HOUSTON — Canadian investment firm Western Wealth Capital has purchased Oak Grove Apartments, a 272-unit community in Houston. Built in 2004, the property features one-, two- and three-bedroom units and amenities such as a pool, fitness center, playground and a dog park. Andy Hill and Tyler Nowlin of Berkadia arranged a three-year, adjustable-rate loan for the transaction on behalf of Western Wealth Capital. The loan includes proceeds for capital improvements.
FORT WORTH, TEXAS — Dougherty Mortgage LLC has arranged an undisclosed amount of acquisition financing for Monterrey Apartments & Townhomes, a 105-unit multifamily asset in Fort Worth. The property features one-, two- and three-bedroom units and amenities such as a pool, outdoor grilling stations and a playground. Dougherty arranged the 12-year loan through a partnership with Old Capital Lending for borrower JARS Monterrey 105 LLC.
PHILADELPHIA — Rittenhouse Realty Advisors has sold a nine-property student housing portfolio near Temple University in North Philadelphia for $23.7 million. The portfolio comprises 92 units totaling 253 beds. All of the properties in the portfolio were constructed within the last five years, and the majority are two- or three-bedroom units. At the time of sale, the portfolio was 100 percent occupied for the 2019 to 2020 school year. The buyer was undisclosed.
TOLEDO, OHIO — Welltower (NYSE: WELL) has agreed to sell a portfolio of seniors housing properties in California, Nevada and Washington for more than $740 million. The announcement was made on the company’s fourth-quarter earnings call on Wednesday, Feb. 12. Very few details have been released, however, with Welltower not disclosing the names, locations, buyers or number of properties. The portfolio was 97 percent occupied with a net operating income of $36.7 million in 2019.
UVALDE, TEXAS — Berkadia has arranged the sale of Brownstone Uvalde, a 152-unit apartment community located in the South Texas city of Uvalde. Built in 2012, the property features one-, two- and three-bedroom units with hardwood floors, walk-in closets, breakfast bars and private patios or balconies. Amenities include a pool, fitness center, business center, media lounge, clubhouse and dog park. Will Caruth and Cody Courtney of Berkadia represented the seller, Colorado-based Interurban Cos., in the transaction. The buyer was 3CM Multifamily.
LEANDER, TEXAS — Masonwood Development Corp. has begun construction on South Street Villas, an 86-unit residential project located in the northern Austin suburb of Leander. Units at the for-rent development will feature nine-foot ceilings, stainless steel appliances and granite countertops. Trez Capital provided construction financing for the project, which is scheduled for a fall 2020 completion.
BLUFFTON, S.C. — JMG Realty Inc. will open Enclave at Bluffton Park, a 110-unit multifamily property in Bluffton, on Monday, March 2. The property will offer a mix of one-, two- and three-bedroom floor plans across one-story garden-style buildings and two-story townhomes. Communal amenities will include a pool with covered entertainment pavilion, a clubhouse with 24-hour fitness center and outdoor recreational areas with grills and TVs. There will also be a complimentary rental bike service for residents. The property is situated at 12 Wilkinson Way, eight miles west of Hilton Head Island. A grand opening event will be scheduled for the spring.
JOHNS CREEK, GA. — Walker & Dunlop has provided a $26 million Fannie Mae acquisition loan for The Reserve at Johns Creek Walk, a 210-unit multifamily community in Johns Creek. The 10-year loan features five years of interest-only payments. The borrower was JLL Income Property Trust. The Reserve at Johns Creek Walk is situated on nine acres at 6215 Johns Creek Commons, 29 miles northeast of downtown Atlanta in north Fulton County. The property offers one-, two- and three-bedroom floor plans and communal amenities such as a 24-hour cyber café, 24-hour fitness center, conference room, pool, outdoor kitchen, pet spa, playground and a car care center. Jim Cope and Benjy Krosin of Walker & Dunlop originated the loan on behalf of the borrower.
WASHINGTON, D.C. — Greysteel has arranged the $13.7 million sale of Glenwood Apartments, a 90-unit apartment complex in Washington, D.C.’s Edgewood neighborhood The property was originally built in 1942 at 2315-2321 Lincoln Road NE, two miles northeast of downtown D.C. The community offers studio, one- and two-bedroom floor plans and amenities including a courtyard, package services, dog park and a grilling area. The seller, Stonebridge Investments, recently invested $1.5 million to upgrade the lobbies, hallways, leasing office, courtyard, dog park and approximately 37 units prior to the sale. Ari Firoozabadi, Kyle Tangney, Herbert Schwat and Dutch Seitz of Greysteel represented the seller in the transaction. The buyer was not disclosed.
DES PLAINES, ILL. — Cagan’s Realty Inc. has brokered the condo deconversion sale of Heritage Village Pointe in Des Plaines for $94 million. The transaction represents the largest deconversion sale by units in the state of Illinois, according to Cagan’s. The 154-building, 924-unit property sits on six acres and was originally developed in 1973. It will be renovated from condos into apartments via a planned, multi-year schedule. Current residents will be able to stay in their units until their buildings come up for rehabilitation. New Jersey-based CLK LLC was the buyer. Mirela Dulu and Heather Gallagher of Cagan’s, an affiliate of Cagan Property Management Inc., represented CLK and worked closely with the condominium association. Unit owners were motivated by the above-market purchase price offer as well as the prospect of expensive monthly assessments that would be required for deferred maintenance at the property, according to Dulu.
