WESTAMPTON, N.J. — JLL Capital Markets has arranged $50 million in financing for a 275-unit community in Westampton. The unnamed community is situated roughly 25 miles east of downtown Philadelphia. Michael Klein and Gerard Quinn of JLL Capital Markets worked on behalf of the undisclosed borrower to secure the five-year, fixed-rate loan. An undisclosed life insurance company provided the financing.
MARION, ILL. — A division of Woodland Rental Properties LLC, managed by Heartland Realty & Rentals Inc., has acquired 22 recently built apartments situated near downtown Marion, a city located roughly 120 miles southeast of St. Louis, Missouri. The company states that the deal is part of a larger strategic investment. Roman Basi and Jason Powell represented Heartland on an internal basis. The units will be available for leasing as they come online.
CHANDLER, ARIZ. — New York-based TGM has acquired Ocotillo Bay, a 296-unit community in Chandler, roughly 25 miles southeast of Phoenix. An undisclosed national fund manager sold the asset for $90.5 million. Built in 1997, Ocotillo Bay offers features two pool areas with cabanas and barbecues; an outdoor lounge area with a bocce ball court, fireplace, barbecue and covered seating area; resident clubhouse with business center and TV seating area; and fitness center with weight training and cardio equipment, as well as a separate yoga/spin room. Asher Gunter, Matt Pesch, Sean …
ARLINGTON, TEXAS — Dallas-based investment firm Westmount Realty Capital has sold a 164-unit complex in Arlington. Westmount at Forest Oaks was built on 7.4 acres in 1980. The garden-style property offers one- and two-bedroom apartments with an average size of 736 square feet. Amenities include a pool, playground and fitness center. Westmount bought the property in 2016 and undertook renovations. William Hubbard, Michael Ware, Taylor Hill, Drew Kile and Joey Tumminello of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented Westmount Realty Capital in the transaction. The …
ATLANTA —RangeWater Real Estate has named Brian Soss to the role of executive managing director of acquisitions. Soss will lead the Atlanta-based company’s acquisitions strategy, identifying and securing investment opportunities. Prior to joining RangeWater, he served as co-head of multifamily asset management for Starwood Capital Group. He also previously held key positions at MetLife Investment Management. Soss received a Bachelor of Arts in economics from the University of Vermont and a Master of Business Administration from Georgetown University’s McDonough School of Business.
LANSDALE, PA. — Locally based investment firm Equus Capital Partners has bought Jacobs Woods, a 230-unit community in Lansdale, located roughly 35 miles north of Philadelphia. Erin Miller led the Newmark team that brokered the $73.1 million sale. The seller was not disclosed. Built on 37 acres in 1996, the garden-style community offers one-, two- and three-bedroom units across 33 townhome-style buildings. The property was 98 percent occupied at the time of sale. The new ownership plans to upgrade unit interiors and amenity spaces.
BROWN DEER, WIS. — PPR Capital Management has acquired The Villas at Foxwood, a 232-unit townhome-style community in Brown Deer, approximately 11 miles north of Milwaukee. The property traded hands for $38.3 million. The acquisition marks the firm’s first investment in the Milwaukee Metropolitan Statistical Area. The Villas at Foxwood spans 21 acres. Each residence features a private entrance, attached garage, fireplace and washer and dryer. PPR also plans to upgrade units with stainless steel appliances and new flooring. The investment structure includes a total equity investment of $19.4 million, with …
MAPLEWOOD, MINN. — Dadder’s Estates LLC has acquired $2.7 million sale of Van Dyke Village Townhomes, a 20-unit community located at 2191 Van Dyke St. in Maplewood, eight miles northeast of St. Paul, Minnesota. Built in 2004, Van Dyke Village Townhomes is situated on 3.6 acres. The complex offers two- and three-bedroom units with attached garages. Evan Miller, Chris Collins, Eric Wagner and Matthew Shide of Marcus & Millichap represented the seller and original developer, Van Dyke Street Homes LP, in the transaction. Additionally, Miller and Collins procured the buyer.
PHOENIX — Living Well Homes has completed the disposition of Azul, a 227-unit community in Phoenix, to a private buyer for $37.1 million. Completed in 1986, Azul offers studio, one- and two-bedroom apartments with an average size of 766 square feet. A majority of units feature washers and dryers. The two-story, garden-style community features two pools and a spa. Cliff David and Steve Gebing of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the deal.
DANIA BEACH, FLA. — Marcus & Millichap has arranged the sale of Dania Heights, a 21-unit community in Dania Beach, roughly 5.5 miles south of Fort Lauderdale, Florida. The property 37 SW 14th St. traded hands for $4.5 million. Built in 1970, Dania Heights is a two-story, garden-style community. Units come in one-, two- and three-bedroom floor plans. Each residence has been renovated with updated kitchens, bathrooms and modern finishes. The sale also included a contiguous single-family home at 25 SW 14th St. Austin Michels, Brandon Rex, Nicholas McAndrew, Evan Kristol …
