QUINCY, MASS. — An affiliate of Portland, Ore.-based Gerding Edlen has acquired Neponset Landing, a high-rise apartment community located in Quincy. Northwestern Mutual Real Estate sold the 280-unit property for $89.5 million. Built in 2007, the 12-story property features 100 one-bedroom units, 42 one-bedroom with den units, 119 two-bedroom units and 19 two-bedroom with den apartments. Simon Butler and Biria St. John of CBRE/New England represented the seller and procured the buyer in the deal.
NEW YORK CITY — Colony Capital Inc., NorthStar Asset Management Group and NorthStar Realty Finance Corp. have received approval from shareholders for the previously announced merger of the three companies. Named Colony NorthStar Inc. (NYSE: CLNS), the combined company will have assets under management in excess of $58 billion, managing capital on behalf of its stockholders, institutional and retail investors in private funds and non-traded and traded real estate investment trusts and 1940 Act companies. Upon closing of the transaction, Thomas Barrack Jr. will be executive chairman of the board of directors, David Hamamoto will be executive vice chairman and Richard Saltzman will be chief executive officer of the new company. The companies expect to complete the merger in January 2017.
NEW YORK CITY — BCB Property Management has completed the disposition of a four-building multifamily asset located at 315-329 Lincoln Place in Brooklyn’s Prospect Heights neighborhood. Related Cos. acquired the buildings for $30 million. Totaling 52,543 square feet, the asset features 13 two-bedroom units, 11 three-bedroom apartments and 24 four-bedroom units. Approximately half of the 48 units were rent-stabilized at the time of sale. Stephen Palmese of Cushman & Wakefield represented the seller in the transaction.
UTICA, N.Y. — KeyBank Community Development Lending and Investment has provided a $7.6 million construction loan to Rescue Mission of Utica Inc. The loan will be used to construct West Street Apartments, a 42-unit low-income housing tax credit and supportive service property in Utica. Lynne Callis-Wilson of KeyBank arranged the construction loan.
CHICAGO — Kiser Group has brokered the sale of a multifamily portfolio in Chicago’s Rogers Park neighborhood for $20 million. The vintage buildings are located at 1412 W. Chase Ave., 6945 N. Ashland Ave., 1310 and 1257 W. Lunt Ave. The properties include studio, one-bedroom and two-bedroom units. Allen Smith of Winnemac Properties bought the four-building, 220-unit portfolio with plans to renovate the units. Luke Lesniewski, Stevens Haen, Michael Feldstein and Lee Kiser of Kiser Group represented the seller, Ansonia Properties.
EAGAN, MINN. — CBRE has brokered the sale of Lexington Hills in Eagan, 15 miles south of St. Paul. The 168-unit property is located at 4116 Lexington Ave. South. The seven-building community recently underwent a $1.8 million renovation including clubhouse expansion with an outdoor lounge, community room, fitness center and outdoor swimming pool. Abe Appert, Keith Collins, Ted Abramson and Laura Hanneman of CBRE represented the seller, Lexington Hills-Minneapolis LLC, an entity controlled by Bellevue, Wash.-based Curtis Capital Group. The buyer was an affiliate of Miami-based Monument Capital Management.
SCOTTSDALE, ARIZ. — MG Properties has acquired the 330-unit Broadstone Scottsdale Horizon apartment community for $51 million. The community is located at 9259 E. Raintree Drive in Scottsdale. Common areas include a resort-style pool, resident clubhouse, business center and fitness facility. Broadstone Scottsdale Horizon was built in 1986. JLL’s John Cunningham and Charles Steele represented the seller, a joint venture between Rockwood Capital and Alliance Residential Co.
WILMINGTON, N.C. — KeyBank Real Estate Capital has arranged $42.5 million in Freddie Mac loans for the refinancing of a four-property multifamily portfolio in Wilmington. The assets total 695 units and include Hawthorne at New Centre, Hawthorne Commons, Hawthorne Centre North and Hawthorne Lofts. All four properties were constructed between 1990 and 1998 and were renovated in 2014. Timothy DeWispelaere of KeyBank arranged the financing with a 10-year term, five years of interest-only payments and a 30-year amortization schedule.
FAYETTEVILLE, GA. — Caddis has broken ground on Heartis Fayetteville, a 168-unit independent living, assisted living and memory care community in Fayetteville, approximately 20 miles south of Atlanta. The community will comprise three buildings totaling 157,029 square feet that will house 80 independent living units, 56 assisted living apartments and 32 memory care units. This is the first entry into Georgia for Caddis, a healthcare real estate firm based in Dallas, though the company is also planning another Heartis-branded community in nearby Suwanee. Portland, Ore.-based Frontier Management will operate Heartis Fayetteville upon completion, which Caddis expects to be in late 2017. Chicago-based investment firm Singerman Real Estate is a joint venture development partner on the project. The Atlanta office of Choate Construction will be the general contractor.
DENVER — Castle Lanterra has acquired the 369-unit Alexan Sloan’s Lake apartment community in Denver for $102.8 million. The community is located at 1550 Raleigh St. Alexan Sloan’s Lake features 9,000 square feet of first-floor retail. The property is part of a 19-acre mixed-use redevelopment of the former Saint Anthony Hospital campus. The development will eventually contain up to 150,000 square feet of retail and office space. Jeff Hawks, Terrance Hunt, Doug Andrews, Shane Ozment and Chris Cowan of ARA Newmark represented the seller, a joint venture between Trammell Crow Residential and an institutional investor.
