TEXARKANA, TEXAS — CBRE has arranged the sale of Waterton Plaza at Cowhorn Creek, a 76-bed skilled nursing facility in Texarkana, located along the Texas-Arkansas border. Daniel Morris of CBRE represented the seller, The Waterton at Cowhorn Creek LLC, in the transaction. The buyer was a partnership between Trinity Healthcare and Live Oak Healthcare, both of which are based in the DFW metroplex.
MIAMI — ZOM Living and The Moinian Group have partnered to purchase the land necessary to develop Luma, a 43-story, 434-unit apartment community within downtown Miami’s Miami Worldcenter project. The joint venture plans to break ground in the coming weeks. Luma will offer floor plans ranging from 566 to 1,808 square feet and amenities such as a wellness center, speakeasy, sundry shop, dog salon, fitness center and a swimming pool. Miami Worldcenter is a $4 billion mixed-use project that will sit on 27 acres, span 10 city blocks and offer more than 2,000 hotel rooms, 500,000 square feet of office space and 300,000 square feet of retail and entertainment space at full buildout. Robert Given and Robert Kaplan of Cushman & Wakefield arranged equity and debt financing on behalf of the joint venture to acquire the land.
WEST VALLEY CITY, UTAH, AND LAS VEGAS — Next Wave Investors has purchased two multifamily communities in Nevada and Utah totaling 188 units for an undisclosed price. Additional details of the acquisitions were not released. Next Wave acquired Harlow Apartments, a 98-unit property located at 10602 W. Alexander Road in Las Vegas, with units averaging 1,061 square feet. The resort-style, Class A property was built to condominium specifications and was more than 95 percent occupied at time of sale. Unit amenities include walk-in closets, USB ports, vinyl-plank flooring, nine-foot ceilings and smart-technology package that includes Alexa devices, Nest thermostats, lighting and locks, as well as the smart apartment Dwelo app. The company also purchased Aspen Village Apartments, a 90-unit property located at 3043 W. 3500 S in West Valley City, near the 215 Beltway and Bangerter Highway. As of January, the property was 96.7 percent leased with units averaging 950 square feet. Situated near Fairbourne Station, a new mixed-use development, Aspen Village is in its original condition, which allows Next Wave to add value to the property with unit and amenity upgrades.
SAN JOSE, CALIF. — Levin Johnston of Marcus & Millichap has arranged the sale of Delano Apartments, a multifamily property located at 272-280 La Pala Drive in San Jose. A private, high-net-worth investor sold the property for an undisclosed price. Built in 1960, Delano Apartments features 35 units in a mix of one- and two-bedroom layouts. Community amenities include a swimming pool, on-site leasing office, coin-operated laundry facility and secured gated perimeter with security cameras. The newly renovated units feature granite countertops, engineered hardwood flooring, stainless steel appliances and modern light fixtures. Adam Levin and Robert Johnston of Levin Johnston represented the seller in the deal.
CINCINNATI AND DAYTON, OHIO — KeyBank Community Development Lending & Investment has provided a total of $29.9 million in construction financing for three affordable housing properties in Ohio. KeyBank provided a $9.9 million loan for the construction of Omega Senior Lofts, an 81-unit seniors independent living facility in Dayton. MVAH Partners is the developer. KeyBank also provided a $10.9 million construction loan for Commons at South Cumminsville, an 80-unit property in Cincinnati. Upon completion, 60 of the units will be reserved for individuals who meet the HUD definition of chronically homeless with the remaining 20 units targeting low-income residents with sensory or mobility impairments. All units at the property will benefit from 20-year Section 8 vouchers, enabling tenants to pay no more than 30 percent of their incomes toward rent. Lastly, KeyBank provided a $7.9 million construction loan and a $1.2 million Federal Home Loan Bank community investment program loan to Episcopal Retirement Services for the rehabilitation of Madison Villa, a 93-unit, age-restricted Section 8 property in Cincinnati. The Model Group is the project partner.
WOODBURY, N.J. — Starkman Realty Group has negotiated the $6 million sale of Woodbury Manor Apartments, an 80-unit apartment community in Woodbury. Located at 546 Lafayette Ave., the property consists of all two-bedroom townhouse-style units. Jason Starkman of Starkman Realty represented the buyer, Olive Tree Management, in the transaction. The seller was a New York City-based investment group that had owned the property for 35 years.
BOSTON — Cornerstone Realty Capital has arranged a $3 million loan for the refinancing of a multifamily portfolio in Boston. The nine-unit portfolio includes a six one-bedroom, one two-bedroom, one three-bedroom and one five-bedroom unit. All units feature open floor plans, hardwood floors, stainless steel appliances and onsite laundry. Andrew Saccone of Cornerstone secured the financing on behalf of the undisclosed borrower. The lender was not disclosed. Terms of the financing included a fixed interest rate with a 30-year amortization schedule.
OWINGS MILLS, MD. — AvalonBay Communities Inc. will develop Avalon Foundry Row, a 437-unit multifamily community within Foundry Row in Owings Mills, a suburb of Baltimore. Avalon Foundry Row will offer studio, one-, two- and three-bedroom floor plans. Amenities will include a fitness center, clubroom, coworking space, dog parks and a pool. AvalonBay expects to break ground this spring. Greenberg Gibbons and Vanguard are developing Foundry Row, a mixed-use project which includes a 110,000-square-foot Wegmans Food Market, LifeBridge Health, Old Navy, DSW Shoe Warehouse, LA Fitness, Ulta Beauty, HomeGoods, La-Z-Boy, Mission BBQ, Chipotle Mexican Grill and Panera Bread.
ATLANTA — Berkadia has brokered the $26 million sale of The Preserve at Collier Ridge, a 419-unit multifamily complex in west Atlanta. The property offers one-, two- and three-bedroom floor plans. Amenities include a pool, fitness center, playground and a picnic area. The buyer, Montreal-based Frankforter Group, plans to upgrade the fitness center and add a business center and community room. Andrew Mays, Paul Vetter, Judy MacManus and Matthew White of Berkadia represented the seller, Atlanta-based DRI Legacy LLC, in the transaction.
Hunt Real Estate Capital Provides $15.7M Green Acquisition Loan for Apartment Community in Baltimore
BALTIMORE — Hunt Real Estate Capital has provided a $15.7 million Fannie Mae acquisition loan for Park Raven Apartments, a 253-unit community in Baltimore. The 15-year loan includes eight years of interest-only payments and a 30-year amortization schedule. The asset was built in 1949 and renovated in 2006. The property comprises 23 two-story, garden-style buildings. The borrower, Park Raven DNB LLC, plans to implement on-site water and energy conservation measures as part of Fannie Mae’s Green Reward program. The goal is to save more than 30 percent of the combined water and energy usage, including a minimum of 15 percent energy savings. The seller was Park Raven Holdings LLC.