BROWNSVILLE, TEXAS — BridgeCore has provided an acquisition loan for an unnamed, 60-unit property in the South Texas city of Brownsville. The amount of the financing was not disclosed. However, the loan carries a two-year term with a six-month extension option and a 67 percent loan-to-value ratio. The undisclosed borrower, which acquired the property via a 1031 exchange, will use a portion of the proceeds to fund capital improvements.
HIALEAH, FLA. — MG Developer has secured a $16 million acquisition loan for a land parcel in the Miami suburb of Hialeah. The land will be used to build a 347-unit community called “Metro Parc South” on the site. Metro Parc South will offer studios, one- and two-bedroom units. MG Developer expects to break ground on the development in the third quarter of 2024, with delivery slated for the third quarter of 2026. The project will complement Metro Parc, a 559-unit mixed-use community located at 955 East 25th Street and …
WASHINGTON, D.C. — Greysteel has arranged the sale of Longfellow Terrace, a 41-unit property in the Washington, D.C. neighborhood of North Petworth. Michael Murray, Kyle Tangney, Herb Schwat and Nigel Crayton of Greysteel’s Washington office represented the seller, Longfellow Terrace LLC, in the deal. The buyer was not disclosed. Longfellow Terrace is encircled by The Parks at Walter Reed, a mixed-use development that will feature 130,000 square feet of retail space, 325,000 square feet of office space and a new hotel and conference center.
NORWALK, CONN. — Cushman & Wakefield has brokered the $12 million sale of a 2.3-acre development site located at 370 West Ave. in downtown Norwalk, a southern coastal city of Connecticut. RMS Cos. purchased the site from Norwalk Hospital. The property formerly housed a YMCA. Al Mirin, Kate Schwartz, Matthew Torrance, Jim Fagan, Gerry Lees and Maureen O’Boyle of Cushman & Wakefield represented the seller in the deal. The buyer plans to develop a six-story, 204-unit building on the site.
JACKSONVILLE, FLA. — NAI Hallmark has negotiated the sale of The Park at Pottsburg Creek Apartments, a 128-unit property located at 4800 Atlantic Boulevard in Jacksonville. NAI Hallmark’s John Rutherford and Luke McCann brokered the deal on behalf of the seller, Toro Jax Property II LLC, and the buyer, Red Raider 45 LLC. The complex was built in 1963 and consists of ten buildings on an 8.3-acre site. The site includes expansion opportunity with an undeveloped 2.3-acre parcel. Units come in one-, two- and three-bedroom floor plans.
PHILADELPHIA, ATLANTA, RALEIGH AND ST. LOUIS — Equus Capital Partners (Equus) has acquired Project Big Timber, a portfolio that totals 1,249 units across six garden-style communities in the Atlanta, Philadelphia, Raleigh and St. Louis metropolitan areas. Equus purchased the portfolio for $220 million. Newmark’s Debt Capital Markets team of Steve Comly and Kippy Donovan assisted Equus in securing a ten-year fixed rate loan from Fannie Mae for the acquisition. The communities included in Project Big Timber have an average vintage of 1984 and an average unit size of 989 square-feet. …
GREENWOOD, IND. — Marcus & Millichap has negotiated the sale of Yorktowne Farms Apartments, a 264-unit property in the Indianapolis suburb of Greenwood. Aaron Kuroiwa and Tony Rogers of Marcus & Millichap represented the buyer, ICONIC Property Partners. The seller and sales price were not disclosed. Yorktowne Farms Apartments was built in 1982. The complex offers amenities such as a pool, playground, laundry facilities, and basketball and tennis courts.
FRANKLIN, VA. — S.L. Nusbaum Realty Co. has arranged the sale of Forest Pine Apartments, a 244-unit community located at 101 Forest Pine Road in Franklin. The asset traded hands for $18 million in an off-market transaction. John Wessling, Chris Devine, Anthony Grecco and Bill Overman of S.L. Nusbaum Realty Co. represented the seller, Forest Pine Apts LLC, in the deal. The sale was finalized in December of last year, with a cap rate of 5.5 percent.
KENT, WASH. — Institutional Property Advisors (IPA) has arranged the sale of Atrium on James, a 300-unit community in the Seattle suburb of Kent. FPA Multifamily LLC purchased the asset from a Tenants in Common managed by Open House Westwood LLC for $60.5 million. IPA’s Giovanni Napoli, Philip Assouad, Ryan Harmon, Nicholas Ruggiero and Anthony Palladino represented the seller and procured the buyer. Atrium on James was built in 1989 on 21.5 acres. Atrium on James offers one-, two- and three-bedroom units that average 835 square feet in size. Amenities …
ALBUQUERQUE, N.M. — The Bascom Group LLC has purchased Overlook Apartments, a 344-unit garden-style community in Albuquerque. Brandon Harrington and Tyler Woodard of Northmarq arranged the debt financing for the acquisition. TPG Real Estate Finance Trust was the lender. Trevor Koskovich, Jesse Hudson, Cynthia Meister, Ryan Boyle and Logan Baca led the Northmarq’s investment sales team that represented the seller in the deal. Situated at 6200 Eubank Boulevard, The Overlook offers units in one- and two-bedroom layouts. Amenities include two pools, a dog park, clubhouse, business center, fitness center and …