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Multifamily

The-Luminary-Austin
DevelopmentMultifamilyTexas

Northland Living Unveils Plans for 35-Story Downtown Austin Multifamily Tower

by Taylor Williams

AUSTIN, TEXAS — Canadian developer Northland Living has unveiled plans for Luminary, a 35-story multifamily tower that will be located at the northwest corner of 14th and Guadalupe streets in downtown Austin. Designed by Page Southerland Page, Luminary will feature 286 condos in one-, two- and three-bedroom floor plans, 4,800 square feet of retail space, one floor of office space and a six-story parking garage. The Luminary will also offer a pool, fitness center and other indoor and outdoor amenities. A construction timeline was not disclosed.

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AcquisitionsMultifamilyTexas

Cravey Real Estate Arranges Sale of 342-Unit Apartment Community in Corpus Christi

by Taylor Williams

CORPUS CHRISTI, TEXAS — Locally based brokerage firm Cravey Real Estate Services has arranged the sale of Buccaneer Apartments, a 342-unit multifamily community in Corpus Christi. The property spans 28.7 acres and offers one- and two-bedroom units. Lynann Pinkham of Cravey Real Estate represented the seller, Fuso Investment Inc., in the transaction. The buyer was an entity doing business as Buccaneer Redevelopment LLC. The sales price was not disclosed.

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LoansMultifamilyTexas

JLL Arranges Loan for Refinancing of 224-Unit Apartment Complex in Arlington

by Taylor Williams

ARLINGTON, TEXAS — JLL has arranged a loan of an undisclosed amount for the refinancing of The Jones, a 224-unit apartment complex in Arlington. The Jones, which was built in 1977 and offers studio, one-, two- and three-bedroom units, is currently undergoing a capital improvement program. Kris Lowe and Kristi Leonard of JLL arranged the floating-rate loan through New York City-based Benefit Street Partners on behalf of the borrower, locally based investment firm WindMass Capital.

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AcquisitionsMassachusettsMultifamilyNortheastWalker & Dunlop

TruAmerica Multifamily Acquires 158-Unit Complex in Hudson, Massachusetts

by Taylor Williams

HUDSON, MASS. — Los Angeles-based investment firm TruAmerica Multifamily has acquired J Highlands at Hudson, a 158-unit complex located on the western outskirts of Boston. Built on 12 acres in 2005, the property offers one-, two- and three-bedroom units. Amenities include a fitness center, resident clubhouse, community kitchen, playground, basketball court, dog park and outdoor grilling and dining stations. Mike Coyne, Travis D’Amato, Maggie McFarland and Brendan Shields of Walker & Dunlop represented the undisclosed seller in the transaction. Russell Dey and Trevor Fase, also with Walker & Dunlop, arranged acquisition financing for the deal.

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LoansMassachusettsMultifamilyNortheastSeniors Housing

BWE Provides $13.1M Agency Acquisition Loan for Seniors Housing Property Near Providence

by Taylor Williams

NORTH ATTLEBOROUGH, MASS. — BWE has provided a $13.1 million Freddie Mac acquisition loan for Branches of North Attleboro, a 104-unit seniors housing property in North Attleborough, located near the Massachusetts-Rhode Island border. The property offers assisted living and memory care services and amenities such as a salon, fitness center, library, courtyards and various recreational spaces. Taylor Mokris and Ryan Stoll of BWE originated the nonrecourse, fixed-rate loan on behalf of the undisclosed borrower. Benchmark Senior Living operates the property.

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AcquisitionsMultifamilyNew YorkNortheast

JLL Arranges $7.5M Sale of Manhattan Apartment Building

by Taylor Williams

NEW YORK CITY — JLL has arranged the $7.5 million sale of a 26-unit apartment building located at 200 Mott St. in Manhattan’s Nolita neighborhood. The seven-story building houses one- and two-bedroom units and a retail space that is leased to an Italian restaurant. Hall Oster, Guthrie Garvin, Teddy Galligan, Conrad Martin, Braedon Gait and Bradford Burton of JLL represented the seller and procured the buyer, both of which were private investors that requested anonymity, in the deal. The buyer plans to implement a value-add program.

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AcquisitionsIllinoisMidwestMultifamily

Interra Realty Arranges $4.6M Sale of Apartment Building in Chicago’s Wicker Park

by Kristin Harlow

CHICAGO — Interra Realty has arranged the sale of a 10-unit apartment building in Chicago’s Wicker Park neighborhood for $4.6 million. According to CoStar data, the sales price marks one of the highest ever in the submarket. Located at 1220 N. Bosworth Ave., the property consists of four one-bedroom units, four two-bedroom units and two four-bedroom residences. Amenities include bike storage, a fitness center and rooftop deck. Constructed in 2020, the building was fully occupied at the time of sale. Brad Feldman of Interra represented the seller, a real estate operator for whom he brokered the original acquisition in 2021. Feldman also sourced and represented the buyer, a Chicago-based investment group that assumed the existing loan as part of the deal.

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AcquisitionsMultifamilyNorth CarolinaSoutheast

Cushman & Wakefield Brokers $70M Sale of 501 Estates Apartments in Durham

by John Nelson

DURHAM, N.C. — Cushman & Wakefield has arranged the $70 million sale of 501 Estates, a 270-unit community located in Durham. Jefferson Apartment Group and Stars REI purchased the property from Spyglass Capital Partners LLC. Alex McDermott and Hunter Bowling of Cushman & Wakefield represented the seller in the transaction. 501 Estates was built in 2001 near Durham-Chapel Hill Boulevard. The community offers a mix of garden-style apartments, townhomes and cottages. Amenities at the property include a 3,000-square-foot fitness center, pool, dog park, detached garages and billiards room.

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AcquisitionsMultifamilyNew JerseyNortheast

Kislak Negotiates $6.8M Sale of Northern New Jersey Apartment Complex

by Taylor Williams

MORRISTOWN, N.J. ­— Locally based brokerage firm The Kislak Co. Inc. has negotiated the $6.8 million sale of Ridgedale Commons, a 29-unit apartment complex that is under construction in the Northern New Jersey community of Morristown. The property will ultimately comprise one one-bedroom unit, 27 two-bedroom units and one three-bedroom unit, with four residences being subject to income restrictions. Joseph Keenan of Kislak represented the seller and procured the buyer, both of which requested anonymity, in the transaction.

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Alta-Cooley-Station-Gilbert-AZ
AcquisitionsArizonaMultifamilyWestern

Wood Partners Divests of 248-Unit Alta Cooley Station Apartments in Gilbert, Arizona for $80M

by Amy Works

GILBERT, ARIZ. — Wood Partners has completed the sale of Alta Cooley Station, a mid-rise multifamily community within Cooley Station in Gilbert, southeast of Phoenix. A California-based private individual acquired the asset for $80 million, or $322,581 per unit. Alta Cooley Station features 248 apartments, a swimming pool, spa, outdoor entertainment space, open-concept leasing office/clubhouse, micro-offices, a private conference room and workspaces. Apartments have expansive floor plans, nine- and 10-foot ceilings, extra-wide entryways, laundry closets with full-size washers and dryers, and a private patio or balcony. The average unit size is 957 square feet. Steve Gebing and Cliff David of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the transaction.

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