SAN MARCOS, TEXAS — New York City-based Dwight Capital has provided a $26.7 million HUD loan for the refinancing of Sadler House, a 240-unit multifamily asset in San Marcos, located roughly midway between Austin and San Antonio. The property was built between 2016 and 2018 and consists of seven residential buildings, seven garages and a leasing center/clubhouse. Amenities include a pool, fitness center, dog park and an outdoor courtyard and entertainment pavilion. Josh Hoffman and Alex Shoenfeld of Dwight Capital originated the financing on behalf of the undisclosed borrower.
CHARLOTTE, N.C. — Capstone Apartment Partners has brokered the $29.1 million sale of Scarlet Point, a 274-unit apartment community in Charlotte. The approximately 24-acre site is situated on Springmont Lane in west Charlotte, approximately five miles from the Uptown district. Scarlet Point was built in 1974 and was approximately 85 percent occupied at the time of sale. Originally two separate adjacent communities, the property features two swimming pools, two laundry facilities and a dog park. Scarlet Point’s unit mix includes one- and two-bedroom flat- and townhome-style floorplans. Ron Corrao of Capstone represented the seller, TG Real Estate, in the transaction. The buyer, Lucern Capital Partners, plans to continue TG’s renovation program and invest several million dollars into interior upgrades and necessary capital improvements. Select apartment homes were recently upgraded with wood-style vinyl flooring, shaker cabinetry and stainless steel appliances.
GAINESVILLE, FLA. — American Commercial Realty (ACR) has acquired Hampton Forest Apartments, a 152-unit multifamily community in Gainesville. The seller, an entity doing business as Fox Hollow Apartments LLC, sold the property for an undisclosed price. JLL arranged the sale, as well as $14 million in acquisition financing for the buyer. Hampton Forest Apartments has one- and two- bedroom floorplans, with most having private balconies or patios. The community includes 19 two-story concrete block buildings with a leasing office and resident services building, as well as a swimming pool on a nearly 10-acre site. The property was 96 percent occupied at the time of sale. ACR is planning to make a series of improvements at Hampton Forest, including new quartz countertops and cabinets in the kitchens, the addition of modern plank flooring and contemporary fixtures and washers and dryers in many of the units. There will also be new grilling and dining stations, as well as enhancements to the pool area and upgrades to the landscaping. Park Partners, a Boca Raton, Fla.-based renovation management company, is in charge of doing the upgrades to Hampton Forest. Atrium Management will manage the property. Located at 7301 W. University Ave., Hampton Forest is …
CLARKSVILLE, IND. — A new apartment community known as Bolt + Tie has opened in Clarksville, just north of Louisville. Leasing is currently underway. Located in Water Town Square on Main Street, Bolt + Tie rises four stories with 96 units. The project also includes office suites, retail space and a restaurant on the first floor. Apartment residents have access to amenities such as a clubhouse, rooftop deck, indoor bike storage, coworking space and conference rooms. Monthly rents start at $999. Cornerstone Group was the developer. The name Bolt + Tie pays homage to the history of the area, according to Cornerstone. The land that Bolt + Tie and Water Tower Square occupy was originally a rail car yard. The bolt and tie was what connected the rail cars together.
BEMIDJI, MINN. — Kraus-Anderson has completed construction of Conifer Villas, a $7 million affordable housing project in central Minnesota’s Bemidji. The townhome community features 32 units for residents who have been homeless or need special support. The four-building project includes a community meeting space. Headwaters Housing Development Corp. was the developer and Lucachick Architecture was the architect.
NEW YORK CITY — Fleet Financial Group has received approval from the New York City Board of Standards and Appeals for Eastern Emerald, a 350,178-square-foot hotel and multifamily project that will be located in the Corona neighborhood of Queens. The 25-story building will span a full city block and rise 372 feet. Distinct uses will include approximately 175,000 square feet of residential space, 149,500 square feet of hotel space and 25,000 square feet of retail space. London-based SASI Studio is designing the project in conjunction with architect of record Fleet Architects PC. Construction is scheduled to begin this summer, and completion is slated for 2024.
AURORA, COLO. — CBRE Global Investors, on behalf of a separate account client, has acquired Fletcher Southlands, a garden-style multifamily property in Aurora. Terms of the transaction were not released. Fletcher Southlands features 320 units in a mix of one-, two-, three- and four-bedroom layouts with nine-foot ceiling heights, stainless steel appliances, private outdoor patios, in-unit washers/dryers, walk-in closets and fireplaces in select units. Community amenities include a heated outdoor pool, lounge area, dog park, dog wash, sun deck, picnic areas, renovated fitness center, basketball court, outdoor grills, fire pit, playground, indoor game room and package lockers. With this investment, CBRE Global Investors has a portfolio of nearly 900 multifamily units representing more than $260 million assets under management in the Denver metro area.
FLAGSTAFF, ARIZ. — Walker & Dunlop has arranged debt and equity financing for the purchase of The Bungalows on Pine Cliff, a build-for-rent housing developing in Flagstaff. The structured transaction includes $37.6 million in bridge financing as part of a joint venture partnership. St. Clair Holdings is the borrower. Heather McClure of Walker & Dunlop’s Build-for-Rent (BFR) team advised the borrower and identified New York City-based Dome Equities as a capital partner for the project. Dave Hendrickson and Pat Modig of Walker & Dunlop’s Capital Markets group identified the opportunity and collaborated with the firm’s BFR and structured finance teams to provide the full capital solution. Developed in 2020, Bungalows on Pine Cliff features detached one-, two- and three-bedroom rental homes averaging 1,097 square feet. Community amenities include a leasing center, clubhouse, modern kitchen, fitness center, dog washing station, gas fire pits with seating areas, bocce ball court, dog park, barbecues and two electric car charging stations.
DENVER — Capstone has arranged the purchase of The Arboretum, a newly built apartment community located at 2049 S. Columbine St. in Denver’s University Park neighborhood. An undisclosed buyer acquired the property from Denver-based Red T for $17.5 million. The 58,2138-square-foot community features 45 apartments in a mix of 12 one-bedroom/one-bath and 33 two-bedroom/two-bath units. Residences offer Nest thermostats and ceiling fans. Community amenities include a dry-cleaning closet, Amazon parcel lockers, security cameras, video access control of entry door from within each unit, digital keypads for unit access, gas grills, firepit and dog run. Adam Riddle and Jason Koch of Capstone represented the buyer in the deal.
PORTLAND, ORE. — Berkadia Seniors Housing & Healthcare has arranged a $50.2 million HUD 232/223(a)(7) refinancing for a 253-unit independent living, assisted living and memory care community in Portland. “Historically, the property has maintained an occupancy percentage in the low 90s and ended 2020 with an occupancy of 88 percent, showing impressive resilience throughout the pandemic,” says Ed Williams of Berkadia, who led the refinancing. “The HUD refinance will allow the borrower to save on debt service and MIP payments through the combination of a lower rate and an extension of the loan term to 40 years, which was the term of the original loan.” The name of the community and borrower were not disclosed.