AURORA, ILL. — McShane Construction Co. will build Fox Valley Apartments, a 47-unit affordable housing adaptive reuse project in Aurora. McShane will redevelop two historic schools and construct one new building. Housing For All LLC, Visionary Ventures, Cordogan Clark & Associates and JTE Real Estate Services make up the development team. The 25,000-square-foot Mary A. Todd School will be transformed into 11 apartment units and a health clinic for low-income families. The building was originally constructed in the early 1900s and most recently used for West Aurora School District’s early childhood programs until 2019. The 39,000-square-foot Lincoln Elementary School will be transformed into 14 apartment units. Originally constructed in the late 1800s, the school has sat vacant since 2007. The ground-up building will rise two stories with 22 units. At least 30 percent of the units will be reserved for renters who earn up to 30 percent of the area median income. Amenities will include a common laundry room, community room, computer lab and tenant storage. Completion is slated for October 2023.
Multifamily
Tailwind Investment Buys 168-Unit Vista Grande Active Adult Community in Rio Rancho, New Mexico
by Amy Works
RIO RANCHO, N.M. — California-based Tailwind Investment Group has acquired Vista Grande, an active adult community located at 4101 Meadowlark Lane in Rio Rancho. Aspen, Colo.-based Cooper Street Capital sold the asset for an undisclosed price. Built in 1972 on 10.9 acres, the 107,216-square-foot Vista Grande features 168 apartments in a mix of studio, one- and two-bedroom layouts ranging in size from 456 square feet to 807 square feet. At the time of sale, the community was fully leased. Cynthia Meister, Trevor Koskovich, Bill Hahn and Jesse Hudson of Northmarq’s Investment Sales team represented the seller in the deal. The transaction marks Tailwind Investment Group’s first purchase in New Mexico.
CORPUS CHRISTI, TEXAS — New York City-based investment firm Castle Lanterra has sold two multifamily properties totaling 570 units in Corpus Christi. Baypoint is a 350-unit waterfront community that was originally built in 1998 and offers boat parking, a dog park, pool, sports court and a fitness center. Azure is a 220-unit garden-style community that was originally built in 1997 and offers one-, two- and three-bedroom units, as well as a similar suite of Class A amenities. Castle Lanterra acquired the assets in 2018 and 2016, respectively, and implemented value-add programs. The buyer and sales price were not disclosed.
WAXAHACHIE, TEXAS — Kalterra Capital Partners will develop The Fitzgerald, a 184-unit multifamily project in Waxahachie, a southern suburb of Dallas. The seven-acre complex will be situated directly to Park Place Apartments, Kalterra’s 213-unit development that sold to North Carolina-based Rowan Properties last May. Rowan Properties also purchased The Fitzgerald during the preconstruction phase but retained Kalterra to complete the development. Kalterra expects to deliver The Fitzgerald in the second quarter of 2023.
NEW YORK CITY — JLL has arranged a $176 million construction loan for a 360-unit multifamily project that will be located at 420 Carroll St. in Brooklyn’s Gowanus neighborhood. Designed by FX Collaborative and Studio Mainer, the transit-served, waterfront building will rise 20 stories and include roughly 27,500 square feet of retail and commercial space. In addition, 25 percent of the units will be reserved as affordable housing. Christopher Peck, Nicco Lupo, Jeff Julien, Rob Hinckley and Jonathan Faxon of JLL arranged the loan through Bank OZK on behalf of the developer, a joint venture led by The Domain Cos. Completion is slated for December 2024.
TAMPA, FLA. — Berkadia has arranged a $64.1 million acquisition loan for Arbors at Carrollwood, a 325-unit apartment community located at 3939 Ehrlich Road in Tampa. Built in 2001 and renovated in 2019, the 15-building property is situated on 56 acres in Tampa’s Carrollwood submarket. Mitch Sinberg, Matthew Robbins, Brad Williamson and Scott Wadler of Berkadia arranged the five-year, floating-rate loan through an unnamed bank on behalf of the borrower, a joint venture between TruAmerica Multifamily and funds managed by Oaktree Capital Management LP. Arbors at Carrollwood features one-, two- and three-bedroom floor plans including loft-style units with vaulted ceilings and a second-story den. Apartments range from 769 to 1,499 square feet and include open floor plans, nine-foot ceilings, wood-plank flooring, full-size washers/dryers and kitchens with designer cabinets, granite or quartz countertops and stainless steel appliances. The gated community’s amenities include a resort-style pool; cabanas, fire pits and a summer kitchen; 24-hour fitness center; fenced-in bark park with agility equipment and pet spa; a renovated clubhouse with a Wi-Fi café and business center; and attached and detached garages.
STOCKBRIDGE, GA. — GREA has negotiated the sale of Avenue 33 Apartments, a 284-unit multifamily community located at 3386 Mount Zion Road in Stockbridge, a south Atlanta suburb. REM Acquisitions purchased the property from Peak Capital Partners for $58.2 million. Chandler Brown, Taylor Brown, Cory Caroline Sams and Walter Miller of GREA represented the seller in the transaction. Built in 1999, Avenue 33 features one-, two- and three-bedroom floor plans, as well as a clubhouse, resort-style swimming pool, fitness center, business center, dog park and outdoor grilling stations. The new ownership plans to enhance previously completed upgrades at the property.
CLEMSON, S.C. — Newmark has secured $29 million in acquisition financing for Cambridge Creek, a 380-bed student housing community near Clemson University. Dustin Stolly, Jordan Roeschlaub, Chris Kramer, Nick Scribani, Holden Witkoff and Marshall Dickson of Newmark arranged the loan through Synovus Bank on behalf of the borrower, Center Court Mass. Cambridge Creek’s floor plans include two- and three-bedrooms that span up to 1,431 square feet of living space. Amenities include a 5,000-square-foot clubhouse, resort-style pool, fitness studio, cabanas, a coffee bar and a study lounge.
FORT WORTH, TEXAS — Richmond, Va.-based investment firm 37th Parallel Properties has purchased Heights at Cityview, a 344-unit apartment community in Fort Worth. The property offers one-, two- and three-bedroom units with an average size of 984 square feet and amenities such as a pool, fitness center, clubhouse and a putting green. Taylor Hill of Institutional Property Advisors, a division of Marcus & Millichap, represented the undisclosed seller in the transaction. Cutt Ableson of Berkadia originated an undisclosed amount of floating-rate agency financing for the acquisition.
SAN ANTONIO — Dallas-based RightQuest Residential has broken ground on Paloma San Antonio, a 264-unit multifamily project that will be located on a 13-acre site on The Alamo City’s east side. Units will come in one- and two-bedroom formats, and amenities will include a pool, fitness center, business center, outdoor grilling stations, package lockers and a dog park. Cross Architects designed the project, and Houston-based Nations Construction is serving as the general contractor. Veritex Community Bank provided construction financing. The first units will be available for occupancy in fall 2023.