SPRING, TEXAS — Western Wealth Capital (WWC) has purchased Wimbledon Apartment Homes, a 161-unit multifamily property in the northern Houston suburb of Spring, for $14.9 million. The property was built in 1979 and features one-, two- and three-bedroom units. Amenities include a pet park, business center and a coffee bar. This transaction marks WWC’s first acquisition of a multifamily property in Houston and its fourth overall in Texas.
CHICAGO — Citizens Bank has provided a $20.9 million loan for the construction of 42 luxury apartments at Norweta Row in Chicago’s Lincoln Park neighborhood. The development also includes 31 for-sale condominium units that will share amenities with the apartments, but were not part of the collateral for this loan. The apartment phase of the project is due for completion in spring 2019 and will encompass 79,000 square feet. Community amenities will include a pool, fire pit, outdoor grilling area, sport court and dog wash station. Christopher Knight and Greg LaBine of HFF arranged the loan on behalf of the borrower, Broder.
DAYTON, OHIO — SunTrust Banks Inc. has arranged a $20.3 million Fannie Mae loan for the refinancing of a 300-unit multifamily property in Dayton. Built in 1988, the Class B property is located 11 miles southwest of Dayton’s central business district. Joe Markech of SunTrust originated the 12-year loan, which features a 30-year amortization schedule. Markech sourced the transaction through Michael Dury of PR Mortgage & Investments.
JANESVILLE, WIS. — CBL Properties has sold Janesville Mall in southern Wisconsin to RockStep Capital for $18 million. Boston Store, Dick’s Sporting Goods, Kohl’s and Sears anchor the 600,000-square-foot mall. Other tenants include Bath & Body Works, American Eagle Outfitters, Claire’s, Finish Line, GameStop, Ulta Beauty, Victoria’s Secret and Yankee Candle. CBL will use proceeds from the sale to supplement cash flow, fund redevelopment programs and other capital improvements, and reduce debt. Don MacLellan and Rick Chichester of Faris Lee Investments represented both the buyer and the seller in the transaction.
DOWNERS GROVE, ILL. — Elkay has signed a 47,073-square-foot industrial lease in Downers Grove. The kitchen sink company is relocating two of its business teams from 2222 Camden Court in Oak Brook in August, but the company’s headquarters will remain at the Oak Brook property. Dan Arends of Colliers International represented Elkay in the lease transaction. The landlord was not disclosed.
PIQUA, OHIO — Industrial Property Brokers has arranged the sale of a 24,000-square-foot manufacturing and warehouse facility in Piqua in western Ohio. The price was not disclosed. The property is located at 9700 Looney Road. Innovated Technologies LLC, an equipment manufacturing and automation systems maker, purchased the building with plans to relocate from Sydney, Ohio, after tenant improvements are completed. Clear heights at the property range from 13 to 18 feet. Other features include four drive-in doors, two docks and 1,400 square feet of office space. Tim Echemann of Industrial Property Brokers arranged the transaction. Unity National Bank was the seller.
HOBOKEN, N.J. — Spirit Bascom Ventures has acquired Columbus Park Apartments, a 37-unit multifamily community in Hoboken for $17.6 million. Located at 1024 Clinton St., the eight-story property is a former warehouse that was converted to multifamily use in the 1990s. The community also includes a 37-space parking structure. Stephen Simonelli of HFF and James Giaccio and Kevin Helsinki of Chelsea Realty represented the undisclosed seller in the transaction. HFF arranged acquisition financing through CIT Group. Spirit Bascom Ventures is a partnership between The Bascom Group LLC and Spirit Investment Partners LLC. The buyer plans to reposition the asset as a boutique institutional-quality property.
NEW YORK CITY — TerraCRG has arranged the sale of a 55,000-square-foot industrial facility in the Brownsville neighborhood of Brooklyn. The property sold for $8.5 million, or $155 per square foot. Ofer Cohen, Dan Marks, and Mike Hernandez of TerraCRG represented the seller, Joseph Robles, in the transaction. The buyer was undisclosed. The building features open layouts with two drive-in doors and 13-foot ceilings on both levels as well as 290 feet of frontage on Osborn Street.
NEWTOWN, CONN. — Senior Lifestyle Corp. has broken ground on Church Hill Village, a 71-unit assisted living and memory care community in Newtown, located approximately midway between New York City and Hartford. The community will feature 49 assisted living apartments and 22 memory care apartments. The 66,000-square-foot building will be situated on four acres. Development partners for the project include Teton Capital Co. and JRP Architects. The community is scheduled to open in summer 2019.
MERIDEN, CONN. — Pennrose has opened Meriden Commons I, a 75-unit multifamily community in Meriden. The community is the first of a two-phase transit oriented development that will bring 151 mixed-income apartment units and more than 6,500 square feet of retail space to the City of Meriden. Once completed in the fall of 2019, Meriden Commons II will consist of 76 mixed-income apartments. Located at 161 and 177 State St., Meriden Commons I and II are within close proximity to downtown Meriden and Meriden’s Amtrak Center.
