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Partnership Acquires Hearthstone at City Center in Aurora, Colorado for $74 Million

by Channing Hamilton March 13, 2024

AURORA, COLO. — A partnership consisting of Bascom Group and an affiliate of Oberndorf Real Estate Management, formerly known as The Axton Group, has acquired Hearthstone at City Center in Aurora. The 360-unit asset traded hands for $74 million. The seller was not disclosed. Aurora is an eastern suburb of Denver. Hearthstone at City Center is located at 932 South Helena Way. The property features one-, two- and three-bedroom units across 41 buildings on an 18.2-acre site. Amenities include a pool, outdoor grilling and picnic areas, a fitness center and …

March 13, 2024

Finance News Oregon Western

JLL Capital Markets Brokers $80.5 Million in Financing for Chase Village in Eugene, Oregon

by Channing Hamilton March 12, 2024

EUGENE, ORE. — JLL Capital Markets has arranged the $80.5 million refinancing of Chase Village, a 536-unit community in Eugene. Chase Village was built in 1990. The complex offers one-, two- and three-bedroom apartments. Units feature full kitchens, in-unit laundry, wood plank flooring and walk-in closets. Amenities include a pool, basketball court, fitness center, outdoor lounge spaces, a basketball court, grilling area and car wash area. JLL secured the five-year loan through Freddie Mac Multifamily. Horizon Realty Advisors was the borrower. The loan will be serviced by JLL Real Estate Capital LLC. …

March 12, 2024

Development Finance News Southeast Virginia

Kennedy Wilson Provides $96 Million to Construct Office-to-Residential Conversion Project in Alexandria, Virginia

by Channing Hamilton March 11, 2024

ALEXANDRIA, VA. — Kennedy Wilson has provided a $96 million senior construction loan for the development of TideLock, an office-to-multifamily redevelopment project in Alexandria. The project will redevelop three existing office buildings into a mixed-use complex. Marshall Scallan, Michael Zelin, Bindi Shah and Nick Rangel of Cushman & Wakefield negotiated the financing on behalf of the borrowers, Community Three and Whitaker Investment Corp. Plans for TideLock include 169 residential units, as well as 65 condominiums and 7,000 square feet of commercial space. Construction is slated to begin immediately and complete …

March 11, 2024

Finance New York News Northeast

Slate Property Group Secures $97 Million to Refinance The Yellowstone in Queens, New York

by Channing Hamilton March 8, 2024

NEW YORK CITY — Slate Property Group has secured a $97 million loan for the refinancing of The Yellowstone, a 166-unit community located within the Forest Hills neighborhood of Queens. Daniel Fromm of Newmark negotiated the five-year, fixed-rate loan through Apollo Global Management on behalf of Slate Property Group. The Yellowstone offers one- and two-bedroom units that range in size from 475 to 950 square feet. Units feature granite countertops and backsplashes, stainless steel appliances and in-unit washers and dryers. Select units also include private balconies. The community offers amenities …

March 8, 2024

Affordable Housing Development Finance New York News Northeast

AMS Acquisitions to Develop $458 Million Teutonia Hall in Yonkers, New York

by Channing Hamilton March 7, 2024

YONKERS, N.Y. — The Yonkers Industrial Development Agency (YIDA) has granted the final approval of financial incentives for Teutonia Hall, a $458 million project comprising two 41-story residential towers. AMS Acquisitions is the developer. Teutonia Hall will offer a total of 906 apartment units, 91 of which will be affordable. Income restrictions on the affordable units were not disclosed. The property will also feature 2,900 square feet of street-level commercial space and 907 parking spaces. The lower six stories of the buildings will comprise a podium, which will serve as …

March 7, 2024

Creekside Park I and II in Napa, California

California Investment Sales News Western

Marcus & Millichap Arranges $47 Million Sale of Two-Property Portfolio in Napa, California

by Channing Hamilton March 6, 2024

NAPA, CALIF. — Marcus & Millichap has arranged the sale of Creekside Park I and II, a two-property portfolio totaling 188 units in Napa. The original developer of the portfolio sold it to an undisclosed buyer for $47 million. Mitchell Zurich, Kirk Trammell, David Cutler and Joshua Johnson of Marcus & Millichap represented the seller and procured the buyer. Creekside Park was constructed in two phases in 1983 and 1985. The asset comprises 15 two-story residential buildings and two single-story amenities buildings on a 10-acre site. Units come in one-, two- …

March 6, 2024

Development Finance Georgia News Southeast

Madison Communities Secures $35.5 Million in Construction Financing for Madison Oglethorpe in Savannah, Georgia

by Channing Hamilton March 5, 2024

SAVANNAH, GA. — Madison Communities, the multifamily development affiliate of Madison Capital Group, has secured a $35.5 million loan for the construction of Madison Oglethorpe in Savannah. United Bank provided the financing. Forum Investment Group has also provided preferred equity for the development. The garden-style community will offer 240 units, as well as amenities including a clubhouse and lounge with coworking space, fitness center, outdoor lounge, pool, grilling stations and a fire pit. The project is slated to deliver in late 2025. SGA|NW is the architect. BenCo Construction, an affiliate …

March 5, 2024

Investment Sales News Northeast Washington, D.C.

Greysteel Arranges $48.1 Million Sale of Four-Property Portfolio in Washington, D.C.

by Channing Hamilton March 4, 2024

WASHINGTON, D.C. — Greysteel has negotiated the $48.1 million sale of a four-property portfolio in Washington, D.C. American Housing was the buyer, while the sellers were locally based real estate investors. Greysteel represented the sellers in the separate transactions, which were completed through D.C.’s Tenant Opportunity to Purchase Act. The portfolio includes Newton Towers, a 56-unit community located in the Columbia Heights neighborhood; The Park Regent, a 96-unit property in Mount Pleasant; an unnamed 28-unit building located at 3654 New Hampshire Avenue; and a 43-unit building located in Penn Quarter. …

March 4, 2024

Investment Sales Nevada News Western

Tower 16 Capital Partners Acquires The Deco at Victorian Square in Reno, Nevada, for $43 Million

by Channing Hamilton March 1, 2024

RENO, NEV. — Tower 16 Capital Partners has acquired The Deco at Victorian Square, a 209-unit community in Reno, for $43 million. Jonathan Merhaut of Eastdil Secured represented the undisclosed seller in the deal. Lee Redmond and Greg Stampley of Eastdil arranged debt financing for the buyer. The Deco at Victorian Square was built in 2021. The community offers studio, one- and two-bedroom floor plans averaging 731 square feet in size. The new owner plans to implement nearly $1 million in upgrades, including modernized common areas, fitness center upgrades and landscaping …

March 1, 2024

Oakview Apartment Homes and The Biltmore at Thousand Oaks in Ventura County, California

California Investment Sales News Western

Institutional Property Advisors Brokers $153 Million Sale of Two-Property Portfolio in Ventura County, California

by Channing Hamilton February 29, 2024

WESTLAKE VILLAGE AND THOUSAND OAKS, CALIF. — Institutional Property Advisors (IPA) has brokered the sale of a two-property, 409-unit portfolio in California’s Ventura County. FPA Multifamily acquired the portfolio for $153 million. KevinGreen, Joseph Grabiec and Gregory Harris of IPA represented the seller, a private multifamily investor, and procured the buyer. The two properties included in the portfolio are Oakview Apartment Homes, a 242-unit asset in Westlake Village, and The Biltmore at Thousand Oaks, a 167-unit complex in Thousand Oaks. The properties were built in 1970 and 1965, respectively.

February 29, 2024

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