PORT ST. LUCIE, FLA. — Watermark Residential, a wholly owned affiliate of Thompson Thrift, will develop Boardwalk at Tradition, a 214-unit build-to-rent multifamily community in Port St. Lucie. Watermark acquired 17.5 acres of land to develop the property, which will be a residential community featuring one- and two-story paired villa-style homes. The project is slated for completion in December 2022. Boardwalk at Tradition will be located at the southeast corner of SW Stockton Place and SW Community Boulevard. The property will offer a mix of one-, two- and three-bedroom layouts that average 1,100 square feet. Community amenities will include gourmet bar-kitchens with quartz countertops, stainless steel appliances, full-size washers and dryers, private backyard patios, resort style pool, professionally design and appointed clubhouses, a pickleball court, fire pits, outdoor kitchens, several dog parks and a 24-hour fitness center. Boardwalk at Tradition is part of the 8,200-acre master planned Tradition community, which has $365 million in new development in the works. The apartment community is situated close to Cleveland Clinic Tradition Hospital and sits one mile west of Interstate 95.
PHENIX CITY, ALA. — Trillium Capital Resources has arranged $14 million in refinancing for The Gardens Apartments and Post Ridge Apartments, which are both multifamily communities located in Phenix City. The Gardens Apartments has 190 units and Post Ridge Apartments has 152 units. Located at 501 16th Ave. N., Post Ridge includes one-, two- and three-bedroom units. HUD’s A7 refinance program allowed Trillium to procure a fixed interest rate of 2.75 percent for The Gardens. The 25-year loan reduces the undisclosed borrower’s mortgage insurance premium (MIP) from 0.60 percent to 0.25 percent.
SAN ANTONIO — A partnership between Chicago-based investment firm Pearlmark and Austin-based Old Three Hundred Capital LLC (OTH) has purchased Park West and Parliament Bend, two adjacent multifamily properties in San Antonio totaling 560 units. According to Apartments.com, Park West features studio, one- and two-bedroom units and amenities such as a pool, fitness center, volleyball court, playground and a dog park. Parliament Bend offers one- and two-bedroom units as well as fitness and business centers, outdoor grilling and picnic areas, a dog park and onsite laundry facilities. The new ownership will implement a value-add program.
FARMERS BRANCH, TEXAS — Locally based firm Darwin German Real Estate Investments has sold Villa Creek, a 161-unit apartment complex in the northern Dallas metro of Farmers Branch. According to Apartments.com, the property was built in 1965 and features one- and two-bedroom units. Darwin German originally purchased the asset in 2016 in an off-market deal. Chris Deuillet and William Hubbard of CBRE represented the buyer, Dallas-based Blue Ocean Capital LLC, in the transaction. William Givens and Robert Siddall, also with CBRE, arranged acquisition financing on behalf of the new ownership.
OKLAHOMA CITY — KeyBank’s Community Development Lending and Investment (CDLI) platform has provided $20.6 million in financing for the purchase and renovation of Hillcrest Green Apartments, a 96-unit affordable housing property in Oklahoma City. The financing consists of a $9.3 million construction loan, $7 million in low-income housing tax credit equity from the Key Community Development Corp. and a $4.3 million permanent loan. Units at the Section 8 property include studio, one-, two- and four-bedroom residences that are reserved for renters earning 60 percent or less of the area median income. The borrower was Indianapolis-based developer TWG. Kelly Frank and Ryan Olman of KeyBank’s CDLI team originated the financing.
LOS ANGELES — Rescore Property, as developer, and Nadel Architecture + Planning, as architect, have completed construction of The Rise, a seven-story, mixed-use project located at 1331 N. Cahuegna Blvd. in Hollywood. The 561,600-square-foot property features 369 apartments, 13 live/work units and 2,570 square feet of creative office space. Consisting of five buildings linked by pedestrian bridges, The Rise offers 341,600 square feet of residential space on six levels and more than 220,000 square feet of parking space on two levels, with space for 567 cars and 410 bicycles. The project offers a mix of ADA-adaptable micro-units, studios and one- and two-bedroom layouts. Community amenities include a rooftop deck, inner open courtyard, outdoor gym, pool, barbecue grills, fire pits, dog runs with a dog wash unit and outdoor seating with TVs. Additional amenities include a clubhouse with fireplace and pool table, fitness center, lounges, conference rooms, electric-vehicle charging stations and a video screen in the main lobby that displays transit options and status. The Rise also offers a 2,000-square-foot penthouse unit on the seventh floor that can be leased for special events. The penthouse is adjacent to a party room and rooftop deck.
OLYMPIA, WASH. — Berkadia has arranged the sale of Capitol Crossing, an apartment community located at 1112 Chestnut St. SE in Olympia. The property traded for $14.4 million, or $184,615 per unit. The names of the buyer and seller were not released. Built in 1988 and partially renovated, Capitol Crossing features 78 studio, one- and two-bedroom units. At the time of sale, the community was 95 percent occupied. Steven Chattin, Mitchell Belcher, Jay Timpani and Chad Blenz of Berkadia represented the seller in the deal.
POMONA, N.Y. — An affiliate of Harbor Group International LLC (HGI) has purchased The Henry, a 169-unit luxury apartment community in Pomona, about 40 miles north of New York City, for $54 million. Built in 2001 and recently renovated, the property’s units feature stainless steel appliances, tile backsplashes and granite countertops. Amenities include a resident clubroom, pool and sundeck, billiards room, fitness center and basketball courts. Jeffrey Dunne, Gene Pride, Jeremy Neuer, Steve Bardsley, David Gavin and Travis Langer of CBRE represented the seller, a joint venture between Spirit Investment Partners and The Bascom Group, in the transaction, and procured the affiliate of HGI as the buyer.
GOLDEN VALLEY, MINN. — Colliers MSP has brokered the $44.7 million sale of Hello Apartments in Golden Valley, a western suburb of Minneapolis. Constructed in 2017, the Class A apartment complex features 172 units. Amenities include a rooftop deck, pool and volleyball court. Ted Bickel, Jeff Budish, Lauren Panzer and Lacey O’Connor of Colliers represented the seller, Continental Property Group. Utah-based Peak Capital Partners was the buyer.
CINCINNATI — Lument has provided a $17.4 million Fannie Mae loan for the refinancing of Ivy Hills Apartments in Cincinnati. Originally built in 1996, the multifamily property includes 164 units across 31 buildings. The occupancy rate was 92.3 percent as of March 2021. Steven Cox of Lument originated the 12-year loan, which features a fixed interest rate, five years of interest-only payments and a 30-year amortization schedule. The undisclosed borrower acquired the asset in early 2020 and has since invested approximately $1.8 million to renovate 60 units. The borrower plans to spend an additional $1.7 million throughout 2021 to renovate 50 more units.