HACKENSACK, N.J. — Locally based developer Garden Communities has begun leasing The Jefferson, a 377-unit apartment community located outside of New York City in Hackensack. Designed by Minno & Wasko Architects & Planners, The Jefferson features one- and two- bedroom units ranging in size from 735 to 1,598 square feet, with most residences offering private balconies/patios. Communal amenities include a pool, fitness center, business center, private bowling alley, a billiards and entertainment room, golf simulator, children’s playroom, outdoor grilling and dining areas and a dog park. Rents start at $2,240 per month for a one-bedroom apartment.
MIDDLETON, WIS. — Greywolf Brokerage, a division of Greywolf Partners Inc., has brokered the $4 million sale of Pheasant Branch Senior Apartments in Middleton, a suburb of Madison. The 45,166-square-foot building contains 47 units. The property was fully occupied at the time of sale and sold slightly above the listing price. Dawn Davis of Greywolf represented the seller. Buyer and seller information was not provided.
ST. PAUL, MINN. — Grandbridge Real Estate Capital has arranged a $2.5 million Freddie Mac loan for the acquisition of a 32-unit multifamily property in St. Paul. Jeff Witt and William Perry of Grandbridge arranged the loan, which features a 30-year amortization schedule and interest-only payments for a portion of the term. The borrower was undisclosed.
ST. LOUIS — Tegethoff Development has completed Expo at Forest Park, a $90 million transit-oriented apartment development in St. Louis. The project is adjacent to the Forest Park-DeBaliviere MetroLink Station in the historic Skinker-DeBaliviere neighborhood. Expo at Forest Park includes two buildings with 287 units, along with parking, amenities and 30,000 square feet of retail space. The north building opened in August, while the south building will open in the next few weeks. More than half of the new residents do not own cars, according to Tegethoff. Bi-State Development operates the Metro Transit system that serves eastern Missouri and southwestern Illinois. Bi-State has worked to create a safer, more secure public transit system. Trivers assisted in architecture, planning, urban design and interiors for Expo at Forest Park. Trivers collaborated with associate architect HOK and general contractor Brinkmann Constructors.
DALLAS, GA. — Berkadia Institutional Solutions has arranged the sale of Hardy Springs, a 149-unit build-to-rent, active adult community located in the northwest Atlanta suburb of Dallas. Charleston-based Blaze Partners purchased the single-family neighborhood, which is age-restricted for households age 55 and up, for $47.8 million. Russ Hardy of Berkadia’s Atlanta office and Brooks Minford and Simona Wilson of Berkadia’s Seniors Housing & Healthcare team represented the seller, Georgia-based Highlands Residential, in the transaction. John Bray, also from Berkadia’s Atlanta office, originated an undisclosed amount of Fannie Mae acquisition financing on behalf of Blaze. Hardy Springs features one- and two-bedroom floor plans with walk-in closets, private garages and private patios or balconies. Community amenities include a clubhouse, fitness center and barbecue area. The property is situated near Wellstar Paulding Hospital, AMC Hiram 14 and Lost Mountain Park.
MAPLEWOOD, MO. — Holland Construction Services has completed Phase II of the Sunnen Station apartment complex in Maplewood, a western suburb of St. Louis. Phase II encompasses a four-story, 121-unit building with an attached 61,000-square-foot parking garage with 187 spaces. The Sunnen Family developed the project in conjunction with Cozad Commercial Real Estate. Tim Sandweg was the architect. Phase I of Sunnen Station, which Holland completed in 2017, is fully leased. Monthly rents start at $960 for studios.
FORT WORTH, TEXAS — Marcus & Millichap has brokered the sale of Tides Waterfront, a 386-unit apartment community in southwest Fort Worth. Built in 1986, the property consists of 21 three-story residential buildings that were recently renovated, as well as three pools, a fitness center, business center, clubhouse, dog park and a lake. Al Silva and Ford Braly of Marcus & Millichap represented the seller, Tides Equities, in the transaction and procured an undisclosed, out-of-state investment firm as the buyer. The sales price was also not disclosed.
HUMBLE, TEXAS — Locally based development and investment firm Kajani Capital Group has acquired 10.8 acres in the northern Houston suburb of Humble for the development of a 300-unit multifamily project. The community will feature one-, two- and three-bedroom units with an average size of 875 square feet, as well as a clubhouse, fitness center, package lockers and a dog park. Chris Bergmann Jr. of JLL represented Kajani Capital in the off-market land deal. Joan Collum of Collum Commercial represented the seller, Austin-based Stratus Properties. Construction is set to begin in May and to be complete in fall 2024.
ISSAQUAH, WASH. — CBRE has arranged the $78.5 million sale of Lakemont Orchard, a multifamily property in Issaquah. An undisclosed buyer acquired the asset from an affiliate of New York Life Insurance Co. Originally built in 1992, Lakemont Orchard features 201 apartments with balconies in a mix of one-, two- and three-bedroom floor plans, with an average unit size of 916 square feet. Onsite amenities include a pool, hot tub, sundeck, newly upgraded gym, TV and billiards lounge, outdoor dining area and basketball/sport court. The seller upgraded the roofs, siding and clubhouse prior to the sale, but all the apartments are eligible for renovation. Situated on more than 20 acres, the gated community is located at 18305 SE Newport Way. Jon Hallgrimson, Eli Hanacek, Mark Washington and Kyle Yamamoto of CBRE’s Pacific Northwest represented the seller in the deal.
SAN ANTONIO — Newmark has arranged the sale of Trailside, a 240-unit apartment community in northwest San Antonio. The property offers one- and two-bedroom units that range in size from 662 to 982 square feet and amenities such as a pool, fitness center, business center, clubhouse and outdoor grilling and dining stations. Jim Young, Matt Michelson and Chase Easley of Newmark represented the undisclosed seller in the transaction. The buyer was a joint venture between private equity real estate firm Cottonwood Group and Dallas-based Texsun Holdings. Trailside was 94 percent occupied at the time of sale.