RICHWOOD, TEXAS — Walker & Dunlop has brokered the sale of East Bank at Richwood Village, a 200-unit multifamily property located south of Houston in Brazoria County. According to Apartments.com, the property offers one-, two- and three-bedroom units and a pool, fitness center, business center and a resident clubhouse. Ryan Epstein and Jennifer Ray of Walker & Dunlop represented the seller, Pensam Capital, in the transaction.
SUNDERLAND, MASS. — New York-based Eastern Union has arranged a $39 million Fannie Mae loan for the refinancing of The Cliffside Apartments, a 280-unit multifamily property in Sunuderland, located in the central part of Massachusetts. The property was built in 1976 and offers one-, two-, three- and four-bedroom units, as well as townhouses, with an average size of 532 square feet. Michael Muller of Eastern Union arranged the floating-rate loan on behalf of the undisclosed borrower as part of a portfolio transaction that included a $44.8 million loan for a 256-unit property in nearby Amherst. Newmark originated the financing via its status as a Fannie Mae Delegated Underwriting & Servicing (DUS) lender.
NEW HAVEN AND HAMDEN, CONN. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of a portfolio of three multifamily properties totaling 234 units in the New Haven area. The 123-unit Liberty Building was converted into an apartment complex in 1999 and is located in the city’s downtown area. Hamden Centre and Dogwood Hill Apartments, located in nearby Hamden, were both built in the 1970s and respectively total 65 and 46 units. Victor Nolletti, Eric Pentore and Wes Klockner of IPA represented the seller, Beachwold Residential, in the transaction and procured the buyer, Cue Residential.
ATLANTA — A joint venture between Atlantic Residential, FIDES Development, Capital City Real Estate and Mitsui Fudosan America has broken ground on a 28-story apartment tower in Midtown Atlanta. Located at 1441 Peachtree St., the unnamed tower will comprise 350 luxury apartments and provide walkability to the Atlanta Arts MARTA station, Museum of Design Atlanta, Savannah College of Art and Design and the Breman Jewish Heritage Museum, as well as Pershing Point Park, Ansley Park and Piedmont Park. Designed by Niles Bolton Associates, the apartment tower’s amenities will include coworking spaces, a fitness center, wine bar and lounge, private dining area, pool with a sundeck and a rooftop bar and lounge, as well as two restaurants in the lobby. Apartments will come in studio, one-, two- and three-bedroom floor plans, many featuring balconies or terraces. The project team includes landscape architect and civil engineer Kimley-Horn and general contractor Brasfield & Gorrie. Gregg Shapiro and Matt Casey of JLL worked on behalf of the borrower to arrange the joint venture equity through Mitsui Fudosan America. The ownership plans to deliver the first units in June 2024.
ST. CLOUD, FLA. — Alliance Residential has opened Prose Stevens Pointe, a 264-unit apartment community located at 3010 Camber Drive in St. Cloud. The Central Florida property features one- and two-bedroom apartments that range in size from 835 to 1,180 square feet, and monthly lease rates range from $1,500 to $1,845 per month. Units feature kitchens with white shaker-style cabinets, satin nickel hardware, granite countertops, entertainment islands, pantries and Whirlpool stainless steel appliances. All bedrooms have walk-in closets, and all bathrooms feature linen pantries. All units also include entry/coat closets, washer and dryer closets with appliances and wood-style plank flooring throughout. Amenities include a pool with sunshelves, chaise lounges, grilling stations, a dog park with a pet washing station, catering kitchen, entertainment lounge, business center with coworking spaces, fitness center and concierge services provided by Parcel Pending.
KATY, TEXAS — New York City-based investment firm Sentinel Real Estate Corp. has acquired The Retreat at Cinco Ranch, a 268-unit apartment community in the western Houston suburb of Katy. Built in 2008, the property offers one-, two- and three-bedroom units with an average size of 943 square feet. Interiors feature granite countertops, walk-in closets and full-size washers and dryers. Amenities include a pool, fitness center, outdoor grilling stations, a playground, resident lounge with a kitchen and coffee bar and a business center. The seller was not disclosed.
AUSTIN, TEXAS — Greysteel has arranged an undisclosed amount of acquisition financing for a portfolio of four multifamily properties totaling 184 units in Austin. The properties — Calgary Square, Reinli Arms, Capital Villa and First Oak Place — also include 14 retail spaces. Harrison Cole of Greysteel arranged the financing on behalf of the undisclosed borrower, which plans to implement a value-add program across the portfolio.
COLUMBUS, OHIO — KeyBank Community Development Lending and Investment has provided $74.3 million in construction financing for Darby Crossing, an affordable housing property in Columbus. Indianapolis-based Kittle Property Group is the developer. The 11-building property will include 60 one-bedroom units, 92 two-bedroom units, 84 three-bedroom residences, 24 four-bedroom apartments and two cottages. All units will be restricted to residents who earn up to 60 percent of the area median income. Amenities will include a clubhouse, pool house and 48 garage parking spaces. Construction has begun and is slated for completion by August 2025. David Lacki and Greg Deeks of KeyBank structured the financing, which includes a $43.3 million construction loan to be followed by a $31 million private placement loan. Additionally, the Columbus-Franklin County Finance Authority issued $42.2 million in tax-exempt bonds and the Ohio Housing Finance Agency provided $21.3 million in low-income housing tax credits. The development also benefits from a tax abatement based on its location in a Community Reinvestment Area.
LINCOLN, NEB. — The Annex Group has broken ground on Union at Middle Creek, a $34.4 million affordable housing community in Lincoln. The property’s 192 units will be designated for residents earning up to 60 percent of the area median income. Amenities will include a clubhouse, fitness center and nature trail. The development, slated for completion in early 2024, marks Annex Group’s first in Nebraska. Project partners include R4 Capital Funding as lending partner and R4 Capital as equity partner. The project team includes Summit LIHTC Consulting, REGA Engineering Group, Wallace Architects and NP Dodge Management Co.
BRENTWOOD, CALIF. — Northwestern Mutual has completed the sale of Cortona Park, an assisted living community in Brentwood, to a joint venture between Cogir and a national investment partner for $39.2 million. The buyer plans to rename the property Cogir of Brentwood. Built in 2007, the community features studio, one- and two-bedroom units averaging 761 square feet. The pet-friendly apartments offer large floorplans with granite countertops, in-unit washers/dryers and private balconies. Community amenities include a library, café/bistro, beauty shop, courtyard and garden, outdoor pool, theatre, billiards, fireside living room and a community room with meeting space. Additionally, the property features concierge services, a 24-hour security system, postal services, a business center, wireless internet access and special dietary services. Situated on 4.3 acres, the property is located at 150 Cortona Way. Charles Bissell, Cody Tremper and Dean Ferris of JLL Capital Markets’ investment sales and advisory team represented the seller in the deal.