DENVER — JLL Capital Markets has arranged $49 million in financing for the acquisition of Aspire 7th & Grant, an apartment property located at 670 N. Grant St. in Denver’s Capitol Hill neighborhood. Leon McBroom led the JLL team that represented the borrower, an unnamed institutional fund, to secure the seven-year, fixed-rate loan through Northwest Mutual Real Estate Investments. Built in 2020, Aspire 7th & Grant features 178 studio, one- and two-bedroom units that average 882 square feet. Community amenities include a sky terrace with an outdoor fireplace, chef-inspired kitchen with a dining area, eighth-floor club area, rooftop business center, second-floor garden deck with a resort-style pool, fitness center, yoga studio, indoor pet spa and grilling lounge.
Multifamily
IDEAL Capital Group Acquires Vintage at SLO Multifamily Property in San Luis Obispo, California for $51M
by Amy Works
SAN LUIS OBISPO, CALIF. — IDEAL Capital Group has purchased Vintage at SLO, an apartment community located at 3554 Ranch House Road in San Luis Obispo, for $51 million. The seller was a joint venture between Newport Beach, Calif.-based Capstone Commercial Properties and Robbins | Reed. Completed in 2021, the 91,749-square-foot Vintage at SLO consists of seven three-story buildings offering a total of 105 apartments, with an average unit size of 874 square feet. Community amenities include a resort-style pool, fitness center, dog washing station and 161 parking spaces. Stew Watson, Dean Zander and Jef Henderson of CBRE represented the seller in the deal.
SLIB Arranges Sale of 129-Unit Westgate Village Seniors Housing Property in Glendale, Arizona
by Amy Works
GLENDALE, ARIZ. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Westgate Village, a 129-unit independent living community in Glendale. Located approximately nine miles northwest of downtown Phoenix, the property was built in 2017. It totals 112,000 square feet on approximately eight acres of land. A regional developer sold the community to an unnamed REIT for an undisclosed price. The new owner plans to keep the existing operator in place. Jason Punzel, Brad Goodsell and Vince Viverito of SLIB handled the transaction. “This was a great opportunity for the new owner to acquire a high-quality asset and the current operator to stay in place,” says Punzel. “The seller will be recycling the capital into other senior living projects.”
FALLS CHURCH, VA. — Pacific Western Bank has provided a $127.5 million senior construction loan for an affiliate of the Wolff Co., which acquired three existing office towers in Falls Church, currently known as Skyline Towers. The company purchased the property in late 2019 with the intention of converting all three buildings into 675 rental apartments with ground floor retail space. The Skyline Towers will include a portion of the apartment units as live/work apartments, as well as dedicated office space. The project is located adjacent to a Target store and a fitness facility.
JACKSONVILLE, FLA. — Berkadia has arranged the $40 million sale of Coquina Bay, a 200-unit multifamily property located in Jacksonville. Greg Rainey, Matt Wilcox, Brett Moss, Cole Whitaker and Jason Stanton of Berkadia completed the sale on behalf of the seller, Texas-based InvestRes. The buyer was a New York-based institutional fund advisor. Located at 3709 San Pablo Road S, Coquina Bay features one-, two- and three-bedroom floor plans with wood-burning fireplaces and in-unit washers and dryers. Community amenities include a swimming pool, fitness center, yoga studio, business center, clubhouse, tennis court and a dog park.
CYPRESS, TEXAS — Venterra Realty has acquired a 12.8-acre site in the northwestern Houston suburb of Cypress for the development of a 336-unit multifamily community. Units will feature stainless steel appliances and shaker cabinets. Amenities will include an 8,600-square-foot clubhouse, a pool, fitness center, package lockers and a business center. A construction timeline for the project is still being finalized.
HOUSTON — NorthMarq has arranged a $32 million loan for the refinancing of Gessner Apartments, a 500-unit community in southwest Houston. Warren Hitchcock of NorthMarq arranged the fixed-rate loan, which was structured with a seven-year term and two years of interest-only payments followed by a 25-year amortization schedule. The borrower and direct lender were not disclosed.
GRAND PRAIRIE, TEXAS — A partnership between Maryland-based investment firm FCP and VaultCap Partners has acquired Corey Place Apartments, a 275-unit community located in the central metroplex city of Grand Prairie. The property, which according to Apartments.com was built in 1970, offers one-, two- and three-bedroom units. NorthMarq represented the undisclosed seller in the transaction and arranged debt and equity on behalf of the buyer. The new ownership intends to implement a value-add program to add a pool, turf soccer field and outdoor kitchen, as well as to renovate common area and make sustainability improvements.
NEWARK, N.J. — PGIM Real Estate, the real estate investment and financing business of PGIM, has provided $178 million in fixed-rate debt for the refinancing of a national portfolio of five manufactured housing communities. The properties total 1,731 sites and are located in Massachusetts, New Jersey, Illinois and Florida. Amenities of the portfolio, which was 99 percent occupied at the time of the loan closing, include pools, fitness centers, putting greens, clubhouses, bocce ball courts and dog parks. In addition, four of the five properties feature age restrictions. The borrower was Chicago-based Hometown America. Bellwether Enterprise arranged the debt.
NEW YORK CITY — Locally based firm Ariel Property Advisors has arranged the sale of the West 135th Street LIHTC Portfolio, a collection of eight affordable housing buildings totaling 111 units in West Harlem. The portfolio also includes three retail spaces. The unit mix consists of nine studio apartments, 30 one-bedroom units, 55 two-bedroom units, 17 three-bedroom residences and one superintendent’s unit. Victor Sozio of Ariel Property Advisors brokered the deal. The buyer and seller were not disclosed.