LIBERTY HILL, TEXAS — Greysteel has negotiated the sale of a 15-acre development site in Liberty Hill, about 40 miles north of Austin. J.R. Ellis of Greysteel brokered the transaction. The buyer and seller were not disclosed. The site is approved for the construction of a 345-unit community, which will include a workforce housing component. A construction timeline was also not disclosed.
LONG BRANCH, N.J. — Kushner has begun constructing a $130 million development in Long Branch, a beachside city in northern New Jersey. Minno + Wasko Architects & Planners designed the property. The first units are expected to be available for occupancy in late 2025. The community will offer 299 units across two four-story buildings. Units will come in studio, one-, two- and three-bedroom floor plans. Planned amenities include a pool, fitness center, co-working lounge, golf simulator, rooftop terraces, social lounges, pet spa, a children’s playroom and outdoor grilling and dining …
WASHINGTON, D.C. — The Biden Administration has planned an announcement to impose a limit on annual rent hikes at properties that have received support from the Low-Income Housing Tax Credit (LIHTC) program, according to a senior administration official. The new regulation would cap annual rent increases for these properties at ten percent. The Mortgage Banking Association (MBA) criticized the policy in a prepared statement on March 29. “Rent control has consistently proven to be a failed policy that discourages new construction, distorts market pricing, and leads to a degradation of …
ALEXANDRIA, VA. — Berkadia has provided a $157 million Fannie Mae acquisition loan for Mason at Van Dorn, a 1,180-unit community in Alexandria. The borrower and purchaser was a partnership between Shoreham Capital and Bridge Investment Group. The seller was CIM Group, which acquired the asset in 2017. Walter Coker, Brian Crivella, Yalda Ghamarian and Bill Gribbin of Berkadia originated the financing on behalf of the buyers. Mason at Van Dorn was originally built in 1972. The complex consists of 14 buildings on a 30-acre site. Amenities include two pools, …
BRADENTON, FLA. — West Shore has purchased Cirrus at Aqua, a community in Bradenton, 13 miles north of Sarasota. The property offers one-, two- and three-bedroom apartments, as well as amenities such as a pool, fitness center, on-site resident market and a game room. Cirrus at Aqua is situated at 6850 Foxtail Palm Way, about nine miles south of Bradenton’s downtown area. According to Apartments.com, the complex comprises 354 units and was built in 2023.
ST. LOUIS — Berkadia has brokered the sale of Crossing at Northpointe, a 334-unit property in St. Louis. Utah-based Sundance Bay sold the asset to a New Jersey-based buyer for an undisclosed price. Andrea Kendrick, Ken Aston and Bobby Mills of Berkadia represented the seller in the deal. Crossing at Northpointe was constructed in 1972 and renovated in 2021. The community was 94 percent occupied at the time of sale.
SWEETWATER, FLA. — CREI Holdings has secured a $67 million construction loan for the development of Li’l Abner III, a 328-unit affordable and workforce housing community in the Miami suburb of Sweetwater. Centennial Bank provided the financing. Yuleisy Montalvo of Centennial Bank arranged the financing internally. Attorney Manny Diner represented CREI in the loan transaction, and attorney Richard Barbara represented Centennial Bank Li’l Abner III will comprise one eight-story building that will be situated adjacent to Li’l Abner I and II. Apartments will come in one- and two-bedroom layouts. Forty …
ASHEVILLE, N.C. — TruAmerica Multifamily, in partnership with Spoke Real Estate Capital, has purchased Westmont Commons, a 252-unit community in Asheville, for $49.9 million. The seller was not disclosed. Greystone provided a Freddie Mac Optigo loan to finance the acquisition. Rob Russell and Richard Kourbage originated the loan. Westmont Commons was built in two phases in 2003 and 2008. The community offers one-, two- and three-bedroom floor plans. Amenities include a clubhouse with a kitchen and game room, pool with a sundeck, dog park, fitness center and picnic area with …
CLEVELAND — The Community Builders has opened Woodhill Station West, a 46.4 million affordable housing project in the Buckeye-Woodhill neighborhood of Cleveland. Woodhill Station West offers 120 units, as well as 4,520 square feet of community space. Woodhill Station West is Phase I of the Woodhill Homes redevelopment. The redevelopment, which will occur in six phases, will include approximately 638 homes and public amenities such as outdoor gathering spaces, recreational fields and playgrounds. Woodhill Station West includes 90 replacement homes for existing Woodhill residents. In 2021, HUD awarded a $35 …
SANTA CLARITA, CALIF. — Kennedy Wilson’s debt platform has provided a $95 million senior construction loan for the development of an apartment and build-to-rent project in Santa Clarita, approximately 33 miles northwest of Los Angeles. The borrower was a joint venture between Greystar Real Estate Partners and The Resmark Cos. Situated within the Sand Canyon Plaza master planned community, the project will comprise 259 apartments and 64 build-to-rent townhomes. Planned amenities include a clubroom, fitness center, courtyard, game lounge, co-working space, sky deck, pool and spa. The build-to-rent units will offer …