CHICAGO — LMC has started preleasing Triangle Square Apartments, a 298-unit luxury apartment community in Chicago’s northern neighborhood of Bucktown. Triangle Square offers studio through three-bedroom units ranging from 464 to 1,413 square feet that feature built-in Wi-Fi, floor-to-ceiling windows and stainless-steel appliances. Select units offer private balconies, wine racks and walk-in closets. Located at 2155 N. Elston Ave., the community will put residents within walking distance of the Chicago River and local shops and eateries, with Lincoln Park and lakefront views to the east. The community is also within walking distance of the Metra Clybourn station. The seven-story midrise community also includes 21,223 square feet of ground-floor retail space. The first move-ins are scheduled to begin in July. Monthly rents will start at $1,455, according to Apartments.com.
AUSTIN, TEXAS — California-based Hertz Investment Group has acquired a portfolio of three multifamily properties totaling 422 units in Austin. The portfolio consists of the 132-unit Amor, the 130-unit Feliz and the 160-unit Vida, all of which were built in the 1980s and are located in northwest Austin. The unit mix includes 52 studio, 234 one-bedroom and 136 two-bedroom apartments. Hertz Investment Group plans to implement a capital improvement program across the portfolio. Interior renovations will include quartz countertops, updated vinyl plank flooring and new plumbing. Building exteriors will receive new roofing, courtyard areas with fire pits, new fencing and the additions of dog parks and playgrounds.
ROCKVILLE, MD. — JLL Capital Markets has brokered the $110 million sale of Mallory Square, a 365-unit mid-rise apartment community in Rockville. Walter Coker, Brian Crivella, Robert Jenkins and Bill Gribbin of JLL represented the seller, Woodfield Development, which sold the property to Nuveen Real Estate. Mallory Square totals 330,117 rentable square feet and includes a mix of studio, one- and two-bedroom units, as well as 1,600 square feet of retail space leased to Dunkin’. Community amenities include three private courtyards totaling 25,000 square feet, a lounge with a grilling area, sun shelf with pool, media center with a TV, fire pits, 24-hour fitness center and a yoga studio with ballet barre. Located at 15251 Siesta Key Way, the property is situated in Maryland’s Interstate 270 Biotechnology and Life Sciences Corridor, which is a medical testing and research cluster that features The National Institutes of Health, National Cancer Institute and The Food and Drug Administration.
DENTON AND FORT WORTH, TEXAS — Newmark has brokered the sale of Attiva Denton and Attiva Park, two seniors housing properties totaling 402 units in North Texas. The first property totals 240 units and is located in Denton, and the second property comprises 162 units and is located on the southern side of Fort Worth. Ryan Maconachy and Chad Lavender of Newmark represented the seller, Atlanta-based multifamily development and investment firm Cortland, in the transaction. The buyer(s) was not disclosed.
ST. PETERSBURG, FLA. — Franklin Street has negotiated the sale of Osprey Pointe Apartments, a 517-unit, garden-style multifamily community in St. Petersburg. The property sold for $56 million, or $108,317 per unit. Darron Kattan, Zach Ames, Avery Jordan and Mark Savarese of Franklin Street brokered the off-market transaction between the seller, Des Moines, Iowa-based BH Equities, and the buyer, New York-based Axonic Properties LLC. Osprey Pointe offers one-and two-bedroom units ranging from 625 to 1,058 square feet. Community amenities include onsite professional management and maintenance, a tennis court, fenced playground area, dog park and a swimming pool and sundeck. Located at 1900 55th Ave. South, the community is situated in south St. Petersburg, and is close to Interstate 275 and U.S. Highway 19. The apartment complex is 5 miles from downtown St. Petersburg, 7.5 miles from St. Pete Beach and 28 miles from Tampa. Axonic Properties, managed by Jonathan Shechtman and Brian Kennedy, is a private equity owner, operator and asset manager of residential properties, focused on acquiring assets throughout Florida. The owner plans to make significant improvements to Osprey Pointe, which was built in 1974. Axonic Properties also currently owns and operates the adjacent 240-unit apartment community known as …
NORMAN, OKLA. — Colliers Mortgage has provided a $10.5 million Fannie Mae loan for the refinancing of a portfolio of market-rate multifamily properties totaling 314 units in Norman. The portfolio consists of five properties — Huntington Creek Apartments, Winshire Square Apartments, Willowbrook Apartments, Saratoga Springs and Sycamore Cottages — all of which are located within 15 miles of downtown Oklahoma City. Colliers originated the seven-year loan on behalf of the borrower, an entity doing business as Teelco Parent LLC.
NEWARK, N.J. — Greystone has arranged a $94 million construction loan for a 403-unit multifamily project that will be located at 55 Union St. in downtown Newark. The project will include 3,000 square feet of retail space and a 196-space parking garage. The amenity package will consist of a rooftop garden and entertainment area, an outdoor courtyard with grills, fire pits and lounge space and a fitness center. Drew Fletcher, Matthew Hirsch and Steven Deck of Greystone placed the debt on behalf of the developer, J&L Cos. Inc. A four-bank syndicate led by Valley National Bank and including Bank Hapoalim, Abanca USA and TriState Capital Bank provided the loan.
NEW YORK CITY — Scale Lending, an affiliate of Slate Property Group, has provided a $63 million construction loan for 322 Grand Concourse, a 151-unit multifamily project that will be located in the Mott Haven area of The Bronx. Thirty percent (45) of the units in the 14-story building will be earmarked as affordable housing. Construction is expected to take about two years to complete.
IRVINGTON, N.J. — The NRP Group, a Cleveland-based developer, has broken ground on a 56-unit affordable housing project in the Northern New Jersey community of Irvington. The five-story, mid-rise building will offer a mix of one-, two- and three-bedroom residential units that will be reserved for residents earning 60 percent or less than the area median income. Five of the 56 units will be set aside for residents with special needs. Amenities will include a fitness center, children’s playroom, computer room, laundry facilities and an onsite management/leasing office. Financing partners include the New Jersey Housing Mortgage Finance Agency, JPMorgan Chase Bank, Hudson Housing, The Township of Irvington and Greater Newark LISC.
DENVER — University and Evans, a limited liability company based in Denver, has completed the disposition of the fee simple interest in University Lofts, a student housing and retail property located at 2076 University Blvd. in Denver. An entity doing business as DU Univ Lofts Acq. LLC purchased the asset for $17.3 million. Built in 2006, the 44,495-square-foot property features 35 residential units totaling 97 bedrooms, as well as 8,636 square feet of street-level retail space. The five-story building also features a two-story underground parking structure with 69 heated parking stalls. The residential component is master leased by the University of Denver for student housing through summer 2022. The four-tenant retail space is 48 percent leased to TCF Bank and Paradise Dentistry, which will open in the third quarter. Patrick Henry and Boston Weir of Henry Group represented both the buyer and seller in the transaction. The new owner plans to renovate the unit interiors and convert a portion of the existing retail space into amenity space for residents.