BOSTON — West Shore has acquired Sweetwater Apartments in Charleston, Vantage at Wildewood in Columbia, S.C., and Uptown Village in Gainesville, Fla. The acquisition brings the Boston-based investor’s total units to over 12,000. The sales price and sellers were not disclosed. Sweetwater Apartments is a 320-unit waterfront luxury community that offers studio, one-, two- and three-bedroom floorplans. Community amenities include community gardens, a fitness center, outdoor kitchen, yoga studio, six deep water docks, private boat ramp and a kayak ramp. Located at 12000 Sweet Place, the property is 17.7 miles from the College of Charleston and 10.7 miles from Charleston International Airport. Vantage at Wildewood, a 264-unit apartment complex with newly renovated units, offers one-, two- and three-bedroom floorplans. Unit features include in-unit washers and dryers, fireplaces and open layouts. Community amenities include a pool and an outside fireside sitting area. The property also has access to local trails and nearby parks. Located at 811 Mallet Hill Road, the property is 12.3 miles from the University of South Carolina. Uptown Village, formerly known as Evergreen at Uptown Village, is a 322-unit luxury apartment community that offers one-, two- and three-bedroom floorplans. Community amenities include a resort-style pool, shaded cabana, nature …
Dwight Capital Provides $60.8M HUD Refinancing for Affordable Housing Community in Herndon, Virginia
HERNDON, VA. — Dwight Capital has provided a $60.8 million HUD 223(f) cash-out refinancing loan for Coppermine Run, a 288-unit affordable housing community in Herndon. Brandon Baksh of Dwight Capital originated the loan transaction. The loan includes a Green Mortgage Insurance Premium (MIP) Reduction set at 25 basis points because Coppermine Run is Energy Star-certified. Coppermine Run includes 11 four-story residential buildings and a clubhouse and leasing office situated on 15.7 acres. The property offers two-bed/one-bath, two-bed/1.5 bath and three-bed/two-bath floorplans. Unit features include trash and snow removal, walk-in closets, central air and heat, cable ready and updated appliances and cabinets. Community amenities include a basketball and multi-sports court, fitness center, playground, swimming pool with sundeck and walking paths. Located at 2450 Masons Ferry Drive, Coppermine Run is situated 19.7 miles from Arlington, 25 miles from Washington, D.C., and 31.6 miles from Alexandria.
INDIANAPOLIS — Indianapolis-based homebuilder Onyx+East has formed a joint venture with investment management firm Pretium to invest approximately $600 million to develop, build and operate new single-family build-to-rent communities. The joint venture plans to build over 2,000 homes across the Midwest and Florida’s West Coast. In 2022, the partnership intends to develop six communities totaling more than 700 homes in Indiana, Ohio and Florida. Progress Residential, Pretium’s single-family rental platform, will operate and manage the communities.
HOMESTEAD, FLA. — Torrance, Calif.-based InSite Property Group has purchased Storage Maxx, a 42,210-square-foot self-storage property in Homestead. The sales price and seller were not disclosed. The facility will be operated by InSite’s management firm and will be rebranded as SecureSpace Homestead. The property includes a three-story, climate-controlled building, several single-story buildings with drive-up and interior units and a 2.2-acre rentable parking area. The property was 96 percent occupied at the time of sale. Renovations are planned for the property, including a complete remodel of the leasing office, upgrades to the highway-facing signage, refreshed landscaping and a fresh paint scheme will be added throughout. A contactless infrastructure will also be implemented, as well as upgraded security systems replaced with the latest technology and free Wi-Fi offered across the entire site. Located at 1496 Old Dixie Highway, the property is situated 38.8 miles from Miami Beach, 25.1 miles from University of Miami and 32.1 miles from downtown Miami.
CHICAGO — ML Realty Partners has acquired a 1 million-square-foot industrial portfolio in metro Chicago for an undisclosed price. The portfolio consists of 15 buildings within the I-55 corridor, Central DuPage, Lake County and O’Hare submarkets. The transaction also includes five shovel-ready land sites totaling 40 acres in the I-55 corridor and an additional five acres in Lake County. Jeff Devine, Steve Disse and Mike Senner of Colliers represented the undisclosed seller.
CHICAGO — Development firm Optima Inc. has begun pre-leasing Optima Lakeview, a 198-unit luxury apartment community in Chicago’s Lakeview neighborhood. Located at 3478 N. Broadway St., the project includes 14,000 square feet of street-level retail space. First move-ins are scheduled for April. David Hovey Sr., Optima’s CEO and founder, designed the project, while Optima’s in-house construction team served as general contractor. Units average 1,053 square feet, and monthly rents start at $2,400. Optima Lakeview features 40,000 square feet of amenities, including a rooftop sky deck, heated pool, grilling stations, basketball court, sports lounge, golf simulator, fitness center, yoga room, sauna, dog park, children’s play area, game room and chef’s kitchen. Work-from-home amenities include two conference spaces, a business center and several indoor and outdoor seating areas. Each residence comes with smart home technology, including keyless unit entry and smart thermostats.
MUNCIE, IND. — Developer TWG has broken ground on River Bend Flats, a $12 million affordable housing community in Muncie, about 50 miles northeast of Indianapolis. The three-story, 60-unit project will be located at 1800 Burlington Drive. Units will be reserved for renters earning up to 60 percent of the area median income. Amenities will include a clubhouse and playground. Completion is slated for spring 2023. The project was made possible with support from the City of Muncie and low-income housing tax (LIHTC)credits from the Indiana Housing and Community Development Authority.
CINCINNATI — Cooper Commercial Investment Group has brokered the sale of Meadows Plaza in Cincinnati for an undisclosed price. The 11,746-square-foot retail center is fully leased to tenants such as Harper’s Point Eye Associates, Allstate Insurance, Reliable Staffing and AnyLabTestNow. Dan Cooper of Cooper Group represented the seller, a metro Cincinnati-based private investor. A West Coast-based buyer purchased the property for the full price, representing a cap rate of 7.6 percent.
ATLANTA — Cleveland, Ohio-based GBX Group LLC, in partnership with developer Atlanta-based Urban Landings, will rehabilitate Winnwood Apartments, a historical multifamily property in Midtown Atlanta that will be renovated into affordable housing. Construction on the project is expected to be complete by the fourth quarter. Winnwood is a 90-year-old, two-story property. When renovations are complete, the property will feature about 50 micro and one-bedroom units. Community amenities will include covered parking and a dog park. Located at 1460 W Peachtree St. NW, the property is situated within two miles from Georgia Tech, less than a mile from Atlantic Station, 1.5 miles from Tech Square and 4.4 miles from Georgia State University. Urban Landings helped secure Winnwood’s spot on the National Register of Historic Places in 2021, enabling access to historic tax credits. Simultaneously, the ownership group donated a facade easement to Easements Atlanta, a nonprofit organization whose mission is to accept qualified historic preservation easement donations of certified historic properties in Atlanta. This donation allows permanent protection for Winnwood’s exterior design and makes the project eligible for additional tax incentives.
NEW YORK CITY AND PHILADELPHIA — Blackstone Real Estate Income Trust Inc. (BREIT) has agreed to acquire Resource REIT, a publicly registered, non-traded REIT based in Philadelphia, for $3.7 billion in an all-cash transaction. Under the terms of the deal, BREIT will acquire all of the outstanding shares of common stock of Resource REIT for $14.75 per share, including the assumption of existing debt. The transaction is expected to close in the second quarter. Resource REIT’s portfolio currently consists of 42 garden-style apartment communities totaling more than 12,600 units across 13 states, including Arizona, Colorado, Florida, Georgia and Texas. “This transaction represents a continuation of our high-conviction investing in top-quality multifamily communities in growth markets across the country,” says Asim Hamid, senior managing director at Blackstone. “We intend to capitalize on our expertise, scale and management practices to ensure these properties are well maintained and provide an exceptional experience for residents.” Lazard Frères & Co. LLC is acting as exclusive financial advisor to Resource REIT, and DLA Piper LLP is acting as the firm’s legal counsel. BofA Securities, BMO Capital Markets Corp., Eastdil Secured Advisors LLC and RBC Capital Markets LLC are acting as financial advisors to BREIT. Simpson Thacher …