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Sweetwater at Buckingham in Richardson, Texas
Investment SalesNewsTexas

DVO Real Estate Acquires 312-Unit Sweetwater at Buckingham in Richardson, Texas

by Channing Hamilton

RICHARDSON, TEXAS — DVO Real Estate has acquired Sweetwater at Buckingham in Richardson, approximately 15 miles north of Dallas. REM Finance sold the asset for an undisclosed price. The garden-style community consists of 312 apartments across three stories. The average unit size is 889 square feet. Amenities include a pool, fitness center, business center and playground. Drew Kile, Joey Tumminello, Michael Ware, Taylor Hill, William Hubbard, Cameron Purse and Shelby Clark of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller in the deal.

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Palladium Lewisville in Lewisville, Texas
DevelopmentNewsTexas

Palladium USA Breaks Ground on $30 Million Mixed-Income Development in Dallas Suburb

by Channing Hamilton

LEWISVILLE, TEXAS — Locally based developer Palladium USA has begun construction on Palladium Lewisville, a $30 million mixed-income development in Lewisville, approximately 30 miles northwest of downtown Dallas. PNC Bank provided $10.8 million in long-term debt and $13.3 million in equity as part of the financing of the project. Palladium Lewisville will consist of 90 units in one-, two- and three-bedroom floor plans. Planned amenities will include a pool, fitness center, business center, children’s play area and a clubroom with a communal kitchen. The first apartments are expected to be …

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K2 Apartments in Chicago
FinanceIllinoisMidwestNews

Georgetown Co. Receives $113.7 Million Loan for Refinancing of Rental Tower in Chicago

by Channing Hamilton

CHICAGO — Georgetown Co. has received a $113.7 million Freddie Mac loan for the refinancing of K2 Apartments, a 34-story residential tower located at 365 N. Halsted St. in Chicago’s Fulton Market district. Danny Kaufman, Medina Spiodic and Rebecca Brielmaier of JLL arranged the seven-year, fixed-rate loan on behalf of the borrower. Built in 2013, K2 Apartments comprises 496 units in studio, one-, two- and three-bedroom configurations. Amenities include a pool, terrace lounge, movie theater room, concierge services, a dog park and indoor basketball court. Georgetown Co. is an investment …

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CaliforniaInvestment SalesNewsWestern

Material Comforts Acquires Portfolio in San Fernando Valley for $85 Million

by Channing Hamilton

LOS ANGELES — Florida-based Material Comforts Inc. has acquired a portfolio of 16 parcels in California’s San Fernando Valley. Heitman LLC, Invesco LTD and ETHOS Real Estate sold the portfolio for $85 million. The portfolio totals 596 apartments in the Van Nuys, Panorama City, North Hills and Canoga Park neighborhoods of Los Angeles. Tony Azzi of Marcus & Millichap represented the sellers, while Rabbie Banafsheha, Kristen Sullivan and Arteen Zahiri of Marcus & Millichap represented the buyer in the deal.

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Residences at Crosspoint in Lowell, Massachusetts
Investment SalesMassachusettsNewsNortheast

Osso Capital Purchases 240-Unit Residences at Crosspoint in Lowell, Massachusetts

by Channing Hamilton

LOWELL, MASS. — Osso Capital has acquired Residences at Crosspoint, a 240-unit property in Lowell, roughly 30 miles northwest of Boston. SMC Residences at Crosspoint Limited Partnership, a partnership created and operated by SMC Management Corp., sold the asset to Osso Capital for an undisclosed price. Simon Butler, Biria St. John, John McLaughlin and Brian Bowler of CBRE represented the seller in the deal. Built in 2020, Residences at Crosspoint offers a mix of studio, one- and two-bedroom floor plans. The average unit size is 863 square feet. The six-story …

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2020 at Providence in Huntsville, Alabama
AlabamaDevelopmentNewsSoutheast

WSS Development Opens $100 Million Mixed-Use Project in Huntsville, Alabama

by Channing Hamilton

HUNTSVILLE, ALA. — WSS Development LLC has completed 2020 at Providence, a $100 million mixed-use community in Huntsville. The two-tower project is situated within the larger 305-acre Village of Providence master-planned development, which also includes a town center featuring more than 800,000 square feet of office, restaurants, retail and hotels. 2020 at Providence consists of 360 apartments, as well as 23,000 square feet of retail space. According to the property website, 2020 at Providence rises seven stories and offers one-, two- and three-story floor plans. Monthly rates begin at $1,500 …

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La Vista Apartments in Santa Maria, California
CaliforniaInvestment SalesNewsWestern

Kennedy Wilson Sells La Vista Apartments in Santa Maria, California, for $116 Million

by Channing Hamilton

SANTA MARIA, CALIF. — Beverly Hills, California-based investment firm Kennedy Wilson has sold La Vista Apartments, a 460-unit community in Santa Maria. Boston-based private equity firm Westview Capital purchased the asset for $116 million.  Joseph Grabiec, Kevin Green and Gregory Harris of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer. Built in 1979 on 31 acres, La Vista Apartments offers studio, one-, two- and three-bedroom floor plans. Each apartment features a large closet, kitchen with breakfast bar and a pantry. Select units also have vaulted …

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Cloverdale Estates in Montgomery, Alabama
AlabamaInvestment SalesNewsSoutheast

DWG Capital, Dorado Holdings Acquire Cloverdale Estates in Montgomery, Alabama

by Channing Hamilton

MONTGOMERY, ALA. — A partnership between DWG Capital Partners and Dorado Holdings has purchased Cloverdale Estates, a 106-unit community located at 3453 Audubon Road in Montgomery. Josh Jacobs of Marcus & Millichap’s Birmingham office represented the seller, an entity doing business as RK Cloverdale LLC, in the deal. The sales price was not disclosed. Cloverdale Estates offers one-, two- and three-bedroom apartments ranging from 725 to 1,350 square feet. Each residence features a patio or balcony, and select units also include in-unit washer and dryer connections. Roughly 70 percent of …

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Centro City in Miami
DevelopmentFinanceFloridaNewsSoutheast

Terra Receives $291 Million Financing Package for Mixed-Use Development in Miami

by Channing Hamilton

MIAMI — Locally based developer Terra has received a total of $291 million in permanent financing for the recently completed first phase of Centro City, a 38-acre mixed-use project located just west of Miami’s Little Havana neighborhood. Phase I comprises 350,000 square feet of retail space, as well as three eight-story apartment buildings that house 470 market-rate units. JVP Management issued a $187 million loan for the development’s multifamily component, while Hudson Bay Capital issued a $104 million loan for the retail component. The funds will be used to pay …

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Village Apartments in Forest Lake, Minnesota
Investment SalesMidwestMinnesotaNews

Gaughan Cos. Sells Village Apartments in Forest Lake, Minnesota, for $24.5 Million

by Channing Hamilton

FOREST LAKE, MINN. — Gaughan Cos. has sold Village Apartments, a 252-unit community in Forest Lake, roughly 27 miles northeast of Saint Paul, Minnesota, for $24.5 million. Josh Talberg of JLL Capital Markets brokered the sale. The asset was part of Gaughan’s Minnesota Legacy Apartment Portfolio, which consists of nearly 800 units. The buyer was not disclosed. Situated at 407 11th Ave. SW, Village Apartments was built in 1969. The three-story property offers studios, one- and two-bedroom apartments. Amenities include gated access, laundry facilities, picnic areas, a playground, a pool …

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