DUNCANVILLE, TEXAS — Houston-based investment firm Venterra Realty has acquired Bella Ruscello, a 216-unit apartment community in Duncanville, a southern suburb of Dallas. Built in 2007, the property features one- and two-bedroom units ranging in size from 655 to 1,074 square feet. Amenities include a pool, fitness center, community room with a theater and a paved walking trail. The seller was not disclosed. Venterra plans to implement a value-add program.
CHARLOTTE, N.C. AND ORLANDO, FLA. — NewPoint Real Estate Capital LLC has provided two separate Freddie Mac loans totaling $93.5 million for two apartment communities in Charlotte and Orlando. The borrower, an affiliate of American Landmark LLC, is using the loans to refinance both properties. The transactions include a $51 million loan for the 338-unit 8 Metro Station in Charlotte and a $42.5 million loan for the 279-unit Central Station on Orange in Orlando. Marc Cesare of NewPoint originated the 10-year, fixed-rate loans. The loans both featured five years of interest-only payments and provided cash-out options for American Landmark, an investment firm that manages over $5 billion in multifamily properties spanning approximately 32,000 units.
RALEIGH, N.C. — Alliance Residential Co. has opened Broadstone Oak City, a 335-unit apartment community located at 2911 Mid-Century Drive in Raleigh’s East Midtown district. Located near Capital Boulevard and I-440, the site formerly housed a Holiday Inn hotel that opened in the 1970s and was converted in 2005. Broadstone Oak City features studio, one-, two- and three-bedroom apartments ranging in size from 640 to 1,356 square feet. Amenities include a podcast studio, cold brew on tap, private workspaces, pet park, outdoor grills, resort-style saltwater pool with in-pool loungers, indoor fitness center, outdoor fitness space featuring Beaverfit equipment, 445 parking spaces and four electric vehicle charging stations. The design-build team includes LS3P, Cline Design Associates and McAdams. Rental rates range from $1,439 for a studio to $2,240 for a three-bedroom apartment, according to the property website.
RALEIGH, N.C. — The Preiss Co. has acquired Valentine Commons, a 928-bed student housing property located near the North Carolina State University (NC State) campus in Raleigh. Located steps away from campus at 3009 ME Valentine Drive, the property features an 11-story building offering 277 fully furnished units in two-, three- and four-bedroom configurations. Shared amenities include a swimming pool, rooftop terrace, private study rooms on every floor, a business center, aerobics room, fitness center, game room and a private parking garage. The seller and sales price were not disclosed, but Ben Roelke and Ian Walker of Newmark secured $77.3 million in financing for the acquisition through an unnamed life company lender. The five-year loan features full-term, interest-only payments. Preiss Co. is planning a $10 million capital improvement plan for Valentine Commons, the construction timeline of which was not disclosed.
ROCHESTER, MINN. — Northland has broken ground on a 194-unit expansion to SoRoc on Maine in Rochester. Northland acquired the 186-unit, garden-style community in February of this year. Once complete, the property will include 380 units across five buildings. Amenities will include a pool, green area, three fitness centers, clubhouse with private event space and a commercial kitchen. Northland is partnering with several local companies on the project, including Miller Architects & Builders. Minnwest Bank provided $28 million in construction financing. Completion is slated for early 2024.
BURLINGTON, IOWA — Cambridge Realty Capital Cos. has provided a $10.4 million HUD Lean loan for the refinancing of Oakview Nursing and Rehabilitation and Ridgeview Assisted Living, a dual-facility campus also known as The Views of Burlington. Situated in Burlington, a city in Southeast Iowa, the campus features 60 skilled nursing beds and 42 assisted living beds. Andrew Erkes of Cambridge originated the 35-year loan, which features a 35-year amortization schedule. The borrower was an Iowa-based limited liability company. Denny Howell of Howell Investment Finance arranged the loan.
MINNEAPOLIS — CBRE has brokered the sale of a four-property, value-add multifamily portfolio in Minneapolis for an undisclosed price. Grannes Properties LLC sold the portfolio to two separate buyers. Webdigs LLC purchased a 14-unit building at 3710 Minnehaha Ave. Millennial Properties LLC acquired a 12-unit property at 315 University Ave. SE, a six-unit building at 3505 22nd Ave. and an 11-unit property at 420 73rd St. The assets were built in the 1960s and were fully occupied at the time of sale. Drew Rafshol of CBRE Minneapolis Multifamily represented the seller.
Fiber networks built with multifamily properties in mind offer network resilience while maximizing ROI for owners and operators. Well-constructed fiber networks are at the heart of meeting and exceeding residents’ growing Internet needs, especially when work-from-home culture and the constant need for online connection have made Internet slowdowns and downtime unacceptable for end users. Fiber can also strengthen connectivity across multifamily properties, shoring up the Wi-Fi services residents have come to know and on which they’ve come to depend. How does a national fiber network integrate with multifamily properties? By focusing just on the needs of the multi-dwelling unit (MDU). “Instead of building out 200-mile routes of duct and fiber, we build out ‘miracle miles’ in densely populated MDU areas. From that point, we’re able to easily grow or expand out from that area,” says Michael O’Linc, president of fiber services & campus communications at Pavlov Media. O’Linc stresses the importance of a more planned, methodical approach for MDUs. A network that serves multifamily buildings must be a network focused on backups and fail safes. The “miracle mile” method creates a main line with laterals — creating a ring shape as it expands. This approach to fiber makes networks easier to …
GRAND PRAIRIE, TEXAS — Houston-based investment firm Venterra Realty has acquired Mission Mayfield Downs, a 258-unit apartment community in Grand Prairie, located roughly midway between Dallas and Fort Worth. Built in 2002, the property features one-, two- and three-bedroom units ranging in size from 677 to 1,252 square feet. Amenities include a pool, fitness center, dog park and a coffee bar. The seller was not disclosed. Venterra plans to implement a value-add program.
ATLANTA — Berkadia has arranged $87.8 million in acquisition financing for a 13-property affordable housing portfolio in Georgia and South Carolina. Jeff Lawrence of Berkadia’s Atlanta office arranged the two-year loan on behalf of the borrower, Georgia-based Infinity RE Impact. The portfolio comprises 12 Georgia properties, including Lake Forest Apartments in Gainesville; Forest Creek at Moultrie Apartments in Moultrie; Lakeview Apartments in Carrollton; Rolling Ridge Apartments in Athens; Shenandoah Forest Apartments in Newnan; Sunny Brook Apartments Road in Elberton; Briarwood Apartments in Jesup; Indian Oaks in Fort Valley; Shadowood in Augusta; The Cliffs in Dalton; Georgian Woods in Douglas; and Riverbend in Milledgeville. The lone South Carolina property in the portfolio is Crestview Village in Easley.
