BOISE, IDAHO — Pacific Partners Residential has acquired a 0.84-acre site in downtown Boise for an undisclosed price. The buyer plans to redevelop the property, which is located at 1212 W. Bannock St. and formerly used as a transportation terminal for the Greyhound Bus Co., into a residential community. Curtis Cluff of Cushman & Wakefield and Matt Haumann of CBRE co-represented the buyer, while Jay Story of Story Commercial Real Estate represented the seller in the deal.
MIAMI — Affiliates of Harbor Group International (HGI) have acquired ParkLine Miami, an 816-unit luxury apartment community in downtown Miami. The purchase price was not disclosed, but news outlets reported last fall that the asking price was $500 million. The seller, Florida East Coast Industries (FECI), completed construction of the property in 2020. The development is perched directly above MiamiCentral, a transportation hub spanning six city blocks that connects to four major transit lines. “The ParkLine Miami investment represents a unique opportunity to acquire a world-class asset in a desirable, high-growth location with accessibility to major employment drivers and direct elevator access to all major regional and local transportation modes,” says Richard Litton, president of HGI. ParkLine Miami consists of two apartment towers rising 44 and 47 stories. Connecting the two towers is a two-acre amenity deck set 150 feet above street level. Offerings include pools, outdoor and indoor fitness centers, pet parks, a quarter-mile running track and a business center with coworking spaces. HGI, a privately owned international real estate investment and management firm based in Norfolk, Va., now owns 1,105 units across five properties in Miami-Dade County. Cammeby’s International Group partnered with HGI on the transaction. Cammeby’s, which …
FORT MYERS, FLA. — JBM Institutional Multifamily Advisors has brokered the $265 million sale of three multifamily properties in Fort Myers totaling 775 units. The three properties include Las Palmas, Drift at The Forum and Estero Oaks. Built in 2021 by The NRP Group, Las Palmas is a 300-unit, Class A apartment property with townhome-style units and attached two-car garages. Unit features include espresso flat-panel cabinets, vinyl flooring and kitchen islands with maple white quartz countertops. Community amenities include home office space, a fitness center, two resort-style saltwater pools and a volleyball court. PassiveInvesting.com purchased the property. Developed in 2021 by the Garrett Cos., the Drift at The Forum is a 195-unit apartment community that offers one-, two- and three-bedroom floorplans with in-unit washers and dryers and an elevator. Community amenities include a resort-style pool with shaded cabanas, a 1,500-square-foot fitness center, theater room, arcade and putting green. Situated at 3419 Forum Blvd., the property is located adjacent to The Forum shopping center, a Target-anchored power center. Miami-based Momentum Real Estate Partners purchased the property. Estero Oaks, a 280-unit apartment community, was completed in 2017. Unit features include granite countertops, walk-in closets, island kitchens and an in-unit washers and dryers. …
LAFAYETTE, LA. — New York-based Kushner Realty Acquisition LLC has purchased two multifamily properties in Lafayette for a combined $93.5 million. New Orleans-based Key Real Estate sold the communities, Robley Place and Ansley Walk, for $52.5 million and $41 million, respectively. Albert Elmore and Brian Savage of Colliers represented both the buyer and the seller in the transaction. The adjacent properties both offer one-, two- and three-bedroom floorplans. Built in 2016, Robley Place features 248 units with stainless steel appliances, wood-style flooring and walk-in closets. Community amenities include a courtyard, grill, fitness center, pet washing station, spa, pool, playground and a business center. Built in 2008, Ansley Walk has 242 units with walk-in closets, balconies and patios and master bathrooms with double vanities. Community amenities include laundry facilities, pet play area, car wash area, pet washing station, package service and Wi-Fi at the pool and clubhouse.
MARIETTA, GA. — CBRE has secured $38 million in acquisition financing for Crestmont Apartments, a 228-unit, garden-style apartment community in Marietta. Robert Kadoori and C.J. Kelly of CBRE arranged the loan on behalf of the borrower, TerraCap Management. The floating-rate loan has an initial term of four years, can extend up to one additional year and features future funding to finance the sponsor’s business plan. Built in 1986, Crestmont offers one- and two-bedroom unit floorplans. Unit features include nine-foot ceilings, stainless steel appliances, walk-in closets and washers and dryers in select units. Community amenities include a swimming pool with a sundeck, playground, picnic area with grilling stations, clubhouse, pet spa and a dog park. Located at 500 Williams Drive, the property is close to Interstates 75 and 575 and Atlanta’s Cumberland/Galleria office submarket, which includes 20 million square feet of office space. The property is also 5.3 miles from Kennesaw State University, 10.7 miles from Battery Atlanta and 2.9 miles from Town Center at Cobb.
DALLAS — Greysteel has brokered the sale of Greens of Hickory Trail, a 250-unit apartment community in South Dallas. Built in 2000, the property offers two- and three-bedroom units with an average size of 1,200 square feet. Amenities include a pool, fitness center, business center, outdoor grilling and dining areas, playground and a basketball court. Doug Banerjee, Jack Stone and Andrew Mueller of Greysteel represented the seller in the transaction. Daniel Hartnett and Fisher Wells, also with Greysteel, arranged acquisition financing on behalf of the buyer. Both parties involved in the deal requested anonymity.
SAN ANTONIO — Locally based development and investment firm The Lynd Group has acquired Esperanza Apartments, a 244-unit garden-style community in San Antonio, for $49 million. Built in 2020, Esperanza Apartments offers one-, two- and three-bedroom units that feature an average size of 954 square feet, as well as modern appliances, walk-in closets and outdoor balconies. The amenity package consists of a resort-style pool, clubhouse, fitness center, dog park, movie lawn and an outdoor sport court. Esperanza Apartments was 95 percent occupied at the time of sale. The seller was not disclosed.
STAMFORD, CONN. — California-based investment firm Carmel Partners has purchased Vela on the Park, a 209-unit multifamily high-rise in Stamford, located in the southern coastal part of the state. The 19-story building houses studio, one- and two-bedroom units with stainless steel appliances, quartz countertops and individual washers and dryers. Amenities include a rooftop deck, fitness center, pet spa, arcade, media center and a resident lounge. Jose Cruz, Steve Simonelli, Michael Oliver and Kevin O’Hearn of JLL represented the seller, a partnership between an affiliate of regional developer Trinity Financial Inc. and Boston-based Berkshire Residential Investments, in the transaction.
TEMPE, ARIZ. — Berkadia has arranged the sale of The Rev, a garden-style apartment property in Tempe. Washington-based Securities Properties sold the asset to Western Wealth Capital for an undisclosed price. Dan Cheyne, Ric Holway and Mark Forrester of Berkadia Phoenix represented the seller in the transaction. Andy Hill of Berkadia Austin secured $35.7 million in acquisition financing on behalf of the buyer. Benefit Street provided the bridge loan, which features future funding to facilitate completion of upgrades to the property. Located at 3409 S. Rural Road, The Rev features 172 apartments in a mix of studio, one- and two-bedroom layouts. Community amenities include an oversized swimming pool, heated spa, standalone leasing center, resident lounge, business center, fitness center, locker room and large courtyards.
MADISON, N.J. — Cambridge Realty Capital Cos. has provided a $10.7 million HUD-insured loan for the refinancing of Pine Acres Healthcare & Rehabilitation Center, a 102-bed skilled nursing facility in Madison, approximately 40 miles west of Manhattan. Pine Acres is a long-term care facility and rehabilitation center offering a variety of post-operative services and amenities, including private and semi-private rooms. The borrower was not disclosed.
