FREDERICK, MD. — M&T Realty Capital Corp. has provided an $11.6 million Fannie Mae acquisition loan for the 70-unit Vista View Apartments in Frederick. Washington D.C.-based real estate investment, development and management group The BurnBrae Cos. purchased the property at 2401 Highpoint View Court near Fort Detrick. Vista View offers two-bedroom units with five different floor plans for rent. Property amenities include three pools, two basketball courts, three parks and a barbeque/grilling area. M&T’s Matthew Hodson structured the loan, which carries a 10-year term and five years of interest-only payments, followed by a 30-year amortization schedule.
WEST NEW YORK, N.J. — National Realty Investment Advisors is underway on development of The Station, a $49 million apartment building in West New York, located across the Hudson River in New Jersey. The property will comprise 97 one- and two-bedroom apartments with a rooftop deck, fitness center and club room. The building is located directly across the street from the Bergenline Light Rail Station. The Station will be open to residents in 2021.
FORT WORTH, TEXAS — Texas-based multifamily investment and development firm Presidium has sold Ascent at Lake Worth, a 265-unit apartment community in Fort Worth. The property features studio, one, two- and three-bedroom units averaging 935 square feet. Communal amenities include two pools, a fitness center, dog park, clubhouse, outdoor kitchen and fire pit, media room, playground, coffee bar and a business center. Taylor Snoddy, Philip Wiegand and James Roberts of NorthMarq represented Presidium in the transaction. Stephen Whitehead, Lauren Bresky and Will Hancock of NorthMarq arranged a permanent, fixed-rate Fannie Mae loan for the transaction. Both the buyer and the amount of the loan were undisclosed.
BRATTLEBORO, VT. — The Brattleboro Museum & Art Center (BMAC) and M&S Development have revealed development plans for a proposed $30 million art gallery and museum in Brattleboro, located in southern Vermont. The 55,000-square-foot building will feature art galleries, classrooms, a café and 24 apartment units. Boston-based Schwartz/Silver Architects is designing the project in collaboration with local architect Stevens & Associates. BMAC is currently raising funds for the project, and the timeline of construction was undisclosed.
IRVING, TEXAS — Locally based investment firm Legacy REI Group has acquired Silverado Apartments, a 185-unit multifamily community in Irving. The property was built in 1970, features an average unit size of 780 square feet and was 97 percent occupied at the time of sale. Chris Deuillet and Chandler Sims of CBRE represented the seller, Plano-based Elmstone Group, in the transaction. The new ownership will implement a value-add program.
SEATTLE — Vulcan Real Estate has completed the disposition of Augusta Apartments, a multifamily property located at 4041 Roosevelt Way NE in Seattle. A joint venture between Security Properties and STARS REI acquired the asset for $98.1 million. Completed in 2017, the seven-story Augusta Apartments features 209 rental units and 3,470 square feet of ground-floor retail space. Community amenities include a roof deck and courtyard, community lounges, a guest suite, study area, fitness center, dog grooming room and a sports court. Runberg Architecture Group designed the LEED Platinum-certified property, which Exxel Pacific constructed. Additionally, the asset is located within walking distance of the University of Washington campus, Burke Gilman Trail and the new University District light rail station, which is slated to open in 2021. David Young and Corey Marx of JLL Capital Markets represented the seller, while Charles Halladay and Scott Gilson of JLL Capital Markets arranged acquisition financing for the buyers.
LANCASTER, TEXAS — Marcus & Millichap has brokered the sale of The Meadows, a 120-unit multifamily community located in the southern Dallas suburb of Lancaster. The property was built in 1981 and offers amenities such as a pool and an office/clubhouse. Al Silva and Ford Braly of Marcus & Millichap represented the seller, a Washington-based investment firm, and procured the buyer, a Texas-based limited liability company that will implement a value-add program. Both parties requested anonymity.
LAS VEGAS — Los Angeles-based Compass Acquisition Partners, a private real estate investment company, has purchased Sandpiper Apartments, a multifamily property at 4650 W. Oakey Blvd. in Las Vegas. Apple Management sold the property for $66 million in an off-market transaction. Situated on 20 acres, the property features 61 two-story buildings offering a total of 488 apartments in a mix of one- and two-bedroom units, with an average unit size of 950 square feet. Built in 1988, Sandpiper Apartments offers three resort-style pools, tennis courts, a clubhouse and fitness center. Compass plans to invest approximately $7.5 million in an extensive program of capital improvements, including completion of the unit renovations, as well as common area and exterior renovations. The buyer plans to upgrade the clubhouse and fitness center, refresh the pool areas, paint and implement new signage. Additionally, Compass plans to add dog parks, a multi-sport court and an outdoor community space with barbecues, outdoor kitchen and seating.
SEATTLE — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Orion, an apartment asset located in the South Lake Union neighborhood of Seattle. Vulcan Real Estate sold the property to Belkorp Holdings for an undisclosed price. Completed this year, Orion features 129 apartments and more than 6,000 square feet of street-level retail space. The property is located on the same block as the new Amazon Unicorn building and within blocks of Facebook, Google and Apple. Giovanni Napoli, Philip Assouad, Ryan Dinius and Sidney Warsinske of IPA represented the seller and procured the buyer in the deal.
NEWTON, MASS. — Austin Street Partners, a joint venture between Oaktree Development and Dinosaur Capital Partners, has completed 28 Austin, a 68-unit multifamily development with 5,000 square feet of ground-floor retail space in Newton, a western suburb of Boston. Resident amenities include a fitness room, dog park, resident lounge and rooftop seating with a fire pit. Residents have already moved in. Caffé Nero, a bakery and café, is expected to open in early 2020.