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700-Locust-Pasadena
CaliforniaInvestment SalesNewsWestern

Pasadena Property Trades for $22 Million

by Lynn Peisner

PASADENA, CALIF — CBRE has brokered the $22 million sale of ALUR Apartments, a 51-unit community located at 700 Locust St. in Pasadena. The property was acquired by ADC Real Estate Group LP, an affiliate of Amoroso Cos. CBRE’s Kamran Paydar and Kadie Presley Wilson represented the seller, a private Los Angeles-based investor. Ryan Greer, Trevor Breaux and Troy Tegeler with CBRE’s debt and structured finance division arranged acquisition financing on behalf of the buyer. Built in 1987 and renovated in 2021, ALUR consists of a mix of one- and …

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Blu-Atlantic
FloridaNewsOperationsSoutheast

RKW Named Manager of Three South Florida Properties

by Lynn Peisner

FORT LAUDERDALE — RKW Residential has been named property manager of three South Florida properties: Falls at Marina Bay in Fort Lauderdale, Blue Atlantic in Delray Beach and Atlantica at Dania Beach. The properties comprise 671 units. Names of the property owner(s) were not disclosed. Falls at Marina Bay is a 376-unit waterfront community offering one-, two- and three-bedroom apartments. The community is anchored by a 10,000-square-foot clubhouse, a lagoon-style pool with a hot tub and a fitness center with a personal trainer on staff.   Blu Atlantic, a 177-unit …

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Arya-Apartments
DevelopmentFinanceNewsWestern

Helio Group Locks in $58 Million ReFi for Culver City Development

by Lynn Peisner

CULVER CITY, CALIF. — JLL Capital Markets has arranged a $58 million construction takeout loan for Helio Group. The loan was funded by Canyon Partners Real Estate and will be used to refinance existing debt used to develop Arya Apartments in Culver City. Arya is one of five multifamily projects Helio has developed in the greater Culver City submarket since 2018. The property features 38 studios, 36 one-bedrooms and 45 two-bedrooms, all of which feature smart-home technology. Asking rents on floor plans available as of late August range from $2,995 …

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Affordable HousingDevelopmentLeasing & MarketingMidwestNebraska

The Annex Group Opens $52.7 Million Nebraska Affordable Housing

by Lynn Peisner

LINCOLN, NEB. — The Annex Group has completed development of and begun leasing at Union at Antelope Valley, an affordable housing community in Lincoln offering 187 one-, two- and three-bedroom units to households whose income level is at or below 60 percent of the area median income. The $52.7 million community is situated on 1.7 acres on the east side of downtown Lincoln. It offers amenities such as a community and fitness center, a dog park and a courtyard. The ground floor of the building houses a parking garage with …

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Alden-Park
FinanceNewsTexas

Dwight Capital Originates $59 Million HUD Loan for Alden Park Kingsland in Houston

by Lynn Peisner

HOUSTON — Dwight Capital has closed a $59 million HUD 223(f) loan for an undisclosed borrower. The borrower will use the loan to retire existing debt, cover closing costs, complete property enhancements and establish a replacement reserve account to fund future capital projects for Alden Park Kingsland, a 423-unit, garden-style community in Houston. The property features 10 three-story residential buildings, a community clubhouse, a mail kiosk and a car-care facility. Amenities include a fitness and business center, a resident lounge, a dog park, a carwash station, grilling areas and a …

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Granby-Oaks-&-The-Vale
FinanceNewsSouth CarolinaSoutheastTennessee

JLL Arranges ReFi Loans for Owner of Properties in South Carolina and Tennessee

by Lynn Peisner

WEST COLUMBIA, S.C., AND NASHVILLE, TENN. — JLL has arranged approximately $33.9 million in Freddie Mac refinancing loans for two properties owned by PAM Associates. JLL Capital Market’s Debt Advisory Team arranged a $19.8 million loan for Granby Oaks in West Columbia and a $14 million loan for The Vale in Nashville. Granby Oaks is a 148-unit, garden-style community that was built in 1973. It features one-, two- and three-bedroom units. Since acquiring the asset in 2022, PAM Associates has invested approximately  $2.1 million in capital improvements, upgrading all of …

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Westmount-Houston
Investment SalesNewsTexas

Westmount Realty Capital Sells San Antonio Community

by Lynn Peisner

SAN ANTONIO — Westmount Realty Capital has sold Westmount at Houston Street, a 200-unit, townhome community located at 4611 E. Houston St. in San Antonio’s East submarket. Westmount acquired the asset in 2019. It was developed in 2003 on 18 acres and features 37 buildings offering a mix of two-, three- and four-bedroom units with garages. The property also includes a resort-style pool, a playground, a dog park, and a clubhouse with a business and fitness center. At the time of sale, Westmount at Houston Street was 91.5 percent occupied. …

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Stateswood
DevelopmentNewsNorth CarolinaSoutheast

EMBREY Closes on Land, Secures Financing For Charlotte Development

by Lynn Peisner

CHARLOTTE, N.C. — EMBREY, a San Antonio-based investment firm, has closed on land and financing for Stateswood, a 300-unit community located at  10630 Twin Lakes Parkway in Charlotte. The 19.8-acre property will be a three-story, garden-style development with such amenities as a clubhouse, coworking lounge, a resort-style pool, a fitness center, a courtyard, a pet park and a 24-hour package room. Pre-leasing will be handled by EMBREY Management Services, and the developer anticipates completion by the first quarter of 2027. The financing for Stateswood was provided by Trustmark Bank.

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North-Bluff
Investment SalesNewsSouth CarolinaSoutheast

JV Acquires Charleston Value-Add Portfolio

by Lynn Peisner

CHARLESTON, S.C. — Ginkgo Residential and J.P. Morgan Real Estate Income Trust (JPMREIT) have acquired a five-property portfolio totaling 647 units across the Charleston metro area. The communities include: Brackenbrook Apartments (168 units), North Bluff Apartments (144 units), The Landing (119 units), Sawbranch Apartments (112 units) and Woodlocke Apartments (104 units). Originally developed between 1975 and 1985, the portfolio has been owned and managed by the same group for many decades, according to Ginkgo, which is a Charlotte, North Carolina-based investment firm that pursues value-add acquisitions across the Southeast. The …

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Broadstone-West-End
DevelopmentNewsNorth CarolinaSoutheast

Alliance Residential Opens Broadstone Project in Charlotte

by Lynn Peisner

CHARLOTTE, N.C. — Alliance Residential Co. has opened Broadstone West End, a 332-unit community in Charlotte’s FreeMoreWest neighborhood. The project was designed by a Charlotte-based team including McAdams Co. (civil engineering), Cline Design (architecture) and MAD Studio Interiors (interior design). Broadstone West End offers studios and one- and two-bedroom floor plans. Units feature Samsung stainless steel appliances, wide plank flooring, quartz countertops, electronic entry locks and full-size washers and dryers. Private balconies, built-in entry storage and city views are available in select floor plans. Residents can choose from three interior …

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