SAN ANTONIO — Dallas-based investment and development firm Westmount Realty Capital has sold a 212-unit apartment complex located on the north side of San Antonio. Westmount at Cape Cod was originally built in 1984 and features one- and two-bedroom units with an average size of 687 square feet. Amenities include a pool, fitness center, outdoor kitchen and walking trails. Westmount acquired the property in 2016 and implemented a value-add program. The buyer and sales price were not disclosed.
GARLAND, TEXAS — Locally based developer Palladium USA has completed a 122-unit mixed-income seniors housing project in Garland, a northeastern suburb of Dallas. Designed by HEDK Architects, the development will consist of 92 units that will be reserved for renters aged 62 and above who earn 60 percent or less of the area median income. The remaining 30 units will be rented at market rates. Amenities will include a fitness center, computer lab, library and a theater. A grand opening ceremony will take place on Nov. 10.
BUFORD, GA. — McShane Construction has completed Enzo at Ariston, a 265-unit apartment community that TPA Residential is developing in Buford, a northeast suburb of Atlanta. The property is one of the multifamily components within Ariston, a mixed-use development taking shape near the Mall of Georgia. Situated on eight acres, Enzo at Ariston features two four- and five-story wood-frame apartment buildings with a brick façade, as well as a precast concrete parking garage. Amenities include a heated saltwater swimming pool, outdoor grilling area and lounge, 24-hour fitness studio and power gym, enclosed dog park and a community lounge with a demonstration kitchen. Niles Bolton Associates designed Enzo at Ariston, which features one-, two- and three-bedroom floor plans with rental rates ranging from $1,593 to $3,313 per unit, according to the property website.
LOUISVILLE, KY. — 29th Street Capital (29SC) has purchased Ashton Brook Apartments, a 274-unit multifamily community located in Louisville. The seller and sales price were not disclosed. Built in 1979, the Class B property features a swimming pool, fitness center, dog park, outdoor grilling and picnic area, playground and a laundry facility. Ashton Brook is situated near the headquarters of Haven Residential, 29SC’s in-house property management company that is taking over operations of the pet-friendly community.
NEW YORK CITY — Locally based brokerage firm Ariel Property Advisors has negotiated the $12.1 million sale of a 106-unit multifamily property in The Bronx. The rent-stabilized building at 725-737 Fox St. is located in the borough’s Longwood area and offers studio, one-, two- and three-bedroom units. Victor Sozio, Jason Gold, Shimon Shkury and Daniel Mahfar of Ariel Property Advisors represented the undisclosed seller in the transaction. The buyer was also not disclosed.
SHAWNEE, KAN. — Block & Co. Inc. Realtors has sold the Merriam Grand Station redevelopment site in Shawnee for an undisclosed price. The buyer, Drake Development, plans to redevelop the former Kmart and Pegah’s sites into two apartment buildings with retail and restaurant space. Drake will keep the Merriam Grand Station name. Completion is slated for 2025. Block & Co. will retain the management and leasing of the front lots on both sides of the development, including the Freddy’s Frozen Custard and the Krispy Kreme as well as the Shell gas station and the Chipotle that is under construction. David Block, Max Kosoglad and Alex Block of Block & Co. and Matt Pennington of Drake represented the respective parties in the sale.
ROCHESTER, MINN. — Marcus & Millichap has arranged the sale of Douglas Trail Townhomes in Rochester for $11.1 million. The 100-unit property is located at 5041 Weatherstone Circle NW. Built in 2001, the community features a playground, basketball court, laundry facilities and attached garages. Units range in size from 850 to 1,150 square feet. Chris Collins and Evan Miller of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company, and procured the buyer, also a limited liability company.
PHILADELPHIA — Post Brothers has sold Presidential City, a 1,015-unit luxury apartment community in Philadelphia. KKR and Mack Real Estate Group (MREG) purchased the high-rise property for approximately $357 million. The deal represents the most expensive apartment property sale in the city’s history, according to The Wall Street Journal. Presidential City was originally built in 1950. Post Brothers acquired the asset in 2012 and extensively renovated it to Class A standards. The property comprises four apartment buildings as well as the 41,000-square-foot Sora Pool Club and Spa amenity center and an office building. The residential units consist of studio to three-bedroom floor plans up to 2,920 square feet. Mack Property Management LP, a wholly owned subsidiary of MREG, will handle property operations. Mark Thomson, Carl Fiebig, Fran Coyne, Jose Cruz and Tyler Margraf of JLL represented the seller in the transaction. Although details on the office building were not disclosed, the brokerage referred to it as “well leased.” “Post Brothers continues to be at the forefront of game-changing multi-housing projects in Philadelphia with notable projects, including Piazza Alta in Northern Liberties and their project at Broad and Washington, where they will be delivering a combined 2,500 units,” notes Coyne. New …
PHOENIX — Orion Investment Real Estate has brokered the sale of Montana on Butler, a multifamily property located on Butler Drive in Phoenix. Artisan Prime, a joint venture between Beverly Hills, Calif.-based Artisan Capital and Newport Beach, Calif.-based Prime Capital Investments, acquired the asset for $24 million, or $160,000 per unit, in an off-market transaction. Previously known as Cedar Ridge Apartments, the property features 150 apartments. Linda Fritz-Salazar and Angelessa Ritchie of Orion represented the buyer and seller in the deal.
FORT COLLINS, COLO. — Walker & Dunlop has arranged the sale of Trails at Timberline, an apartment community located in Fort Collins. Terms of the transaction were not released. Trails at Timberline features 314 apartments, with an average unit size of 897 square feet. Dan Woodward, Dave Potarf, Matt Barnett and Jake Young of Walker & Dunlop represented the undisclosed seller in the deal. Mark Grace and Trevor Fase of Walker & Dunlop structured the debt financing on behalf of the undisclosed buyer.
