval from the planning board of the Borough of Rutherford, located in the northern part of the Garden State, for a new 60-unit multifamily project. The property, which will be located in the downtown area, represents the second phase of The Parker, a 52-unit complex completed by Vango in 2019. The new four-story building will house a mix of studio, one- and two-bedroom units, as well as 3,000 square feet of ground-floor retail space. Minno & Wasko Architects & Planners is designing the project, completion of which is slated for spring 2023.
RIDGEWOOD, N.J. — CBRE has arranged the $14.3 million sale of The Schoolhouse, a 31-unit apartment complex in the Northern New Jersey community of Ridgewood. The sales price equates to approximately $462,000 per unit. The property was built in stages between 1960 and 1980. Nat Gambuzza and Spencer Beriont of CBRE represented the seller, 158-174 Union Street LLC, in the transaction.