Multifamily

Avenida-Carrollton

CARROLLTON, TEXAS — Locally based general contractor KWA Construction has broken ground on Avenida Carrollton, a 155-unit active adult community located north of downtown Dallas. Developed by Avenida Partners, the property will comprise a 202,106-square-foot apartment building and an additional 63,925 square feet of cottages that will be reserved for renters age 55 and above. Amenities will include a pickleball court, pool, theater, private dining room, a spa and outdoor grilling and dining areas. Meeks + Partners and REES Associates are the project architects. Completion is slated for September 2023.

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TEMPLE, TEXAS — Blueprint Healthcare Real Estate Advisors has negotiated the sale of a 70-unit transitional care facility in Temple, approximately 70 miles north of Austin. Mainstreet developed the newly constructed healthcare property but never opened it. An undisclosed, Texas-based investor acquired the asset for $10.5 million. The new owner structured a lease with a national healthcare system based out of Southern California and will operate the facility as a specialty post-acute hospital.

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LOUISVILLE, KY. — Marcus & Millichap has arranged the $32.5 million sale of Regal Park Apartments, a 228-unit apartment property in Louisville. David Badgett Jr. of Marcus & Millichap represented the seller and buyer, both undisclosed limited liability companies, in the transaction. Colby Haugness, Marcus & Millichap’s broker of record in Kentucky, assisted Badgett in the transaction. Regal Park is located at 9400 Hurstbourne Park Blvd. and offers a variety of floor plans: 30 one-bed/one-bath, 150 are two-bed /two-bath and 48 are three-bed/two-bath. The property has consistently held a 92 percent occupancy rate, according to Marcus & Millichap. Regal Park was built in 1972 and has seen several renovations since its construction. In recent years, Regal Park underwent upgrades, including a complete renovation to the clubhouse. The property features amenities including a swimming pool, grilling area, sundeck and a spacious courtyard.

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NEWPORT NEWS, VA. — Enterprise Community Development, a nonprofit affordable housing owner and developer based in Silver Spring, Md., has sold the 274-unit Auburn Pointe Apartments in Newport News. An affiliate of Bethesda, Md.-based RailField Partners purchased the property on behalf of its RLM Preservation Fund, which focuses on preserving affordable housing, for $28.7 million. Berkadia represented the seller in the transaction, and Answer Title provided title and escrow services. Built in 1972 at 496 Catina Way in Newport News’ Denbigh neighborhood, Auburn Pointe is located off of I-64. The property’s amenities include a pool, laundry facilities, playground and a fitness center. The buyer will keep units at Auburn Pointe affordable for the foreseeable future.

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The-Park-at-Southside-Works-Pittsburgh

PITTSBURGH — Newmark has arranged a $70.5 million construction loan for The Park at Southside Works, a 247-unit multifamily project in Pittsburgh. The five-story property will be situated within SomeraRoad’s Southside Works mixed-use development, about 1.5 miles outside the downtown area. Units will be available in studio, one- and two-bedroom floor plans, as well as in townhome-style formats, and will be furnished with stainless steel appliances, quartz countertops and individual washers and dryers. Amenities will include a pool, fitness center, dog washing station, a rooftop lounge and remote workspaces. Jordan Roeschlaub, Dustin Stolly, Nick Scribani, Chris Kramer and Jake Neeb of Newmark arranged the loan through Bank OZK on behalf of SomeraRoad. Completion is slated for June 2024.

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246-E.-46th-St.-Manhattan

NEW YORK CITY — Locally based nonprofit JT Tai & Co. Foundation has sold a portfolio of two multifamily buildings totaling 105 residential and commercial spaces in Manhattan’s East Midtown neighborhood. The four-story building at 959-961 Second Ave. consists of 10 apartments and two commercial units, and the six-story property at 246 E. 46th St. comprises 81 residential units and 12 commercial spaces. Bob Knakal, Clint Olsen, Jonathan Hageman, Eddie Shuai, Stephen Godnick and Jacob Russell of JLL represented JT Tai & Co. in the transaction. The buyer was a locally based private investor who plans to renovate the properties.

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NEW YORK CITY — Locally based brokerage firm GFI Realty Services has negotiated the $19.9 million sale of a 143-unit multifamily building located in the Westchester Village area of The Bronx. The six-story building at 2501 Tratman Ave. was originally constructed in 1928 and houses 39 studios, 54 one-bedroom apartments, 45 two-bedroom units and five three-bedroom apartments. Zachary Fuchs and Matt Sparks of GFI represented the seller, the Sacchetti Family, in the transaction. Moshe Gelbstein and Joseph Landau, also of GFI Realty, represented the buyer, an undisclosed local investor.

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Market-Station-Denver-CO

DENVER — A joint venture between Continuum Partners and Clarion Partners has obtained $130 million in refinancing for Market Station, a Class A mixed-use property in Denver’s LoDo neighborhood. Eric Tupler and William Haass of JLL Capital Markets secured the 12-year, fixed-rate loan through a life insurance company. Completed in 2021, Market Station features 225 apartments split into two residential concepts, Fourteen45 and The Flats; 126,000 square feet of office space that is 70 percent leased; 52,000 square feet of retail space; and 320 mechanically stacked parking stalls. The residential components offer studio, one- and two-bedroom units, a fitness center, two clubhouses, a rooftop terrace with pool and grills, outdoor dog runs and dog washing stations. The retail portion wraps around the entire property and features a collective of like-minded sellers that share a passion for the outdoors, along with some traditional retail concepts.

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CLEMSON, S.C. — Core Spaces and Tom Winkopp Development have formed a joint venture to develop Clemson Student Village at The Pier, a 4,000-bed student housing community located on a 140-acre plot near Clemson University. The project is an extension of The Pier, a project that has already added 1,400 beds to Clemson’s student housing supply. Amenities at the new project include athletic and fitness facilities, pools, outdoor grills, student clubhouses, beachfront access to Lake Hartwell and waterfront trails. Once fully constructed, the site will feature “a new downtown locale that is walkable, charming and accessible to all students and the local community,” according to the developers. “This project is among the most ambitious in our history,” says Daniel Goldberg, president of Core Spaces. “Clemson, South Carolina has experienced significant population growth due to its high quality of living, affordability, picturesque downtown and favorable year-round climate, as well as Clemson University’s strong enrollment rates.” In addition to the more traditional student housing beds, the development will feature clusters of single-family homes for rent as the builders seek to create student neighborhoods within the project. Each of these will feature nine bedrooms. The student village is one piece of a larger …

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FORT LAUDERDALE, FLA. — Dwight Mortgage Trust, the mortgage REIT affiliate of Dwight Capital, has provided a $55 million bridge refinance loan for The Stellar at Emerald Hills, a 197-unit apartment community in Fort Lauderdale. The 24-month loan featured two six-month extension options. The borrower was not disclosed. Delivered in the first quarter of this year, the gated property is situated on 7.2 acres and consists of three three-story buildings spanning approximately 567,000 square feet. The community is near several golf courses, shopping and dining destinations, Dania Beach and Interstate 95, giving tenants access to major employers like American Airlines and Publix Super Markets. The Stellar at Emerald Hills includes in-unit washers and dryers, private balconies and bay windows. Common area amenities include a clubhouse, fitness center with a yoga and spin studio, pet play area, pet washing station and a pool. The property is certified National Green Building Standard (NGBS) and includes green, smart features such as EV car charging stations and energy-efficient gas appliances.

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