MODESTO, CALIF. — The Mogharebi Group has negotiated the sale of The Edge at Lakewood Apartments, a 196-unit community in Modesto, 68 miles south of Sacramento. Osso Capital and Graceada Partners purchased the asset for $42.7 million. The Edge at Lakewood Apartments was built in 1985 on 7.6 acres. The property offers one- and two-bedroom units ranging from 598 to 880 square feet in size. Amenites include a fitness center, clubhouse, pool, and covered parking.
GILBERT, ARIZ. — Wood Partners has sold Alta Cooley Station, a 248-unit complex in the Phoenix suburb of Gilbert, to a private individual based in California for $80 million. Steve Gebing and Cliff David of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the transaction. Alta Cooley Station offers amenities such as a pool, spa, outdoor entertainment space, open-concept leasing office and clubhouse, micro-offices, a private conference room and workspaces. Units feature nine- and 10-foot ceilings, extra-wide entryways, laundry closets with …
CHICAGO — Breneman Capital has acquired Adams Laflin Place, a 52-unit property located at 128 S. Laflin Street in Chicago’s West Loop neighborhood. Steve Horvath and Marc Bombicinio of CREW Advising brokered the sale. Brett Hill of Greystone originated acquisition financing. Adams Laflin Place was built in 2020. The property offers seven one-bedroom units and 45 two-bedroom units. Dwelle Properties will manage the community.
STUART, FLA. — JLL Capital Markets has negotiated the $10.6 million refinancing of Azul Luxury Residences, a 49-unit community in Stuart, on Florida’s Atlantic Coast. JLL worked on behalf of the borrower, Diversyfund, to secure a $9 million senior mortgage loan and a $1.6 million mezzanine loan through SteepRock Capital. Bryan Clark, Kenny Cutler, Brad Vansant and Emily Pohlman led the JLL Capital Markets Debt Advisory team. Built in 2019, Azul Luxury Residences features one-, two- and three- bedroom units across three stories. Amenities include a pool, spa, clubhouse and fitness center.
HUDSON, MASS. — TruAmerica Multifamily has acquired J Highlands at Hudson, a 158-unit community located at 307 Central Street in Hudson, a city in Boston’s MetroWest region. Walker & Dunlop’s Mike Coyne, Travis D’Amato, Maggie McFarland and Brendan Shields represented the seller in the deal. Russell Dey and Trevor Fase negotiated acquisition financing. The transaction price and seller were not disclosed. J Highlands at Hudson was originally built in 2005. Amenities include a pool, dog park, package lockers, fitness center, clubhouse and community kitchen. TruAmerica Multifamily plans to rebrand the …
MORRISTOWN, N.J. — The Kislak Co. Inc. has arranged the sale of Ridgedale Commons, a 29-unit development in Morristown. The asset traded hands for $6.8 million. Kislak’s Joseph Keenan represented the seller and procured the buyer in the deal. Both parties requested anonymity. The property is currently under construction, and will ultimately offer a single one-bedroom unit, 27 two-bedroom units and one three-bedroom unit. Four units will be subject to income restrictions.
PORT CHARLOTTE, FLA. — JLL Capital Markets has arranged $65 million in construction financing and preferred equity for Marisol, a garden-style development in Port Charlotte. The property is located at 1200 Loveland Blvd. and offers 292 units. JLL represented the borrower, Roers Cos., to secure the non-recourse construction loan through Knighthead Funding and the preferred equity through Amzak Capital Management. Christopher Drew, Lee Weaver, Scott Loving, Brian Gaswirth and Shane Ciacci led the JLL Capital Markets Debt Advisory team.
HOUSTON — Cushman & Wakefield has hired Nicholas Murphy as a senior director. Murphy will join the Equity, Debt & Structured Finance team at Cushman & Wakefield’s Houston office. In this role, he will advise clients in Texas on capital-stack strategies, with a focus on the multifamily sector. Murphy most recently worked as a director of acquisitions at Sync Residential. Prior to this, he was a director at Berkadia. Murphy graduated from the St. Edwards University and earned a master’s in real estate development at Arizona State University.
ATLANTA — Atlanta-based PeakMade Real Estate (PeakMade) has promoted Sam Owens to the role of regional vice president of multifamily operations. In this role, Owens will be responsible for overseeing all property operations, client relations and regional managers for PeakMade’s multifamily portfolio. Owens has worked with PeakMade for over 12 years. She began her career as a part-time leasing consultant and has served in on-site leadership roles such as leasing manager, assistant manager and property manager. Most recently, she worked as a regional manager for three years, supporting operations for …
JERSEY CITY, N.J. — Hudson Atlantic has brokered the $2.4 million sale of Grand Gardens, a 16-unit building in the Bergen-Lafayette section of Jersey City. Grand Gardens was built in 1950. The property offers one- and two-bedroom apartments. Hudson Atlantic’s Ben Susskind marketed the asset on behalf of the undisclosed seller, with support from Adam Zweibel. The buyer was also not disclosed.
