MIDLAND, TEXAS — JLL has arranged the sale of Ranchland Apartments, a 204-unit, 16-building multifamily property situated on 6.8 acres at 1212 E. Wadley Ave. in Midland. Scott LaMontagne, Moses Siller and Zar Haro of JLL represented the seller, Midland Visions 2000, in the transaction. The representative of the buyer, KNAARS Ventures LLC, and other terms of the sale were not disclosed.
CHARLOTTE, N.C. — Cushman & Wakefield has brokered the sale of two apartment communities in Charlotte: the 252-unit Whitehall Estates and the 318-unit Stone Ridge. Gamma Real Estate LLC purchased Whitehall Estates for $30.9 million and Stone Ridge for $43.2 million, according to Charlotte Business Journal. Jordan McCarley and Marc Robinson of Cushman & Wakefield represented the seller, YFP/Yager Properties, in the transaction. Built in 1996, Whitehall Estates was 92.5 percent occupied at the time of sale. Built in 2001, Stone Ridge was 94 percent occupied at the time of sale.
CHARLOTTESVILLE, VA. — Columbus Pacific has acquired The Pavilion at North Grounds, a 528-bed student housing community located near the University of Virginia campus in Charlottesville. The acquisition was financed with a $58.1 million, 10-year, fixed-rate loan arranged by Brian Eisendrath and Cameron Chalfant of CBRE. Columbus Pacific’s planned renovations for the community include new pool furniture; refreshments to the pool area; the addition of an outdoor dog park; and enhancements to the front lobby, to include a more functional and modern cyber café. Homestead U, an affiliate of Columbus Pacific, will manage the property.
DELRAY BEACH, FLA. — Walker & Dunlop has structured a $35.8 million Freddie Mac Immediate Delivery Tax Exempt Loan (TEL) for Smith & Henzy Advisory Group. The funds will be used to acquire and renovate Lake Delray Apartments, an affordable seniors housing community in Delray Beach in Palm Beach County. The community features 404 units, with assisted payment vouchers available for 193 units and the rest reserved for seniors making 60 percent of the area median income. The Delray Housing Group manages the 14-acre property. The borrower will use $14.3 million of the financing to replace kitchens, baths, windows, flooring and mechanical systems. Enhancements will be made to the amenity spaces as well, including renovations to the clubhouse and pool areas and the addition of a 1,200-square-foot gym, yoga room, library with computer rooms, barbeque area and outdoor LED lighting. The loan was originally structured as HUD tax-exempt bonds, then later converted to Freddie Mac to acquire more flexible terms. The 17-year acquisition loan features two years of interest-only payments followed by a 35-year amortization schedule. The Palm Beach Housing Finance Authority provided the capital. Frank Baldasare led the Walker & Dunlop origination team.
LOS ANGELES — Burbank Property Management LLC has acquired a 12-unit apartment building in the Los Angeles submarket of Sherman Oaks for $3.9 million. The community is located at 15059 Burbank Blvd. Janette Monfared of Marcus & Millichap represented the seller, an LLC, in this transaction.
LOS ANGELES — A joint venture between California Landmark Group and Cayton Capital have completed construction of R3, a 67-unit apartment community in the Los Angeles submarket of Marina del Rey. The $30 million community is located at 4091 Redwood Ave. in the Arts District. R3 features a mix of one- and two-bedroom floor plans ranging from 685 square feet to 1,655 square feet. Amenities include a rooftop pool and lounge, fitness center and a Zen yoga garden with complimentary yoga sessions by a certified instructor.
OVERLAND PARK, KAN. — NorthMarq Capital has arranged a $46.5 million loan for the acquisition of Residences at Prairiefire in Overland Park. The 426-unit multifamily property is located at 5750 W. 137th St. The 10-year loan features a 30-year amortization schedule. NorthMarq arranged the financing through Fannie Mae. The borrower was a joint venture between a local Kansas City-based sponsor and a national private equity real investment manager. The private equity firm invested on behalf of a large municipal retirement fund.
BOSTON — Cottonwood Management Group is opening a new Boston regional office at 101 Seaport Blvd. in the city’s Seaport district. The California-based asset management and development company has also commenced pre-construction on its Seaport Square Parcel M1M2 development, which is located next door. The M1M2 project consists of 1 million square feet of mixed-use development over 3.5 acres in Seaport Square. The residential component includes 730-plus units in two condominium towers and one luxury rental tower. In addition to the residences, the project includes 125,000 square feet of two-story retail and restaurants centered around a vibrant public courtyard. Construction is scheduled to span three years with phased completion dates in late 2019 to early 2020. In addition to serving as its regional office, part of Cottonwood’s Seaport Boulevard space will be used as the sales center for the project’s residential component. The company is preparing for an official groundbreaking for the project in May.
CHAMBLEE, GA. — McShane Construction Co. has been selected to build Mercy Housing at Mercy Park, a 79-unit affordable seniors housing community in the Atlanta suburb of Chamblee. Mercy Housing, a Colorado-based affordable housing developer and operator, is leading the project. The property will feature 57 one-bedroom units and 22 two-bedroom units, as well as 4,000 square feet of amenity space, on a 1.6-acre plot. McShane expects to complete construction by January 2018. Smith Dalia Architects provided architectural services.
FAYETTEVILLE, ARK. — Little Rock-based BSR Trust LLC has completed the acquisition of Mountain Ranch Apartments, a 360-unit apartment community located in Fayetteville. Built in 2009, Mountain Ranch contains a mix of one-, two- and three-bedroom residences and sits on 15 acres across Interstate 49 from the University of Arkansas campus. BSR Trust owns more than 9,200 units in Texas, Louisiana, Oklahoma, Arkansas and Mississippi. The terms of the deal were not disclosed.
