MIAMI — JLL Capital Markets has added Nick Lavin to its South Florida multifamily investment sales team as a Director in the Miami office. In his new role, Lavin will focus on growing the firm’s multi-housing investment sales platform throughout the South Florida region. He will work alongside the current South Florida multi-housing and land investment sales team, which includes Matthew Lawton, Maurice Habif and Simon Banke. Prior to his time in the Los Angeles office, Lavin also spent almost three years in Chicago with HFF. He earned his degree as a double major …
FAIRFIELD, N.J. — Lewis Zlotnick of Woodmont Properties will transition into the position of Executive Vice President of the company’s Florida division. Zlotnick will oversee Woodmont’s strategic expansion throughout Florida, where Woodmont has invested in about 4 million square feet of industrial development. He will continue to serve on the company’s Executive Leadership Committee, the Investment Committee and the independent Board of Advisors. Additionally, Woodmont Properties has promoted Daniel Miller to the role of Chief Operating Officer, where he will assume the responsibilities of Zlotnick. Miller will oversee Woodmont’s strategy, …
CHICAGO — The NHP Foundation (NHPF) has opened Covent Apartments, the redevelopment of the former Covent Hotel in Chicago’s Lincoln Park neighborhood. The 30-unit affordable housing property is now a single-room occupancy (SRO) property. SRO housing is defined as a residential property that includes multiple single-room units, according to HUD. The total cost of development for the project was $21.6 million, including $7.9 million in federal Low-Income Housing Tax Credits and historic tax credits, $5 million of City Home and Affordable Housing Opportunity Funds, $3.1 million in Illinois Housing Development …
KNOXVILLE, TENN. — A joint venture between Passco Cos. and Greystone has purchased One Riverwalk, a 303-unit community located at 151 E. Blount Ave. in Knoxville. The joint venture acquired the property from the developer, Southeastern, for $120.7 million. The buyers assumed a 10-year Fannie Mae loan totaling $64.3 million that was underwritten with a 3.12 percent fixed interest rate and three years of interest-only payments remaining. Built in 2019, One Riverwalk is situated on a 3.4-acre site along the Tennessee River and just over the Henley Street Bridge from …
HUNTINGTON BEACH, CALIF. — CBRE has arranged the sale of Tropicana Apartments, a 21-unit community in Huntington Beach. CBRE’s Dan Blackwell and Mike O’Neill represented the seller, a locally-based private investor, exchanging into a Delaware Statutory Trust (DST). The buyer was also based in Huntington Beach. The asset traded hands for $7.1 million. Tropicana Apartments is located on a corner block one block from the beach at 201 10th Street. The property comprises 10,096 rentable square feet across four buildings, each of which rise two stories. The gated community was built …
ATLANTA — Investors in the multifamily sector are having trouble getting deals done in 2023, and 2024 isn’t looking to start out much better. The culprit is the bid-ask spread — the gap between what sellers believe their property is worth and what buyers are willing to pay. That’s according to a panel of multifamily investors, several of whom described transacting in the present environment to be a “slog.” The panel, titled “Investment Outlook: When will the Bid-Ask Gap Narrow, the Market Stabilize and Transactions Resume in Earnest?,” was held …
CYPRESS, TEXAS — Trademark Property Co. has purchased 37 acres in the northwestern Houston suburb of Cypress to develop a mixed-use project. The site is located within the 1,300-acre Dunham Pointe master-planned development. Preliminary plans for the development call for 500 apartments, as well as 225,000 square feet of retail, restaurant and entertainment space. Trademark Property Co. plans to start construction in the second quarter of 2025 and open the development in late 2026 or early 2027.
SAVANNAH, GA. — CBRE has provided a $27.7 million acquisition loan for Canvas at Savannah, a 300-unit affordable housing community located at 5110 Garrard Ave. in Savannah. Blake Cohen of CBRE’s Atlanta office originated the Freddie Mac loan on behalf of the borrower, Miami-based One Real Estate Investment. The seller was not disclosed. Canvas at Savannah was built in 2003 and recently renovated. The garden-style community features one-, two- and three-bedroom units, as well as amenities such as a fitness center, coffee bar, package lockers and a pool.
INVER GROVE HEIGHTS, MINN. — Marcus & Millichap has negotiated the $7.5 million sale of The Commons, a four-building property in the St.Paul, Minnesota suburb of Inver Grove Heights. Abe Roberts and Michael Jacobs of Marcus & Millichap represented the undisclosed buyer and seller. The Commons was built in 1987 at 8213 College Trail. The community comprises 60 units. The property has undergone renovations for new countertops, appliances and cabinetry..
HOUSTON — ECI group (ECI) has sold The Columns at Westchase, a 318-unit community in Houston, to Mosaic Residential for an undisclosed price. The Columns at Westchase was built in 1999 and acquired by ECI in 2018. Since 2018, ECI has renovated the community with updates to unit interiors, the clubhouse, leasing office, pool, fitness center, and BBQ pavilion as well as unit exteriors, roofs and landscaping. David Mitchell at Newmark represented the seller in the deal.