EL PASO, TEXAS — The Multifamily Group (TMG), a Dallas-based brokerage firm, has arranged the sale of a 393-unit apartment portfolio in El Paso. Villa Sierra was built in 1969 and totals 243 units, and Wyndchase Apartments comprises 150 units and was constructed in 1970. According to Apartments.com, both properties offer one-, two- and three-bedroom units and amenities such as pools, fitness centers and clubhouses. Chris Siemasko of TMG represented the seller in the transaction, and Bryce Smith and Jon Krebbs of TMG procured the buyer. Both parties requested anonymity.
ARLINGTON, TEXAS — Canadian investment firm Western Wealth Capital has acquired Heather Ridge Apartment Homes, a 262-unit multifamily community in Arlington that was built in 1983. According to Apartments.com, the property features one- and two-bedroom units ranging in size from 600 to 1,065 square feet and amenities such as a pool, fitness center, spa and picnic and grilling areas. The seller and sales price were not disclosed. Western Wealth Capital plans to upgrade Heather Ridge’s unit interiors and building exteriors.
HEMPSTEAD, N.Y. — Rockport Mortgage has arranged $86.6 million in financing for Park Lake Apartments, a 240-unit affordable housing property located in the Long Island community of Hempstead. Park Lake Apartments consists of 14 two-story buildings on an 11-acre site. The borrower is an entity controlled by Metropolitan Realty Group and Silver Street Development Corp. The proceeds of the loan, in connection with equity from the sale of the 4 percent Low-Income Housing Tax Credit, will be used acquire and rehabilitate the property. Rockport Mortgage arranged the loan, which was structured with a fixed interest rate and a 40-year amortization schedule following the two-year construction period, through HUD’s 221(d)(4) program. Renovations are expected to last about 18 months and will include upgrades to cabinets, countertops, appliances and fixtures, flooring and utility systems.
THORNTON, COLO. — San Diego-based Pathfinder Partners has completed the disposition of Hadley Apartments, a multifamily community located in Thornton. An undisclosed buyer acquired the asset for $38.5 million. Andy Hellman and Justin Hunt of CBRE’s Denver office brokered the transaction. Situated nine miles north of downtown Denver, Hadley Apartments features 140 apartments in a mix of one- and two-bedroom floorplans averaging 760 square feet. Community amenities include a clubhouse, yoga area, dog park and pool. Since purchasing the property in 2017, Pathfinder has installed new flooring, cabinets, stainless steel appliances, quartz countertops and new paint, finishes and fixtures.
NEWTOWN SQUARE, PA. — GMH Communities, in partnership with AEW Capital Management, has broken ground on Caswell at Runnymeade, a 249-unit apartment community in Newtown Square, located about 15 miles west of Philadelphia. Units will come in one-, two- and three-bedroom formats and range in size from 805 to 1,623 square feet. Residences will feature private balconies/patios, stainless steel appliances, walk-in closets and energy-efficient appliances. Amenities will include a pool, outdoor grilling areas, a fitness center, movie theater, golf simulator, clubrooms, coworking space and a lounge area. Preleasing is scheduled to begin next winter, with full completion of the project slated for spring 2023.
FORT MONMOUTH, N.J. — A joint venture between New Jersey-based Somerset Development and PulteGroup will undertake a multifamily redevelopment project at the Lodging Area, a 15-acre site in Fort Monmouth, located in the central coastal part of the Garden State. The Lodging Area currently houses eight buildings, two of which are listed on the National Register of Historic Places, that will be repurposed into 36 affordable housing units. The development team will demolish the other six buildings to develop 144 townhomes. Including infrastructure such as a waterfront walkway, the project represents a total capital investment of about $30 million and is expected to generate more than 200 new construction jobs.
CHICAGO — Chicago-based Harrison Street has sold two student housing portfolios totaling over 23,000 beds for a combined $1.9 billion. The firm sold a 12-property portfolio totaling 8,182 beds to Global Student Accommodation (GSA) and a 25-property portfolio totaling 15,817 beds to a joint venture affiliated with The Scion Group. Both transactions were brokered by Peter Katz and Institutional Property Advisors (IPA) Student Housing. The portfolio sold to GSA — which includes The Hub at Tucson near the University of Arizona — is located across 12 university markets. The communities were owned by three distinct Harrison Street funds and four co-investment vehicles. GSA’s operating partner, Yugo, will provide management and oversight of the portfolio. Wells Fargo Bank provided financing for the senior acquisition loan, which was arranged by TSB Capital Advisors on behalf of GSA, with legal and tax advice provided by Greenberg Traurig. The portfolio acquired by a joint venture affiliated with Scion is located across 19 university markets and was owned through four separate Harrison Street funds and three co-investment vehicles. “The two large-scale transactions reflect Harrison Street’s longstanding strategy of acquiring or developing individual assets at leading universities, executing on defined business plans and exiting via strategic portfolio sales,” …
WINNETKA AND WILMETTE, ILL. — DMG Capital, the multifamily investment affiliate of Chicago-based Daniel Management Group Inc., has acquired a three-property multifamily portfolio in Winnetka and Wilmette for $12 million. DMG acquired the assets, located in the North Shore suburbs of Chicago, in a joint venture with private equity real estate firm JDI Realty. DMG plans to rebrand the portfolio as Trevian Townhomes. Units average 1,525 square feet. The seller was not provided.
ORLANDO, FLA. — TerraCap Management LLC has acquired The Place on Millenia, a 371-unit apartment community in Orlando. Scott Ramey of Newmark represented the undisclosed seller in the disposition. The sales price was also not disclosed. Built in 2007, The Place on Millenia features one-, two- and three-bedroom units. In certain units, features include quartz kitchen and bathroom countertops, new cabinetry and hardware and vinyl plank flooring. TerraCap plans to execute a renovation program to add the features to more of the units. Community amenities include a pool, outdoor kitchen and gas grills, fitness center, clubhouse with a media room and a billiards room. The property also has three interior lakes that provide tenants with water views. Naples, Fla.-based TerraCap is in the process of adding debt financing to the property post-close, and the financing is expected to close within the next few weeks. Matt Williams and Kyle Schlitt of Newmark were retained to help originate the debt. ZRS Management will be the property manager.
MCKINNEY, TEXAS — Touchmark, an Oregon-based seniors housing owner-operator, will develop an 81-acre project in the northern Dallas suburb of McKinney. Designed by architectural firm three, Touchmark at Emerald Lake will be built in two phases. The first phase will consist of 149 independent living apartment homes, six casitas (duplex residences), 84 assisted living units and 32 memory care residences. Project partners include Andres Construction (general contractor), StudioSix5 (interior design), Kimley-Horn (civil engineer) and Talley Design (landscape architect). Completion of Phase I is scheduled for 2023.