CHICAGO — Kiser Group has brokered the $9 million sale of The Maynard in Chicago’s Uptown neighborhood. The 74-unit apartment building is located at 4875 N. Magnolia Ave. Originally built in 1925, the property features primarily micro-unit studios, some as small as 218 square feet. Rick Ofman and Lee Kiser of Kiser Group brokered the transaction. Becovic Management purchased the asset from CLK Properties.
VININGS, GA. — Greystone Brown Real Estate Advisors has arranged the $58.3 million sale of Stone Ridge at Vinings, a 440-unit apartment community in Vinings, roughly 11 miles north of downtown Atlanta. Barden Brown, Cory Sams, Taylor Brown, Chandler Brown and Bo Brown of Greystone Brown arranged the transaction on behalf of both the seller, Florida-based Ventron Management LLC, and the buyer, New York-based Broadtree Residential. Stone Ridge at Vinings features a fitness center, pool, playground, tennis court and hiking and biking trails. Greystone Brown Real Estate Advisors is a joint venture formed in 2016 between Greystone and Brown Realty Advisors.
PUNTA GORDA, FLA. — Dougherty Mortgage LLC has provided a $22.7 million loan for the acquisition and rehabilitation of Seven Palms Apartments, a 336-unit affordable housing community in Punta Gorda. The 35-year loan was arranged on behalf of the borrower, Punta Gorda Leased Housing Associates II LLP, through the United States Department of Housing and Urban Development (HUD) 223(f) program. The loan features a 35-year amortization schedule. The community was developed in 2002 utilizing low-income housing tax credits (LIHTC) and tax-exempt bonds, and is reserved for families and individuals earning 60 percent or less of the area median income (AMI). In addition, there are 51 units restricted to those earning 33 percent or less of the AMI. These restrictions will be extended for a 15-year compliance period and a 15-year extended use period as part of the transaction. Seven Palms Apartments includes a mix of one- to three-bedroom units and features a swimming pool, tennis court, playground, clubhouse, business center, picnic area, car care center, storage room and a fitness center. The borrower will invest $7.9 million to renovate the property.
TAMPA, FLA. — American Landmark has acquired Waters Edge, a 216-unit apartment community located at 7610 W. Waters Ave. in Tampa. The name of the seller and the sales price were not disclosed. American Landmark plans to invest $1.5 million in capital improvements, and will rename the property WestEnd at 76Ten. The community was originally constructed in 1985 and features a business center, fitness center, swimming pool, tennis court, racquetball/basketball court, dog park, laundry facility and a car care center. Planned interior upgrades include plank wood flooring, resurfaced countertops, contemporary cabinet faces and hardware and lighting upgrades. Exterior upgrades will include updated clubhouse amenities, fitness center upgrades, landscape enhancement, new pool furniture, a package locker system and community signage. The property was 96 percent occupied at the time of sale.
WAKEFIELD AND ACTON, MASS. — Colliers International has brokered the $45.2 million sale of a two-community, 185-unit apartment portfolio outside of Boston. The two apartment properties are located at 105-109 Hopkins St. in Wakefield and 117 Central St. in Acton. The properties offer close proximity to the MBTA commuter rail stations in Wakefield and Acton, respectively. Colliers represented both the buyer, OBP Partners, and the seller, True North Capital Partners, in the transaction.
JERSEY CITY, N.J. — Developer Strategic Capital has topped out Park and Shore, a luxury condominium project under construction in the Newport neighborhood of Jersey City. The waterfront condominium project consists of two buildings, 75 Park Lane and Shore House, which have now reached their full heights of 37 stories and seven stories, respectively. The 75 Park Lane building features resort-style living and 358 residences while Shore House includes 71 boutique residences inspired by the lofts of Tribeca. Designed by architecture firm Wood Bagot, both buildings feature views of the Hudson River and Manhattan skyline. Park and Shore is the first condominium development in Newport in eight years. The general contractor for the project is Plaza Construction, a sister company of Strategic Capital. The first closings are slated to begin late this year with pricing for one-bedroom homes starting at $640,000. Both buildings are slated to be completed in 2019. Strategic Capital is the project developer and investment arm of China Construction America.
NEW YORK CITY — Meridian Capital Group has arranged $42 million in financing for the acquisition and renovation of an apartment property in the Lower East Side neighborhood of Manhattan. The eight-story property is located at 10 Rutgers St. and includes 83 units. A balance sheet lender provided the seven-year loan, which features three years of interest-only payments, followed by a 30-year amortization schedule. The borrower, AMAC Holdings, plans to renovate and reposition the property. Tal Bar-Or and Richard Sutton of Meridian negotiated the financing in the transaction.
MCALLEN, TEXAS — JLL has arranged the sale of Kerria Square, an 82-unit multifamily community located in the Rio Grande Valley (RGV) city of McAllen. Built in 2014, the property was 95 percent occupied at the time of sale. A pair of private investors purchased the community from Kerria Square Development LLC for an undisclosed price. Zar Haro and Moses Siller of JLL represented the buyer in the transaction.
CHARLOTTE, N.C. — Federal Capital Partners (FCP) has acquired The Reserve at Providence, a 574-unit apartment community in Charlotte. The Charlotte Observer reports the Maryland-based firm acquired the property for $60.8 million. Marc Robinson of Cushman & Wakefield represented the undisclosed seller in the transaction, while Michael Ryan of Cushman & Wakefield provided debt advisory services to FCP. The Reserve at Providence includes a mix of one- to four-bedroom floor plans and features a clubhouse, playground, dog park, picnic area with grills, multi-sport court and three swimming pools. FCP plans to build a new clubhouse and convert the current facility into a fitness and amenity center. The company will invest in additional improvements to the buildings and amenity areas.
ROCHESTER, MINN. — The Opus Group and Titan Development & Investments have begun construction of a 154-unit apartment project Rochester, located in the southeast corner of the state. The six-story building will include 9,000 square feet of ground-level retail space. Amenities will include a dog wash, swimming pool, fire pit, clubroom and fitness center. Unit sizes will range from studios to penthouses. Completion is slated for summer 2019. Opus Design Build LLC is the design-builder and Opus AE Group is the interior designer, architect and structural engineer of record.
