KINGSTON, MASS. — Trammell Crow Residential has opened Alexan Kingston, a 282-unit apartment community in Kingston, about 35 miles south of Boston. The property features one-, two- and three-bedroom floor plans and amenities such as a pool, fitness center, private workspaces, conference rooms, an event room, outdoor grilling areas and Amazon package lockers. Syracuse-based Pyramid Management Group is managing the property. The first move-ins began in June. Rents start at $2,350 per month for a one-bedroom unit.
NEWBURGH, N.Y. — Cushman & Wakefield has brokered the sale of Farrell Communities at Lakeside, a 102-unit active adult community in the Hudson Valley city of Newburgh. The community opened in 2020 and features 30 one-bedroom units and 72 two-bedroom units. Cushman & Wakefield’s Adam Spies, Brian Whitmer, Niko Nicolaou, Ryan Dowd and Peter Welch represented the seller, Farrell Communities, and procured the buyer, Castle Lanterra Properties, in the transaction. The sales price was not disclosed.
KIRKLAND, WASH. — American Capital Group (ACG) and Artemis Real Estate Partners have completed the disposition of Uplund, a multifamily community located at 11723 NE 117th Court in Kirkland. An undisclosed buyer acquired the asset for $242 million. Built in 2021 on 7.4 acres, Uplund features two six-story buildings offering 409 apartments in a mix of studio, one-, two- and three-bedroom floorplans with an average unit size of 789 square feet. Ten percent of the apartments are designated as affordable units. The property features an onsite hiking trail, two private terrace courtyards, a 24-hour fitness center, car wash station, dog wash station, bike storage and repair station, smart parcel lockers with refrigeration for grocery delivery, coworking spaces and multiple resident lounges. ACG completed the property after taking over the development from the previous owner mid-construction during the pandemic. Eli Hanacek, Jon Hallgrimson, Mark Washington and Kyle Yamamoto of CBRE Capital Markets in Seattle represented the sellers in the deal.
HOUSTON — Locally based private equity firm Three Pillars Capital Group has acquired Del Mar Apartments, a 544-unit multifamily community in Houston’s Edgebrook neighborhood. Built in 1972, the property offers one-, two- and three-bedroom units that are furnished with built-in bookshelves, passthrough kitchen bars and individual washers and dryers. Amenities include three pools and a fitness center. Jim Hurd of Houston Income Properties represented Three Pillars Capital, which plans to implement a capital improvement program, in the deal. Houston-based First Choice Management sold the property for an undisclosed price.
HOUSTON — The Frankforter Group has purchased The Regard at Medical Center, a 319-unit apartment community located within Texas Medical Center in Houston that was built in 2013. Units come in studio, one- and two-bedroom floor plans and range in size from 638 to 1,418 square feet. The amenity package comprises a pool, fitness center, business center, clubhouse, conference room, courtyards wit fire pits, outdoor grilling stations and a dog park. Frankforter Group will implement a value-add program. The seller and sales price were not disclosed.
LAS VEGAS — Epic Investments has completed the sale of Las Brisas de Cheyenne, an apartment property located at 3985 E. Cheyenne Ave. in Las Vegas. Tides Equities acquired the asset for $40 million, or $227,272 per unit. Located in Las Vegas’ Sunrise Manor submarket, Las Brisas de Cheyenne features 176 apartments on nine acres. Built in 1999 and renovated in 2020, the two-story, garden-style apartment community offers one-, two- and three-bedroom floor plans with an average unit size of 720 square feet. Patrick Sauter, Art Carll-Tangora and Steve Nosrat of Avison Young represented the seller in the deal.
GRAND PRAIRIE, TEXAS — Global Real Estate Advisors (GREA) has negotiated the sale of Vista Terraza, a 192-unit multifamily property located in the central metroplex city of Grand Prairie. According to Apartments.com, the property offers one-, two and three-bedroom units and amenities such as a pool, playground and onsite laundry facilities. A locally based seller sold the asset to a New Jersey-based investor, with both parties requesting anonymity. Mark Allen, Zac Thomas and Byron Griffith of GREA brokered the deal.
CHICAGO — American Street Capital (ASC) has arranged a $3.9 million loan for the refinancing of a 32-unit apartment building in Chicago’s Logan Square neighborhood. The majority of the units at the property, built in 1926, are one-bedroom layouts. The building was fully leased at the time of the loan closing. Igor Zhizhin of ASC arranged the 20-year loan, which features a 10-year fixed rate, 10-year floating rate and a 30-year amortization schedule. An agency lender provided the loan for the borrower, a seasoned owner-operator.
FORT LEE, N.J. — Cushman & Wakefield has brokered the $51.7 million sale of The Sterling, a 128-unit multifamily property located in the Northern New Jersey community of Fort Lee. The community’s unit mix consists of 14 studios, 56 one-bedroom apartments, 56 two-bedroom residences and two four-bedroom units. Communal amenities include an updated lobby, pool and laundry facilities. Niko Nicolaou, Brian Whitmer, Ryan Dowd and Will Gerlin of Cushman & Wakefield represented the undisclosed seller and procured the buyer, Blue Diamond Equities, in the transaction.
COLONIE, N.Y. — Locally based developer Crisafulli Associates has broken ground on The Montage, a 114-unit multifamily project located in the upstate New York community of Colonie. The Montage will offer studio, one- and two-bedroom units that will be reserved for renters age 55 and older. Residences will feature stainless steel appliances, quartz countertops, individual washers and dryers and covered porches or balconies. Amenities will include a pool, fitness center, outdoor grilling stations, a billiards lounge, private dining room, walking trails and a dog park. Albany-based Capital Bank provided $22 million in construction financing for the project, which is slated for a fall 2023 completion.