ROCHESTER HILLS, MICH. — Ready Capital has closed a $36 million loan for the acquisition, renovation and stabilization of a 330-unit multifamily property in Rochester Hills, a suburb of Detroit. The financing closed in December. Loan terms and the borrower were undisclosed.
SAN ANTONIO —Rosewood Property Co. has delivered the first phase of Tobin Estates Apartments, a multifamily project in the Oakwell Farms area of north San Antonio that added 286 units to the local supply. Units come in one-, two- and three-bedroom formats that range in size from 718 to 1,407 square feet and feature stainless steel appliances, quartz countertops and private garages. Amenities include a clubhouse, pool, rooftop lounge and outdoor grilling stations. Rents start at $1,300 per month for a one-bedroom unit. Two additional phases of development are planned. Rosewood Property Co., based in Dallas, is a wholly owned subsidiary of The Rosewood Corp.
HOUSTON — Seniors housing operator Civitas Senior Living and developer StoneCreek Real Estate Partners will redevelop the Copperfield Racquet & Health Club, a 98,000-square-foot seniors housing community in Houston. The new property, which will be branded StoneCreek of Copperfield, is situated on 6.6 acres and will feature 12 independent living villas, 74 assisted living units and 18 memory care units. Project partners include Pi Architects and interior design firm Senior By Design. Ground-up construction is planned to begin this month and to be complete by summer 2022.
PHOENIX — Ready Capital has closed $8 million in financing for the acquisition, renovation and stabilization of a multifamily community in Phoenix. Situated in the Paradise Valley submarket, the Class C property features 80 apartments. David Cohen of Ready Capital handled the financing for the undisclosed borrower. Further details were not disclosed.
KINGSTON, MASS. — Trammell Crow Residential, the multifamily development arm of Crow Holdings, has closed on land and construction financing for the development of Alexan Kingston, a 282-unit multifamily project that will be located about 35 miles south of Boston. The property will offer studio, one-, two- and three-bedroom floor plans ranging in size from 620 to 1,500 square feet. Units will feature granite countertops and individual washers and dryers, while select units will have private balconies or porches. Communal amenities will include a pool, fitness center, private workspaces, conference rooms, an event room, outdoor grilling areas and Amazon package lockers. Completion is slated for summer 2023. Pyramid Management Group will manage the property.
TEMPE, ARIZ. — Toll Brothers Campus Living and Harrison Street have formed a joint venture to develop Canvas, a student housing community adjacent to Arizona State University (ASU) in Tempe. The joint venture has secured a construction loan facility from MidFirst Bank, Fifth Third Bank N.A. and Trustmark Bank. Toll Brothers’ in-house finance department arranged the debt and equity financing. TSB Capital Advisors served as advisor to Toll Brothers. Situated on 3.4-acres, Canvas will feature 263 units totaling 826 beds with a modern furniture package, quartz countertops, private bedroom door locks, walk-in closets, computer-controlled access, smart television, central air conditioning, private bedrooms and bathrooms, in-unit washer/dryer, hardwood-style floors, high-speed internet and stainless steel appliances. The community will feature a six-level, 469-stall parking garage; fitness center; clubroom with an e-sports lounge; rooftop pool and amenity deck; business center; café/lounge; ground-floor retail space; courtyard and fire pit; grilling stations; electronic parcel lockers; private study rooms; and bike storage. The joint venture has partnered with Subtext, a real estate development company focused on living spaces for students and young professionals. Toll Brothers Campus Living will manage the development, construction and marketing, as well as asset management. Cardinal Group Management will act as the …
TUALATIN, ORE. — Trion Properties has purchased two adjacent apartment communities in Tualatin, a southwest suburb of Portland. Terms of the transaction were not released. Trion will operate the two properties, formerly known as Casa De Robles and Cypress Gardens, as one community – Fox Meadows, located at 19605 SW Boones Ferry Road. Built in 1968, the property features 95 townhome-style units in a variety of floor plans, ranging from 562 square feet to 1,033 square feet, with patios and decks available on some units. Recent interior upgrades include grey vinyl plank flooring, stainless steel appliances, quartz countertops, undermount sinks, new custom cabinetry, Bluetooth locks and upgraded bathroom vanities. Common amenities include a swimming pool, laundry facilities and ample parking and storage.
ARLINGTON, TEXAS — Locally based developer StreetLights Residential has opened The Jackson, a 340-unit apartment community located within the Viridian master-planned development in Arlington. The property offers studio, one-, two- and three-bedroom units that range in size from 588 to 1,671 square feet and that are furnished with granite countertops, tile backsplashes, custom flooring and cabinetry and individual washers and dryers. Select units also feature private screened porches. Amenities include a lounge with coworking spaces, a fitness center with yoga and spin studios, coffee bar, pool, pet spa and a demonstration kitchen. WDG Architecture designed the project, and SLR Construction served as the general contractor. Rents start at $1,350 per month for a one-bedroom unit, according to Apartments.com.
ROUND ROCK, TEXAS — Metro Dallas-based developer RightQuest Residential has broken ground on Siena Round Rock, a 198-unit apartment community located on a 13-acre tract in the Austin suburb of Round Rock. Units will feature one- and two-bedroom floor plans with upgraded appliances, granite countertops and individual washers and dryers. Select residences will also offer private balconies or patios. Amenities will include a pool, fitness center, business center, dog park, outdoor grilling areas and a clubhouse with a media room. The first units are expected to be available for occupancy in spring 2022, with rents starting at $1,158 per month for a one-bedroom unit. Project partners include Cross Architects, civil engineering firm Kimley-Horn and general contractor Maker Bros. Construction. The Houston Group provided construction financing.
EL PASO, TEXAS — Greysteel has brokered the sale of Cien Palmas Apartments, a 150-unit Section 8 housing property in El Paso. Built in 1971, the garden-style community is located about eight miles southeast of the downtown area and offers amenities such as a pool, playground, basketball court and onsite laundry facilities. Doug Banerjee and John Marshall Doss of Greysteel represented the seller and the buyer, both of which were private investors that requested anonymity, in the transaction.