TORRANCE, CALIF. — CBRE has brokered the $4.8 million sale of an 11-unit community in the Los Angeles suburb of Torrance. CBRE’s Dan Blackwell and Trey Mitchell represented the locally-based private exchange buyer. The seller was headquartered in Los Angeles. Constructed in 1964, the asset sits on approximately 0.2 acres in the Old Town Torrance neighborhood. The property offers one-, two- and three-bedroom units. Amenities include an on-site laundry facility. Over the past two years, the building has been updated with new plumbing and drain lines, electrical, windows, exterior paint and repairs, …
LANCASTER, TEXAS — Trion Properties has acquired Riverbend Apartments, a 471-unit complex in the southern Dallas suburb of Lancaster. Riverbend Apartments features 181 one-bedroom units and 290 two-bedroom units. Amenities include three pools and multiple play areas for children. The seller and sales price were not disclosed. Trion Properties plans to implement a value-add program for the community.
DURHAM, N.C. — Camden Property Trust has opened Camden Durham, a 420-unit community located at 441 Dillard St. in downtown Durham. The complex offers one-, two- and three-bedroom apartments, as well as 14 one- and two-bedroom townhome-style units. Amenities include a pool, 24-hour athletic club, resident lounge and community workspace, barbecue grills and a lawn for gatherings. The property also features 5,945 square feet of ground-floor retail space, which is currently available for lease.
SCHERTZ, TEXAS — A partnership between the Schertz Housing Authority and The NRP Group have broken ground on Aviator 1518, a 300-unit affordable housing development in Schertz. The project is financed through four percent housing tax credits allocated by the Texas Department of Housing and Community Affairs. Additional development partners include Bank of America, Bexar County, Texas Home Collaborative, Coats Rose, MTR Engineering and Alta Architects. Aviator 1518 will offer units in one-, two-, three- and four-bedroom floor plans. Units in the complex’s three-story central building are built with elevator-accessible …
WAXAHACHIE, TEXAS — Texas-based owner-operator Wan Bridge has completed Sonata Estates, a 127-unit build-to-rent project in the Dallas suburb of Waxahachie. The community offers three- and four-bedroom townhome residences. Units range in size from 1,612 to 1,854 square feet. Rents start at $2,250 per month. Amenities include a pool and splash pad, playground, outdoor sports courts, picnic areas and baseball fields. Residents also have access to onsite maintenance services and a walking path that connects to a nearby park.
ROCKFORD, ILL. — PACE Equity has provided $10.9 million in Commercial Property Assessed Clean Energy (C-PACE) financing for a 215-unit industrial-to-multifamily conversion project in Rockford. The complex consists of two buildings that previously served as industrial space. The C-PACE financing will help fund energy-efficient improvements to the property’s HVAC system, LED lighting, windows, walls, roof and water conservation. The Illinois Energy Conservation Authority, an Illinois tax-exempt 501(c)(3) nonprofit organization, worked to close the financing with PACE Equity.
MILWAUKEE AND BROOKFIELD, WIS. — MLG Capital has acquired three communities — Trostel Square, Norhardt Crossing and Norhardt Apartments — in the Milwaukee metropolitan area for an undisclosed price. The seller and sales price were not provided. Trostel Square is a 99-unit property located in the Brewers Hill neighborhood of Milwaukee. Norhardt Crossing and Norhardt Apartments are both located in the Milwaukee suburb of Brookfield. Together, the two properties comprise 211 units and share a full amenity set at Norhardt Crossing.
GRISWOLD, CONN. — Locally based brokerage firm Chozick Realty has arranged the $30 million sale of Pleasant View Estates, a 102-unit community in Griswold, near the Connecticut-Rhode Island border. Rick Chozick of Chozick Realty brokered the deal. The buyer and seller were not disclosed. Pleasant View Estates offers two-bedroom units with an average size of 1,036 square feet and three-bedroom townhouses that range in size from 1,363 to 1,693 square feet. Amenities include a clubhouse, game room, playground and walking trails.
VICTOR, IDAHO — NewPoint Real Estate Capital has provided $22.5 million in HUD/FHA 221(d)(4) construction-to-permanent financing for the development of The Larkspur, an 86-unit market rate workforce housing community in Victor. Plaza Equity Partners, a Miami-based real estate development company, broke ground on the project in October. The loan was originated by NewPoint’s Karen Kim, and features a 22-month construction period followed by a 40-year term. The Larkspur is a planned three-story garden-style community. The property will offer studio, one-, two- and three-bedroom floor plans. Amenities include an outdoor fire pit, barbecue …
JERSEY CITY, N.J. — CBRE has negotiated the $8.2 million sale of a property located at 160 Vroom Street in the Journal Square neighborhood of Jersey City. A private investment group acquired the 41-unit asset from a New York City-based family office. Fahri Ozturk, Richard Gatto and Zach McHale of CBRE Tri-State Capital Markets marketed the property and represented the seller in the negotiations. CBRE also procured the buyer. The property offers 22 one-bedroom units and 19 two-bedroom units, as well as on-site laundry facilities for residents.