RALEIGH, N.C. — FCP has acquired Trails of North Hills Apartments, a 279-unit complex in Raleigh’s North Hills neighborhood, for $33.3 million. FCP plans to upgrade the community, including clubhouse and amenity renovations, building upgrades and landscaping and curb appeal updates. Pinnacle Management will manage the property. Paul Marley and Watson Bryant of Cushman & Wakefield represented the buyer in the transaction. The seller was not disclosed.
RESTON, VA. — Parse Capital has provided $29.1 million in preferred equity to Rooney Properties for the construction of Faraday Park, a 407-unit multifamily community in Reston. The asset will be situated at 1831 Michael Faraday Drive, less than a mile from the Wiehle-Reston East Metro Station and about 20 miles west of downtown Washington, D.C. The property will comprise two seven-story buildings and two above-ground parking garages. Floor plans will include studio, one-, two- and three-bedroom floor plans averaging 842 square feet. Amenities are set to include a rooftop swimming pool, fitness center, coworking space, dog park and a refrigerated package room. Construction is slated to begin immediately. Walter Coker and Brian Crivella of HFF arranged the financing on behalf of Rooney Properties.
NASHVILLE, TENN. — Berkadia has arranged the $23.6 million sale of Point Breeze, a 192-unit apartment complex in east Nashville. An affiliate of San Diego-based Brandy Investments purchased the asset, which was built in 1972 and spans more than 33 acres. Amenities include a saltwater swimming pool, dog park, fitness center and a picnic area with a barbecue. Patrick Jordan and Alex Blagojevich of Berkadia represented the seller, Nashville-based Freeman Webb Inc., in the transaction.
MORRISVILLE, N.C. — Alliance Residential has purchased 17 acres of land in Morrisville with plans to develop Broadstone Trailside, a 263-unit apartment community that will include smart apartment units. Construction is expected to begin this year with residents able to move in in 2021. The property will offer one-, two- and three-bedroom floor plans and townhomes averaging 1,016 square feet. Residential units will include Nest Thermostats, Google Home electronic entry door locks and connected light switches and outlets, all controlled by a smartphone. The smart features are part of the Alliance SmartHome technology package. Cline Design designed Broadstone Trailside, which is situated about 13 miles west of downtown Raleigh.
DENVER — HFF has arranged $75 million in financing for The Confluence, a 34-story luxury residential tower located 1441 Little Raven St. in downtown Denver. The borrower is a partnership between National Real Estate Advisors, acting on behalf of a client, and PMRG, which recently merged with Madison Marquette. Josh Simon and Rob Rizzi of HFF secured the 10-year, fixed-rate loan through a life company lender. The borrower plans to use loan proceeds to retire existing construction debt. Completed in 2017, The Confluence features 287 units in a mix of one-, two- and three-bedroom. Units average 1,052 square feet with high-end finishes, including granite and marble countertops, soaking tubs, floor-to-ceiling windows, hand-scraped hardwood floors, walk-in closets, solar and blackout shades, and balconies and private terraces. Common area amenities include a fitness center, swimming pool, hot tub, cabanas with individual fire pits, two skyline lounges, professional chef’s kitchen, catering facility, dog grooming area, valet parking, 24-hour concierge service and direct access to Confluence Park.
COSTA MESA, CALIF. — Ready Capital has closed a $20.1 million loan for the acquisition, renovation and stabilization of Back Bay Center, a mixed-use retail and office property located in the Eastside submarket of Costa Mesa. The asset features 52,000 square feet of Class B retail and office space. Ready Capital National Bridge Originations Team closed the non-recourse, fixed-rate loan that features an 84-month term, 48 months of interest-only payments and flexible pre-payment options.
SEATTLE — Norris, Beggs & Simpson Financial Services (NBS Financial) has arranged $5 million in financing for Wallingford Center in Seattle. The borrower is Wallingford Center LLP. Mike Wood and Colin Ceithaml of NBS Financial secured the non-recourse, fixed-rate loan. Riversource LLC, a life company correspondent of NBS Financial, provided the capital. Originally constructed as a school, the 28,377-square-foot mixed-use asset features retail space on the first two floors and 24 apartments above. The use of the financing was not disclosed.
PRESCOTT, ARIZ. — Valencia Properties has purchased a freestanding, single-tenant property located at 901 Willow Lake Road in Prescott. A Southern California-based private investor sold the building for $4.5 million in an all-cash transaction. CVS/pharmacy occupies the 13,186-square-foot drive-thru property, which was built in 2015. The absolute triple-net leased asset is corporate guaranteed by CVS Health Corp. with 22 years remaining. Patrick Luther and Matthew Mousavi of SRS Real Estate Partners’ National Net Lease Group represented the seller, while Gulf Stream Capital Ventures represented the buyer.
DRAPER, UTAH — Alliance Residential has opened The Ivy, an active adult community in Draper, approximately 17 miles south of Salt Lake City. The luxury community, located in what the developer calls “one of Salt Lake City’s most stylish suburbs,” will be restricted to residents over the age of 55.
CHICAGO — HFF has arranged the sale of Lakeshore Medical Center in Chicago. Completed in 2008, the 135,093-square-foot, five-story medical office building is attached to the 236-bed Weiss Memorial Hospital. Tenants at the property include Walgreens, Fresenius Medical Care and University Dermatology and Vein Clinic. Ben Appel, Evan Kovac, Andrew Milne, Matt DiCesare, Jeffrey Bramson and Bryan Rosenberg of HFF represented the seller, a partnership between CarVal Investors and Zeller Realty Group. The team also procured the buyer, an institutional investor. MBRE Healthcare will manage the asset.
