IRVING, TEXAS — Marcus & Millichap has brokered the sale of Tucasa Townhomes, a 128-unit multifamily property in Irving. According to Apartments.com, the property was built in 1964 and offers studio, one- and two-bedroom units. Al Silva, Ford Braly and Dylan York of Marcus & Millichap represented the undisclosed seller and procured an undisclosed, out-of-state partnership as the buyer.
NORTH BERGEN, N.J. — Locally based investment and development firm Denholtz Properties has acquired Solo at North Bergen, a 214-unit apartment complex in Northern New Jersey, for $89 million. Completed in 2023, Solo at North Bergen consists of three three-story buildings with 138 units and one five-story building with 76 units. Amenities include an outdoor pool with grilling and dining stations, a 5,000-square-foot clubhouse with billiards and gaming tables, fitness center, dog run and a package room. The property was 98 percent occupied at the time of sale. Nat Gambuzza and Spencer Beriont of Berkadia represented the seller, New York-based SYM Investments, in the transaction. Jonathan Brody, formerly of Rosewood Realty Group, represented Denholtz. Alan Isenstadt, Bruce Kaskey and Joe Tinti of KeyBank Real Estate Capital arranged acquisition financing for the deal.
BROCKTON, MASS. — MassHousing has provided $12.9 million in financing for Bixby Brockton Apartments, a 106-unit affordable seniors housing complex located on the southern outskirts of Boston. The complex houses 88 one-bedroom apartments and 18 two-bedroom apartments, with two units occupied by maintenance and security staff. The borrower, Affordable Housing & Services Collaborative Inc., will use the proceeds to fund capital improvements and extend the property’s affordability status. Among the improvements slated for the property are unit repairs, two new heating systems, a new fence, security camera upgrades and the extension of a laundry room.
MANCHESTER, CONN. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Charles Drive, a 67-unit multifamily property in Manchester, located in Hartford County. Built on 10 acres in 1969, Charles Drive comprises 11 two-story buildings that house two-bedroom, townhouse-style apartments. Residences feature individual washers and dryers, fireplaces, and private patios/decks. Victor Nolletti, Eric Pentore and Wes Klockner of IPA represented the seller, FPA Multifamily, in the transaction and procured the buyer, Cue Residential LLC.
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Multifamily Owners Navigate Challenges, Opportunities Arising from Capital Markets
When Zelman & Associates’ 2023 Virtual Housing Summit opens in September, Alex Virtue will take the stage as a newly appointed managing director who has been charged with expanding the firm’s investment banking coverage of multifamily and other commercial real estate property sectors. Virtue joined the institutional research advisory and investment firm in May with over two decades of experience in mergers and acquisition transactions and capital raising across real estate sectors in both the public and private capital markets. His resume includes senior positions with Merrill Lynch, Eastdil Secured/Wells Fargo Securities, CBRE Capital Advisors and Xebec, an industrial developer and asset manager. Zelman & Associates, founded in 2007, was acquired by Bethesda, Md.-based commercial real estate finance and advisory firm Walker & Dunlop in 2021. “My focus at Zelman and Walker & Dunlop is broadening the firm’s reach on entity-level transactions in multifamily and related housing sectors such as single-family rentals, built-for-rent, student housing, affordable housing and manufactured housing communities, as well as other commercial real estate sectors,” says Virtue “I would characterize my concentration as bringing traditional banking investment expertise, knowledge and services across the Walker & Dunlop platform and working with my colleagues to bring these advisory …
MCLEAN, VA. — Capital One has provided $200 million in financing in separate deals for four multifamily properties totaling roughly 1,300 units in New York and New Jersey. Balance sheet transactions included a refinance of Ramblewood Apartments in Mount Laurel, New Jersey, and a refinance of Mid-Island in Bayshore, New York. Both deals featured fixed-rate loans with full term interest-only payments. Agency transactions included a seven-year, fixed-rate Freddie Mac loan with full-term, interest-only payments to refinance Eagle Rock Apartments at Freehold in Freehold, New Jersey. The team also arranged a Freddie Mac supplemental loan for Vista Point Apartments in Wappinger Falls, New York. Abe Hirsch and Zev Karpel of Meridian Capital Group arranged the loans on behalf of the borrower, Eagle Rock. Todd Phillips and Michael Maidhof led the transactions for Capital One.
CHARLOTTE, N.C. — Alliance Residential Co. has purchased 3.4 acres at 2130 Wilkinson Blvd. in Charlotte’s FreeMoreWest neighborhood for the development of Broadstone West End. The 332-unit luxury apartment community will span five stories and feature studio, one-, two- and three-bedroom residences ranging in size from 590 to 1,240 square feet. Amenities will include a resort-style pool and adjoining pool deck featuring an outdoor kitchen, 24-hour fitness center, private coworking offices, resident clubroom featuring a kitchen and card room and a fenced pet park. Alliance Residential plans to welcome Broadstone West End’s first residents in 2025. The property represents the 10th community in Charlotte for the Scottsdale, Ariz.-based developer.
NEWTON AND ALLSTON, MASS. — Marcus & Millichap has arranged the $23.5 million sale of a portfolio of two multifamily buildings totaling 59 units in the Boston area. The buildings are located in Newton and Allston, both of which are situated west of the downtown area. The Newton property offers eight two-bedroom units and 23 one-bedroom units with private balconies and storage units. Constructed in 1985 on 0.59 acres, the Allston property features 28 units and 41 off-street parking spaces. Evan Griffith and Tony Pepdjonovic of Marcus & Millichap brokered the deal in collaboration with Matthew Petty of Frame Residential. The buyer and seller were not disclosed.
THONOTOSASSA, FLA. — Berkadia has negotiated the sale of The Livano Uptown, a 292-unit, garden-style apartment community located at 11810 Walker Road in the Tampa suburb of Thonotosassa. The buyer, Praedium Group, has rebranded the property as Tessa Springs. Alabama-based LIV Development sold the community to Praedium for an undisclosed price. Matt Mitchell and Bailey Smith of Berkadia’s Tampa office represented the seller in the transaction. Built in 2022, Tessa Springs features one-, two- and three-bedroom apartments, as well as a clubhouse, resort-style pool with lounge seating, private workspaces with conference rooms, “party barn,” 24-hour fitness center with a yoga/spin room, a pet center and a 24-hour onsite community market.
SAVOY, ILL. — Evans Senior Investments (ESI) has arranged the sale of Champaign Urbana Nursing & Rehab in Savoy, located about midway between Chicago and St. Louis. A regional owner-operator sold the asset to Mozart Healthcare, which plans to install Accolade Healthcare as the operator. The sales price was undisclosed. Initially built in 1975, the facility is licensed for 213 skilled nursing beds, and at the time of marketing was 49 percent occupied. The current operator restored the occupancy rate to 67 percent by the time of closing.