ROSLYN, N.Y. — Marcus & Millichap has brokered the $33 million sale of Horizon at Roslyn, a 50-unit, age-restricted apartment building in the New York City suburb of Roslyn. The sales price equates to $660,000 per unit. Michael Tuccillo, Anthony Cerrone and Nicholas Tuccillo of Marcus & Millichap represented the seller, Horizon at Roslyn LLC, in the transaction. The trio also procured the buyer, Fairfield Knolls LLC.
ST. LOUIS — Mac Properties, a multifamily residential developer with offices in Chicago, Kansas City and St. Louis, has delivered a luxury apartment tower in St. Louis called One Hundred Above the Park. Clayco was the general contractor for the 36-story project, which overlooks Forest Park within the city’s Central West End neighborhood. “We are proud to have completed this world-class landmark for St. Louis in the midst of the pandemic,” says Matt McKenna, Clayco’s vice president of residential construction. “The project’s success is the result of months-long planning, scheduling and logistical collaboration between all stakeholders.” Mac Properties worked closely with St. Louis Development Corp. and the City of St. Louis to bring One Hundred Above the Park to fruition, and Clayco kept construction on schedule by completing one floor per week. Architect Jeanne Gang of Studio Gang designed One Hundred Above the Park with a “scalloped” glass façade. The angled exterior gives each of the 316 apartments a corner living room with double windows, which helps Mac Properties to improve energy efficiency by promoting natural lighting. Each floorplate is designed into a leaf-shaped pattern, which gives the tower a tiered look. “We hope residents enjoy this distinctive high-rise for …
PORT ORANGE, FLA. — Trez Capital, a private real estate lender, has provided a $44.1 million construction loan for a new Class A, garden-style apartment community in Port Orange, a city near Daytona Beach. The 288-unit development is known as EDEN Crystal Lake. Ben Jacobson of Trez Capital originated the loan on behalf of the developer, EDEN Multifamily. Located on 19.5 acres at 1270 Reed Canal Road, EDEN Crystal Lake will have a mix of one-, two- and three-bedroom apartments with nine-foot ceiling heights, granite countertops, high-end appliances, walk-in closets and balconies/patios in three-story buildings. Planned community amenities include a clubhouse, resort-style pool, fitness center, lakefront boardwalk, dog park with a grooming station, expansive lawn areas and detached garages. The EDEN Crystal Lake site is located within four miles from the beaches in Daytona Beach, the Daytona International Speedway, Daytona Beach International Airport and LPGA headquarters. The property is also near Interstates 95 and 4. Construction of EDEN Crystal Lake is scheduled for completion in mid-2022.
MOBILE, ALA. — Lument has provided a $33 million Fannie Mae loan to refinance Stone Ridge Apartments, a 317-unit, garden-style apartment complex in Mobile. Chad Hagwood and Brandon Pate of Lument led the transaction. The unnamed borrower has over 35 years of commercial real estate experience and a 15-year working relationship with Lument’s Chad Hagwood. The 12-year loan features a low, fixed interest rate, five years of interest-only payments and a 30-year amortization schedule. In addition, the loan has a maximum loan-to-value ratio of 75 percent. Stone Ridge offers eight different floor plans throughout its 18 residential buildings. The apartment complex was originally built in 2008 and recently underwent approximately $1.3 million in capital improvements and renovations.
ALEXANDRIA, VA. — Berkadia has secured $24.9 million in financing for the acquisition of The Tuscany Apartments, a mid-rise multifamily property in Alexandria. Jonathan Pratt of Berkadia’s Salt Lake City office secured the acquisition financing on behalf of the borrower, an affiliate of Maryland-based Advantage Properties Inc. and Cove Property Management LLC. An affiliate of CW Financial Services LLC participated in the acquisition as a joint venture equity partner. The 10-year Freddie Mac loan features a floating interest rate, an approximately 70 percent loan-to-value ratio and a five-year interest-only period followed by a 30-year amortization schedule. Located at 260 Yoakum Parkway, Tuscany Apartments features one- and two-bedroom floor plans with in-unit washers and dryers, walk-in closets and private patios or balconies. Community amenities include a clubhouse, fitness center and a pet playground. The property is close to Stevenson Park, Interstate 395 and the shops and restaurants along South Van Dorn Street.
DENTON, TEXAS — Square Mile Capital has provided a $45.5 million acquisition loan for Village at Rayzor Ranch, a 300-unit multifamily community located within the Rayzor Ranch mixed-use development in Denton. Built in 2019, the property offers amenities such as a pool, fitness center, art clubhouse, outdoor grilling areas, dog park, pickleball and bocce ball courts, coworking space, coffee bar and an outdoor yoga terrace. Dustin Dulin of JLL arranged the loan on behalf of the borrower, Seven Seas Holdings. EPC Real Estate Group developed Village at Rayzor, which was approximately 90 percent occupied at the time of sale.
LEWISVILLE, TEXAS — Berkadia has provided a $26.8 million Freddie Mac acquisition loan for Arbor Creek, a 280-unit apartment community in the northern Dallas suburb of Lewisville. The property was built in 1984, and its units offer washers and dryers and private balconies/patios. Amenities include a fitness center, dog park and picnic areas. Mitch Sinberg and Brad Williamson of Berkadia originated the floating-rate financing on behalf of the borrower, Miami-based Eagle Property Capital. The seller was Dallas-based CONTI Organization.
SEATTLE — Colliers International has arranged the purchase of The Portal, a multifamily property located at 743 N. 35th St. in Seattle’s Fremont neighborhood. A local family office acquired the property for $21.3 million, or $690 per net rentable square foot. The name of the seller was not released. Recently completed, The Portal features 54 apartments and was sold pre-stabilization, closing 90 days after the seller received the certificate of occupancy. Tim McKay, Dan Chhan, Sam Wayne and Matt Kemper of Colliers Pacific Northwest Multifamily Advisor team represented the buyer in the transaction.
MIDDLETOWN, PA. — Marcus & Millichap has brokered the sale of Oak Grove Apartments, a 30-unit multifamily complex in Middletown, a southern suburb of Harrisburg. All units are two-bedrooms. Craig Dunkle and Mher Vartanian of Marcus & Millichap represented the buyer and seller in the transaction. Both parties requested anonymity.
TEMPE, ARIZ. — Milhaus is developing Milhaus North Tempe, a $177 million, two-phase multifamily community at 1245 E. Curry Road in Tempe. The $91 million first phase is slated to break ground this month. The project is Milhaus’ entry into the Arizona market. The community will feature 310 studio, one-, two-, three- and four-bedroom units in the first phase and a total of 621 units at full buildout. Onsite amenities will include a pool deck, grill stations, outdoor spa, commercial grade fitness center, clubhouse with work and entertainment areas, library and a dog park. Los Angeles-based Banyan Residential is a co-developer on the project. The project team also includes Todd & Associates, McShane Construction, design-art llc and Rick Engineering.