LUMBERTON, N.J. — New Jersey-based developer Walters has opened Cornerstone at Lumberton, a 70-unit affordable housing community located outside of Philadelphia in Southern New Jersey. Units come in one-, two- and three-bedroom floor plans and are reserved for renters earning 60 percent or less of the area median income. Amenities include a clubhouse, fitness center, a basketball court, children’s play area and outdoor grilling and picnic stations.
TUCSON, ARIZ. — Scottsdale-based Sterling Real Estate Partners has acquired Hotel Tucson City Center in an off-market transaction for an undisclosed price. The company plans to convert the hotel into market-rate apartments. Originally built in the 1960s, the 278-room hotel will be transformed into a modern, 210-unit apartment complex. The seven-building, 10-acre site is located adjacent to the historic El Presidio neighborhood in downtown Tucson. Residences will consist of luxury studio and one-bedroom units, ranging from 300 square feet to 700 square feet. Site amenities of the converted property will include upgrades to the pool area, fitness room, clubhouse, conference room, dog park and outdoor lounge. Upon completion, the apartments will offer low gross rents with luxury interiors finishes to support the high demand for quality affordable housing in the downtown submarket. Sterling had the property under contract since January 2021 while it underwent the rezoning process for residential use. The company collaborated with neighbors throughout the process to receive zoning approval without opposition. Upon purchase, Sterling will become a Choice Hotel franchisee and has engaged Ledgestone Hospitality to operate the four-story building as a hotel, while the adjacent buildings are converted to apartments. Additionally, the site was approved for …
DENVER — Gelt has purchased Willow Point Townhomes, a rental community located at 8500 E. Mississippi Ave. in Denver. The property sold for $69 million in an off-market transaction. Built in 2016 on 8.5 acres, the community features 30 two-story residential buildings offering a total of 117 two- and three-bedroom townhome-style units averaging 1,504 square feet. The townhomes feature attached two-car garages, private patios, stainless steel appliances, quartz countertops, full-size washers/dryers and select units with study rooms. On-site amenities include a resort-style pool and spa, dog wash, playground and 274 parking spaces.
FORT COLLINS, COLO. — Berkadia has arranged the sale of and acquisition financing for Eleven13 Apartments, a garden-style multifamily property in Fort Collins. California-based Bridge Partners sold the asset to Colorado-based Trailbreak Partners for $24.7 million. Located at 1113 W. Plum St., Eleven13 Apartments features 107 two- and three-bedroom floor plans with air conditioning and washer and dryer connections. Community amenities include a clubhouse, fitness center, game room, laundry facilities and a picnic area. Nick Steele, John Laratta, Tyler King and Nate Moyer of Berkadia Denver represented the seller in the deal. Brian Huff of Berkadia Denver arranged a $20 million acquisition loan for the buyer. CorAmerica Capital provided the three-year, non-recourse loan, which features a 75 percent loan-to-cost ratio, 3.85 percent interest rate and an interest-only payment schedule.
CHARLESTON, S.C. — Los Angeles-based Trion Properties has acquired Latitude at West Ashley, a 312-unit multifamily community in Charleston, for $51.8 million. The seller was not disclosed. Constructed in two phases in 1968 and 1973, Latitude at West Ashley offers one-, two- and three-bedroom floorplans averaging 954 square feet with approximately half of the units set up as townhomes. The apartment community includes 22 two-story wood-framed buildings. Community amenities include a pool deck with BBQ grills and cabanas, a fitness center and onsite laundry facilities. Located at 1735 Ashley Hall Road, Latitude at West Ashley is situated by the Ashley and Stono rivers. The property is also situated seven miles west of downtown Charleston, 2.8 miles from Citadel Mall, the area’s only indoor mall, and near Interstate 526.
DES PLAINES, ILL. — Kiser Group has brokered the $117 million sale of Park Ridge Commons in Des Plaines, a northwest suburb of Chicago. The garden-style multifamily property consists of 752 units across 47 buildings. Amenities include a clubhouse, lap pool, fitness center, tennis courts and laundry facilities. Matt Halper, Danny Mantis and Lee Kiser of Kiser Group represented the buyer, Bayshore Properties, and the seller, H.A. Langer & Associates. The seller had owned the property for 25 years. Dan Sacks and Eric Rosenstock of Greystone originated $103 million in acquisition financing through Fannie Mae.
LEWISVILLE, TEXAS — AMAC, a national investment and development firm, has broken ground on a 203-unit multifamily project that will be located within a Qualified Opportunity Zone in the northern Dallas suburb of Lewisville. Designed by locally based architecture firm HEDK, the property will feature one- and two-bedroom units respectively averaging 724 and 1,134 square feet, as well as three retail spaces. Amenities will include a pool, fitness center, grilling areas, dog wash, lounge and clubroom. Truist is providing $29.3 million in construction financing for the project. Completion is slated for fall 2023.
SAN ANTONIO — Newmark has brokered the sale of Magnolia Heights, a 149-unit multifamily property in San Antonio’s Alamo Heights neighborhood. Built in 2020, the property houses one-, two- and three-bedroom units, plus 5,162 square feet of ground-floor retail space. Amenities include a pool, outdoor grilling and dining areas, fitness center, resident clubhouse, coffee bar and a conference center. Cypress Real Estate Advisors sold the asset to a fund managed by New York-based Clarion Partners for an undisclosed price. Patton Jones and Matt Michelson of Newmark brokered the deal. Magnolia Heights was 98 percent occupied at the time of sale.
HENDERSON, NEV. — Kennedy Wilson (NYSE: KW) has purchased 3001 Park, a multifamily property located in Henderson, for $155 million, excluding closing costs. The company invested $56 million of total equity in the acquisition of the property and secured a $102 million loan. At the time of sale, the 528-unit community was 95 percent occupied. This acquisition brings Kennedy Wilson’s Las Vegas multifamily presence to more than 2,300 market-rate units. The name of the seller was not released.
TEMPE, ARIZ. — San Francisco-based Tara Investment Group, a division of Meier-Shefflin Multi-Family, has acquired The Mark, an off-campus student housing community located at 1115 E. Lemon St. in Tempe. San Clemente, Calif.-based Nelson Partners sold the asset for $36.1 million. Located along the Valley Metro Rail line on the edge of Arizona State University’s Tempe campus, The Mark features 153 units with a total of 229 beds. The units offer furnished and unfurnished studio, one- and two-bedroom floor plans with new appliances, quartz countertops and finished concrete flooring. Community amenities include a resort-style pool and sun deck, double-decker hot tubs, a water slide, gas grills, two elevators and a 24-hour fitness center. The property was built in 1970 and remodeled by Nelson Partners in 2014. At the time of sale, the community was 97 percent occupied.
