NEW BRUNSWICK, N.J. — The Community Builders has broken ground on Stirlingside Residences, a 53-unit affordable housing project in New Brunswick. The property will offer 13 three-bedroom, 30 two-bedroom and 10 one-bedroom apartments. Of the total unit count, 47 will be reserved for households earning 60 percent or less of the area median income. Six units will be set aside for families and individuals who previously experienced homelessness. Amenities will include a community room, fitness room and onsite laundry facilities. The project is slated to deliver in mid-2025.
SUWANEE, GA. — RangeWater Real Estate and Nippon Steel Kowa Real Estate have acquired Provenza at Old Peachtree, a garden-style community located at 1460 Distribution Drive in the Atlanta suburb of Suwanee. The asset will be rebranded as Echo Ridge Suwanee. The property offers amenities such as a pool, outdoor patio with a fireplace, fitness center, clubroom, catering kitchen, car care center, business center with a private meeting space and a community pond with walking trails. The new owners are planning to add a dog park and a pet spa …
NORTH MIAMI BEACH, FLA. — The Estate Cos. (EIG) has completed Soleste NoMi Beach, a 23-story high-rise development located on Biscayne Bay in North Miami Beach. The project comprises 685,957 square feet. The 1.8-acre waterfront property is situated near beaches, the Oleta River State Park, Aventura Mall and Bal Harbour Shops. Soleste NoMi Beach offers 367 apartments. The property will also include 4,460 square feet of commercial space that will house a Peruvian restaurant called Uma Cantina Peruana. Units come in one-, two- and three-bedroom floor plans ranging from 700 …
LOS ANGELES — Rick Raymundo and Ben Savoy of Marcus & Millichap has brokered the sale of a six-unit building at 6645 Farmdale Ave. in the North Hollywood neighborhood of Los Angeles. The asset traded hands for $1.7 million. Raymundo and Savoy represented the undisclosed buyer and undisclosed seller in the deal.
NEW YORK CITY — Marcus & Millichap has negotiated the sale of a 76-unit property at 34-50 28th Street in the Astoria neighborhood of Queens. The asset traded hands for $13.2 million. Louis Zarif, Shaun Riney and Sean Fopeano of Marcus & Millichap represented the seller and procured the buyer in the deal. Both parties were private investors that requested anonymity. The property was originally built in 1930 and rises six stories, according to StreetEasy.com. Units come in studio, one- and two-bedroom floor plans.
NEW YORK CITY AND DENVER — Blackstone (NYSE: BX) has agreed to acquire Denver-based multifamily REIT AIR Communities (NYSE: AIRC) for $10 billion in an all-cash transaction. The deal, which is expected to close during the third quarter, will take AIR Communities private. Under the terms of the deal, Blackstone will assume all of the REIT’s outstanding debt. Formerly known as Apartment Income REIT Corp., AIR Communities owns 76 communities totaling approximately 27,000 apartments. The properties are spread across 10 states and Washington D.C., but are concentrated in coastal markets …
LONGVIEW, TEXAS — The Multifamily Group has arranged the sale of Courtyard Apartments, a 63-unit community in Longview, 120 miles east of Dallas. Yonnic Land of The Multifamily Group represented the seller and procured the buyer in the deal. Both parties requested anonymity. Courtyard Apartments was built in 1966. The community offers one- and two-bedroom floor plans with an average size of 778 square feet.
GILBERT, ARIZ. — Berkadia has negotiated the sale of and financing for Cambria, a garden-style community located in the Phoenix suburb of Gilbert. Cambria comprises 174 units that average 1,022 square feet in size. The property offers direct-access attached garages, nine-foot ceilings and side-by-side washers and dryers. Bridge Investment Group Holdings sold the asset to a California-based private investor for an undisclosed price. Mark Forrester, Ric Holway, Dan Cheyne and Andrew Curtis of Berkadia Phoenix represented the seller in the deal. Vincent Punzi and Lowell Takahashi of Berkadia’s Irvine, California …
HOUSTON — A partnership between Ascendant Capital Partners and Culver Investment Partners has purchased the Elle Collection, a portfolio of three communities near Texas Medical Center in Houston. The portfolio traded hands for $60 million. The portfolio includes Elle at the Medical Center, Vie at the Medical Center and Plaza Townhomes at the Medical Center. The Elle Collection totals 470 units altogether. The seller was not disclosed. The new ownership plans to implement capital improvement programs at each of the properties.
POUGHKEEPSIE, N.Y. — A developer doing business as Built Parcel Six LLC is approaching completion of 44 Springside, a 28-unit property in Poughkeepsie, about 80 miles north of Manhattan. The building rises five stories in the Arlington neighborhood of the city. Amenities include an indoor pool, community room, fitness center, rooftop terrace and flexible space for social events or work functions. The property will also feature approximately 7,000 square feet of commercial space. Tinkelman Architecture designed the community, which is slated to deliver this summer.