DENVER — Virginia-based Willow Creek Partners has purchased The Croft Apartment Homes, a mid-rise property located at 7200 E. Evans Ave. in Denver. This is the company’s first acquisition in the region. The name of the seller and acquisition price were not released. Adam Randall and John Westby-Gibson of Newmark’s Multifamily Capital Markets Debt & Structured Finance group arranged $21.8 million in acquisition financing for the buyer. The Croft Apartment Homes features 138 units in a mix of one- and two-bedroom floor plans. Built in 1974, the building’s renovated units offer new appliances, granite countertops, air conditioning, ample storage, in-unit washers/dryers and private outdoor space. Community amenities include a business center, clubhouse, courtyard, fitness center, indoor pool and game room.
MIAMI BEACH, FLA. — Cushman & Wakefield has arranged the $24.5 million sale of Marina Del Rey, a 108-unit waterfront apartment community in Miami Beach. Calum Weaver, Garrett Pordes, Robert Given, Zach Sackley and Troy Ballard of Cushman & Wakefield represented the seller, Finvarb Group, in the transaction. An entity doing business as 1006 Bay Drive LLC was the buyer. Located at 1006-1022 Bay Drive, Marina Del Rey features over 400 feet of direct water frontage with views of Biscayne Bay and downtown Miami.
PFLUGERVILLE, TEXAS — Newmark has arranged the sale of Villas at Spring Trails, a 270-unit apartment community located in the northern Austin suburb of Pflugerville. Built in 2013, the property offers one-, two- and three-bedroom units and amenities such as a pool, fitness center, sand volleyball court, gaming and media center and a putting green. Patton Jones of Newmark represented the seller, Kansas-City based KC Venture Group, in the transaction. Dallas-based private equity firm Knightvest Capital purchased the property, which was 96 percent occupied at the time of sale, for an undisclosed price.
On May 26, France Media hosted the “Health at the Core: Real Estate Redefines Its Value Proposition. And We ALL Benefit” webinar, sponsored by The International WELL Building Institute (IWBI). Panelists discussed what steps and metrics might be important to make those returning to offices, hotels, shopping malls, etc. feel safe and healthy. What can owners and operators do to adjust to a world where interior spaces suddenly have a new role — promoting wellness? Listen to a results-oriented panel discussion on ratings and certifications, new expectations, best practices for communicating with occupants, as well as lasting changes we can expect in the pursuit of better, healthier buildings. Click here to hear more on how industry leaders are making interior spaces a part of wellness. See a list of some topics covered below: Health safety ratings: systems, implementation, responding effectively Communicating to occupants: important points to convey, messaging strategies Indoor air: ventilation, filtration and air quality Cost-effective retrofitting Panelists: Jessica Cooper, International WELL Building Institute (moderator) Sara Neff, Kilroy Realty Dana Schneider, Empire State Realty Trust Paul Scialla, International WELL Building Institute Webinar sponsor: The International WELL Building Institute (IWBI) is a public benefit corporation and the world’s leading organization focused on deploying …
PHILADELPHIA — A partnership between National Real Estate Development LLC and The KRE Group will develop 200 Spring Garden, a 355-unit multifamily project that will be located in the East Callowhill Overlay District of Philadelphia. The project represents the first phase of a larger master-planned community. Amenities will include a pool, multiple grilling stations, community gardens and a private outdoor dog run. Construction is expected to begin in the second quarter of next year and to last 24 to 28 months.
NEW HAVEN, CONN. — KeyBank has provided $37.5 million in financing to Community Preservation Partners (CPP) and Hampstead Development Partners for the acquisition and renovation of an affordable seniors housing property in New Haven. Originally built in 1973, Fairbank Apartments, a Section 8 property situated on one acre of land, consists of 121 units (106 one-bedroom and 15 two-bedroom) and one ground-level retail bay in a nine-story building. KeyBank operates a branch out of the retail space. KeyBank’s Community Development Lending and Investment (CDLI) and KeyBank Real Estate Capital’s (KBREC’s) Commercial Mortgage Group (CMG) worked together to provide $12.5 million of low-income housing tax credit equity, a $6 million equity bridge loan, an approximately $19 million public bond offering and $19 million of Fannie Mae tax-exempt bond collateral. Robbie Lynn of KBREC’s CMG team, and Victoria O’Brien and John-Paul Vachon of Key Community Development Corp. structured the financing.
CHICAGO — Marcus & Millichap has brokered the sale of a 23-unit apartment building in Chicago’s Logan Square neighborhood for $5.3 million. The property, located at 2865 W. Shakespeare Ave., was fully occupied at the time of sale. James Ziegler and Kyle Stengle of Marcus & Millichap marketed the property on behalf of the seller, JAB Real Estate. The duo also secured and represented the buyer, a limited liability company.
KNOXVILLE, TENN. — Capstone Apartment Partners has brokered the $14 million sale of Bouldercrest Apartments, a 180-unit multifamily community located along Interstate 640 in Knoxville. Adam Klenk, Tyler Mayo, Luke Searcy and Jordan Arand of Capstone represented the buyer, an entity doing business as Bouldercrest GP, in the transaction. The Northeast-based firm plans to modernize unit interiors and enhance the community’s amenity package. Built in 1986, Bouldercrest Apartments includes studio, one- and two-bedroom apartment homes with fully equipped kitchens, vaulted ceilings, washer/dryer connections, walk-up attic storage and a patio or balcony. The community was 96.1 percent occupied at the time of sale.
PORTLAND, ORE. — Portland-based Ethos Development has broken ground on brookLAND, a multifamily property located in the Brooklyn neighborhood of southeast Portland. The five-story, 128,000-square-foot development will feature 166 apartments and a tea shop integrated into the building’s common space. Units will be available in a variety of floor plans, including five three-bedroom units and two studios affordable to residents earning 60 percent of area median income. Additionally, the transit-oriented property will feature 28 micro studios that provide market-rate affordability due to efficient design. Community amenities will include a five-story atrium, fitness studio, sauna, building lounge, workspaces and a roof deck. The project team includes Portland-based Hacker Architects and Portland-based R&H Construction.
GLENWOOD SPRINGS, COLO. — CBRE has arranged the sale of Lofts at Red Mountain, a multifamily property located in Glenwood Springs. The developers — Illinois-based Stoneleigh Cos. and Texas-based Realty Capital — sold the asset for an undisclosed price. The name of the buyer was not released. Located at 300 Wulfsohn Road, Lofts at Red Mountain features 181 apartments in a mix of one-, two- and three-bedroom units with quartz countertops, customizable Elfa closet systems and full-size, in-unit washers/dryers. Community amenities include a club room with billiards, an outdoor lounge with fire pits, bike storage, a fitness center, barbecue pavilion, self-service dog wash and a Zen lounge with hanging swings and daybeds. Dan Woodward, David Potarf, Matt Barnett and Jake Young of CBRE represented the sellers in the deal. Troy Tegeler of CBRE Capital Markets’ Debt & Structured Finance team arranged acquisition financing for the buyer.