CHESTER, N.J. — The Broadway Co. (TBC), an investment firm focused on different types of income-producing residential assets, has acquired Windy Acres, a 50-site manufactured housing community in the Northern New Jersey community of Chester. Windy Acres is situated within close proximity of the intersection of Routes 24 and 206, across the street from the Chester Library. B6 Real Estate Advisors placed acquisition financing for the deal on behalf of TBC. The seller and sales price were not disclosed.
TUCSON, ARIZ. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Sundown Village, a multifamily property located in Tucson. HSL Properties sold the asset to APRA Capital for $54.4 million, or $165,000 per unit. Built in 1984 and renovated in 1994, Sundown Village features 330 apartments, three swimming pools, a hot tub, barbecue and picnic areas, a clubhouse and 24-hour emergency maintenance service. Hamid Panahi, Steve Gebing and Cliff David of IPA represented the seller and procured the buyer in the deal.
BOZEMAN, MONT. — ACRES Capital Corp. has originated a $29.2 million loan to fund the construction of Babcock Apartments, a multifamily property located at 1612 and 1624 W. Babcock St. in Bozeman. The borrower is Roundhouse Development, a fully integrated developer and operator of multifamily housing. Los Angeles-based George Smith Partners arranged the loan. Babcock Apartments will feature 95 apartments, 105 parking spaces and 2,300 square feet of ground-floor retail space. Units will include in-unit washers/dryers, stainless steel appliances, dishwashers, wood cabinets, marble countertops and private balconies in select units. Community amenities will include a fitness center, tenant lounge, open space areas, individual storage units and on-site parking. Jonathan Lee led the George Smith Partners team that arranged the loan, while Chris Hetzel of ACRES’ Los Angeles office originated the deal.
PHOENIX — Westmount Realty Capital has purchased Mountain Vista Commerce Center, a three-building industrial property located at 14647 S. 50th St. in Phoenix. Terms of the transaction were not released. Built in 1999, the multi-tenant property features 134,713 square feet of flex industrial space. One building is configured for corporate office use built out with modern standard design and finishes. The other two buildings are configured for showroom/training and office/warehouse spaces with 18-foot, clear-height dock doors. Additionally, the property provides 517 total parking spaces and a large monument sign. At the time of sale, the property was 62 percent occupied. Cognizant Trizetto, a healthcare IT services provider, occupies 38 percent of the modern corporate office space, while six wellness- and fitness-related businesses occupy another 32 percent.
WENTZVILLE, MO. — Associated Bank has provided a $25.5 million loan for the acquisition of Grand Central at the Junction in Wentzville, a northwestern suburb of St. Louis. The 180-unit apartment community, located at 6101 Grand Central Ave., features amenities such as a community lounge, fitness center, pool and grilling areas. Randy Stille of Associated Bank handled the loan closing on behalf of the borrower, Minneapolis-based Timberland Partners. The acquisition marks Timberland’s eighth multifamily property in the St. Louis market. The company owns and manages a portfolio of 83 communities in 15 states totaling more than 18,000 units.
SAULT STE. MARIE, MICH. — Woda Cooper Cos. Inc. has opened Osborn Commons, a $14 million mixed-income housing project located at 215 Governor Osborn Blvd. in downtown Sault Ste. Marie, a city in Michigan’s Upper Peninsula. Of the project’s 65 units, 63 are available for residents who earn 30 to 80 percent of the area median income. Two units are available at market rate and seven units are designated for those with disabilities. Amenities include a fitness center, management office and two community rooms. The development also includes a 2,000-square-foot retail store known as The Market on Osborn. Local entrepreneurs Steve and Kathy Twardy operate the store, which sells beverages, snacks, dairy products, fresh produce, packaged dry goods and a variety of breakfast and lunch options. The Michigan State Housing Development Authority provided affordable housing tax credits for the project. Affordable housing investor CREA LLC provided equity financing; lender Cedar Rapids Bank & Trust provided the first mortgage; and Merchants Capital provided a construction loan. The City of Sault Ste. Marie provided a Payment in Lieu of Taxes (PILOT). Hooker DeJong Inc. was the project architect and Sol Consulting + Design provided sustainability consulting. The U.S. Green Building Council certified …
PHOENIX AND SURPRISE, ARIZ. — Taylor Street Advisors has arranged the sales of three multifamily properties located in Phoenix and Surprise for a total of $14.2 million. Brian Tranetzki and Anton Laakso of Taylor Street Advisors represented the buyer, an out-of-state investor, and the undisclosed seller in the deals. The transactions include: The $5.4 million, or $200,000 per unit, acquisition of Encanto Oasis, a 26-unit property located at 1840 W. Thomas Road in Phoenix. The buyer plans to add in-unit washers/dryers and private patios to each unit and convert the laundry facilities and gym space into two additional residential units. The $3.8 million, or $209,722 per unit, purchase of The Madison, an 18-unit community located at 5624-5646 N. Sixth St. in Phoenix. The $5 million, $147,059 per unit, acquisition of Thompson Ranch, a 34-unit townhome property located at 15427 N. Jerry St. in Surprise.
RALSTON, NEB. — CBRE has provided $4.9 million in long-term agency financing for Orleans Square Apartments, an 83-unit multifamily community in the Omaha suburb of Ralston. Josh Larsen of CBRE originated the financing through Freddie Mac’s Small Balance Loan program on behalf of the borrower, Thrive Street Living. The 10-year loan features a fixed interest rate of 3.26 percent and amortizes over 30 years.
VALPARAISO, IND. — Mauser Packaging has signed a 25,110-square-foot industrial lease at 2650 Barley Road in Valparaiso, a city in Northwest Indiana. Barley Properties owns the newly constructed building, which spans 65,592 square feet. Holladay Properties and Holladay Construction Group provided development and construction services for the project. The two firms have also been tapped to market the property for lease. Mauser specializes in manufacturing packaging products from recycled content as well as reconditioning, reuse, recycling and professional disposal.
DES MOINES, IOWA — The Boulder Group, a net-lease investment brokerage firm, has brokered the sale of a restaurant property occupied by Fazoli’s in Des Moines for $1.2 million. The 3,350-square-foot building is located at 3600 Merle Hay Road. Randy Blankstein and John Feeney of Boulder represented the seller, an undisclosed investment firm based in Texas, in the transaction. A Midwest-based investor was the buyer. Fazoli’s, an American fast-casual restaurant chain, has more than 10 years remaining on its lease.