SAN ANTONIO — New York City-based Dwight Capital has provided a $22.7 million HUD-insured loan for the refinancing of Stablewood Farms, a 252-unit affordable housing community in San Antonio. Built in 2002, the property comprises 16 two- and three-story buildings, five garages, a leasing office and a community center on a 22-acre site. The majority (75 percent) of the units are restricted to households earning 80 percent or less of the area median income (AMI), while 20 percent are reserved for renters earning up to 50 percent of AMI. Josh Sasouness of Dwight Capital originated the loan through HUD’s 223(f) program on behalf of the borrower, locally based nonprofit organization Merced Housing Texas.
WINFIELD, ILL. — Interra Realty has arranged the $44.2 million sale of Winfield Station in Winfield, about 35 miles west of Chicago. The newly built, transit-oriented apartment complex features 162 units and is situated near the Winfield Metra station. The property was 82 percent occupied at the time of sale. Amenities include a resident lounge, business center, fitness center and outdoor pool. Jon Morgan, David Goss and Joe Smazal of Interra represented the seller, an affiliate of Chicago-based Synergy Construction Group, which completed construction of the property in August 2021. Patrick Kennelly and Paul Waterloo of Interra procured and represented the buyer, Mango Shadow LLC.
LINDENHURST, N.Y. — JLL has negotiated the $146 million sale of The Wel, a 260-unit apartment community located in the Long Island community of Lindenhurst. Built in 2021, The Wel offers studio, one-, two- and three-bedroom units with an average size of 916 square feet. Residences are furnished with stainless steel appliances, stone countertops and individual washers and dryers. Amenities include a pool, fitness center, coworking space, game room, rooftop lounge, fire pits, a dog wash station and landscaped courtyards. Jose Cruz, Steve Simonelli, Andrew Scandalios, Michael Oliver, Kevin O’Hearn and Jason Lundy of JLL represented the seller, a joint venture between Tritec Real Estate Co. and an affiliate of Rockwood Capital, in the transaction. The buyer was Fairfield Properties.
NORWALK, CONN. — Cushman & Wakefield has brokered the sale of Avalon East Norwalk, a 240-unit multifamily property located in the southern coastal part of Connecticut. Avalon East Norwalk features one-, two- and three-bedroom units and amenities such as a pool, fitness center, outdoor grilling stations and a resident lounge. Brian Whitmer, Adam Spies, Al Mirin, Matt Torrance, Michael Collins, Ryan Dowd and Peter Welch of Cushman & Wakefield represented the seller, Virginia-based multifamily REIT AvalonBay Communities, in the transaction. The team also procured the buyer, Boston-based DSF Group, which will rebrand the property as Halstead Norwalk.
WILMINGTON, MASS. — Locally based developer The Procopio Cos. has topped off Lume, a 49-unit multifamily project in Wilmington, a northern suburb of Boston. The 74,000-square-foot, transit-served development carries a price tag of $20 million. Upon completion this fall, Lume will consist of 39 garden-style apartments and 10 townhomes. Amenities will include a fitness center, clubroom, coworking space and a pet spa. DMS Design is the project architect, with interiors by Conant Design Group. Boston-based Charlesgate is the leasing and management agency.
PHOENIX — Triumph Properties has closed an $82.5 million total capitalization for Aileron, a multifamily project located in North Phoenix. The company acquired the 9.8-acre land parcel from Moderne Capital Partners, which will partner with Triumph on the project. Aileron will feature 286 apartments in a mix of studios, one- and two-bedroom units averaging 842 square feet. Units will feature vinyl plank and carpet flooring, quartz countertops, tile backsplashes, wood cabinets, stainless steel appliances, in-unit laundry and air conditioning. Community amenities will include a pool, spa, clubhouse, fitness center, barbecue area, secured access and a package center.
DENVER — Legacy Partners and Pacific Life have purchased Araceli DTC, a to-be-developed residential tower in Denver. Situated on 1.3 acres at 4552 S. Ulster, the property will feature 236 apartments spread across 10 levels and a three-level garage podium. The property will feature panoramic views and an average unit size of 896 square feet. Community amenities will include a pool amenity deck, a protected Uber/Lyft pickup/drop-off area and electric car charging stations. Completion is slated for 2024. Mark Erland, Matthew Benson and Kevin Barron of JLL Capital Markets arranged $106 million in joint-venture equity and construction financing for Legacy Partners. The financing is a four-year, floating-rate senior construction loan, which an investment manager provided.
PHOENIX — Taurus Investment Holdings has purchased an apartment property located in Phoenix’s northwest region for $42 million. The buyer will rebrand the Class B property, which was previously known as Rise Metro, as Raystone. Built in 1981, Raystone features 160 units. Through its energy-focused subsidiary, RENU Communities, Taurus plans to transition Raystone to a low-carbon, energy-efficient multifamily complex by replacing all HVAC units with highly efficient air-source heat pumps, replacing existing electric water heaters with heat pump water heaters, implementing an energy monitoring system in each unit, upgrading lighting and installing solar panels.
TACOMA, WASH. — Portland, Ore.-based Ethos Development has broken ground on The Moraine, a multifamily property in Tacoma. The eight-story, 115,000-square-foot podium building will include 160 apartments, a fitness center, media room, roof deck with communal kitchen and billiards room. The project has a voluntary target of 25 percent minority and disadvantaged business participation during construction, a target to recycle 70 percent of the construction waste stream, and the building will have both onsite solar panels and a green roof. The units are designed to provide market-rate affordability by way of efficient floor plans, and 20 percent of the units will be available to those earning no more than 80 percent of area median income as part of the tax exemption program of Pierce County. The project team includes Portland-based Works Progress Architecture, Walsh Construction Co. and Ethos Commercial Advisors.
RIVERSIDE, CALIF. — PSRS has arranged the $3.5 million cash-out refinancing of Riverside Apartments, a multifamily property located in Riverside. David Sarnoff of PSRS secured the 10-year, fixed-rate loan with a flexible prepayment structure. The name of the borrower was not released. Built in 1990, the wood-frame property features 32 garden-style apartments.