ALBUQUERQUE, N.M. — Titan Development has completed the construction of Highlands North, an apartment community located at 200 Mulberry St. NE in downtown Albuquerque. Lease-up is underway at the 92-unit property, which was built in partnership with Alliance Residential. Greystar will serve as property manager for the community. Situated on 2.4 acres, the development includes a four-story building and four surrounding carriage buildings, a clubhouse, fitness center and resort-style pool. The apartment complex is the latest development in Titan’s 12-acre, mixed-use, master-planned The Highlands project. The company is working with Maestas Development Group to redevelop the five-block region in downtown Albuquerque. The project was funded by the Titan Development Real Estate Fund I, a $115 million private equity real estate fund established in 2017 to raise and invest equity in approximately $300 million of Titan Development’s investment opportunities, focused heavily on multifamily.
Multifamily
KENNESAW, GA. — Preferred Apartment Communities Inc. (PAC) has purchased The Ellison, a 250-unit, newly built multifamily community in the northern Atlanta suburb of Kennesaw. The sales price and seller were not disclosed. Robert Stickel, Alex Brown and Ashlyn Warren of Cushman & Wakefield represented the undisclosed seller in the transaction. Built in 2021, The Ellison is located at 1650 N Roberts Road, about 3.5 miles from Kennesaw State University and 7.3 miles from Chattahoochee Technical College. Community amenities include a saltwater pool with sun decks, fire pit, fitness center, resident lounge with gaming tables and a coffee bar, bark park and paw spa, electric car charging stations and bike storage. The Ellison is currently 100 percent occupied. PAC is an Atlanta-based real estate investment trust engaged primarily in the ownership and operation of Class A multifamily properties.
KINGWOOD AND PORTER, TEXAS — LYND, a San Antonio-based multifamily developer and operator, has acquired two apartment communities totaling 684 units in the Houston area for $84 million, or roughly $123,000 per unit. The two properties — the 372-unit Paramount at Kingwood and the 312-unit Villas of Valley Ranch — are located in Houston’s northeastern suburbs of Kingwood and Porter, respectively. Paramount at Kingwood features one-, two- and three-bedroom units and a clubhouse, pool and fitness center. Villas of Valley Ranch offers one- and two-bedroom units and a pool, dog park and walking trails. LYND assumed management of the properties in September 2020 and oversaw a value-add program. The seller was Sy Li, a private investor based in Texas.
LAS VEGAS — The Bascom Group has purchased a three-property apartment portfolio located in Las Vegas for $72 million, or $184,806 per unit. Totaling 390 units, the portfolio includes Spectra at 4000, Spectra East and Spectrum at Katie. Bridge Investment Group provided debt financing, which Charles Halladay, Jamie Kline and Annie Rice of JLL Capital Markets arranged. Bascom selected Cushman & Wakefield for property management services and Renu Multifamily Services for construction management. Spectra at 4000 and Spectra East are located in eastern Las Vegas Valley, and Spectrum at Katie is located near University of Nevada – Las Vegas and the Las Vegas Strip. The name of the seller was not released.
DETROIT — City Club Apartments LLC has opened City Club Apartments Lafayette Park, an 18-story redevelopment project in Detroit. Formerly named Elmwood Park Plaza, the apartment property was built in the early 1970s and included a Detroit Public Library branch. The library remains a tenant today. The original building was developed by the father and uncle of current City Club Apartments CEO Jonathan Holtzman. Located at 750 Chene St. in the newly renamed Rivertown District, the property features 202 apartment and penthouse units, 20 percent of which are designated as affordable. Amenities include a lobby lounge, club room, fitness center, outdoor terrace, heated pool, business center, sky lounge and dog park. Monthly rents start at $1,065.
NOVI, MICH. — Dwight Capital has provided a $34.5 million HUD 223(f) loan for the refinancing of Central Park Estates, a 254-unit townhome-style apartment property in Novi. Built between 2001 and 2003, the property consists of 43 buildings. Amenities include a clubhouse, basketball court, community room, fitness center, playground and tennis court. Josh Hoffman and Kevin Lifshitz of Dwight Capital originated the loan, which qualified for a Green Mortgage Insurance Premium reduction set at 25 basis points.
LYONS, ILL. — Affordable Housing Investment Brokerage Inc. (AHIB) has arranged the $8.8 million sale of Riverwalk in Lyons, about 14 miles southwest of Chicago. Built in 2003, the six-story property includes 120 units. The majority of the units are rented under affordable housing guidelines, while 16 are rented at market rate. The community was developed using funds from the Low-Income Housing Tax Credit program and the Illinois Housing Development Authority. Current affordability restrictions remain in place until 2033. Kyle Shoemaker of AHIB represented the seller, Barron Development LLC, as well as the buyer, New Frontier Cos. The buyer intends to operate the community as affordable housing for the foreseeable future, according to AHIB.
HAUPPAUGE, N.Y. — General contractor DJ Royce Construction Corp. will renovate Renaissance Hills, a 656-unit affordable housing community located in the Long Island village of Hauppauge. Hicksville, N.Y.-based Mark Design Studios designed the redevelopment, which included upgrades to unit interiors and amenity spaces. The property’s amenity package now consists of two pools, a sports court, dog park, outdoor grilling areas, a playground and a fitness and wellness center. Construction is set to begin this fall.
DENVER — Berkadia has brokered the sale of 16 Penn, a mid-rise apartment community located in Denver. Denver-based The Burgwyn Co. sold the asset to an undisclosed entity for $39 million. Located at 1615 Pennsylvania St., 16 Penn features 99 apartments in a mix of one- and two-bedroom floor plans with in-unit washers/dryers and private balconies. Community amenities include a fitness studio, media room, community kitchen, courtyard with a fireplace and grills, and a library. Nick Steele, John Laratta, Tyler King and Nate Moyer of Berkadia Denver represented the seller in the transaction. Matt Schildwatcher of Berkadia Denver secured a $32 million, four-year, interest-only bridge loan for the buyer.
BMO Harris Funds $19.4M Loan for Seniors Housing Renovation Project in Redmond, Washington
by Amy Works
REDMOND, WASH. — BMO Harris Bank’s Healthcare Real Estate Finance group has provided a $19.4 million construction loan for the renovation of a Sunrise Senior Living assisted living and memory care community in Redmond. Originally built in 1999, the asset features 110 units. Further details on the project were not disclosed.