BURIEN, WASH. — NewPoint Real Estate Capital has provided an $86.6 million Freddie Mac floating-rate loan to facilitate the purchase of Alcove at Seahurst on behalf of an affiliate of Harbor Group International. Constructed in 1948, the garden-style Alcove at Seahurst features 44 residential buildings spread across 36 acres at 14001 Ambaum Blvd. SW. The community features 543 units in a mix of one-, two- and three-bedroom apartments with fully equipped kitchens, washers/dryers and architectural built-ins. Community amenities include a playground, coffee bar, fitness center, business lounge and grilling and picnic areas. The seven-year Freddie Mac loan features an interest-only period of five years, providing Harbor with the flexibility to execute a value-add renovation.
SAN DIEGO — FPA Multifamily has completed the sale of ReNew Mills, an apartment property in Ontario. San Diego-based Interwest Capital Group acquired the asset for $45.6 million. Located at 551 E. Riverside Drive on 8.8 acres, ReNew Mills features 142 apartments, a fitness center, resident clubhouse with a pool table and lounge, dog park and resort-style pool and spa. The units feature large closets, vaulted ceilings, air conditioning, fireplaces and private balconies. Dean Zander and Stewart Weston of CBRE represented the seller in the transaction.
MESA, ARIZ. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Talise, a multifamily community in Mesa. Terms of the transaction were not released. Located along Gilbert Road and University Drive, Talise features 388 apartments in a mix of open-concept floor plans with well-appointed kitchens, full-size washers/dryers, walk-in closets and private patios or balconies with exterior storage. Select apartments have vaulted ceilings, fireplaces and built-in bookshelves. Community amenities include three resort-style swimming pools, a spa, business center, fitness center and mailroom. Steve Gebing and Cliff David of IPA represented the seller and procured the buyer in the transaction.
CUMMING, GA. — A joint venture between Wood Partners and CP Capital US (formerly HQ Capital Real Estate) has broken ground on Alta North, a 310-unit apartment community in the Atlanta suburb of Cumming. The site will be located at the intersection of Ga. Highway 400 and Settingdown Circle, about 45 miles north of Atlanta. Alta North will feature one- and two-bedroom apartments with wood-style plank flooring, stainless steel appliances, microwave hoods, undermounted single bowl sinks, tile backsplashes, in-home washer and dryers and granite countertops in the kitchen and bathrooms. Community amenities will include a resort-style swimming pool with a tanning ledge, multiple grilling stations and fire pits, pet park and spa, 24/7 fitness center, social gathering areas and rentable coworking office spaces, as well as 15,000 square feet of commercial space.
OMAHA, NEB. — Petros PACE Finance has provided $13.8 million in C-PACE funding for a 160-unit apartment development in Omaha’s Blackstone District. The funding is for environmental and energy-efficiency measures, including interior and exterior LED lighting, roof and wall insulation, a high-efficiency HVAC system and low-flow water fixtures. The property also features 18,000 square feet of retail space. C-PACE, otherwise known as Commercial Property Assessed Clean Energy, is a tool that can finance energy efficiency and renewable energy improvements at office, industrial, retail and multifamily properties, among others.
CHICAGO — Marcus & Millichap has brokered the sale of a 61-unit multifamily property in Chicago’s Hyde Park neighborhood for $9.8 million. Constructed in 1924, the building is located at 5120 S. Harper Ave. At the time of sale, the property was 95 percent leased. Jack Stanton of Marcus & Millichap represented the seller, a private Chicago-based company that had owned and operated the asset for 22 years. James Ziegler of Marcus & Millichap procured the buyer, a local family-run limited liability company. The buyer plans to update some units.
TAMPA, FLA. — CBRE has arranged the sale of a 14-property multifamily portfolio in Florida totaling 2,384 units. Michael Regan and Frank Carriera of CBRE represented both the seller, Amzak Capital Management, and the buyers, NorthEnd Equities and Motti Schapira, in the $240 million transaction. The properties, which were built between the 1970s and 1990s, included: • Lakeland Manor in Lakeland (376 units) • Kings Trail in Jacksonville (320 units) • Bella Mar in Tampa (264 units) • Rolling Hills in Orlando (240 units) • Timber Falls in Tampa (184 units) • Jacksonville Heights in Jacksonville (173 units) • Del Rio in Tampa (160 units) • Tanglewood in Eustis (138 units) • Mount Dora in Mount Dora (132 units) • Lago Bello in Tampa (120 units) • North Washington (119 units) • Brandywyne in Winter Haven (81 units) • The Landings (60 units) • Country Place in Winter Haven (18 units)
PENDLETON, S.C. — QR Capital, a multifamily and student housing owner-operator based in Atlanta, has sold The Villages at Town Creek, a 244-bed student housing community located near Clemson University in Pendleton. Built in 2010, the property offers 61 townhome-style units in three-, four- and five-bedroom configurations. Shared amenities include a resort-style swimming pool, study lounge, coffee bar, fire pit, hammock garden, sand volleyball court and a car wash station. Jaclyn Fitts, William Vonderfecht, Casey Schaefer, David Lansbury and Erika Maston of CBRE arranged the sale on behalf of QR Capital. The buyer and sales price were not disclosed.
EDGEWATER, COLO. — California-based Trion Properties has acquired Terra Village Apartments in the Denver suburb of Edgewater for $110 million, or $273,631 per unit. The seller was not disclosed. Located at 6201 26th Ave., Terra Village features 402 apartments. Trion Properties plans to upgrade the property and units with new kitchen cabinets, stainless steel appliances, tile backsplashes, updated bathrooms and washers/dryers in each unit. Elliott Polanchyck, Will McCauley, Phil Dankner, Kevin Higgins and Marc Lippitt of Unique Properties/TCN Worldwide and the Unique Apartment Group handled the transaction.
PONTIAC, MICH. — SK Investments Group has unveiled plans to build The Shores at Crystal Lake, a 34-acre development with more than 1,200 apartment units in Pontiac, a northern suburb of Detroit. Plans also call for a mix of retail, dining, recreational and entertainment space. The project team includes architect Kreiger-Klatt and civil engineer and surveying firm Spalding DeDecker. Tim O’Brien, a Pontiac native and former principal of local development company O’Brien Group, will serve as strategic advisor. The site plan final approval is anticipated for this fall, with construction expected to begin in mid-to-late 2023. SK Investments Group is a South Florida-based developer.