LEWISVILLE, TEXAS — An affiliate of private equity firm Livingston Street Capital has purchased a 180-unit active adult community located on the northern outskirts of Dallas. The property, which was built in 2002 and renovated in 2018, has been rebranded as Haven of Lewisville Lake. Units feature granite countertops, individual washers and dryers and stainless steel appliances, as well as outdoor patios and plank flooring in select units. Amenities include a resort-style pool, heated spa, poolside lounge, resident clubhouse, game room and a 24/7 fitness center. Residents also have access to an onsite salon, massage therapist and shuttle services. The seller was not disclosed.
CAMBRIDGE, MASS. — A partnership between California-based Township Capital LLC and locally based developer Cabot, Cabot & Forbes (CC&F) has acquired a 66,964-square-foot industrial building in Cambridge. The property is situated in the Alewife area, adjacent to CC&F’s mixed-use campus that is in development and will include 575,000 square feet of lab space, 250 multifamily units and 6,000 square feet of retail space. The seller was not disclosed.
DETROIT — City Club Apartments has opened its new community in Detroit’s central business district. Located at the corner of Washington Boulevard and Park Avenue facing Grand Circus Park, the site once housed the 18-story, 800-room Statler Hotel, which dates back to 1915. The property was demolished in 2005 after sitting vacant for 30 years. The new project on the site includes 288 apartments and penthouses, 396 underground parking spaces and 13,000 square feet of commercial space. Amenities include a lobby lounge with concierge, clubroom, indoor theater, fitness room, work-from-home business center, pool, outdoor courtyard and bark park. Dubbed an “apartment hotel community,” the property offers both short-term furnished and long-term furnished options. The Joe Vicari Restaurant Group will soon open the Statler Bistro, an American and French bistro and market on the first floor. Michigan-based Premier Pet Supply will open its pet supply store at the property this summer. Huntington Bank, Bank of Ann Arbor, Comerica Bank and Asia Capital Real Estate provided project financing. BKV Group and Damon Farber were the project architects. Monthly rents start at $1,265.
MERIDIAN AND BOISE, IDAHO — Kennedy Wilson Holdings Inc. (NYSE: KW) has purchased three apartment communities totaling 640 units and a multifamily development site that is fully entitled for 240 units in the Boise metro area for $143 million. The three multifamily communities include The Lofts at Ten Mile, Jasper Apartments and Towne Square. The new owner plans to implement value-add programs at the existing communities and to complete construction at the Dovetail development site, which is located in an Opportunity Zone, by 2023. Construction costs for that project are estimated at about $60 million. The Lofts at Ten Mile, located west of downtown Boise in Meridian, features one- and two-bedroom units and amenities such as a pool, fitness center, business center, media lounge and outdoor grilling stations. Jasper Apartments, also in Meridian, offers one-, two- and three-bedroom apartments and amenities such as a resident lounge, pool, fitness center and private study rooms. Towne Square, located in Boise, includes one-, two- and three-bedroom floor plans and a similar suite of amenities. Kennedy Wilson has an average ownership stake of 95 percent in these four properties, which were acquired in off-market trades, and has invested $68 million of equity into them. …
CENTENNIAL, COLO. — MorningStar Senior Living and Edgemark Development LLC have unveiled plans for MorningStar Senior Living at Holly Park in the Denver suburb of Centennial. Groundbreaking is scheduled for fourth-quarter 2021 for planned completion in 2023. The four-story project will be located on three acres and offer 160 units of independent living, assisted living and memory care. This will be MorningStar’s second location in Centennial and 13th in Colorado. MorningStar and Edgemark will co-develop and own the community.
WILLIAMSBURG, VA.— Berkadia has arranged the $46 million sale of Spotswood Commons, a 212-unit garden-style multifamily property in Williamsburg. Drew White of Berkadia DC Metro and Carter Wood of Berkadia Richmond represented the seller, Massachusetts-based The Dolben Co. Inc., and the buyer, New York-based Kushner Cos. Located at 100 Glenburnie Road, Spotswood Commons features one-, two- and three-bedroom floor plans with air conditioning, a patio or deck and in-unit washers and dryers. Community amenities include a dog park, clubhouse, fitness center, tennis court, outdoor grilling area, swimming pool, volleyball court and playground. The apartment property is close to Colonial Williamsburg, Interstate 64 and the Williamsburg Premium Outlets. Kushner is a New York City-based real estate development and management firm. The company has a portfolio of residential, commercial, retail, hospitality and industrial properties, with 10.8 million square feet currently under development and 24,000 apartments under ownership across six states.
SPRING, TEXAS — Locally based development and investment firm Caldwell Cos. has sold Asher Oaks, a 330-unit apartment community located in the northern Houston suburb of Spring. The 18-acre property opened in 2019 and features one-, two- and three-bedroom units that are furnished with quartz and granite countertops, stainless steel appliances, tile backsplashes and custom cabinetry in select units. Amenities include a resort-style pool with lounge seating, a social patio with an outdoor kitchen and fireplace patio, demonstration kitchen, golf simulator, yoga and cycling room, fitness center, coffee bar and a work area. The undisclosed buyer has since rebranded the property as Savannah Oaks.
SHERMAN, TEXAS — Colliers Mortgage has provided a Fannie Mae acquisition loan of an undisclosed amount for 23Hundred Apartments, a 216-unit multifamily property located in the North Texas city of Sherman. Built in 1986, the 22-building community features a resident lounge, a resort-style pool, courtyards, an internet lounge, clubhouse, business center and a pet park. Colliers Mortgage originated the loan through a partnership with Old Capital Lending on behalf of the undisclosed borrower.
INDIANA — Mortgage banking company Merchants Capital, along with Merchants Bank of Indiana (MBI), have secured $262 million in financing for 15 workforce housing properties through a Freddie Mac-sponsored Q-Series transaction. The Freddie Mac program provides increased liquidity to enable financial institutions to continue to support affordable and workforce housing. This transaction marks only the 15th deal completed under the Q platform. MBI will retain the equity and the interest-only securities from the transaction, and Merchants Capital will continue to sub-service the loans in the pool. Of the portfolio of properties, 99.5 percent have units restricted to 80 percent of area median income (AMI), 70.5 percent of units are under 60 percent AMI and 42.3 percent of units are under 50 percent AMI. The 15 loans came from across the country but were concentrated around Indiana and the Midwest.
ROCHESTER, MINN. — Colliers Mortgage has provided a $4.3 million HUD 223(f) loan for the refinancing of Harvestview Place in Rochester. The 60-unit affordable housing community was constructed in 2019 using 9 percent low-income housing tax credit syndication proceeds. All units are restricted to residents who earn at or below 50 percent of the area median income. Harvestview Place LP was the borrower for the 35-year loan, which is fully amortized. Velair Property Management LLC manages the property.