PLANO, TEXAS — Clover Capital Partners has acquired The Woodlands of Plano in Northeast Plano, 20 miles north of Dallas. CBRE arranged the sale of the 232-unit community that was developed in 1968. The seller’s identity was not disclosed. The Dallas-based buyer will assume fixed-rate debt at a 3 percent interest rate with 10 years remaining on the loan. The property provides a mix of one-, two- and three-bedroom floor plans.
PORTLAND, MAINE — Preservation of Affordable Housing (POAH) has closed on construction financing for Lambert Woods North, a 72-unit affordable housing development that will be built in the North Deering neighborhood. POAH acquired the wooded lot from the City of Portland through an RFP process. The one-, two- and three-bedroom units will be reserved for renters earning 60 percent of area median income. The Maine State Housing Authority is providing 4 percent Low-Income Housing Tax Credits as well as construction and permanent loans. The project also is backed by several …
ALTAMONTE SPRINGS, FLA. — Milhaus, an Indianapolis-based developer, owner and property manager, has acquired the property management division of Altamonte Springs-based developer ContraVest, marking Milhaus’ entry into the third-party property management business and expanding its presence in Florida. Under the agreement, Milhaus will assume residential management at eight multifamily properties. Skyhawk Capital Advisors acted as financial advisor to ContraVest in the transaction. In Florida, Milhaus has developed and manages Canopy at Babcock Ranch, as well as projects in Tampa, such as The Hite and Notch Apartments, Lector 85 and Artistry …
CHARLOTTE, N.C. — Mesa West Capital has provided a joint venture between Hillridge Capital and Broad Creek Capital with a $69.8 million first mortgage loan for the acquisition and renovation of Loft One35 in Charlotte’s South End neighborhood. The total acquisition cost was $94 million, according to the Charlotte Business Journal. Loft One35 is a 298-unit, six-story community that offers a mix of loft-style apartments as well as townhomes. Amenities include a resort-style pool, a courtyard with a fire pit and grilling stations, a pet spa, a coffee bar and …
SAN FRANCISCO — Jonathan Rose Cos. has opened Oscar James Residences, located about 1.4 miles from the 866-acre Hunters Point Shipyard in San Francisco. This project marks New York City-based Jonathan Rose Cos.’ first ground-up development in San Francisco and its second in California. Oscar James Residences was co-developed with nonprofit partner Bayview Senior Services, though the project is conventional affordable housing, not seniors housing. The $132.9 million project was made possible through a combination of public and private funding sources, with Bank of America serving as an equity investor …
FORT WORTH, TEXAS — Dallas-based Palladium USA has completed Palladium Oak Grove, a 240-unit affordable housing community in Fort Worth. Rent caps range from 30 to 80 percent of area median income. The project cost was approximately $60 million and was developed in partnership with the Fort Worth Housing Finance Corp. Financing came from a variety of sources, including 4 percent Low-Income Housing Tax Credits. Units are offered in one-, two- and three-bedroom floor plans. Amenities include a resort-style pool, a fitness center, a conference room, a dog park, a …
WOODBURY, MINN. — Northmarq’s Minneapolis-based team has arranged the $34.3 million refinancing, in the form of a Fannie Mae loan, of Acclaim of Woodbury, a 109-unit build-to-rent community located at 10108 Sunbird Circle in Woodbury, about 9 miles from St. Paul, Minnesota. Interstate Development, the sponsor, completed the project earlier this year. Homes are available with two, three or four bedrooms complemented by shared amenities such as lawncare, snow removal services and a 24-hour fitness center.
ALEXANDRIA, VA. — Fairstead has broken ground on an affordable housing adaptive reuse project in the Washington, D.C., suburb of Alexandria. On the site of Samuel Madden Homes, originally built to house African American defense workers during World War II, the company will build 207 residences, ranging from one- to four-bedroom units, reserved for families earning 30 to 80 percent of area median income as well as a new community food bank. Completion is slated for fall 2027. Financial partners include permanent and construction lenders Boston Financial, Freddie Mac and …
AUSTIN, TEXAS — Presidium has completed development of Presidium 183, a 374-unit community in North Austin’s Burnet-Gateway area, home of The Domain, a high-density mixed-use property. Designed by Dallas-based O’Brien Architects, Presidium 183 offers a resort-style pool, a fitness center with a sauna and yoga and spin rooms, a speakeasy-style bar, a clubroom, landscaped courtyards, hammock groves, outdoor game spaces, electric vehicle charging stations, bike storage and package lockers. Units feature smart home technology and private outdoor areas, while select homes sport added features like wine refrigerators and private garages. …
MCKINNEY, TEXAS — Equus has sold McKinney Village to Weidner Apartment Homes. The 245-unit community about 50 miles north of Dallas in McKinney was built in 2017 with a unit mix comprised of studios, one- and two-bedroom floor plans as well as two-story townhomes with attached garages. Amenities include a resort-style pool with covered seating and grilling stations, a fitness center with cardio and strength equipment, a clubhouse lounge, a pet park and a community garden. Brian O’Boyle Jr. with Newmark represented Philadelphia-based Equus in the transaction. The sales price …