SAN ANTONIO — The Multifamily Group (TMG), a Dallas-based brokerage firm, has arranged the sale of Mission Villas, a 176-unit apartment complex in San Antonio. Built on five acres in 1965, the property offers one- and two-bedroom units and amenities such as a pool, playground, picnic area and onsite laundry facilities. Paul Yazbeck of TMG represented the seller in the transaction, and Chris Siemasko of TMG procured the buyer, a California-based REIT.
DENVER — Capstone Apartment Partners has completed the sale of a six-community apartment portfolio located in Southwest Denver. Monarch Investment and Management Group acquired the portfolio from a group of investors connected through Abiete Real Estate for $56.5 million. Totaling 325 apartments, the portfolio includes The Amherst, Federal Terrace, Autumn Ridge, Pinecrest Apartments, Elm Creek Apartments and The Hill Apartments. All six properties are located along South Federal Boulevard and were approximately 96 percent occupied at the time of closing. Jason Koch, Adam Riddle, Sean Holamon and Austin Smith of Capstone represented the seller in the deal.
MARTINEZ, CALIF. — San Diego-based MG Properties Group has acquired Maris at Martinez, a multifamily property located at 142 Fig Tree Lane in Martinez. Terms of the transaction were not released. Formerly known as Terra Martinez, the 168-unit community was built in 1985. Salvatore Saglimbeni, Stanford Jones, Philip Saglimbeni and Alexander Tartaglia of Institutional Property Advisors, a division of Marcus & Millichap, represented the undisclosed seller. Institutional investors advised by JP Morgan Asset Management provided mortgage financing for the acquisition. Bryan Frazier, Andrew Schoene and Blake Hockenbury of Walker & Dunlop arranged the acquisition financing.
TUCSON, ARIZ. — Ready Capital has closed $11.1 million in financing for the acquisition, renovation and stabilization of a 96-unit apartment community in the West University submarket of Tucson. Upon acquisition, the undisclosed borrower plans to implement a capital improvement plan curing deferred maintenance and renovating unit interiors, building exteriors and common areas. Ready Capital closed the non-recourse, interest-only, floating-rate loan, which features a 36-month term, two extension options, flexible prepayment and a facility to provide future funding for capital expenditures.
SEATTLE — Colliers has arranged the purchase of The Marco, a multifamily property located in the Roosevelt submarket of North Seattle. An undisclosed seller sold the asset for $7.3 million. Tim McKay, Dan Chhan, Sam Wayne, Matt Kemper and Adam Groberman of Colliers represented the buyers, a local syndication group, in the transaction. Located at 9100 Roosevelt Way NE, The Marco features 25 apartments. The property was originally built in 1970 and is currently renting as market-rate apartments. Fourteen of the 25 units have been renovated over the last two years.
CHICAGO — Draper and Kramer Inc. has opened Wrigleyville Lofts, a 120-unit apartment complex located at 949 W. Dakin St. in Chicago’s Wrigleyville neighborhood. Additionally, Lakeview Ace Hardware, which occupied the single-story structure that previously stood on the development site, has reopened in the building’s first-floor retail space. The store’s owner, Joe Lomanto, is also a minority owner in the development. Sullivan, Goulette & Wilson Architects designed the seven-story project, which is situated near Wrigley Field. There are 108 one-bedroom units and 12 two-bedroom units. Monthly rents start at $1,700. Amenities include a rooftop deck, coffee area, private clubroom, fitness center, bike storage, parking garage and meeting spaces. Leopardo Construction was the general contractor. Gershman Mortgage arranged project financing.
AMES, IOWA — Centurion Property Group has acquired Aspen Ames, a 422-bed student housing community located near the Iowa State University campus in Ames, for $25 million. Built in 2017, the property offers a mix of two-, three- and four-bedroom floorplans with bed-to-bath parity across four buildings. Shared amenities include a fitness center, game room, computer lab and study room. Centurion plans to begin renovations on the community and add a pet park and basketball court. Asset Living has been tapped to manage the property, which will be renamed The ONE at Ames. Scott Clifton and Stewart Hayes of JLL represented the undisclosed seller in the transaction. Aspen Ames marks the company’s third student housing acquisition in the past 18 months.
KEARNEY, NEB. — Colliers Mortgage has provided a $3.7 million Fannie Mae loan for the refinancing of Park Meadow Apartments in central Nebraska’s Kearney. The 84-unit apartment community is situated near local parks, dining, shopping and entertainment spots. Units feature walk-in closets and balconies. The 12-year loan features a 30-year amortization schedule. Park Meadow Partners LLC was the borrower.
PHILADELPHIA — Kawa Capital Management, a Florida-based financial planning and advisory firm, has arranged a $25 million construction loan for a 146-unit multifamily project in the Northern Liberties neighborhood of Philadelphia. Developed by Arts + Crafts Holdings and designed by JKRP Architects, the seven-story building will feature studio, one- and two-bedroom units and include 3,459 square feet of ground-floor retail space. Completion is slated for February 2023.
CHARLOTTE, N.C. — Cushman & Wakefield has arranged the $75 million sale of Country Club, a 454-unit apartment community in Charlotte. Watson Bryant and Brooks Colquitt of Cushman & Wakefield represented the seller, New York-based JEM Holdings, in the transaction. New Jersey-based Concordia Properties acquired the property. Built in 1969, the Country Club offers one-, two- and three-bedroom floorplans that range in size from 647 to 1,405 square feet. The units include in-unit washers and dryers, vinyl flooring and walk-in closets. Community amenities include two playgrounds, a common lounge area, laundry facilities, soccer field and a pool. The property was 97 percent occupied at the time of sale. Located at 2332 Dunlavin Way, Country Club is situated near the 78-acre mixed-use Eastland Mall redevelopment located close to the future Lynx Gold Line stop at Eastway Drive. The property is also situated 5.8 miles from downtown Charlotte and 13.4 miles from Charlotte Douglas International Airport.