ORLANDO, FLA. — CBRE has negotiated the sale of Shoreview at Baldwin Park, a 184-unit apartment complex in Orlando. Michael Regan, Francesco Carriera, Jeff Gray and Chip Wooten of CBRE represented both the buyer, an entity doing business as FP Baldwin Park LLC, and the sellers, NorthEnd Equities and Residential Management Inc., in the transaction. The sales price was not disclosed. Located at 1001 Shoreview Drive, Shoreview at Baldwin Park is a garden-style community featuring a mix of studio, one- and two-bedroom floorplans, as well as 28 loft/townhouse units averaging 783 square feet. At the time of sale, 174 units had received interior renovations, including new stainless steel appliances, cabinets, resurfaced counters, vinyl flooring and paint. All of the units feature walk-in closets, breakfast bars, nine-foot ceilings and private patios or balconies. Community amenities include a pool, clubhouse, fitness center, dog park and a barbeque area. The property was 96 percent occupied at the time of sale. Shoreview at Baldwin Park is nearby to many retailers and restaurants along East Colonial Drive, as well as The Cady Way Trail, a paved biking, jogging and walking path with a 2.5-mile trail loop around Lake Baldwin.
LAS VEGAS — The Bascom Group has purchased ReNew at Decatur, a multifamily community in Las Vegas, for $49.6 million, or $229,630 per unit in an off-market transaction. Built in 1988, ReNew at Decatur features 216 apartments with private patios or balconies, with 78 percent of the floorplans two- or three-bedroom layouts. The community features a fitness center, resident clubhouse, business center, pool and barbecue area. Bascom plans to upgrade the property’s unrenovated units and enhance its exteriors and community amenities. Jamie Kline and Annie Rice of JLL Capital Markets sourced the acquisition loan from Bridge Investment Group for Bascom Group. Apartment Management Consultants will provide property management services for the asset and SD CAP will provide construction management.
PHOENIX — A partnership between Arizona-based Urbana Group and Illinois-based Fringe Capital Partners has purchased Camino Village I & II, an apartment property located at 2015 and 2039 W. Union Hills Drive in Phoenix. A private investor from Santa Barbara, Calif., sold the asset for $16 million. The property features 80 apartments with 70 percent as two-bedroom layouts averaging 1,000 square feet. Brian Smuckler, Jeff Seaman, Derek Smigiel and Bryson Fricke of CBRE represented the buyers and seller in the deal.
STATE COLLEGE, PA. — Austin, Texas-based Aspen Heights Partners has broken ground on Aspen West End, a 96-unit multifamily project that will be located within walking distance of Penn State University’s campus in State College. Amenities will include a two-story fitness room, game room and breakout study areas. Residents will also have access to shuttle service to campus and three outdoor courtyards. Completion of the project, which follows the beginning of construction of the nearby Aspen East Penn student housing development, is slated for 2023.
AUSTIN, TEXAS — Austin-based developer Lincoln Ventures has unveiled plans to build a 49-story apartment tower in the heart of Austin’s Rainey Street District. Located at 80 Rainey St., the project will include 644 units as well as retail space. Lincoln Ventures expects to break ground on the tower next summer with completion slated for summer 2025. The site includes two bungalows that will be preserved as part of the project. “The old bungalows, locally run bars and pedestrian-friendly streets are what make Rainey Street a special and desirable destination, so it’s our intent to maintain the vibrancy and unique character of this area and build upon it,” says David Kanne, CEO of Lincoln Ventures. “We will also maintain the character of Rainey Street by bringing in local Austin artists to design public art pieces and will place new, oversized trees along the public parkway section along the entire façade of the building.” The tower’s ground and second floors will include several food and beverage concepts, including a dedicated 2,200-square-foot space that will serve coffee during the day and cocktails at night. A special elevator lobby will offer public access to the 11th-floor pool deck and bar, the first of …
HOUSTON — A subsidiary of Miami-based investment and development firm Lennar Corp. (NYSE: LEN) has begun leasing Bowen River Oaks, a 25-story, 403-unit apartment community in Houston. Units feature one- and two-bedroom floor plans, as well as 10 penthouse homes, and range in size from 561 to 2,259 square feet. Residences are furnished with stainless steel appliances, tile backsplashes and oversized windows. Amenities include a pool with cabanas, kitchen and space for outdoor yoga, as well as a fitness center, business center and conference rooms, dog park and package locker system. The opening is scheduled to occur this fall.
SAN ANTONIO — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of The Mark Huebner Oaks, a 361-unit apartment community in San Antonio. Built in 2018, the property offers one-, two- and three-bedroom units with an average size of 885 square feet. Amenities include a pool, rooftop terrace, golf simulator and a pet salon. Will Balthrope and Drew Garza of IPA represented the seller and developer, an affiliate of Bryan, Texas-based Godfrey Residential Group, in the transaction. The duo also procured the buyer, Phoenix-based PEM Real Estate Group.
ROGERS, MINN. — JLL Capital Markets has brokered the $43.5 million sale of Vincent Woods Apartments in the Twin Cities suburb of Rogers. Completed in 2020, the Class A apartment community is comprised of 168 units that average 862 square feet. Amenities include a community room, patio terrace, fitness center, dog park, parcel storage system, heated underground parking and access to walking trails. Dan Linnell, Mox Gunderson, Josh Talberg and Adam Haydon of JLL represented the seller, Trident Development. Brock Yaffe, Pat McMullen and Ken Dayton of JLL arranged a Fannie Mae acquisition loan on behalf of the buyer, Timberland Partners. The loan will be serviced by JLL Real Estate Capital LLC, a Fannie Mae DUS lender.
MESA, ARIZ. — Tampa-based ZMR Capital has purchased The Julia, an apartment community located at 546 S. Country Club Road in Mesa, for $90.1 million. The name of the seller was not released. Originally developed in 1986, The Julia features 320 apartments. The previous owners upgraded 153 units, and ZMR plans to renovate the remaining units with upgraded counter tops and cabinets, stainless steel appliances, tile backsplashes, plank flooring and modern light fixtures.
GREELEY, COLO. — Dallas-based Edison Equity Management has received $23 million in construction financing for the development of 55 Resort Apartments, an age-restricted multifamily property located in Greeley. Located on the former site of the Garnsey & Wheeler Ford dealership, 55 Resort Apartments will feature 84 apartments for adults aged 55 or older. Each unit will feature stainless steel appliances, quartz countertops, hardwood flooring and tiled bathrooms. The four-story complex will include a business center, meeting room, fitness center, clubhouse, bike room, movie theater room, swimming pool, service coordination, a dog park, outdoor kitchen and grills, and covered and surface parking. Additionally, 55 Resort Apartments will offer exercise classes, service coordination and social activities, as well as 5,000 square feet of retail space leased to Austin’s American Grill restaurant. The development is slated to open in summer 2022. Dallas-based Hall Structured Finance closed the first lien construction loan for the borrower. Amir Giryes of Pando Cos. sourced the financing for the project.