AUSTIN, TEXAS — Minneapolis-based developer United Properties has completed Shelby Ranch, a 302-unit development situated on an eight-acre site in Austin. The first phase of the project delivered about 150 apartments, as well as 3,500 square feet of amenity space and a 1.5-acre pool and courtyard. Shelby Ranch offers studio, one-, two-, and three-bedroom floor plans. Amenities include a workshop, fitness center, co-working space, resident lounge, dog park and chicken coop. The property is a Certified Wildlife Habitat and features honey-producing bees, garden beds, native plants, fruit-bearing trees, rainwater collection, …
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BELLFLOWER, CALIF. — CBRE has arranged the sale of a 32-unit property located at 15741 Blaine Ave. in Bellflower, located approximately 20 miles south of Los Angeles. The asset traded hands for $5.6 million, or $175,000 per unit. Built in 1955, the property is located on a 0.71-acre lot near the intersection of Blaine Avenue and Alondra Boulevard. The asset comprises 16,128 square feet of rentable space on a 0.71-acre lot. The gated community offers 31 one-bedroom units and a manager’s two-bedroom unit, as well as 32 parking spaces. Dan …
AUSTIN, TEXAS — Minneapolis-based developer United Properties has completed Bishop Momo, a 274-unit property located in the St. Elmo District of Austin. OHT Partners served as the general contractor. Belshaw Mulholland Architects designed the community. Bishop Momo offers studio, one- and two-bedroom apartments. Amenities include a pool, fitness center, multiple lounges, coffee bar, dog run, conference room, package lockers and grilling stations. The property also includes as 6,000 square feet of ground-floor retail space and structured parking.
NEW YORK CITY — Marcus & Millichap has arranged the sale of a 13-unit property located in the Hell’s Kitchen neighborhood of Midtown Manhattan. Built in 1920, the five-story building offers a mix of one-, two- and three-bedroom floor plans. Joe Koicim, Logan Markley and Zan Colin of Marcus & Millichap’s Manhattan office marketed the property on behalf of the seller and procured the buyer. Both parties were local private investors.
EVERETT, MASS. — LCOR has acquired The Batch Yard, a 328-unit community in Everett, six miles north of Boston. The community offers a mix of studio, one-, two- and three-bedroom units. Amenities include a pool with sundeck, outdoor media center, library, lounge, fitness center, dining room and garage parking. The acquisition marks the first deal to close under LCOR’s Innovative Living Strategy initiative, which focuses on purchasing and retrofitting properties developed in the past decade.
MADISON, WIS. — Vermilion Development will develop Lock Lane Apartments, a 309-unit project located on an 8.5-acre site in Madison. McShane Construction Co. will construct the property. Potter Lawson is the project architect. JLL arranged equity capital through Quartz Lake Capital and Clarion Partners. CIBC is providing construction financing. Lock Lane Apartments will consist of two five-story buildings that house 289 apartments, as well as three two-story townhome buildings with 20 units. The property will also include a two-level parking garage. Planned amenities include green roof areas, fitness centers, clubrooms, …
CHARLOTTE, N.C. — JLL Capital Markets has secured a $43.6 million loan to finance the construction of McAlpine Vista, a 320-unit development in Charlotte. Matthew Schoenfeldt of JLL arranged the three-year, non-recourse, floating-rate loan through Hartford Investment Management Co. (HIMCO) on behalf of the borrower, Vista Residential Partners. Situated on 14.8 acres at 8011 Krenfeld Drive, McAlpine Vista will comprise 320 apartments. Units will come in one-, two- and three-bedroom floor plans. Amenities will include a 7,750-square-foot clubhouse with a fitness center, coworking spaces and a club room, as well …
SANTA ROSA, CALIF. — Interstate Equities Corp. has purchased 888 Fourth St. Apartments, a 108-unit asset located in downtown Santa Rosa, from a private individual for $38 million. The community was roughly 50 percent occupied at the time of sale. The Interstate Equities investment team and Philip Saglimbeni of Institutional Property Advisors handled the all-cash transaction.
SANTA FE, N.M. — Dwight Mortgage Trust, an affiliate REIT of Dwight Capital, has provided $56.3 million in bridge financing for Madera Apartments in Santa Fe. The borrower, Thrive Development, plans to use the funds to retire the existing construction debt and complete construction and lease-up of the property. Madera Apartments will consist of 218 townhome-style units across 20 two-story buildings. Residences will come in one-, two- and three-bedroom layouts. Units will feature patios or balconies, in-unit washers and dryers, walk-in closets and smart home technology. Planned amenities include a …
FORT COLLINS, COLO. — Thompson Thrift has opened The Quarry, a 319-unit community in Fort Collins, roughly 65 miles north of Denver. The Quarry is situated on a 20-acre site at 1775 Ashlar Drive, near the main campus of Colorado State University. The Quarry features one-, two- and three-bedroom apartment units in three- and four-story buildings, as well as 10 single-family villa structures and detached garages. Units feature bar kitchens with quartz countertops, walk-in closets and full-size washers and dryers. Select units also feature fenced yards. Amenities include a clubhouse, …