LAKEWOOD, COLO. — Notch Mountain Properties has completed the disposition of Lime Apartment Homes in Lakewood. Turnstone Capital acquired the asset for $15.1 million. Located at 1220 Wadsworth Blvd., the 1962-vintage property feature 50 apartments in a mix of two- and three-bedroom layouts, ranging from 927 square feet to 1,187 square feet. Alex Possick and Seth Gallman of Northmarq’s Colorado Multifamily Investment Sales team represented the seller in the transaction.
SUGAR HILL, GA. — Novare Group and BCDC have broken ground on a 306-unit apartment community located in Sugar Hill, a suburb of Atlanta in Gwinnett County. The development is situated on more than 23 acres off Highway 20 near the recently built downtown Sugar Hill district, which houses The Bowl, The Eagle Theater, shops and restaurants. The property will also be integrated into the Sugar Hill Greenway, a 11.5-mile greenway and trail system that traverses the city. Upon completion, the gated property will feature a mix of two-story townhouses and traditional apartment units. Planned amenities include a fitness center with a yoga studio, game room, library, outdoor green space, coworking lounge, private garages and a resort-style pool with a sun shelf and tanning ledge. The project team includes construction lenders Cadence Bank and South State Bank, architect Dynamik Design, civil engineer Kimley-Horn and general contractor Doster Construction. Novare and BCDC expect to deliver first units in the fourth quarter of 2023.
BELLEVUE, NEB. — Northmarq has provided a $29.9 million Freddie Mac loan for the refinancing of Fontenelle Hills in Bellevue, a southern suburb of Omaha. The multifamily property is comprised of 339 units across 36 buildings. Community amenities include a fitness center, pool, basketball court, walking trails and laundry facilities. Brett Hood of Northmarq structured the 15-year, fixed-rate loan. The borrower was undisclosed.
KANSAS CITY, MO. — Thompson Thrift has sold The Element, a 276-unit apartment complex in Kansas City. The sales price was undisclosed. Minneapolis-based Timberland Partners purchased the asset. Completed in November 2021, The Element is comprised of three garden-style buildings with units that average 958 square feet. The property is 95 percent leased. Amenities include a fitness center, pool, coffee bar, two dog parks and a pet spa. Gabe Tovar of Northmarq brokered the sale.
AUSTIN, TEXAS — Northmarq has arranged the sale of Mueller Crossing, a 62-unit multifamily property located at 5020 Manor Road in Austin that was originally built in 1969 and recently renovated. Amenities at Mueller Crossing include a pool, outdoor grilling and dining areas and a dog park. Justin Chambers and Scott LaMontagne of Northmarq represented the seller and procured the locally based buyer in the transaction. Both parties were private investment groups that requested anonymity.
DOVER, N.H. — An affiliate of locally based investment firm Brady Sullivan Properties has purchased White Cliffs at Dover, a 192-unit apartment complex in southern New Hampshire, for $29.1 million. Built between 1983 and 1985, the garden-style property comprises eight three-story buildings that house 24 units apiece. Simon Butler, Biria St. John and John McLaughlin of CBRE represented the undisclosed seller in the transaction. The team also procured Brady Sullivan, which plans to implement a value-add program, as the buyer.
WHITE PLAINS, N.Y. — Northmarq has arranged a $9 million loan for the refinancing of Tireno Towers, a 54-unit multifamily building located north of New York City in White Plains. Built in the late 1960s, the property offers studio, one- and two-bedroom units, and three office suites are in the process of being converted to residential use. Robert Ranieri of Northmarq arranged the 10-year loan, which was structured with one year of interest-only payments and a 30-year amortization schedule, through an undisclosed regional bank. The borrower was also not disclosed.
ARDEN-ARCADE, CALIF. — Northern California-based OpenPath Investments has completed the disposition of The Eleven Hundred, a 45-building apartment property in the Arden-Arcade submarket of Sacramento. Beverly Hills, Calif.-based KR Properties acquired the asset for $119 million. Located at 1100 Howe Ave., The Eleven Hundred features 565 studio, one-, two-, three- and four-bedroom apartments averaging 775 square feet. OpenPath invested extensive capital in exterior and community upgrades for the property, which was built in 1963. Community amenities include a clubhouse, fitness center, swimming pool, hot tub, garden, tennis and basketball courts, playground, and a grilling and picnic area. Marc Ross of CBRE’s Sacramento Multifamily Investment Properties group represented the seller in the transaction.
STUDIO CITY, CALIF. — Los Angeles-based Gelt has purchased Avalon Studio 4121, a multifamily community located at 4041-4121 Radford Ave. in Studio City. Avalon Bay sold the asset for $76 million. Built in 2009, the four-story, two-building property features 149 apartments in a mix of one- and two-bedroom layouts. The units feature nine-foot ceilings, in-unit washers/dryers and private sundecks or patios in select units. On-site amenities include a fitness center, game/recreation room, lounge room with TV, courtyards and leasing office. At the time of sale, the property was 98 percent occupied. Gelt plans to rename and renovate the property, including installation of stainless steel appliances, quartz countertops with undermount sinks, vinyl plank flooring, tile backsplashes, cabinets, modernized hardware and recessed lighting and fixtures. Gelt will also make upgrades to the common area amenities.
RALEIGH, N.C. — Marcus & Millichap has brokered the $21.5 million sale of The Oaks at Brier Creek, a 144-unit affordable housing community in Raleigh’s Brier Creek neighborhood. The LIHTC property was developed in 2005 and features one-, two- and three-bedroom apartments that range in size from 715 to 1,170 square feet. Amenities include a swimming pool, fitness center and onsite property management. Drew Babcock of Marcus & Millichap represented the Raleigh-based seller, an entity doing business as The Oaks at Brier Creek LLC, and procured the Connecticut-based buyer, New England Investment Partners. Ben Yelm, Marcus & Millichap’s broker of record in North Carolina, assisted in the transaction.
