LEAGUE CITY, TEXAS — Houston-based Keener Investments has acquired The Shore and Harbor Walk, two multifamily properties totaling 314 units in League City, about 25 miles southeast of Houston. Both Class B properties were built in the 1980s, have an average unit size of 880 square feet and feature pools, fitness centers, business centers and playgrounds. Keener will upgrade both properties’ unit interiors and amenity spaces. The seller was not disclosed.
SAN ANTONIO — Houston-based developer Allen Harrison Co. is nearing completion of Los Robles, a 306-unit multifamily project in the Stone Oak area of northern San Antonio. The property, which is expected to be open for leasing by year’s end, will feature a resort-style pool, 24-hour fitness center, resident clubhouse with a lounge and pub, a dog park and private storage. Embrey Management Services will lease and manage the property upon completion.
GRANDVILLE AND WYOMING, MICH. — Berkadia has secured $108.3 million in acquisition financing through Fannie Mae for two apartment properties in Michigan. Torchlight Investors was the borrower. The Grandville property features a mix of studio, one-, two- and three-bedroom units. Amenities include a basketball court, pet area, fitness center and walking and biking trails. The Wyoming property offers upgraded units with vaulted ceilings and walk-in closets. Amenities include a fitness center, outdoor courtyard, swimming pools, tennis courts and storage facilities. Peter Benedetto of Berkadia arranged 12-year, fixed-rate financing for both properties.
CHICAGO — Interra Realty has brokered the sales of two multifamily buildings in Chicago’s South Shore community for $6.4 million. The first property, located at 6901 S. Paxton Ave., sold for $4.2 million. The 50-unit building includes a mix of one, two-, three- and four-bedroom units. At the time of sale, the property was 94 percent leased. The second property, located at 7250 S. Yates Blvd., sold for $2.2 million. The 29-unit building features hardwood flooring, granite countertops and in-unit laundry. The asset was 93 percent leased at the time of closing. David Goss, Jon Morgan, Ted Stratman, Lucas Fryman and Jeremy Morton of Interra represented the undisclosed buyers and seller.
WARREN, MICH. — Q10|Lutz Financial Services has arranged a $2 million loan for the refinancing of a 34-unit multifamily property in Warren, a northern suburb of Detroit. The asset was fully occupied at the time of refinancing. Steven Siegel of Q10|Lutz arranged the non-recourse loan on behalf of the undisclosed borrower. Loan terms included 80 percent leverage, a fixed interest rate of 4.66 percent, 10-year term and 30-year amortization schedule. A Southeast-based lender provided the loan.
RICHMOND, VA. — Community Preservation and Development Corp. (CPDC) has broken ground on two adjacent apartment buildings in Jackson Ward district of Richmond. One of the apartment buildings will include 82 units, 46 of which will be at market price. The other will be a 72-unit affordable community for seniors moving in from Richmond’s Fay Towers. The Richmond Times-Dispatchreported in July that the project would cost $33 million. Amenities are set to include a fitness center, dog-grooming room, media room, and outdoor patio and grill area. S.L. Nusbaum realty will manage the property, which is expected to begin leasing in October 2019.
HARRISON, N.J. — Madison Realty Capital has provided $67.5 million in acquisition and construction financing for a 205-unit multifamily development project and an adjacent development site in Harrison. The loan allows the borrower, a partnership between Accordia Realty Ventures and Eastone Equities, to acquire both sites and finish construction of the 205-unit first phase of the project, which is currently topped off and approximately 60 percent complete. The development site has been approved for 435 multifamily units. Located at 700 Frank E. Rodgers Blvd., the first phase of the project is slated for completion in Spring 2019. The development team on the project includes Hollister as general contractor, NK Architects as design architect, Studio 1200 as interior designer, and The Marketing Directors as leasing and marketing agent.
EXTON, PA. — The Pennsylvania Real Estate Investment Trust has sold a four-acre development site in Exton for $10.3 million. The site is located adjacent to the Exton Square Mall, which is approximately 33 miles northeast of Philadelphia. The property was acquired by Hanover Co., which plans to build a 300-unit apartment building on the site. PREIT recently revamped the Exton Square Mall with the addition of a Whole Foods location earlier this year.
PHILADELPHIA — Blueprint Healthcare Real Estate Advisors has negotiated the sale of two assisted living and memory care communities on the Philadelphia Main Line. A publicly traded REIT sold the properties to a growing seniors housing investor for an undisclosed price. The existing regional operator will remain in place. Ben Firestone and Michael Segal led the transaction for Blueprint.
OHIO — KeyBank Real Estate Capital has provided a $36.3 million FHA 232/223(f) loan for the acquisition of a four-property skilled nursing portfolio in Ohio. Built between 1961 and 1984, the properties contain a total of 442 beds. Property names were not disclosed. John Randolph, Henry Alonso and Brandon Taseff of KeyBank originated the loan on behalf of the borrower, Foundations Health Solutions. The loan proceeds were used to pay down part of an existing $87.5 million bridge loan that KeyBank previously provided the borrower for the acquisition of nine skilled nursing facilities.
