KANSAS CITY, MO. — Northmarq has arranged the sale of 456-unit Timberlane Village in Kansas City. Gabe Tovar, Jeff Lamott, Parker Stewart and Dominic Martinez of Northmarq’s Midwest investment sales team arranged the sale on behalf of the original developer. The sale price was undisclosed. Daniel Stickane, senior vice president of debt and equity at Northmarq, secured acquisition financing for the buyer, Houston-based Venterra Realty, with a fixed-rate loan through Northmarq’s in-house Fannie Mae team. Built in 1987, Timberlane Village features 456 one-, two- and three-bedroom units across 40 two- …
GLENDALE, ARIZ. — Torrance, California-based Storm Properties Inc. has acquired The Arches Apartments in the Phoenix suburb of Glendale for $33.5 million. The Arches is a 200-unit, garden-style community that was developed in 1985. Trevor Koskovich, Jesse Hudson, Ryan Boyle and Logan Baca of Northmarq’s investment sales team brokered the transaction on behalf of the seller, an affiliate of Phoenix-based Western Wealth Capital doing business as WWC XL VII. Northmarq’s debt and equity team of Brandon Harrington, Christopher Gitibin, Tyler Woodard, Bryan Mummaw and Bryan Liu arranged a five-year, fixed-rate …
CHICAGO — Los Angeles-based investment firm ShainRealty Capital has sold an eight-building, 200-unit portfolio located in Kenwood neighborhood on the South Side of Chicago for $28.5 million. The eight-building, value-add portfolio was sold to a locally based syndicate led by Eagle Infinite Investments. Lucas Fryman and Ted Stratman of Interra Realty arranged the transaction. The properties within the portfolio are all within a two-mile radius of each other and are within walking distance from the University of Chicago. Units across the properties consist of primarily two- and three-bedroom units approximately …
WASHINGTON, D.C. — The Federal Housing Finance Agency (FHFA) has confirmed that the Housing Trust Fund and Capital Magnet Fund will receive approximately $545 million for affordable housing initiatives from Fannie Mae and Freddie Mac. According to Sandra Thompson, director of the FHFA, a portion of every loan purchased by Fannie Mae & Freddie Mac is allocated to the Housing Trust Fund and the Capital Magnet Fund. The Housing Trust Fund, overseen by the U.S. Department of Housing and Urban Development, will receive $354 million. The Housing Trust Fund allocates …
CHICAGO — Chicago-based The Habitat Company has secured financing for the second phase of Ogden Commons, a $200 million mixed-use, mixed-income project in the North Lawndale neighborhood on Chicago’s west side. Upon completion, the development will offer over 350 mixed-income units and 120,000 square feet of commercial and retail space. The development will be known as OC Living. With financing in place, construction has already started on OC Living’s first phase, a 92-unit building that will consist of 90 percent affordable units with the remaining units offered at market-rate. Planned …
SAN ANTONIO — The city of San Antonio and its partners have broken ground on Los Arcos at VIDA, a 324-unit affordable housing community on the city’s south side. Los Arcos is financed by 4 percent housing tax credits allocated by the Texas Department of Housing and Community Affairs ($36 million); private activity bonds issued by Opportunity Home San Antonio ($38 million); various funds from the 2022-2027 City of San Antonio Housing Bond Program ($5.3 million); and grant funds from the Bexar County Economic & Community Development American Rescue Plan …
DECATUR, GA. — Toll Brothers Apartment Living has completed and opened Notion in Decatur, an Atlanta suburb about 7 miles east of downtown. Pondmoon Capital USA was a joint venture partner in the 290-unit project, financed in part by a $45.7 million construction loan from Santander Bank. Construction began in 2020. Dwell Design Studio was the architect for Notion, which is situated on a 3-acre site. The mid-rise community includes a mix of studio, one- and two-bedroom floor plans. According to the property website, rents range from approximately $1,597 to …
FORT COLLINS, COLO. — Lakewood, Colorado-based Olive Bark has acquired Fox Meadows Apartments for $36.8 million. Fox Meadows Apartments is a 138-unit partial LIHTC community in Fort Collins, which is 45 miles north of Boulder, Colorado. Sixty-three units are set aside for households earning at or below 60 percent of the area median income. The property was built in 2001. Colliers Multifamily Advisory Group’s Bill Morkes and Craig Stack represented the seller and procured the buyer, a private local developer. The transaction included a fully amortizing, fixed-rate HUD loan assumption.
WESLEY CHAPEL, FLA. — Middleburg Communities has closed on two land parcels for two development projects in Wesley Chapel, about 25 miles northeast of Tampa, Florida. Mosby Avalon Park will be a 338-unit multifamily community, and Hamlet Avalon Park is a build-to-rent (BTR) project with 260 single-family homes, duplexes and townhomes. Construction will begin immediately on Mosby. Middleburg expects to break ground on Hamlet Avalon Park by approximately the second quarter of this year. The Mosby portion of the development is $85.5 million, and Hamlet Avalon Park will cost $79.5 …
APEX, N.C. — RXR has acquired a 1,000-acre development site in Apex, about 15 miles west of Raleigh, North Carolina. The New York City-based developer will build a $3 billion mixed-use project called Veridea on the site. Development plans include the construction of a new 340,000-square-foot campus in partnership with Wake Technical Community College as well as a new elementary school. In the first phase, RXR will develop about 1,000 multifamily units, and Lennar will develop 1,100 townhomes and single-family homes. Phase I also will include about 750,000 square feet …