CHICAGO — Interra Realty has brokered the sale of a 48-unit apartment building in Chicago’s Lakeview East neighborhood for $11.2 million. Located at 452 W. Oakdale Ave. and constructed in 1971, the property includes 16 studios and 32 one-bedroom units. All apartments were occupied at the time of sale. Joe Smazal of Interra represented the buyer, Beal Properties, and the seller, a local investment group led by Cagan Management.
BURNSVILLE, MINN. — JLL Capital Markets has arranged the sale of Shalimar Estates, a 48-unit townhome rental community in Burnsville, about 15 miles south of downtown Minneapolis. Located at 13340 Parkwood Drive, the property features three-bedroom units within attached three-story buildings with garages on the ground level. Josh Talberg and Bill Mork of JLL represented the seller, Gaughan Cos. Shalimar Estates was part of Gaughan’s larger 800-unit Minnesota Legacy Apartment Portfolio.
RIO RANCHO, N.M. — JLL Capital Markets has arranged a refinancing for Fairwinds Rio Rancho, a three-story, 220-unit independent living and assisted living community located in Rio Rancho, a suburb north of Albuquerque. JLL represented the borrower, Lytle Enterprises, and secured the five-year, fixed-rate loan through a life insurance company. The amount of the loan was not disclosed. Fairwinds Rio Rancho totals 211,213 square feet. It was built in 1997 and renovated in 2019. Alanna Ellis, Jay Wagner, Aaron Rosenzweig and Alex Sheaffer led the JLL team.
WALNUT CREEK, CALIF. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of The Rise Walnut Creek, a multifamily property in the East Bay city of Walnut Creek. Rescore sold the asset to Hines for an undisclosed price. Completed in 2023, The Rise Walnut Creek features 97 apartments with washers/dryers, white oak wide plank flooring, stainless steel appliances and large windows. Community amenities include a landscaped roof deck, fitness center, walk-in storage lockers and a subterranean parking garage with electric vehicle charging stations. The Rise Walnut Creek also features 8,000 square feet of retail space. Alex Tartaglia, Stanford Jones, Philip Saglimbeni and Salvatore Saglimbeni of IPA represented the seller and procured the buyer in the transaction.
ARLINGTON, TEXAS — Major League Baseball team the Texas Rangers and The Cordish Cos. have topped out One Rangers Way, a 300-unit apartment development in the Dallas suburb of Arlington. The community is the multifamily component of Cordish’s Arlington Entertainment District and is situated steps away from Globe Life Field, the home ballpark of the Rangers. One Rangers Way will offer a mix of studio, one- and two-bedroom apartments with rental rates starting at the $1,500s, as well as penthouses with rates starting in the $4,000s. Each apartment will feature high-end interior finishes and appliances, including in-unit washers and dryers, high ceilings and floor-to-ceiling windows. Each of the community’s 52 floor plans are named after Rangers players or significant events, including the team’s 2023 World Series title. “One Rangers Way will bring an upscale residential component to the Arlington Entertainment District, which has become one of the fastest-growing sports and entertainment destinations in the country,” says Ray Davis, managing partner and majority owner of the Rangers. “This project also reflects the tradition of the Rangers as many of the franchise’s legendary players are being incorporated into the branding of the building.” The property will feature 43,000 square feet of amenities, including an …
AUSTIN, TEXAS — Minneapolis-based developer Ryan Cos. has begun leasing Rivette Tower, a 345-unit apartment community located in Austin’s Mueller District. The project comprises two three- and five-story buildings with 2,500 square feet of retail space on the ground floor. Units feature one-, two- and three-bedroom floor plans, with 15 percent of the residences (about 50 units) reserved for renters earning up to 60 percent of the area median income. Amenities include a pool, rooftop deck, coworking space and outdoor gathering areas. Construction began in March 2022 and topped out in November 2023. Rents start at $1,900 per month for a one-bedroom apartment.
PARAMUS, N.J. — HKS Real Estate Advisors has arranged a $46.5 million CMBS loan for the refinancing of a 140-unit multifamily property located in the Northern New Jersey community of Paramus. The newly built property consists of three buildings on a 35-acre site. According to Apartments.com, the property is named Soldier Hill Commons and exclusively houses two-bedroom units. John Harrington of HKS Real Estate arranged the loan through Citigroup on behalf of the undisclosed borrower.
WORCESTER, MASS. — Trinity Financial, a developer with offices in Boston and New York City, has begun a multifamily redevelopment project in Worcester. The firm, in partnership with the Worcester Housing Authority, is redeveloping The Curtis Apartments, a 372-unit property that was originally built in the 1950s. The first phase of the project consists of 129 units in two buildings, replacing 90 former public housing units and adding 39 additional affordable units that will be reserved for households earning up to 60 and 80 percent of the area median income.
SANFORD, FLA. — Working on behalf of Crescent Communities, Doster Construction Co. has completed Novel Parkway, a 325-unit apartment community situated along International Parkway in Sanford, a northeast suburb of Orlando. The property features a mix of one-, two- and three-bedroom apartments ranging in size from 656 to 1,527 square feet. Monthly rental rates range from $1,700 to $3,437, according to Apartments.com. Novel Parkway features 10,000 square feet of amenities, including a pool, fitness center, clubhouse, business center and walking/biking trails.
PEMBROKE PINES, FLA. — Atlanta-based Cortland has acquired Harbour Cove, a 240-unit, Class B apartment community located in Pembroke Pines, a city in South Florida’s Broward County. Cortland has renamed the property as Cortland Harbour Cove. The community features two-bedroom apartments and three-bedroom units with dens, as well as a fitness center, clubhouse, playground, tennis courts and volleyball courts. Cortland plans to make capital improvements to the property, including full kitchen renovations, new lighting and plumbing fixtures, cosmetic upgrades to the clubhouse and fitness center and the addition of a new dog park and pickleball court. Nearby attractions to Cortland Harbour Cove include Pembroke Pines City Center and Miramar. The seller and sales price were not disclosed. With this acquisition, Cortland now owns and operates four assets in Broward County alone and 46 assets spanning more than 16,000 units across Florida.
