DALLAS — Northmarq has arranged the sale of Verge Apartments, a 217-unit multifamily property in North Dallas. Built in 1980, the complex houses studio, one- and two-bedroom units with an average size of 700 square feet. Amenities include two pools, outdoor grilling and dining areas, a fitness center, business center and onsite laundry facilities. Taylor Snoddy, Charles Hubbard, Eric Stockley and Philip Wiegand represented the seller in the transaction. Patrick Elliott and Lauren Bresky, also with Northmarq, originated Freddie Mac acquisition financing on behalf of the buyer. Both parties requested anonymity.
SUFFIELD, CONN. — Locally based brokerage firm Chozick Realty has negotiated the $13 million sale of Suffield West, an 84-unit multifamily property located in Hartford County. The property was built on 10 acres in 1968. Tess Cullen and Jordan Pinto of Chozick Realty represented the seller, an entity doing business as Suffield West Apartments LLC, in the transaction, and procured the undisclosed buyer.
NEW YORK CITY — Locally based brokerage firm Ariel Property Advisors has arranged the $5.7 million sale of a 35-unit apartment building located in the Bay Ridge area of Brooklyn. The four-story building houses four studios, 30 one-bedroom units and one three-bedroom residence. Stephen Vorvolakos, Sean Kelly and Lawrence Sarn of Ariel Property Advisors brokered the deal. Both the buyer and seller requested anonymity.
WEST LAFAYETTE, IND. — Brinkmann Constructors and Subtext have broken ground on VERVE, a seven-story student housing property located two blocks from the Purdue University campus in West Lafayette. Completion is slated for fall 2024. Located at 102 W. Wood St., the community will feature 751 beds across 235 units along with 265 parking spaces and 5,516 square feet of retail space. The units are fully furnished. Designed by WDG, the property features amenities such as a coffee bar, private study pods, group study rooms, a market, fitness center, lounge and two courtyards. The pool courtyard is equipped with an outdoor pool, hot tub, outdoor kitchen, multi-purpose turf lawn, grill stations and firepits. The Zen courtyard features a dog park and hammocks. This fall, total enrollment at Purdue reached a record high of 50,884 students.
O’FALLON, ILL. — Poettker Construction has completed Revela at O’Fallon, a 92-unit senior living community in O’Fallon, about 20 miles east of St. Louis. A grand opening event is scheduled for Tuesday, Oct. 18. The 89,000-square-foot property offers independent living, assisted living and memory support. St. Louis Design Alliance was the project architect, and Premier Senior Living is the property manager.
WASHINGTON, D.C. — Foulger-Pratt has broken ground on Paxton, an affordable housing development located at the intersection of Benning Road and 16th Street in northeast Washington, D.C.’s Kingman Park district. The $101 million project will feature eight studio, 87 one-bedroom, 16 two-bedroom and 37 three-bedroom rental apartments upon completion, which is set for April 2024. A majority (133 units) will be reserved for households earning at or below 50 percent of the area median income (AMI). The remaining will be reserved for households earning at or below 30 percent of AMI and are designated as “permanent supportive housing.” All residents will have access to services through Hope Multiplied, a locally based nonprofit providing community development, health-and-wellness and socio-economic programs. Residents in the permanent supportive housing units will receive support services through Community of Hope, a local organization working to end family homelessness and improve health. Financing partners for Paxton include the District of Columbia Housing Finance Agency, which issued $46.9 million in tax exempt bonds and underwrote $42 million in D.C. and federal Low Income Housing Tax Credit (LIHTC) equity, in addition to a $29 million Housing Production Trust Fund loan from the D.C. Department of Housing and Community Development. …
NASHVILLE, TENN. — Alliance Residential Co. has opened Broadstone SoBro, a 226-unit apartment community located at 800 4th Ave. S. in Nashville. The property comprises studio, one- and two-bedroom luxury apartment units that are renting at $1,851 per month, according to the community’s website. Designed by Brock Hudgins Architects, Broadstone SoBro’s community amenities include a resort-style saltwater pool; an outdoor courtyard with grilling stations, fire pit, dining and lounge space; a fitness room featuring a local artist-commissioned mural; a terrace-level library featuring private and coworking spaces; dog spa; and a sky lounge wine bar including private seating areas, fireplace, record lounge and oversized balcony. The development is Alliance Residential’s sixth in the Nashville market.
BRYAN, TEXAS — Colliers Mortgage has arranged a $38 million loan for the refinancing of an undisclosed seniors housing property in the Central Texas city of Bryan. The property, which is situated within a larger master-planned community, offers 159 assisted living, independent living and memory care units. Corley Audorff, Troon Dowds and Josh Williams of Colliers Mortgage arranged the three-year loan on behalf of the undisclosed borrower.
AUSTIN, TEXAS — iBorrow, a Los Angeles-based commercial bridge and direct lender, has provided an $11.2 million acquisition loan for a 140-bed student housing property located at 900 W. 23rd St. near the University of Texas at Austin. According to Apartments.com, the property features three-bedroom units with an average size of 1,104 square feet. The borrower, Hawkwood Ventures LLC, plans to use a portion of the proceeds to fund capital improvements.
BOSTON — Blueprint Healthcare Real Estate Advisors has arranged the sale of Advocate Healthcare of East Boston, a 165-bed skilled nursing facility. The five-story building was originally constructed in 1952 and expanded in 1965. The exiting owner-operator invested in a substantial renovation of the adult day care services wing as well as general improvements throughout the facility. The name of the New York-based buyer was not disclosed.