NORWALK, CONN. — Cushman & Wakefield has brokered the $12 million sale of a 2.3-acre development site located at 370 West Ave. in downtown Norwalk, a southern coastal city of Connecticut. RMS Cos. purchased the site from Norwalk Hospital. The property formerly housed a YMCA. Al Mirin, Kate Schwartz, Matthew Torrance, Jim Fagan, Gerry Lees and Maureen O’Boyle of Cushman & Wakefield represented the seller in the deal. The buyer plans to develop a six-story, 204-unit building on the site.
Channing Hamilton
HOUSTON — FTK Construction Services has completed renovations at The Park at Kirkstall, a 240-unit affordable housing community in Houston. Updates to the property included enhancements to flooring, paint, appliances, countertops, door and cabinet hardware, bathroom fixtures and light fixtures. Other updates included roofing, HVAC, water heaters, a new playground, grilling patio, horseshoe pit and other various site improvements. The project took 21 months to complete, with a contract value of $12.4 million. The renovation was the general contractor’s first project for Blue Ridge Atlantic. The architect for the project …
ARLINGTON, VA. — The National Apartment Association (NAA) has selected Rick Snyder, president and owner of San Diego-based R.A. Snyder Properties, as 2024 Chair of the Board. Snyder was formally installed at NAA’s Assembly of Delegates in San Diego last November. NAA’s headquarters are located in Arlington. Snyder has been involved with NAA for nearly 20 years, having previously served as a Regional Vice President, Membership Committee Chair and as a member of several committees. Snyder received his Bachelor of Science degree in Business Administration from San Diego State University …
MISHAWAKA, IND. — Daniel Management Group (DMG) has been selected to manage River Rock Apartments, an 88-unit community in downtown Mishawaka. The complex offers units in studio, one-, two- and three-bedroom layouts. Amenities include a fitness center, billiards room with a pool table and TVs, business center, conference room and an outdoor space with a courtyard, BBQ grills, firepits and a picnic area. River Rock Apartments is the first community DMG has been awarded management of in the state of Indiana.
WEST NEW YORK, N.J. — JLL has arranged a $150 million loan to facilitate the construction of RB3, a 426-unit development to be located across the Hudson River from Manhattan in West New York. Jon Mikula, Jim Cadranell, Steven Klein and Ryan Carroll of JLL arranged the five-year, fixed-rate loan through Northwestern Mutual. The borrower was Canoe Brook Development. RB3 will rise 11 stories within the 200-acre Port Imperial master-planned development. The waterfront property will offer studio, one- and two-bedroom units. Planned amenities include a pool, fitness center, clubhouse, private …
OAKWOOD, GA. — BWE has secured a $29.5 million loan to finance the construction of Imperium Oakwood, a 229-unit development in the Gainesville suburb of Oakwood. Thomas Wideman, Alan Tapie, Hanley Long and Brad Walker of BWE originated the floating-rate construction loan through a community bank on behalf of the borrower, Imperium Development. Imperium Oakwood will offer amenities such as a clubhouse with fitness and office rooms, a pool, fireplace, grill stations, covered lounge, game area, on-site parking, and a dog park with a wash station. Construction is anticipated to …
BOSTON — WinnCos. has promoted three employees to vice president roles in its property management, sustainability and development functions. Michael Milko was promoted to the role of executive vice president at WinnResidential, a subsidiary of WinnCos. Milko joined the company in 1995. He now oversees the management operations of approximately 5,000 residential units across 40 properties in the Northeast and Mid-Atlantic. Christina McPike was promoted to Vice President of Energy & Sustainability. In this role, she will oversee new construction, historic adaptive reuse and deep energy retrofit projects. According to WinnCos., McPike …
ATLANTA — Marcus & Millichap has hired Scott Spalding, Marco Welch and Joe Mitchell to the firm’s multifamily real estate investment team in Atlanta. Marcus & Millichap hired Spalding and Welch as senior vice presidents and Mitchell as a first vice president. Prior to joining Marcus & Millichap, the three worked with Atlanta-based Bull Realty Inc. Spalding is a member of the Atlanta Apartment Association and the Atlanta Commercial Board of Realtors. Welch studied business and finance at Morehouse College and is a member of the Atlanta Commercial Board of …
JACKSONVILLE, FLA. — NAI Hallmark has negotiated the sale of The Park at Pottsburg Creek Apartments, a 128-unit property located at 4800 Atlantic Boulevard in Jacksonville. NAI Hallmark’s John Rutherford and Luke McCann brokered the deal on behalf of the seller, Toro Jax Property II LLC, and the buyer, Red Raider 45 LLC. The complex was built in 1963 and consists of ten buildings on an 8.3-acre site. The site includes expansion opportunity with an undeveloped 2.3-acre parcel. Units come in one-, two- and three-bedroom floor plans.
PHILADELPHIA, ATLANTA, RALEIGH AND ST. LOUIS — Equus Capital Partners (Equus) has acquired Project Big Timber, a portfolio that totals 1,249 units across six garden-style communities in the Atlanta, Philadelphia, Raleigh and St. Louis metropolitan areas. Equus purchased the portfolio for $220 million. Newmark’s Debt Capital Markets team of Steve Comly and Kippy Donovan assisted Equus in securing a ten-year fixed rate loan from Fannie Mae for the acquisition. The communities included in Project Big Timber have an average vintage of 1984 and an average unit size of 989 square-feet. …