Cities
Denver Rental Property Commands $62M
Gelt Inc. has acquired the 384-unit Cedar Run Apartments from Maxx Properties. The new owner plans to upgrade both apartment interiors and common spaces at the property.
Tampa Bay Community Trades for $32M
Balfour Beatty Communities has acquired the 278-unit property as part of a joint venture. The company’s Florida portfolio has increased to more than 3,500 residences.
Houston Property Receives $37M Refi
Arel Capital will use the senior loan provided by PCCP to refinance Bayou on the Bend, a 241-unit multifamily asset in the city’s Memorial neighborhood.
Carlyle Group, Stonehenge Land $235M Recap for NYC Tower
The newly formed joint venture will invest in upgrades to The Ritz Plaza, a 479-unit residential community in Times Square.
Wallick Secures $49M for Ohio Properties
Merchants Capital arranged the bridge financing for three assisted living properties totaling 363 units in Columbus and Cincinnati, as demand for affordable senior housing grows more acute.
Luxury San Diego Community Commands $149M
Berkadia handled the sale of the 374-unit property to Mission Gorge Investors, an entity controlled by R & V Management. The 2018-built asset was sold by Hanover Co.
Cortland Expands in Houston
The company used a Freddie Mac loan to finance the acquisition of Tradewinds at Willowbrook from Olympus Property, which had owned the 332-unit community for seven years.
Miami-Area Community Lands $46M Refi
HFF worked on behalf of the owner, Park Partners Residential, to secure the loan in which its proceeds will go towards refinancing the construction loan that was previously arranged for the property’s development in 2016.
Hines JV to Build 2.5 MSF North Carolina Project
Along with co-developers Columbia Development Group and USAA Real Estate, the firm is building Fenton, a 92-acre mixed-use project in the Raleigh-Durham area.
TruAmerica, Blackstone Buy 608-Unit Portfolio for $97M
For their second deal since forming a joint venture last year, the partners picked up a 368-unit community in central Las Vegas for $58 million, along with a 240-unit asset west of Atlanta.