NORTHRIDGE, CALIF. — 8351 Amigo Apartments LLC has acquired a nine-unit apartment building in Northridge for $1.9 million. The community is located at 8351 Amigo Ave. It was built in 1962. The property contains one- and two-bedroom units. Clyde Isaacson of Marcus & Millichap represented the buyer. The seller was not disclosed.
SANDY SPRINGS, GA. AND FRANKLIN, TENN. — On the heels of opening seniors housing community Somerby Sandy Springs in the Atlanta suburb of Sandy Springs, Dominion Partners also plans to open Somerby Franklin in the Nashville suburb of Franklin within the next two months. Somerby Sandy Springs includes 128 independent living units, 48 assisted living units and 24 memory care units on a six-acre plot. Details were not released on the Franklin property. Based in Birmingham, Ala., Dominion Partners is a developer and owner of seniors housing properties. Somerby, an operator, is a wholly owned subsidiary of Dominion. The companies own and operate a portfolio of eight communities in Alabama, South Carolina, Georgia, Florida and Tennessee.
CHICAGO — Ascend Real Estate Group and Intercontinental Real Estate Corp. have opened Niche 905, a 202-unit luxury apartment tower in Chicago’s Near North Side. The 18-story property is located at 905 N. Orleans St. A grand opening celebration took place on April 13. The tower features convertible, one-, two- and three-bedroom apartments ranging in size from 576 to 1,518 square feet. Rents start at $2,000. CORT Furniture furnished the convertible studio model, while Stanton Interior Concepts designed the one- and two-bedroom models. Amenities include 24-hour concierge service, pool, skydeck, grilling stations, fitness center, yoga studio and entertainment suite. Niche 905 also features 1,750 square feet of ground-floor retail space and a lobby with workstations.
NEW YORK CITY — Marcus & Millichap has negotiated the $12 million sale of two vacant lots and a third lot with a warehouse building totaling 12,725 square feet at 814-826 Bedford Ave. in Brooklyn. Jakub Nowak and Jason Grunberg of Marcus & Millichap’s Brooklyn office represented the seller, Prezant Auto Glass, and procured the buyer, a private developer. The site is located near the Myrtle Avenue retail corridor, the Pratt Institute and G train subway stops. The three lots include 132 feet of frontage on Bedford Avenue and 100 feet of frontage on Park Avenue, and all are zoned for mixed-use development. The buyer plans to build a synagogue with a hotel or apartments above it.
LOS ANGELES — Universe Holdings has secured a $9.2 million loan for the 50-unit Sycamores apartments in the Los Angeles submarket of Inglewood. The community is located at 875 Victor Ave. The Sycamores was built in 1972. Universe Holdings has renovated and modernized the asset since it acquired the property in 2014. The refinancing retired existing debt and the original principal and improvement capital. It was arranged by HFF’s Charles Halladay.
SACRAMENTO, CALIF. — Hunt Mortgage Group has provided a $5 million loan to Promise Keeper LLC for the acquisition of the 72-unit Arden Villas apartment community in Sacramento. The community is located at 2043-2045 Wyda Way. Arden Villas is currently 96 percent occupied. Units were recently updated with new flooring, countertops, cabinetry and hardware. Select units also contain a washer and dryer, central HVAC and/or small yards and patio spaces. The loan was a Freddie Mac Small Balance Loan.
HOUSTON — Austin-based investment firm The PPA Group, in a partnership with a private Israeli investment company, has acquired Citation North Apartment Homes, a 236-unit multifamily property in north Houston. Situated on eight acres at 411 Highland Cross Drive, the Class C property will be rebranded as Highland Cross Apartments. Grandbridge Real Estate Capital brokered the transaction.
TYLER, TEXAS — Abby Development has acquired 16 acres on Grand Boulevard near the intersection of Old Jacksonville Highway in Tyler for the development of Auberge of Tyler, a 234-unit, Class A multifamily community. Amenities will include a stocked fishing lake, saltwater pool, 24-hour fitness center, resident coffee bar and a yoga studio. Construction is scheduled to begin in late 2017, and completion is slated for the first quarter of 2019.
ARLINGTON, VA. — Jefferson Apartment Group has acquired a 0.6-acre site at 40000 Fairfax Drive in Arlington’s Rosslyn-Ballston area for the development of a new high-rise apartment tower. The 22-story property will be situated at the corner of Fairfax Drive and North Quincy Street and feature 264 below-grade parking spaces and 8,260 square feet of ground-level retail space. The site is approved for up to 330 residential units. Planned amenities at the yet-to-be-named property include a rooftop swimming pool, fitness center, clubroom, rooftop outdoor lounge and 24/7 concierge services. Jefferson Apartment Group plans to break ground in the fourth quarter and pursue LEED Gold certification. The McLean, Va.-based developer is building the high-rise in a joint venture with Mitsui Fudosan America Inc. (MFA), a U.S. subsidiary of a publicly traded Japanese real estate company. MFA is providing equity to the project.
MAITLAND, FLA. — Pollack Shores plans to build a 237-unit lakefront apartment community in Maitland, a suburb of Orlando. The Atlanta-based developer will demolish the existing Maitland Shores, a vacant 1960s-era complex situated on Lake Avenue fronting Lake Gem. The new apartment community will feature a resort-style pool with an outdoor kitchen and a bar area, as well as a lighted biking and pedestrian trail that will connect to the City of Maitland’s trail east of the property. The development will also feature 20 private garages and a newly rebuilt fishing dock and gathering areas with fire pits. The project team includes architect Poole & Poole Architecture and general contractor Oxford Construction. Pollack Shores’ subsidiary, Matrix Residential, will manage the apartment community upon completion, which is expected to be 15 months after construction begins.
