LAS VEGAS — Northcap Commercial Multifamily has negotiated the sale of Desert Manor, a mixed-use asset located on an entire city block at 629 S. Main St. in Las Vegas. An undisclosed buyer acquired the property for $11.5 million. The sale consisted of 191 multifamily units, 6,364 square feet of retail space and 0.89 acres of land. Devin Lee of Northcap Multifamily represented the seller, 1060 Broadway LLC, in the deal.
DENVER — HFF has arranged financing for the development of Solera at Cherry Creek, a Class A seniors housing development in the Cherry Creek neighborhood of Denver. Solera at Cherry Creek will comprise 64 assisted living apartments and 32 memory care units within a three-story building totaling approximately 55,000 rentable square feet. A joint venture between affiliates of Banner Senior, Solera Senior Living and Wheelock Street Capital are developing the property. Rosemann & Associates is designing the community, which is scheduled for completion in 2019. The HFF team representing the borrower included David Fasano, Sarah Anderson and Brock Yaffe. A national bank is providing the nonrecourse loan. The amount of the financing was not disclosed.
BOSTON — CBRE/New England has negotiated the sale of Troy Boston, a 378-unit apartment tower in the South End neighborhood of Boston. The 19-story high-rise opened in 2015 and has an overall average unit size of approximately 630 square feet. The property is certified to LEED Gold standards. Simon Butler and Biria St. John of CBRE represented the seller, a fund advised by Gerding Edlen, in the transaction. Equity Residential bought the property for an undisclosed price.
WEST HARTFORD, CONN. — CS Acquisition Group LLC has purchased Westwood Apartments, a six-building, 200-unit apartment community in West Hartford for $20.8 million. The complex is the largest market-rate multifamily property in West Hartford by number of units and was constructed in 1971. Victor Nolletti and Wes Klockner of Institutional Property Advisors represented the seller, Westwood Apartments LLC, in the transaction.
BIRMINGHAM, ALA. — Cushman & Wakefield has secured the $18.8 million sale of Village at Grants Mill, a 200-unit multifamily community in Birmingham. Jimmy Adams and Craig Hey of Cushman & Wakefield arranged the transaction on behalf of the seller, LMS Real Estate. An East Coast-based private capital buyer acquired the property. Village at Grants Mill was originally constructed in 1985 and fully renovated in 2017. Individual units feature granite countertops, private patios or balconies, stainless steel appliances, hardwood style flooring and walk-in closets. Community amenities include a resort-style pool, outdoor fire pit, fitness center, dog park, outdoor kitchen and a coffee bar.
PHILADELPHIA — Marcus & Millichap has arranged the sale of AQ Overbrook Flats, a 128-unit apartment community in the Overbrook Farms neighborhood of Philadelphia. The property sold for $13 million, or approximately $101,770 per unit. Clarke Talone, Andrew Townsend and Ridge MacLaren of Marcus & Millishap represented the seller, a limited liability company, in the transaction. The buyer is an affiliate of Aquinas Realty Partners. The property is located at 6358 Lancaster Ave. and 6312 Sherwood Road.
SPRING, TEXAS — Discovery Senior Living, an operator of 50-plus seniors housing communities across the country, has completed the renovation of Conservatory at Champion Forest, a seniors housing property located in Houston suburb of Spring. The Florida-based company overhauled the apartments, clubhouse amenities and dining areas. Although development costs were not officially released, Discovery described the project as a “multimillion-dollar remodel.”
BIRMINGHAM, ALA. — Birmingham-based Doster Construction Co. has broken ground on two new multifamily properties for Continental Properties in Tennessee and Louisville. The projects include the 296-unit Springs at Forest Hill that will be located at 3735 S. Forest Hill Irene Drive in Tennessee’s Shelby County, roughly 25 miles southeast of Memphis. The second community, Springs at La Grange, will be located in Louisville. The project will include 11 buildings with a total of 236 units. Both developments will feature amenities such as resort-style swimming pools, community clubhouses and fitness centers. A construction timeline for the projects was not disclosed.
GREENVILLE, S.C. — Hunt Real Estate Capital has provided a $17 million loan for the acquisition and rehabilitation of Azalea Hill, a 160-unit apartment community in Greenville. The borrower, Willow Creek Partners, plans to use proceeds of the loan to renovate the property and stabilize operations. Constructed in 1998, Azalea Hill includes a mix of studio, one- and two-bedroom units and features a fitness center, dog park, resident clubhouse, swimming pool, coffee bar and concierge dry cleaning and package service.
WEST ALLIS, WIS. — McShane Construction Co. will serve as general contractor for Six Points Apartments in West Allis, a western suburb of Milwaukee. Mandel Group Inc. is the developer. The first level of the four-story apartment complex will consist of a parking structure. Three levels of apartments comprising 177 units will be situated above the parking structure. Amenities will include a club area, fitness center and rooftop patio. This is McShane’s first major assignment in Wisconsin since opening an office in Madison earlier this year. Zimmerman Architectural Studios will serve as project architect.
