NETCONG, N.J. — Landmark Cos. LLC has acquired a 126-unit multifamily property located at 34 Bank St. in the Northern New Jersey community of Netcong for $44.5 million. The newly constructed, transit-served community offers one-, two- and three-bedroom units that are furnished with stainless steel appliances, quartz countertops and vinyl wood plank flooring. Amenities include grilling stations, fire pits, a clubhouse and fitness center. Eric Johnson of NAI DiLeo-Bram represented Landmark Cos. in the transaction. The seller was not disclosed.
PENNSAUKEN, N.J. — Blueprint Healthcare Real Estate Advisors has arranged the sale of Ivystone Senior Living in Pennsauken, located across the Delaware River from Philadelphia. The community features 100 independent living residences, 43 assisted living units and 21 memory care units. The property was originally constructed in 1965. Priority Life Care, a court-ordered receiver as the property was in bankruptcy, sold the asset to UNPPG Management LLC, a privately held owner-operator based in New York. The sales price was not disclosed.
SCOTTSDALE, ARIZ. — JLB Partners has completed the disposition of The Moderne, a mid-rise apartment property located at 4848 N. Goldwater Blvd. in Scottsdale. An undisclosed buyer acquired the asset for $260 million, or $704,607 per unit. Completed in 2015, The Moderne features 369 apartments with nine-foot ceilings, full-size washers/dryers, hardwood flooring, walk-in closets with custom wood shelving and private patios. Select units have integrated desks and bookshelves, built-in wine racks, pass-through laundry chutes and private yards. Community amenities include a resort-style pool and spa, leasing office, resident clubhouse, wellness center, electric car charging stations and private garages. Steve Gebing and Cliff David of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller and procured the buyer in the deal, which is the largest single-asset core multifamily sale in Arizona history, according to IPA.
TEMPE, ARIZ. — KeyBank Real Estate Capital has arranged $90.7 million in fixed-rate financing for CrossHarbor Capital Partners for the refinancing of The Cameron, an apartment complex in Tempe. Built in 2020 on 13.3 acres, the four-story community features 349 apartments, a pool deck with cabanas, fitness center, clubhouse, outdoor courtyard with fireplaces and lounge spaces, pet spa and bocce ball court. Hayley Suminski and Greg Halvorson of KeyBank structured the nine-year loan from funds managed by Apollo Global Management as lender. The financing features a 4.5-year interest-only period followed by a 30-year amortization schedule.
LOS ANGELES — JLL Capital Markets has provided a $30.3 million loan to refinance Nantucket Creek, a 172-unit, garden-style, age-restricted apartment community in the Chatsworth neighborhood of Los Angeles. JLL worked on behalf of the borrower, Universe Holdings, to secure the 10-year, fixed-rate loan through Freddie Mac. JLL Real Estate Capital LLC will service the loan. Proceeds from the loan also provided a return of equity to Universe’s balance sheet, which the company plans to use toward future acquisitions. Nantucket Creek comprises one- and two-bedroom units ranging from 623 to 1,100 square feet. The community is located along California’s State Route 27, providing access to local retail and dining centers, as well as Chatsworth Dry Lake Nature Preserve and West Hills Hospital and Medical Center. Charles Halladay, Jonah Aelyon and Elle Miraglia led the JLL Capital Markets debt advisory team representing the borrower.
ATLANTA — Mill Creek Residential, a Boca Raton, Fla.-based developer and owner-operator of multifamily properties, has begun preleasing at Modera Old Ivy, a luxury apartment community under development in Atlanta’s Buckhead district. Located within a mid-rise and high-rise tower at 3651 Lenox Road, the development is on a site that includes the Prominence office building and an Element Marriott hotel. First move-ins are anticipated in early June. According to the property website, rental rates range from $2,290 per month for a one-bedroom unit to $6,635 for a three-bedroom apartment. Mill Creek is building the 394-unit property to a National Green Building Standard Gold certification level. Community amenities will include a 24-hour fitness studio, clubhouse, community-wide Wi-Fi, demonstration kitchen, game room, rooftop deck, two pools including one rooftop pool, sauna, steam room, grilling area with outdoor dining, fire pit, coffee bar, library lounge with a reading terrace and landscaped courtyards. Residents will also have secured parking in a private garage with reserved parking and electric vehicle charging stations available, controlled guest-access technology, package lockers, dedicated bike storage, resident storage lockers and concierge services.
CHARLESTON, S.C. — CREC Real Estate LLC and Rincon Capital Partners have acquired Planters Trace Apartments, a 96-unit, Class B multifamily community located in the West Ashley submarket of Charleston. The seller and sales price were not disclosed. The 10.6-acre property, built in 1974 and located at 2222 Ashley River Road, has convenient access to nearby jobs, retail and entertainment. The buyers plan to invest $2.8 million in value-add renovations to update common areas, amenities and unit interiors. The property currently features a pool, communal firepit and garden, laundry room, grilling area and a dog park.
AUSTIN AND SAN ANTONIO — CBRE has provided a $62.1 million Fannie Mae loan for the refinancing of a portfolio of six multifamily properties totaling 1,632 units, the majority of which are located in Central Texas. Specifically, the portfolio comprises Canyon Point, Oak Springs and Deer Oaks in San Antonio and Churchill Crossing in Austin, as well as two properties in Charleston, S.C. Nate Sittema and Kristen Reilley of CBRE originated the 10-year, interest-only loan on behalf of the borrower, Boston-based Churchill Forge Properties.
EAST CAMBRIDGE, MASS. — A joint venture between LCOR, a development firm with three offices in the mid-Atlantic region, and San Francisco-based DivcoWest has begun leasing Park 151, a 468-unit apartment community located across the Charles River from Boston in East Cambridge. The 20-story building houses studio, one-, two- and three-bedroom units, 392 of which are market-rate apartments, 54 of which are affordable and 22 of which are penthouses. In addition, Park 151 features 19,000 square feet of ground-floor retail space. Amenities include a pool and lounge area, outdoor grilling stations, a fitness center, indoor and outdoor yoga spaces, a terrace and coworking and micro-office spaces. Rents start at roughly $2,900 per month for a studio apartment.
COLUMBUS, OHIO — Walker & Dunlop Inc. has arranged $59.8 million in debt and equity financing for the construction of Green|House, an apartment project in the Short North Arts District of Columbus. The seven-story development will feature 158 units and 3,700 square feet of retail space. Amenities will include a fitness center, outdoor pool, spa, sauna and community room. The project is the adaptive reuse of an existing building. Kaufman Development is the developer. Jeff Morris, Chad Kiner and A.J. Mangan of Walker & Dunlop arranged the debt through a regional bank and secured a national insurance company as the equity partner. The loan features a fixed interest rate and a three-year term.