SAN ANTONIO — Texas-based developer SWBC Real Estate has acquired 14.4 acres at the northeast quadrant of Highway 151 and Loop 1604 in San Antonio for the development of The Royalton at Westover Hills, a 365-unit apartment community. The site is adjacent to the new Methodist Healthcare campus that is currently under construction. Designed by Cross Architects, The Royalton at Westover Hills will feature one-, two- and three-bedroom units with an average size of 875 square feet. Residences will be furnished with stainless steel appliances, granite countertops and washer/dryer hook ups. Amenities will include outdoor grilling, dining and lounge areas, as well as a pool, fitness center and a dog park. Construction is slated to begin in the first quarter of 2023 and to last about 26 months.
SAN DIEGO — Sudberry Properties has opened The Hub at Scripps Ranch, a mixed-use redevelopment project located at 9840 Carroll Canyon Road in the Scripps Ranch neighborhood of San Diego. Construction is nearing completion and apartment residents are moving in. Situated on 9.5 acres, The Hub at Scripps Ranch features 260 apartments and 10,700 square feet of retail and restaurant space. The property offers one-, two- and three-bedroom layouts, ranging from 614 square feet to 1,391 square feet, with rents starting at $2,600 per month. Interior amenities include private patios or balconies, nine-foot ceilings, hardwood-style flooring in main areas, carpeting in bedrooms, fully equipped kitchens with GE Energy Star stainless steel appliances, quartz countertops and full-size washers/dryers. The retail and restaurant space includes a 2,061-square-foot Starbucks Coffee, Pacific Dental Services and Big Cheech’s Chicken N’ Waffles and Sliders. The development team includes MVE Architecture, Reylenn Construction Co., Pasco Laret Suiter & Associates, GroundLevel Landscape Architecture and Design Tec. Matt Mosser of Retail Insite is responsible for retail leasing, and Sudberry Properties will provide property management for The Hub.
PHOENIX — ABI Multifamily has arranged the sale of Rise Metro Apartments, a multifamily property located at 2045 W. Butler Drive in Phoenix. Arizona-based Rise48 Equity sold the asset to a Massachusetts-based buyer for $42 million, or $262,500 per unit. Built in 1981, Rise Metro Apartments features 160 garden-style units in a mix of 72 one-bedroom/one-bath, 36 two-bedroom/one-bath, 40 two-bedroom/two-bath and 12 three-bedroom/two-bath layouts. Each unit is individually metered for electricity and features individual HVACs. Unit amenities include a patio or balcony, ceiling fans, fireplaces in select units, walk-in closets in select units, extra storage space and high-speed internet/cable access. Additional unit amenities include refrigerators, dishwashers, garbage disposals and stacked washers/dryers. Community amenities include a swimming pool and spa, fitness center, business center, basketball court, barbecue/picnic area and dog walk. Alon Shnitzer, Rue Bax, Eddie Chang and Doug Lazovick of ABI Multifamily’s Phoenix-based Institutional Apartment Group represented the buyer and seller in the deal.
BROOKINGS, GOLD BEACH AND SHERIDAN, ORE. — Senior Living Investment Brokerage (SLIB) has arranged the sale of four properties in Oregon: two properties in Brookings, one in Gold Beach and another in Sheridan. The combined communities consist of 169 units and 190 beds. Brookings is a city in Curry County, located on the coast. Gold Beach is located 30 miles north of Brookings on the coast. Sheridan is located approximately 50 miles southwest of Portland. These facilities combined total approximately 109,507 square feet and are situated on approximately 25.6 acres of land. The seller was an Oregon-based owner-operator looking to recycle the capital for additional expansion opportunities. The buyer is a joint venture between a Pacific Northwest-based operator and a California-based private equity company. The price was not disclosed. Jason Punzel, Brad Goodsell and Vince Viverito of Senior Living Investment Brokerage handled the transaction.
PLANO, TEXAS — Canadian investment firm Western Wealth Capital has acquired Villas as Chase Oaks, a 250-unit apartment community located north of Dallas in Plano that was originally built in 1986. Units come in one-, two- and three-bedroom floor plans. Amenities include a pool, sports court, fitness center, dog park, clubhouse and a package locker system. The seller was not disclosed. Western Wealth Capital plans to renovate the unit interiors and building exteriors.
SYRACUSE, N.Y. — Champion Real Estate Co. has purchased Campus Hill Apartments, a 715-bed student housing community near Syracuse University, for $65 million. The property offers fully furnished units across 51 buildings. The community will be rebranded Victory at Syracuse and is set to undergo renovations imminently. Victory House Syracuse LLC, a subsidiary of Champion, will oversee community upgrades, including fresh paint and the addition of vinyl plank flooring, new cabinetry, quartz countertops, stainless steel appliances and modern fixtures. Ken Wellar and Douglas Sitt of Rittenhouse Realty represented Champion and the undisclosed seller in the transaction.
SUN PRAIRIE, WIS. — Developer Roers Cos. has selected McShane Construction Co. to build The Wildwood at Main, a 172-unit affordable housing community in Sun Prairie, a northeast suburb of Madison. The two-building property will be constructed atop an underground parking garage. Amenities will include a clubroom, fitness room, playground and outdoor grill area. Korb + Associates is the architect. The project was designed to achieve Wisconsin Green Built Home certification. Completion is slated for August 2023. Income restrictions for units were not provided.
DALLAS AND CARROLLTON, TEXAS — Locally based investment firm S2 Capital has acquired two garden-style apartment communities totaling 676 units in the Dallas area in a single transaction. Lake Highlands is a 356-unit property located on the city’s east side that was built on 12 acres in 1979. Carrollton Oaks is a 320-unit community that was constructed in 1981. Both properties offer one- and two-bedroom units. S2 Capital plans to invest about $5 million over the next two years in capital improvements to both assets. Renovations will include upgrades of unit interiors, building exteriors and landscaping, as well as amenity spaces such as the pools, clubhouses and leasing offices. Taylor Snoddy of Northmarq represented the undisclosed seller in the deal. Lauren Bresky and Lauren Heikenfeld of Northmarq arranged acquisition financing on behalf of S2 Capital.
CLEARWATER, FLA. — CBRE has secured $71.3 million in acquisition financing for Genesis Apartments, a 372-unit multifamily property in Clearwater. Eric Fixler and Chandler Kaye of CBRE arranged the loan on behalf of the borrower, a private investor. The senior loan includes layered mezzanine financing representing a 87 percent loan-to-cost ratio. Built in 1972, Genesis Apartments is a 22-building property featuring one-, two-, and three-bedroom units averaging 920 square feet. Community amenities include a pool, fitness center, car care center, tennis court and a clubhouse with a café. Located at 530 Fairwood Ave., the property is 18.7 miles from St. Petersburg and 18.4 miles from Tampa.
QUINCY, MASS. — Citizens Bank has provided a $128.7 million construction loan for Ashlar Park, a 465-unit multifamily project located on the southern outskirts of Boston in Quincy. Ashlar Park will feature an outdoor terrace overlooking a pool with cabanas and lounge areas; a 3,200-square-foot fitness center with outdoor yoga space; a multi-level club room/resident lounge; coworking space; a library; and a conference room. Construction of the four-building community, which is located at the site of the former Quincy Medical Center, will be carried out in phases. Initial occupancy is slated for April 2023, with full completion scheduled for April 2024. Jeff Black, Bryan Koop and Sean Burke of Colliers arranged the loan on behalf of the borrower, locally based developer FoxRock Properties.