BAKERSFIELD, CALIF. — The Mogharebi Group (TMG) has arranged the sale of Tyner Ranch Apartments, a multifamily property in Bakersfield. Hardt Investments sold the property to a Modesto-based private investment group for nearly $31 million. Built in 2006-2007, Tyner Ranch features 168 apartments in two- and three-bedroom floor plans ranging in size from 788 square feet to 1,193 square feet. The apartments offer fully equipped kitchens, attached garages and private backyards with patios. Community amenities include picnic areas with grilling stations. Mark Bonas of TMG represented the seller in the deal.
BOISE, IDAHO — Blueprint Healthcare Real Estate Advisors has arranged the sale of Regency Columbia Village, a 60-unit seniors housing community in Southeast Boise. Regency Columbia Village consists of four pods with 15 units each. The type of care was not disclosed. The Cottages acquired the property from an undisclosed seller for an undisclosed price.
SEABROOK, TEXAS — Southern California-based investment firm Brixton Capital has acquired Regatta Bay, a 240-unit apartment community located about 30 miles southeast of Houston in Seabrook. Built in 2003, the property consists of 15 two- and three-story residential buildings and a pool, fitness center, dog park and tenant lounge. The seller was not disclosed. Brixton plans to upgrade the unit interiors, including new appliances, flooring, countertops and cabinetry, as well as updated lighting and plumbing fixtures.
EAGLE PASS, TEXAS — Northmarq has arranged the sale of Holly Apartments, a 136-unit multifamily property in Eagle Pass, located near the Texas-Mexico border in Maverick County. Built in 1975 and renovated in 1996, the property offers a pool, outdoor grilling and picnic areas, playground and a basketball court. Zar Haro, Moses Siller, Phil Grafe and Bryan VanCura of Northmarq represented the undisclosed buyer in the deal. Cheryl Higley, also with Northmarq, arranged a nonrecourse, fixed-rate acquisition loan with a 10-year term and a 30-year amortization schedule.
CHARLOTTE, N.C. — Alliance Residential Co. has closed on the land purchase of 18.3 acres at 9741 Mount Holly Road in northwest Charlotte for the development of Prose Rhyne, a new 330-unit apartment community. The garden-style property, which will comprise 11 residential buildings and a clubhouse with a fitness center and pool, will welcome its first residents in fall 2023. Designed by architect Cline Design Associates, Prose Rhyne’s one- and two-bedroom apartments will average 996 square feet in size and feature granite countertops, stainless steel appliances, wood-style flooring, walk-in closets and washers and dryers in every unit. The community is one of five active projects in the Charlotte area for Alliance Residential and the second Prose-branded property in the market.
ORLANDO, FLA. — Berkadia has secured $16.4 million in equity financing for the construction of Encore Narcoossee, a new 249-unit apartment community underway at 7567 Narcoossee Road in Orlando’s Lake Nona master-planned community. The developer, Dallas-based Encore Multifamily, a division of Encore Enterprises, has also secured a construction loan from Synovus Bank for the project. Cody Kirkpatrick, Noam Franklin and Chinmay Bhatt of Berkadia’s JV Equity & Structured Capital team secured the unnamed institutional investment manager as the capital source. This is the third equity placement that Berkadia has structured for Encore Multifamily in the past two years. Upon completion, Encore Narcoossee will feature a mix of studio, one-, two- and three-bedroom apartments averaging 920 square feet, as well as a clubhouse, fitness center and a pool.
NEW ROCHELLE, N.Y. — A partnership between two locally based firms, Simone Development Cos. and Stagg Group, has broken ground on West View Apartments, a 186-unit affordable housing project that will be located north of Manhattan in New Rochelle. The project represents the second phase of a larger mixed-use development, the first phase of which added 35,000 square feet of civic and office space to the local supply last summer. The studio, one- and two-bedroom units that will be housed within the 24-story residential building will be reserved for households earning 60 percent or less of the area median income. Completion of West View is slated for summer 2025.
NEW ROCHELLE, N.Y. — A partnership between two locally based firms, Simone Development Cos. and Stagg Group, has broken ground on West View Apartments, a 186-unit affordable housing project that will be located north of Manhattan in New Rochelle. The project represents the second phase of a larger mixed-use development, the first phase of which added 35,000 square feet of civic and office space to the local supply last summer. The studio, one- and two-bedroom units that will be housed within the 24-story residential building will be reserved for households earning 60 percent or less of the area median income. Completion of West View is slated for summer 2025.
WASHOUGAL, WASH. — Killian Pacific has broken ground on Ninebark, a sustainably designed apartment community between Washougal and Camas, Wash. Situated on nine acres, Ninebark will feature 246 apartments, a central fireplace, private meeting and co-working spaces and a fitness center. Additionally, art installations by regional and indigenous artists will be featured throughout the community and the public park. Development partners include Holst Architecture and R&O Construction. San Diego-based Sunrise Management is overseeing the lease-up and all management activities. The first-phase delivery is planned for January 2023 and all phases are scheduled for completion in spring 2023. Pre-leasing begins in October 2022.
SEATTLE — Auctus Capital Partners has completed the sale of Etta Ballard, a mid-rise apartment building in Seattle’s Ballard neighborhood. Thayer Manca Residential acquired the asset for an undisclosed price. Built in 1989, Etta Ballard features 80 apartments. The property was converted from senior independent living facility to market-rate apartments in 2017. Jerrid Anderson, Brandon Lawler and Dylan Simon of Kidder Mathews represented the seller in the deal.