WAUWATOSA, WIS. — An affiliate of Next Realty has purchased Dolphin Square Apartments in Wauwatosa, a suburb of Milwaukee. The purchase price was undisclosed. Located at 10300 W. Bluemound Road, the multifamily property includes 64 units and 88 parking spaces. Next Realty plans to complete a renovation program that was started by the previous owner. Founders 3 Real Estate brokered the sale. Landmark Credit Union provided acquisition financing.
PHILADELPHIA — New York City-based Square Mile Capital Management has provided a $195 million acquisition loan for 1500 Locust, a 612-unit apartment tower located in Philadelphia’s Rittenhouse Square neighborhood. The 45-story building also houses 7,700 square feet of retail space and was 97 percent occupied at the time of sale. Amenities include a rooftop pool and lounge, fitness center, media room and outdoor grilling stations. Drew Anderman and Alan Blank of Meridian Capital Group arranged the debt. The borrower is a joint venture between Fairstead, a developer with offices along the East Coast, and its undisclosed institutional equity partner. A portion of the proceeds will be used to fund capital improvements. Lizann McGowan, Erin Miller, Marybeth Farris and Chris Koehler of Newmark represented the seller, Barings, in the transaction.
NEW YORK CITY — TerraCRG has arranged the $102 million sale of a multifamily development site in the Gowanus area of Brooklyn. The buyer, a partnership between locally based investment group Tavros Capital and developer Charney Cos., plans to develop a 660-unit community that will also house 60,000 square feet of commercial space. A quarter of the units will be designated as affordable housing under the city’s Mandatory Inclusionary Housing program. Ofer Cohen, Dan Marks and Daniel Lebor of TerraCRG marketed the site on behalf of the seller, Property Markets Group.
NEW YORK CITY — A partnership between LIHC Investment Group, Camber Property Group and Settlement Housing Fund has purchased Lexington Court, nine-building, 229-unit affordable housing complex in East Harlem, for $85 million. The new ownership will invest about $10 million in capital improvement to the portfolio, including upgrades to plumbing and mechanical systems, as well as common area improvements. To finance the acquisition, the partnership secured a $73.1 million FHA loan from the New York City Housing Development Corp to complement its $11.5 million equity investment.
LITTLE EGG HARBOR, N.J. — Tryko Partners has acquired two seniors housing communities in Little Egg Harbor, located near the Jersey Shore. Seacrest Village is a 171-bed, three-story skilled nursing facility that was developed in 1985. The Terraces, built in 2013, is a two-story, Class A assisted living and memory care community. The assets were family owned and operated for more than three decades.
WEST MELBOURNE, FLA. — JLL Capital Markets has arranged the sale of The Haven at West Melbourne, a three-story, garden-style multifamily community located in West Melbourne. JT Capital purchased the Space Coast property for $84.7 million. Ken Delvillar and Jay Ballard of JLL represented the seller, Irvine, Calif.-based Passco Cos., in the transaction. Melissa Marcolini Quinn, Lee Weaver, Rob Rothaug and Emily Moallem of JLL represented the borrower in arranging an undisclosed amount of debt and equity financing for the acquisition. The Haven at West Melbourne includes 13 buildings total, and offers one-, two- and three-bedroom floorplans with an average unit size of 1,164 square feet. Unit features include full-sized washers and dryers, walk-in closets, window coverings, nine-foot ceilings, hardwood-style vinyl flooring, granite countertops and private balconies or sunrooms. Community amenities include a pool and sundeck, outdoor gourmet kitchen, fitness center, business center, children’s play park, billiards room, sand volleyball court, dog park and a car care center. Located at 4550 Explorer Drive, the property is situated close to employers including L3Harris, Collins Aerospace, Northrop Grumman, Patrick Air Force Base, Lockheed Martin and Blue Origin. The property is also situated 5.3 miles from downtown Melbourne, 3.4 miles from the Florida …
TUCSON, ARIZ. — Monarch Investment and Management Group has completed the disposition of Yardz on Kolb, an apartment complex located in Tucson. Greenwater Real Estate Management acquired the asset for $65.5 million, or $159,756 per unit. Constructed between 1972 and 1974 on 17-plus acres, Yardz on Kolb features 410 garden-style apartments. Hamid Panahi and Steve Gebing of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the deal.
SALT LAKE CITY — Timberlane Partners has completed the disposition of The Morton, an apartment property in Salt Lake City. Nearon Enterprises acquired the complex for an undisclosed price. Built in 2019, The Morton features 137 apartments, access-controlled garage parking, a rooftop terrace with firepits and barbecue grills, a 24-hour fitness center and yoga studio, and a package locker system. Apartments features at least nine-foot ceilings, smart-home technology, walk-in closets and private patios or balconies, with an average unit size of 677 square feet. Danny Shin and Brock Zylstra of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the transaction.
RENO, NEV. — A joint venture between MJW Investments and Artisan Capital has acquired a 508-bed student housing community located near the University of Nevada, Reno. Built in 2020, the property offers units with bed-to-bath parity alongside shared amenities including study rooms, a fitness center, lounge, game room, pet care station, rooftop courtyard and indoor bike and ski storage. Barings provided financing for the acquisition. “The property’s close proximity to the new developments on campus as well as the City of Reno’s economic development plan for the area are just a few reasons we’re excited to own this property,” says Mark Weinstein, president and founder of MJW investments.
ENCINITAS, Calif. — Ware Malcomb has completed construction of Westmont of Encinitas, an assisted living community in the San Diego suburb of Encinitas. Ware Malcomb provided architectural services for the 91,334-square-foot project. The two-story building sits on 3.2 acres and features 93 units in studio, one- and two-bedroom options. Westmont Construction was the general contractor. Westmont Living is the operator.
