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Soma Towers
Investment SalesNewsWashingtonWestern

Su Development Divests of Soma Towers Near Seattle for $192.8 Million

by Channing Hamilton

BELLEVUE, WASH. — Su Development has completed the sale of Soma Towers, a 273-unit property located at 288 106th Ave. NE in Bellevue. The Sobrato Organization purchased the two-tower community for $192.8 million. Eli Hanacek, Kyle Yamamoto and Mark Washington of CBRE represented the seller in the deal. Soma Tower consists of two towers, which house a mix of studio, one- and two-bedroom apartments and two- and four-bedroom penthouse suites. The property also features 29,964 square feet of commercial space across two floors that is 90 percent leased to restaurants, retail …

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La Central
FinanceNew YorkNewsNortheast

Partnership Receives $343 Million in Financing for Affordable Housing Project in South Bronx

by Channing Hamilton

NEW YORK CITY — A partnership between The Hudson Cos. and BRP Cos. has received $343 million in financing for Phase II of La Central, a 420-unit affordable housing development in the South Bronx. The second phase of La Central will encompass Building C, which will consist of 166 units across 13 stories, and Building E, a 26-story building that will feature 254 units. Development on Phase II is slated to complete in 2028. Apartments will come in one-, two, three- and four-bedroom floor plans. The buildings will be reserved …

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Altus Odessa Portfolio
Investment SalesNewsTexas

Altus Equity Group Acquires 1225-Unit Portfolio in Odessa, Texas

by Channing Hamilton

ODESSA, TEXAS — Altus Equity Group Inc. has acquired a portfolio of six garden-style assets totaling 1,225 apartments in the western Texas city of Odessa. The portfolio was 92 percent occupied at the time of sale. Altus Equity Group acquired the portfolio through a partnership with Wellings Capital. Drew Garza of the Dallas office of Institutional Property Advisors, a division of Marcus & Millichap, arranged the deal. Rocco Mandala of CBRE arranged the debt. Phillips Murrah and Beyers Costin Simon provided legal counsel.

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One Twenty Brickell Residences
DevelopmentFinanceFloridaNewsSoutheast

PMG Secures $413 Million Construction Loan for High-Rise Development in Miami

by Channing Hamilton

MIAMI — PMG has received a $413 million construction loan for One Twenty Brickell Residences, a two-tower development in Miami’s Brickell Financial District. Located at 120 S.W. 8th St., the project will consist of an apartment tower and a condominium tower.  The multifamily high-rise will rise 41 stories and offer a mix of studio, one-, two- and three-bedroom apartments. The building will also feature a 48,000-square-foot amenity package, including a pool with a hot tub, fitness center, coworking hub, lounges and a lobby with concierge services. Sentral will operate the …

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Park at Valenza
FloridaInvestment SalesNewsSoutheast

BMC Investments Buys 776-Unit Community Near Tampa, Florida

by Channing Hamilton

TEMPLE TERRAE, FLA. — Denver-based BMC Investments has purchased Park at Valenza, a 776-unit complex located at 6900 Aruba Ave. in Temple Terrace, about 10 miles northeast of Tampa. The seller and sales price were not disclosed, as well as BMC’s joint venture partner. A Prime Finance-sponsored fund provided acquisition financing for the deal. Park at Valenza was built in three phases from 1987 to 1996, and features a mix of one-, two- and three-bedroom apartments. Residents have access to amenities such as a lounge, gym, pool, basketball court and …

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The Links on PGA Parkway
DevelopmentFinanceNewsTexas

Carbon Cos., Greenway Receive $125 Million in Construction Financing for Project in Frisco, Texas 

by Channing Hamilton

FRISCO, TEXAS — Carbon Cos. and Greenway Investment Co. have received roughly $125 million in construction financing for The Links on PGA Parkway, an apartment community located about 30 miles north of Dallas in Frisco. The debt, which was arranged by the Carbon Cos. internal team, will be used to complete the construction of the final two phases of the four-phase, 38-acre development. The financing includes a syndicated bank loan facility and mezzanine loan. Origin Bank arranged the syndicated bank loan, with participant banks including Simmons Bank, North Dallas Bank …

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Maeve
DevelopmentNewsNorth CarolinaSoutheast

Capital Square Opens 20-Story Apartment Tower in Raleigh, North Carolina

by Channing Hamilton

RALEIGH, N.C. — Capital Square has opened Maeve, a 20-story apartment tower located at 319 W. Lenoir St. in Raleigh’s Warehouse District. Maeve consists of 297 units in studio, one-, two- and three-bedroom floor plans. The high-rise community also features approximately 10,000 square feet of street-level retail space, a double-height lobby and 30,000 square feet of amenities, including a pool and rooftop lounge. Greystar is managing the community. York Properties is overseeing the tower’s retail leasing assignment. Project partners for Maeve included JDAVIS Architects, general contractor W.M. Jordan Co., landscape …

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800 Broadway
CaliforniaFinanceNewsWestern

Affinius Capital Originates $148.5 Million in Refinancing for San Diego Community

by Channing Hamilton

SAN DIEGO — Affinius Capital has originated a $148.5 million loan for the refinancing of 800 Broadway, a 40-story apartment building in San Diego. James Burrell of Northmarq arranged the financing on behalf of the borrower, Diamond Realty Investments. 800 Broadway features 356 market-rate units and 33 affordable units. The property features studio, one- and two-bedroom apartments, as well as two- and three-bedroom penthouses. 800 Broadway also includes 4,830 square feet of commercial space. Tenants have access to amenities such as a rooftop deck with a pool and hot tub, …

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The Residences at Enso
FinanceFloridaNewsSoutheast

Thorofare Capital Provides $74 Million Loan for Refinancing of Community in Jacksonville, Florida

by Channing Hamilton

JACKSONVILLE, FLA. — Thorofare Capital has provided a $74 million bridge loan for the refinancing of The Residences at Enso, a 304-unit asset located 20 miles east of downtown Jacksonville along the Saint Johns River. The borrower, Trevato Development Group, will use the 2.5-year floating-rate loan to repay the original construction loan on the property. Jeff Kinney and Phil Rachels of CBRE’s Jacksonville office arranged the loan. The Residences at Enso consists of nine, four-story buildings across 22 acres. Floor plans range from 669 square feet to 1,599 square feet. The …

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Avalon Wesmont Station
Investment SalesNew JerseyNewsNortheast

AvalonBay Communities Sells 406-Unit Asset in New Jersey for $161.5 Million

by Channing Hamilton

WOOD-RIDGE, N.J. — AvalonBay Communities has sold Avalon Wesmont Station, a 406-unit community located in Wood-Ridge, approximately 15 miles northwest of New York City. Cammeby’s International purchased the community for $161.5 million. Located at 100 Rosie Square, Avalon Wesmont Station offers a mix of studio, one-, two- and three-bedroom apartments. The average unit size is 959 square feet. Residents have access to amenities such as a pool, sundeck with grills, clubroom with workstations, fitness center. The property also offers covered parking and 18,000 square feet of ground floor retail space. Jose …

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