INDIANAPOLIS — Steadfast Apartment REIT has acquired a 307-unit apartment complex in Indianapolis for $27.9 million. Harrison Place is located at 5821 Beatle Drive. Constructed in 2001 on nearly 22 acres, the apartment community features one-, two- and three-bedroom apartments, and two- and three-bedroom cottages. The property was 95 percent occupied at the time of sale. Average in-place rents are $828. Amenities at the complex include a clubhouse/leasing office, fitness center, business center, laundry facility, swimming pool and a tenant lounge. The units also include refrigerators, microwaves, washer/dryer hook-ups and private patios or balconies. Steadfast plans to make interior improvements that will include upgrading the appliances and adding vinyl plank wood flooring. The acquisition of Harrison Place is the REIT’s second acquisition this year. In May, the REIT acquired the 176-unit Villages at Spring Hill in Spring Hill, Tennessee.
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EDWARDSVILLE, ILL. — IMPACT Strategies has completed construction on Cedarhurst of Edwardsville, an $8 million memory care facility in Edwardsville, approximately 23 miles northeast of St. Louis. The property is located at 7108 Marine Road and is near I-55. Cedarhurst of Edwardsville is a 32,987-square-foot, single-story building with 54 memory care apartments. The building is divided into four neighborhoods to foster care for its residents all with access to the interior outdoor courtyard. Oregon-based Lenity Group LLC designed the memory care facility. Dover Capital LLC, which also has Cedarhurst facilities in Collinsville and Shiloh, developed and will manage the property. Construction management firm IMPACT also built the Shiloh assisted living property in 2010 and recently completed an expansion to the property.
NEWARK, DEL. — Lowe Enterprises Investors (LEI) has purchased Christina Mill Apartments, a multifamily community located at 100 Christina Mill Dr. in Newark. Built in 1992, the 228-unit community consists of 25 separate apartment buildings on 18.5 acres. Some of the units have been recently renovated, and LEI plans to upgrade the remaining 171 units, as well as the common areas, including the clubhouse, fitness center, leasing office and business center. The community features a mix of one- and two-bedroom units with washer/dryers in each unit. Community amenities include a swimming pool and sundeck, a lighted tennis court, an off-leash dog park, a shared community garden and a bike share program. John Gaghan led the LEI acquisition team, while Erin Miller of JLL represented the seller, Korman Residential, in the transaction. Berkadia secured property financing. Additionally, LEI retained Greystar as property manager for the multifamily community.
PLAINFIELD, N.J. — Brick, N.J.-based Tryko Partners has acquired Liberty Village, an affordable apartment building located at 205 Liberty St. in Plainfield. The building features 96 Section 8 Homeowners Assistance Program residences, which range in size from one to four bedrooms. The buyer plans to renovate the property, including parking lots and sidewalks, adding a laundry facility and community rooms, as well as upgrading the electrical infrastructure throughout the property. Tryko secured financing for the acquisition through Community Preservation Corp. Terms of the transaction were not released.
LYNDHURST, N.J. — HFF has arranged $51.5 million in financing for Vermalla Lyndhurst, a Class A multifamily community in Lyndhurst. Completed in early 2014, the property features 296 apartment units in one-, two- and three-bedroom floorplans ranging in size from 827 to 1,918 square feet. The units feature hardwood floors, quartz countertops, energy-efficient stainless steel appliances, in-residence washers and dryers and nine-foot ceilings. The community amenities include an 8,000-square-foot clubhouse, outdoor heated pool, fire pit, cyber café, fitness center, media lounge, billiards room and a 4,000-square-foot dog park. Thomas Didio and Michael Lachs of HFF secured the fixed-rate loan through a life insurance company for the borrower, Russo Development.
WARWICK, R.I. — Fantini & Gorga has arranged $27.5 million in permanent first mortgage financing for the Cowesett Hills Apartment community in Warwick. The borrower was Cowesett Hills Apartments LLC, an affiliate of Rhode Island-based The Picerne Real Estate Group. Situated on 68 acres of land at 3595 Post Road, the community features 456 apartment units. John Gorga and Jason Cunnane of Fantini & Gorga secured the financing through a national insurance company.
PHILADELPHIA — Meridian Capital Group has arranged a $21.7 million loan on behalf of Pantzer Properties for the acquisition of a multifamily property in Philadelphia. Located at 1601 Sansom St., the 13-story property features 80 units with 11,192 square feet of retail space. The units were previously leased and operated by Oakwood Corporate Housing as a short-term furnished corporate rental facility. The five-year loan, provided by a local balance sheet lender, features a competitive fixed-rate of 3.13 percent and interest-only payment for the first two years followed by a 30-year amortization schedule. Drew Anderman, Alan Blank and David Bollag of Meridian’s New York City headquarters negotiated the transaction.
DALLAS — The first Bonobos in Dallas has opened at 1901 N. Henderson Ave. The 1,240-square-foot store is the first in the Dallas area and second in the state of Texas. Michael Miller of United Commercial Realty represented Bonobos in the lease transaction. Matthew Heisley of Open Realty Advisors represented the landlord, Henderson Main LP. Bonobos is a New York City-based retailer of men’s clothing.
KILGORE, TEXAS — Stan Johnson Co. has arranged the sale of a 14,820-square-foot retail property in Kilgore leased to Walgreens to an institutional REIT based in New York for an undisclosed price. Todd Moore, Jim Gibson and Donny Joseph of Stan Johnson’s Houston office represented the seller, an unnamed investor based in Chicago, and the buyer in the transaction. The property is 100 percent leased to Walgreen Co. and is located at the intersection of Henderson Boulevard and Highway 259. Nearby tenants include Walmart Supercenter, Brookshire’s, Fred’s Store, Bealls and Hibbett Sports.
KATY, TEXAS — Mark One Capital has arranged $2.9 million in financing for a 20,000-square-foot retail property in the Houston suburb of Katy. Farhan Kabani, a senior director in the firm’s Dallas office, arranged the loan. The name of the borrower was not disclosed. The loan is structured with a 10-year term and amortizes over 25 years with a fixed interest rate of 4.25 percent.