WASHINGTON, D.C. — Divco West Real Estate Services (DivcoWest), a real estate investment firm based in San Francisco, has opened an office in Washington, D.C. Located at 1620 L St. N.W., the new location joins the firm’s roster of offices in Boston, Los Angeles and New York. Additionally, DivcoWest has acquired Avalon Woodland Park, a 392-unit apartment community in Herndon, Va., for an undisclosed price. The company purchased the asset in partnership with Arlington, Va.-based Blackfin Real Estate Investors and renamed the property as Adara Herndon. The gated community features a fitness center, resort-style pool, picnic tables and park benches, sand volleyball court, children’s playground and private garages.
NEW YORK CITY — Greystone has provided an $8.2 million Fannie Mae loan to refinance a three-property multifamily portfolio in Queens. The portfolio consists of three, rent-stabilized properties totaling 52 units. The properties are located at 177-50 South Conduit Ave., 176-20 and 177-16 South Conduit Ave. Amenities at the properties include on-site laundry, covered parking and community rooms as well as video security. Terms of the financing included a 10-year term and a 30-year amortization schedule. The borrower was undisclosed.
O’FALLON AND WENTZVILLE, MO. — CAPREIT has purchased two apartment communities in St. Charles County within suburban St. Louis. The purchase price was $45 million, according to the St. Louis Business Journal. The properties include the 256-unit Peine Lakes in Wentzville and the 266-unit O’Fallon Lakes in O’Fallon. Peine Lakes is home to 205 affordable housing units and 5 market-rate units. Both properties feature units that range in size from 802 to 1,157 square feet. The seller was not disclosed.
SAN FRANCISCO — Nahla Capital has completed the sale of 30 rental apartment buildings in San Francisco. An undisclosed buyer acquired the assets for $260 million. Carl Schwartz, Matt Scoville, Michal Baum and Ida Phair of Hunton Andrews Kurth LLP advised Nahla Capital in the transaction.
IRVINE, CALIF. — Olympus Property has purchased Fusion, a multifamily property located in Irvine, for an undisclosed price. The name of the seller was not released. Completed in 2018 and designed by Withee Malcolm, the property features 280 apartments with quartz countertops, stainless steel appliances, wood-style plank flooring, tile backsplashes, gourmet kitchens, full-size stackable washer/dryer sets, private patios/balconies, USB charging outlets and ceiling fans. Community amenities include a rooftop saltwater pool with an indoor/outdoor clubhouse, a spa, pool-side cabanas and a fitness center. Additionally, amenities include a Zen garden, koi pond, fire features, waterfalls, children’s play areas, skyline views, community kitchen with commercial grade appliances and temperature controlled wine refrigerator, outdoor seating and hammocks.
DALLAS — Hines has broken ground on The Victor, a 39-story residential tower that will be located within the Victory Park mixed-use development in Dallas. According to culturemap.com, the project carries a price tag of $150 million. The for-rent property will consist of 344 units featuring 10-foot ceilings, private balconies and floor-to-ceiling windows. Amenities will include a resort-style pool, a fitness center, coworking and conference spaces, social lounges with complimentary beverage and coffee bars, a pet spa, bike shop and 9,500 square feet of street-level retail space. Munoz + Albin designed the building, which is slated for a second-quarter 2021 completion. Preleasing will begin in fall 2020.
ORLANDO, FLA. — Jefferson Apartment Group (JAG) has completed the sale of Azul Baldwin Park, an apartment property located at 4460 Lower Park Road in Orlando. An undisclosed buyer acquired the asset for $43 million. Developed by JAG and Pacolet Milliken Enterprises, the property features 178 apartments. On-site amenities include a spa, resort-style pool with sundeck and an outdoor kitchen, as well as a grilling area, fitness center and clubroom.
MYRTLE BEACH, S.C. — Eyzenberg & Co. has secured a $26 million first mortgage bridge loan to replace a $22.6 million construction loan for THEBlvd, a mixed-use property in Myrtle Beach. Land South of MB LLC is the borrower and retained Eyzenberg & Co. last year as its financial advisor for the development of THEBlvd. David Eyzenberg, Jeff Conti and Anastasia Vladislavova of Eyzenberg & Co. arranged the loan, which was provided by Rialto Capital Management. Located at 1410 N. Ocean Blvd., the 42,000-square-foot property features live entertainment, restaurant and retail space. At the time of financing, the recently completed property was 70 percent leased to tenants, including Tin Roof, Banditos Cantina, BurgerFi and Starbucks Coffee.
CAMBRIDGE, MASS. — CBRE has secured a $120.2 million loan for the refinancing of Zinc Apartments, a 392-unit multifamily property in Cambridge. Located at 22 Water St., the high-rise community features an outdoor resident lounge, a 15,000-square-foot garden terrace, fitness center and 24-hour concierge service. Nate Sittema and Kristen Reilley of CBRE represented the borrower, Greystar Real Estate Partners, in securing a 10-year, fixed-rate loan through Freddie Mac.
NEW YORK CITY — Brax Realty has negotiated the $12.2 million sale of a two-building multifamily property on the Upper East Side of Manhattan. Located at 432- 434 E. 89th St., the properties were built in 1910 and are comprised of 41 units. Alan Stenson of Brax Realty represented the buyer, S.W. Management, in the transaction. The seller was H.S. Realty Associates Inc.