CONCORD, CALIF. — The Levin Johnston Group of Marcus & Millichap has arranged the sale of Bloomfield Apartments in Concord. The property traded for $5.5 million. Located at 1655 Bloomfield Lane, the property features 15 apartments and is located less than one mile from the Concord BART station. Adam Levin and Robert Johnston handled the transaction.
COLUMBUS, OHIO — PCCP has provided a $31 million bridge loan for the refinancing of The Residences at the Sutton in Columbus. The newly built, 100-unit apartment complex is located in the Short North Arts District. Floor plans range from studios to two-bedrooms. Amenities include a courtyard, fitness center, yoga room and resident lounge. Columbus-based developer, owner and operator The Pizzuti Cos. was the borrower.
BROOKLYN CENTER, MINN. — Kentaurus Capital has acquired Evergreen Park Manor, an 80-unit multifamily property in the Twin Cities suburb of Brooklyn Center. The purchase price was undisclosed. Completed in 1980, the property consists of four buildings. Recent upgrades include new flooring, trim, appliances, backsplashes and fixtures. Drew Rafshol and Ted Abramson of CBRE Minneapolis Multifamily represented the seller, ASK Properties.
HOUSTON — Bellrock Real Estate Partners has purchased Broadstone Summer Street, a 375-unit apartment community in Houston. Built in 2019, the property features stainless steel appliances, quartz countertops, walk-in closets, individual washers and dryers and private patios/balconies in select units. Amenities include a pool, fitness center, game room, resident lounge, theater room, pet park, outdoor grilling stations and a rooftop terrace. Hank Glasgow and Braden Harmon of Newmark arranged a $64.7 million floating-rate acquisition loan on behalf of the new ownership through a fund sponsored by CBRE Global Investors. The new ownership will rebrand the property as Bellrock Summer Street. The seller was not disclosed, but Broadstone is a brand of Houston-based Alliance Residential.
SAN ANTONIO — Newmark has brokered the sale of The Preserve at Westover Hills, a 276-unit apartment community in northwest San Antonio. The property features one- and two-bedroom floor plans and amenities such as a pool, fitness center, playground, dog park, outdoor grilling areas and a package locker room. Patton Jones and Matt Michelson of Newmark represented the seller, Texas-based InvestRes, in the transaction. Kansas-based Cohen-Esrey Apartment Investors LLC purchased the value-add asset, which was 96 percent occupied at the time of sale.
NEW JERSEY — A joint venture between affiliates of Harbor Group International (HGI) and Cammeby’s International Group has acquired a portfolio of 41 workforce housing properties totaling 5,302 units for $1 billion. The properties are located across 14 different cities in various parts of New Jersey. The new ownership will invest approximately $46 million in capital improvements across the portfolio. Eastdil Secured brokered the sale and advised on the debt placement alongside New York City-based Meridian Capital Group. HGI will manage 10 of the properties. The seller was not disclosed.
NEW YORK CITY — Avison Young has brokered the $61 million sale of a portfolio of 12 multifamily buildings totaling 261 units and two retail spaces on Manhattan’s Upper East Side. All properties in the portfolio are located between Second and York avenues and East 91st and East 73rd streets. James Nelson, Brandon Polakoff, David Shalom, Eric Karmitz and Bradley Rothschild of Avison Young represented the seller in addition to procuring the buyer in the transaction. Both parties requested anonymity.
AVON, CONN. — Connecticut-based brokerage firm Chozick Realty has negotiated the $29 million sale of Avon Mill Apartments, a 186-unit multifamily community located on the western outskirts of Hartford. Built in 1978, the property sits on a 46.6-acre site that is fully approved for the development of an additional 250 apartments. Rick Chozick and David Chozick of Chozick Realty represented the buyer and seller, both of which requested anonymity, in the transaction. In addition to constructing new residences, the new ownership will implement a value-add program to the existing units.
MURFREESBORO, TENN. — American Landmark and its joint venture partner, BentallGreenOak, have acquired Parc at Murfreesboro, a 359-unit multifamily property located in Murfreesboro, about 34.4 miles south of Nashville. Equity Resources sold the property for $78.9 million. Located at 3237 Memorial Drive, Parc at Murfreesboro offers one-, two- and three-bedroom floor plans with an average square footage of 995 per unit. Built in 2021, each apartment has its own washer and dryer, wood-style flooring, smart home thermostats, door locks, lighting fixtures, granite countertops and stainless steel appliances. Community amenities include a swimming pool with cabanas and a fire pit, fitness center, a yoga lawn and Zen area, electric vehicle charging stations, pet park, dog wash station and detached garages. The property was 99 percent occupied at the time of sale with rents starting at $1,169 per month, according to Apartments.com. American Landmark, a Tampa-based multifamily owner-operator, is managing the property. The firm plans to implement additional improvements including adding landscape beautification, a designer clubhouse, pool deck furniture and smart locks throughout the common areas. BentallGreenOak is a global real estate investment management advisor firm that’s U.S. headquarters are in New York City. BentallGreenOak is a part of SLC Management, which …
KNOXVILLE, TENN. — KeyBank Real Estate Capital has provided a $44.8 million loan for the acquisition of Overlook at Farragut, a 267-unit multifamily property in Knoxville. The borrower, Valor Residential, is acquiring the community for $61.7 million utilizing the three-year, senior bridge loan. Overlook at Farragut offers one-, two- and three-bedroom units with features including stainless steel appliances, granite countertops, walk-in closets, private patios and washer and dryer connections. Located at 11613 Vista Terrace Way, the property is situated about 16.1 miles from downtown Knoxville and about 15.3 miles from the University of Tennessee. Community amenities include a saltwater pool, business center, café, gaming area with shuffleboard and pool table, fire pit, grilling station, fitness center with an infrared sauna, car wash, pet grooming station, bark park, car wash and a clubhouse. Alan Isenstadt, Pranav Sarda and Jack Hoffman of KeyBank originated the senior loan financing. Moshe Feiner of Sevenstone Capital arranged the acquisition financing and assisted in raising an additional $5.6 million of preferred equity from Walker & Dunlop Investment Partners. Valor Residential contributed the remaining cash equity. The total financing package was provided at 82.5 percent loan-to-cost.
