CHARLOTTE, N.C. — Tower Capital has arranged $19.1 million in acquisition financing for 99 build-for-rent townhomes in Indian Trail, a suburb of Charlotte. The property includes two-story, three-bedroom townhomes with attached garages. An undisclosed investor based in Phoenix received the two-year financing that features a floating interest rate 400 basis points above LIBOR and a six-month extension option. Including the property in Indian Trail, Tower Capital has arranged nearly $108 million in combined financing for several single-family and build-for-rent developments. These transactions include three assets in Arizona: Village at Paseo de Luces in Tolleson, Village at The BLVD in Avondale and Arise North PHX in metro Phoenix. Tower Capital has closed more than $400 million in financing transactions for build-for-rent properties and has another $1 billion of projects in the pipeline that spans multiple states including Arizona, Texas, Alabama, Georgia and Florida.
FOLEY, ALA. — Arch Cos. has sold Meadowbrook Apartments, a 60-unit multifamily property located in Foley, for $6.8 million. Andrew Brown of Cushman & Wakefield represented Arch Cos. in the transaction. The buyer was not disclosed. Located at 701 S. Juniper St., Meadowbrook Apartments is situated 11.6 miles from Gulf Shores Beach. The multifamily property offers two- and three-bedroom apartments. Community amenities include a laundry center, balconies and patios, washer and dryer connections in select units and a playground. Arch Cos. acquired the apartment community in April 2018 and has maintained an occupancy rate above 95 percent throughout its ownership. Arch Cos. is a New York-based real estate owner, operator and developer with a portfolio of more than 3.4 million square feet across the country. So far this year, Arch Cos. has acquired over 1,700 units in garden-style properties throughout the Southeast.
SAN ANTONIO — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Vecina Apartment Villas, a 297-unit multifamily community located in north San Antonio. LIV Development completed the property in 2020. Amenities include a 10,000-square-foot clubhouse with private workspaces and a coffee bar, a 24-hour convenience mart, fitness center, pool and an outdoor sports lawn. Will Balthrope and Drew Garza of IPA represented the seller and procured the buyer, California-based Passco Cos., in the transaction.
MANOR, TEXAS — Barings has provided a $43.5 million permanent loan for Yager Flats, a 300-unit affordable housing community in Manor, an eastern suburb of Austin. The $73 million development will offer one-, two-, three- and four-bedroom units that will be reserved for renters earning between 30 and 60 percent of the area median income. Amenities will include a clubhouse, community room, fitness center, pool and a playground, and residents will also have access to adult education, workforce training, afterschool programming and health and wellness services. The borrower, Elmington Capital Group, is developing the property in partnership with Red Stone Equity Partners, which contributed $29.3 million in tax credit equity. Dallas-based Humphreys & Partners Architects is designing the project. Bank of America provided the original $40 million construction loan. A tentative completion date was not disclosed.
ALVIN, TEXAS — Capstone has brokered the sale of Sun Meadows Mobile Home Community, a 288-site manufactured housing community in Alvin, about 25 miles southeast of Houston. According to Apartments.com, the property was built in 1998 and includes a pool. Capstone’s Ian Hilpl, Kevan Enger, Brian Hummell and Hunter LaRocca represented the seller and procured the buyer, both of which requested anonymity, in the transaction. Sun Meadows was 96 percent occupied at the time of sale.
BUCKEYE, ARIZ. — Link Senior Development and MedCore Partners have unveiled plans for Ativo of Sundance, a 202-unit senior living community inside the Sundance Active Adult master-planned community in the Phoenix suburb of Buckeye. The campus will offer 103 independent living, 75 assisted living and 24 memory care units on a 10-acre tract. Construction of the 211,000-square-foot, three story project is scheduled to begin in late 2021 for an anticipated opening in summer 2023. Insight Senior Living will manage the community, including oversight of all programs and resident services. This will be Insight’s third senior living project in Arizona. Ankrom Moison Architects designed the facility. Link and MedCore are collaborating on two other developments in Albuquerque, New Mexico and Tracy, California. The two firms previously worked together on the 2019 sale and acquisition of five senior living communities in Arizona and Utah.
COLORADO SPRINGS, COLO. — Colliers Multifamily Advisory Group has arranged the sale of The Enchanted Springs Apartments, a multifamily property located at 3281 Divine Heights in Colorado Springs. A private investor sold the property to Hamilton Zanze for $65 million, or $325,000 per unit. Built in 2020, Enchanted Springs features 200 apartments, an indoor fitness center, clubhouse, resort-style swimming pool, spa and business center. Bill Morkes, Craig Stack and Keegan Hofer of Colliers represented the seller in the transaction.
PHOENIX — Charleston, South Carolina-based Greystar has purchased Cordoba, a multifamily property located at 4520 E. Baseline Road in Phoenix, from Dallas-based Cordoba Apartments LLC for an undisclosed price. Cindy Cooke, Brad Cooke, Matt Roach and Chris Roach of Colliers in Arizona handled the transaction. Originally built in 1986 and renovated in 2018 through 2020, Cordoba features 352 apartments in a mix of one-, two- and three-bedroom layouts, averaging 740 square feet. At the time of sale, the property was 99 percent leased. The buyer plans to continue value-add renovations at the property.
ARLINGTON, TEXAS — Locally based investment firm 180 Multifamily Properties has acquired a 444-unit community located at 2420 Abrams St. in Arlington. The Class B property was originally built on 20 acres in 1966. The new ownership plans to implement a value-add program and rebrand the community as Stratton Apartment Homes. The seller and sales price were not disclosed.
TYLER, TEXAS — Seniors housing developer LifeCare Properties and New Orleans-based investment firm ERG Enterprises will develop The Blake at Tyler, a 100,000-square-foot community that will be located about 100 miles east of Dallas. The property, the number of units of which was not disclosed, will be situated within The Crossing mixed-use development. The Blake at Tyler will offer assisted living units in various floor plans and studio and one-bedroom memory care units. Blake Management Group will operate the property, which is scheduled to open in 2023.