DALLAS — New Jersey-based mortgage banking firm Progress Capital has arranged an $8 million acquisition loan for Crossings at Lake Highlands, a 98-unit apartment complex in the Lake Highlands area of Dallas. The property offers amenities such as a pool, outdoor kitchen, coffee bar and a dog park. Abe Mann of Progress Capital placed the nonrecourse loan, which was structured with a three-year term plus two one-year extension options and a 78 percent loan-to-cost ratio, through a national debt fund. The borrower, RFM Property Group, plans to implement a capital improvement program.
CHICAGO — Preservation of Affordable Housing (POAH) has acquired Island Terrace Apartments in Chicago for $29.5 million. The 240-unit apartment community is located at 6430 S. Stony Island across from the planned Obama Presidential Center and serves residents at a variety of income levels. The seller, PNC Bank, had owned the property since 2015. The allocation of 9 percent low-income housing tax credits from the Illinois Housing Development Authority along with a financial commitment from the City of Chicago made the purchase possible. POAH will also finance the acquisition with a loan from Merchants Capital and its own equity. POAH will take over property management through its affiliate, POAH Communities. A renovation of the apartment complex, which was built in 1969, will begin next year. The work will include improvements to the building’s major systems, modernization of the units and upgrades to resident community space.
ST. CHARLES, ILL. — NorthMarq has arranged the sale of Haven St. Charles for an undisclosed price. The 71-unit multifamily complex is located at 1909 Oak St. in St Charles, about 40 miles west of Chicago. Parker Stewart, Dominic Martinez and Alex Malzone of NorthMarq’s St. Louis office represented the seller, Chicago-based Tricap Residential. Chicago-based Evergreen Real Estate Group was the buyer. Tricap spent about $1.5 million in capital improvements over the last few years for the property, which was originally built in 1974. It was 97 percent occupied at the time of sale. Kevin McCarthy, Brett Hood and Sue Blumberg of NorthMarq secured acquisition financing through Freddie Mac.
BRONXVILLE, N.Y. — CBRE has negotiated the sale of Avalon Bronxville, a 110-unit apartment complex located north of New York City in Westchester County. Built in 1999 and renovated in 2012, the property offers amenities such as a fitness center, resident lounge, concierge services, package lockers and outdoor picnic areas. A CBRE team of Jeffrey Dunne, Gene Pride, Jeremy Neuer, Steve Bardsley, Travis Langer and Stuart MacKenzie represented the seller, AvalonBay Communities, in the transaction. The team also procured the buyer, a fund managed by Goldman Sachs Asset Management.
PHOENIX — Cushman & Wakefield has arranged the sale of Centra, a multifamily property located at 306. N. Central Ave. in midtown Phoenix. San Diego-based MG Properties acquired the community from Fore Property Co. for $74.5 million. Built in 2020, Centra features 223 apartments in a mix of 93 one-bedroom and 130 two-bedroom units; a swimming pool and spa; cabanas; outdoor grilling stations; a fitness center with a yoga, spin and weight room; a gaming lounge with billiards, arcade games and shuffleboard; and a rooftop social lounge with city views. David Fogler and Steven Nicoluzakis of Cushman & Wakefield’s Multifamily Advisory Group in Phoenix represented the seller in the deal.
SUNNYVALE AND ALAMEDA, CALIF. — Levin Johnston of Marcus & Millichap has arranged the purchases of three properties in the Bay Area on behalf of a local private investor. The acquisitions totaled a combined $68.2 million. The transactions are: The $18 million acquisition of a 65,805-square-foot self-storage facility located at 220 W. Ahwanee Ave. in Sunnyvale. The Storage Spot operates the 508-unit property. The $36 million purchase of Iris Park Apartments & Iris Garden Apartments, a 100-unit asset located at 611-641 Iris Ave. in Sunnyvale. The $14.2 million acquisition of Islander Apartments, a 38-unit, 31,374-square-foot apartment community at 1701 Shore Line Drive in Alameda. Adam Levin and Robert Johnston of Levin Johnston of Marcus & Millichap handled the transactions. The names of the sellers were not released.
BILLINGS, MONT. — Dwight Capital has closed a $34.2 million HUD 223(f) loan for Shiloh Commons, a mixed-use project located in Billings. Situated on 7.4 acres, the community features four four-story buildings offering 144 residential units and more than 60,000 square feet of retail, office and restaurant space. Community amenities include a fitness center, rooftop picnic area with barbecue stations, concierge services and on-site management. Each building has a one-level underground parking garage. The loan benefitted from a Green Mortgage Insurance Premium Reduction set at 25 basis points because the property qualifies as green/energy-efficient housing. Brandon Baksh of Dwight Capital originated the transaction.
BETHESDA, MD. — Foulger-Pratt will develop The Rae at Westlake, a five-story, 343-unit multifamily property in Bethesda. The community will include 299 market-rate apartments and 44 affordable housing units. The developer expects the property to cost $119.5 million to bring on line. Located at 10401 Motor City Drive, Rae at Westlake will be situated across from Westfield Montgomery Mall, which has 750,000 square feet of retail space with more than 40 dining places, theaters and a bowling alley. The mall is currently undergoing renovations. The mixed-income apartment property will be located off Interstate 270 and close to federal government operations, including the National Institutes of Health and the U.S. Food and Drug Administration. Additionally, the project will be located across from the Montgomery Mall Transit Center, which provides bus access to three Metrorail stations. The Rae will feature 46 studio, 170 one-bedroom and 127 two-bedroom units. Community amenities will include a dedicated dog run and pet spa, 24-hour fitness center, bocce ball courts, pedestrian trail, two courtyards with pool and grilling, coworking space and community event space. The project is slated to be open by the end of 2023. The apartment project was funded by $42.7 million sponsor and investor …
ORLANDO, FLA. — Jefferson Apartment Group has opened Jefferson Sand Lake, a 264-unit apartment complex in Orlando. The multifamily community was developed in partnership with Germantown, Tenn.-based MAA, a publicly traded REIT and owner-operator of apartments. Jefferson Sand Lake is a lakefront property with views of Mirror Lake and Big Sand Lake. Community amenities include a heated pool, outdoor cabanas and sun shelves, a covered outdoor terrace with lounge seating and entertainment space, two fire pit lounges, grilling areas and a clubroom featuring a poker table and billiards. Additional amenities include a business center, conference room, two micro-offices, fitness center, onsite dog park, pet spa, covered garages, electric vehicle charging stations, 24/7 package locker system and a zen garden. The apartment complex has a mix of one-, two- and three-bedroom apartments. Each unit features stainless steel appliances, granite countertops, ceramic tile backsplash, pantries with adjustable shelving, walk-in closets, a full-size washer and dryer, ceiling fans, screened patios/balconies, linen closets and bathrooms with glass enclosed showers and double vanity options. The gated community is already 30 percent leased.
BUFORD, GA. — Capitol Seniors Housing has broken ground on The Outlook at the Exchange, an active adult community for residents ages 55 and older in Buford. The 200,000-square-foot, four-story community will offer 180 residential units. The Outlook at the Exchange seniors housing community will be part of Fuqua Development’s Exchange at Gwinnett, a $350 million mixed-use development underway near the Mall of Georgia. The 106-acre development will include 460,000 square feet of retail, restaurants, entertainment and about 1,000 units of apartments, townhomes and senior housing for about 3,000 residents. Situated close to Topgolf, Andretti’s, Sprouts Farmers Market and the food hall, The Outlook at the Exchange will feature a mix of one- and two-bedroom apartments. The project is scheduled to open in late 2022. Element Architects is the design firm for the project, and Core Construction is the general contractor. Capitol Seniors Housing is a senior housing development and investment firm based in Washington, D.C.