ARLINGTON, TEXAS — Canadian investment firm Western Wealth Capital has purchased Brookside Apartment Homes, a 288-unit multifamily property in Arlington that was originally built in 1983. According to Apartments.com, Brookside Apartment Homes features one- and two-bedroom units ranging in size from 650 to 990 square feet. Communal amenities include a pool, fitness center, resident clubhouse, business center, pet play area and outdoor picnic and grilling areas. The seller was not disclosed. Following this acquisition, Western Wealth Capital now owns 12 multifamily properties in the Dallas-Fort Worth area and 26 in Texas.
SAN ANTONIO — Newmark has brokered the sale of Southtown Flats, a 229-unit apartment community located near San Antonio’s RiverWalk area. Units feature studio, one- and two-bedroom floor plans and are furnished with nickel hardware fixtures, stainless steel appliances, granite countertops and individual washers and dryers. Amenities include a pool, fitness center, indoor and outdoor game areas, a business center, cybercafé and package lockers. Patton Jones and Matt Michelson of Newmark represented the seller, Denver-based Ascentris, which developed the property in 2016. Matt Greer, Hank Glasgow and Braden Harmon of Newmark arranged an undisclosed amount of acquisition financing on behalf of the buyer, SPI Advisory.
ST. PETERSBURG, FLA. — JLL has arranged the sale of Icon Central, a 368-unit, 15-story, mixed-use residential tower in St. Petersburg. Matt Mitchell, Matthew Lawton and Zach Nolan of JLL represented the seller, Related Group, in the transaction. Camden Property Trust acquired the property for $149 million, according to the Tampa Bay Business Journal. Completed in 2019 by Related Group, Icon Central includes about 35,000 square feet of rentable space of ground-floor retail. In July, Tricera Capital acquired the ground floor retail for $11.1 million, as well as the adjoining Union Trust Bank building. Right now, BurgerFi and Watts Dental lease about 7,000 square feet of the property’s retail space. Icon Central’s apartments feature private balconies, stainless steel appliances, kitchen islands, a full-size washer and dryer and electronic key-fob entry. Community amenities include a pool with lounge area, fitness center, sauna and steam room, spa with massage tables and Zen lounge, private clubroom and dining room, a movie theater, game simulator and a rooftop terrace with an outdoor kitchen, dining, seating and firepits. Located at 855 Central Ave., Icon Central is situated within a half-mile of St. Petersburg’s Central Arts District and the Edge District, which have art galleries, museums, …
WEYMOUTH, MASS. — Boston-based mortgage banking firm Fantini & Gorga has placed a $17 million loan for the refinancing of Spanish Trace, an 87-unit apartment complex in Weymouth, about 15 miles south of downtown Boston. Casimir Groblewski of Fantini & Gorga placed the loan with an undisclosed, New England-based bank. The borrower was a Massachusetts-based, family-owned development and management firm doing business as Spanish Trace LLC.
ISELIN, N.J. — Cushman & Wakefield has brokered the $15.7 million sale of a 48-unit luxury multifamily building in the Northern New Jersey community of Iselin. Units at the property, which was built in 2018, feature stainless steel appliances and woodgrain ceramic tile floors. Cushman & Wakefield’s Andy Merin, Brian Whitmer, Andrew Schwartz, Jordan Sobel and Andre Balthazard represented the seller, Adoni Property Group, and procured the buyer, FM Ferrari Investments.
BRANSON, MO. — Drever Atelier Partners has acquired Angel Inn by the Strip in southern Missouri’s Branson. The former 342-room hotel will be transformed into a workforce housing community named The Penleigh — Branson Row. In addition to 324 apartment units, the project will feature three resident lounges, a fitness center, playground, pool and pet park. The Penleigh will offer monthly rental rates around $600, along with incentives for early payment, free after-school tutoring and other social programs. Completion is slated for early 2022. Jerry Emery sold the hotel, which was originally built in 1994.
CHICAGO — Interra Realty has brokered the $23.4 million sale of The Cloisters, a 13-story apartment complex in Chicago’s Hyde Park neighborhood. The 86-unit property is located at 5801 S. Dorchester Ave. The sales price of $272,675 per unit represents the highest price for any single multifamily asset in Hyde Park in over a decade, according to Interra. Built in 1928, The Cloisters features a variety of floor plans ranging from one-bedrooms to six-bedrooms. The property gets its name from the covered walkway on one side of a central courtyard. David Goss, Jon Morgan, Joe Smazal and Mark Dykstra of Interra represented the seller, the Baptist Theological Union, which purchased the property from the University of Chicago in 1961. The buyer, Antheus Capital, plans to upgrade units and continue to rent the property to university faculty and staff while expanding to include students and other renters.
MARION, IOWA — Shive-Hattery is working with the City of Marion on the design of a retail strip center redevelopment across one-and-a-half acres. Cedar Falls, Iowa-based Eagle View Partners and DCI Group Inc. are the developers for the project, which will convert an aging retail center into multifamily space. The first phase of the project, Broad & Main on 7th, will include 42 apartment units atop retail and restaurant space on the ground floor. The second phase, Broad & Main on 6th, will bring an additional 42 units and parking space. A timeline for construction was not disclosed.
ATLANTA — Flournoy Development Group has broken ground on a 298-unit apartment community located along Windy Ridge Parkway in Atlanta’s Cumberland-Galleria submarket. The site is adjacent to Battery Atlanta, a mixed-use village with retail, residential, dining and entertainment options that surrounds Truist Park, home ballpark of the Atlanta Braves. The yet-to-be-named apartment community will feature studios, as well as one-, two- and three-bedroom units. Community amenities will include a rooftop club and gaming terrace, swimming pool, private structured parking, fitness center and a dog park. The four-acre land parcel will include a rooftop terrace with views overlooking Battery Atlanta, approximately 7,500 square feet of retail space and a public greenspace and plaza. Construction is underway with completion scheduled for late fall 2022. Dynamik Design, Kimley-Horn, b+c Studio, Mitsch Design and contractor Flournoy Construction Group comprise the development team.
LAS VEGAS — Volunteers of America National Services (VOANS) has broken ground on Phase II of Desert Oasis, an affordable seniors housing property in Las Vegas. Phase II will add 43 new units to the existing 75 units in the Desert Oasis community. The building will include a recreational clubhouse facility with a computer room, exercise room, laundry facilities and a community garden. Desert Oasis will be built with energy-efficient systems using green building techniques and including solar panels and photovoltaics. The entire development will be Energy Star rated. Funding partners include Nevada Housing Division’s Low Income Tax Credit program, City of Las Vegas- and Clark County-provided HOME funds and United Health Care. The building is scheduled for completion in fall 2022. VOANS is the wholly controlled nonprofit subsidiary of Volunteers of America created as the sponsor and parent entity for new Volunteers of America housing development projects.