EAST ORANGE AND IRVINGTON, N.J. — Marcus & Millichap has arranged the $92.5 million sale of a 24-property, 702-unit multifamily portfolio in East Orange and Irvington, two cities located in Essex County. Approximately 55 percent (390) of the units are located in East Orange, and the remaining units (312) are located in Irvington. Richard Gatto and Fahri Ozturk of Marcus & Millichap represented the seller, a partnership between ERCT Capital Group, MAVeCap and Metropolitan America, in the transaction. Eric Anton and Chris Warner in the firm’s Manhattan office represented the buyer, Spaxel LLC, a New York-based multifamily developer. Brad Domenico of Progress Capital arranged $81 million in acquisition financing for the deal.
STAMFORD, CONN. — Developer Building & Land Technology (BLT) has opened Escape, a 435-unit waterfront apartment community located in the Harbor Point district in Stamford. The property offers one-, two- and three-bedroom units as well as four-bedroom penthouses that range in size from 701 to 4,445 square feet and that feature floor-to-ceiling windows and stainless steel appliances. Amenities include a pool, fitness center, lounges, a café and a wine tasting room, as well as courts for basketball, pickleball and shuffleboard. Rents start at approximately $2,500 per month for a one-bedroom unit, according to Apartments.com.
SALEM, MASS. — California-based investment firm Pacific Urban Residential has acquired Bell at Salem Station, a 266-unit apartment community in Salem. Built on 10.5 acres in 2002, the property features 12 different floor plans with an average unit size of 1,333 square feet. Amenities include an outdoor pool, fitness center, media room and a community room. Simon Butler, Biria St. John and John McLaughlin of CBRE represented the seller, Bell Partners, and the buyer in the transaction. Pacific Urban Residential will rebrand the community as Sofi at Salem Station.
COLUMBUS, OHIO — KeyBank has structured $86.8 million in financing for the acquisition and renovation of Crosswinds Village, a 232-unit affordable housing property in Columbus. Built in 1999, the property spans 21 buildings. Cleveland-based real estate development and construction firm PIRHL acquired the property in conjunction with the Columbus Metropolitan Housing Authority. The buyers plan to renovate the units and community areas as well as preserve the property’s affordable housing status. The renovation is scheduled for completion in summer 2022. Kelly Frank and Ryan Olman of KeyBank Community Development Lending and Investment secured $49.4 million in acquisition and construction financing. Robbie Lynn of KeyBank’s Commercial Mortgage Group arranged a $23.8 million, fixed-rate Freddie Mac loan that will fund upon completion and stabilization of the project. Key Community Development Corp. provided $13.8 million of low-income housing tax credit equity and the Ohio Housing Finance Agency issued bonds.
MINNEAPOLIS AND ST. PAUL — Four apartment properties in metro Twin Cities have traded hands for undisclosed prices. Main Street Cos. sold the 84-unit Riverwood Estates in Brooklyn Center to Riverwood LLC. The Oxford, a 20-unit asset in St. Paul, sold to Union Park Management by At Home Apartments LLC. In New Hope, the 12-unit 42nd Avenue Apartments sold to Verburgt Holdings LLC by 42nd Avenue Apartments LLC. Lastly, KPMG LLP sold the 54-unit Creekside Commons in Prior Lake to PRC Creekside LLC. Ted Abramson, Drew Rafshol, Abe Appert and Keith Collins of CBRE Minneapolis Multifamily represented the sellers in all of the transactions.
WALTHAM, MASS. — Callahan Construction Managers has broken ground on Broadstone Watch City, a 244-unit multifamily project that will be located in the western Boston suburb of Waltham. The development will span 348,936 square feet and will consist of 195 market-rate residences and 49 affordable housing units. Amenities will include 293 parking spaces, an outdoor pool and courtyard, resident lounges, a conference room and a fitness center. CUBE 3 Studio is designing the project, which is being developed by a partnership between Alliance Residential Co. and The Carlyle Group. Completion is scheduled for May 2022.
LIBERTY, MO. — NorthMarq has arranged the sale of a two-property multifamily portfolio totaling 237 units in Liberty, a northeast suburb of Kansas City. The sales price was undisclosed. Skyline totals 93 units while Westowne consists of 144 units. They are sister properties located within a five-minute drive of each other. Both communities underwent exterior and interior upgrades prior to sale. Jeff Lamott and Gabe Tovar of NorthMarq represented the seller, Clarity Equity Group. The portfolio sold to a private investor based in Utah.
PATERSON AND PASSAIC, N.J. — Gebroe-Hammer Associates has brokered the $17 million sale of a 133-unit apartment portfolio in Northern New Jersey’s Passaic County. The portfolio comprises nine properties of early 20th century construction that offer 133 units in studio, one-, two- and three-bedroom formats. Debbie Pomerantz of Gebroe-Hammer represented the seller, Golden Equities LLC, in the transaction and procured the buyer, an undisclosed private investor.
GILBERT, ARIZ. — San Diego-based Pathfinder Partners has completed the sale of The Sterling, an apartment property in Gilbert, approximately 23 miles southeast of downtown Phoenix. Casa Anita Apartments LLC acquired the asset for $30.9 million. Built in 2000 as condominiums, The Sterling, formerly known as The Vintage, is situated on 9.3 acres and includes 13 residential buildings consisting of six studio lofts, 21 one-bedroom/one-bath units, 40 two-bedroom/two-bath units and 40 three-bedroom/three-bath units, averaging 1,154 square feet. Pathfinder Partners originally acquired the property in 2017 and completed at $1.4 million renovation to the asset. Renovations included building repairs; installation of a dog park and package locker; upgrading the clubhouse, leasing office and pool area; and renovating more than half of the units. At the time of sale, The Sterling was 97 percent occupied. David Fogler of Cushman & Wakefield Multifamily Advisory Group brokered the transaction.
LAFAYETTE, COLO. — AQYRE Real Estate Advisors has facilitated the sale of Baseline Village Apartments in Lafayette. The property traded hands for $12.5 million, or $357,143 per unit. The names of the buyer and seller were not released. Matt Lewallen of AQYRE represented the buyer and seller in the deal. Located at 811-813 E. Baseline Road, the 47,236-square-foot Baseline Village features 35 apartments.