TAMPA, FLA. — The Altman Cos. has topped out Altis Grand Central, a nine-story apartment building that will offer studio, one- , two- and three-bedroom floor plans. The community is located less than one mile south of the University of Tampa and will include amenities such as a sky lounge and pool on the roof, Zen garden, dog park and a clubroom. The 314-unit complex is scheduled to be complete in summer 2019.
DALLAS — Maravilla Apartments LP has acquired Rush Creek Apartments, a 310-unit multifamily community in Dallas. Built in 1966, the property features one- and two-bedroom units and amenities such as a pool, playground and onsite laundry facilities. Dougherty Mortgage arranged an undisclosed amount of acquisition financing for the purchase through a partnership with Old Capital Lending on behalf of Maravilla. The loan carried a 12-year term and 30-year amortization schedule.
BRIDGEPORT, CONN. — Marcus & Millichap has secured a $3.4 million loan for the refinancing of a three-property apartment portfolio in Bridgeport. The 62-unit portfolio includes the properties Park Avenue Apartments, Marble Edge Apartments and Main & Federal Apartments. Robert Noeldechen of Marcus & Millichap’s New Haven office represented the undisclosed borrower in the transaction. The lender was also undisclosed.
BOISE, IDAHO — Kennedy Wilson has acquired Cottonwoods Apartments, a multifamily community in Boise, for $24 million. The company invested approximately $11 million of equity, including closing costs, and secured a $14 million loan from Freddie Mac at a fixed rate of 4.33 percent for 10 years. A private seller sold the property in an off-market transaction. Kennedy Wilson plans to immediately initiate a large-scale renovation and rebranding of the 188-unit property. The company plans to invest more than $6 million to upgrade the unit interiors, improve the clubhouse, fitness center and pool, and address deferred maintenance projects. Upon completion the apartment community, which was built in 1986, will be renamed Reedhouse. This transaction is Kennedy Wilson’s fifth significant purchase in the Boise market since the company started investing in the region in 2014. Kennedy Wilson’s other assets include Whitewater Park, Edgewater, River Pointe and Rosewood Apartments.
VICTORVILLE, CALIF. — Marcus & Millichap has negotiated the sale of Park View Apartments, a multifamily property located at 16366 Pebble Beach Drive in Victorville. A limited liability company acquired the property for $8 million. Chuck Shillington of Marcus & Millichap’s Ontario, Calif., represented the seller, another limited liability company, while Bruce Rajaee, also of Marcus & Millichap’s Ontario office, represented the seller in the deal. Park View Apartments has 100 units in a mix of 50 two-bedroom/two-bath units, 25 two-bedroom/one-bath units and 25 one-bedroom/one-bath units. On-site amenities include covered and open parking, drought resistant landscaped garden areas, laundry facilities and a swimming pool.
CHICAGO — Related Midwest has opened One Bennett Park in Chicago’s Streeterville neighborhood. The 70-story apartment tower is the first residential tower designed by Robert A.M. Stern Architects. The property is anchored by Bennett Park, a 1.7-acre green space designed by Michael Van Valkenburgh Associates set to open in summer 2019. The tower includes 279 apartment units, located on floors four through 39. Four-bedroom penthouses are located on the top three floors. Monthly rents start at $3,705. One Bennett Park also includes 69 condominiums, which are located on floors 41 through 66. Purchase prices start at $2 million. The condos are slated for completion in spring 2019. Floors three and four include 7,000 square feet of fitness facilities, a 60-foot indoor pool, 10,000-square-foot outdoor deck, children’s play suite, lounge area and entertainment suite.
CLEVELAND — KeyBank Community Development Lending & Investment has provided $15.5 million for the development of Glenville Circle North in Cleveland. KeyBank provided $5 million in New Market Tax Credit (NMTC) equity in addition to a $10 million leverage loan and a $456,000 project loan. Cleveland Development Advisors and Enterprise Community Investments supplied the NMTC allocation. Glenville Circle North will offer 63 mixed-income units as well as 13,950 square feet of retail and commercial space. Sixteen of the units will be set aside as affordable housing, while the remaining units will be rented at market rate. The Cleveland Citywide Development Corp. plans to lease approximately 4,275 square feet of the commercial space to minority-owned startups at little or no fixed rent to help spur additional investment in the surrounding community. The developer, The Finch Group, will use the remaining 9,675 square feet to launch an “accelerator” space for small business incubation. Kyle Kolesar and Ryan Olman of KeyBank originated the financing.
DOWNERS GROVE, ILL. — Holladay Properties has opened Burlington Station, an 89-unit luxury apartment complex in Downers Grove. The site, located at 5100 Forest Ave., previously housed a bank building. The property features an 8,000-square-foot outdoor amenity deck in addition to a fitness center, cyber café and covered parking. Monthly rents start at approximately $1,600.
KOKOMO, IND. — Dougherty Mortgage has provided a $5 million Fannie Mae loan for the acquisition of First Flats in Kokomo. The multifamily property includes 121 units. Durham Hill Capital LLC served as a partner in arranging the 10-year loan, which features a 30-year amortization schedule. The borrower was not disclosed.
COLLEGE PARK, MD. — Joint venture partners Greystar Real Estate Partners LLC and Rockpoint Group have sold University View, a 1,573-bed student housing community located adjacent to the University of Maryland in College Park. The $235 million sale marks the largest single-asset student housing trade in U.S. history, according to Greystar. Jaclyn Fitts, William Vonderfecht and Casey Schaefer of CBRE National Student Housing, along with William Roohan and Michael Muldowney of CBRE’s Washington, D.C., office, represented Greystar and Rockpoint in the sale. The buyer was undisclosed. Charleston, S.C.-based apartment management and investment firm Greystar and Boston-based real estate private equity firm Rockpoint Group purchased University View in 2016 and have since upgraded the interiors of all 507 units, as well as the property’s common areas. “The acquisition, investment in and sale of University View exemplify the power of Greystar’s value-add strategy,” says Kevin Kaberna, executive director and leader of Greystar’s U.S. Investment platform. “We were able to perform considerable interior upgrades while maintaining affordable rents for students.” University View is connected to the University of Maryland via a pedestrian bridge crossing Paint Branch, a 14-mile tributary of the Northeast Branch that flows to the Anacostia River. The property also features …
