SILVER SPRING, MD. — Green Street Housing and TM Associates Development have broken ground on Sligo Apartments, an affordable housing development in Silver Spring. All 102 units at the community will be available at restricted rents. The project is financed through a Low Income Housing Tax Credit (LIHTC) investment from Hudson Housing Capital and Capital One, who is also providing the permanent debt financing, as well as loans from the Maryland Department of Housing and Community Development.
WEST MELBOURNE, FLA. — Venterra Realty has acquired Avasa Hammock Landing, a 300-unit community in West Melbourne. Avasa Hammock Landing was recently built in 2023. The garden-style community offers one-, two- and three-bedroom apartments. Units range from 769 to 1484 square feet in size. Amenities include a pool, pavilion with grills and TVs, hammock lawn, fitness center, yoga studio, remote workspaces, dog park and dog wash station. Venterra Realty plans to implement several resident-focused programs, including a 48-hour maintenance guarantee.
FAYETTEVILLE, GA. — Parkland Communities has received zoning approval from the City of Fayetteville’s Planning & Zoning Commission the development of Morgan Park, a 124-unit build-to-rent community. Situated on 9.3 acres roughly 22 miles outside of Atlanta, Morgan Park will offer two- and three-bedroom townhome-style units. Each unit will include a clubhouse, pool, cabana and dedicated mail kiosk. Monthly rental rates at the community will begin at $2,400. A construction timeline for the project was not disclosed.
CHICAGO — Breneman Capital has purchased Ashland Place, a 47-unit property located at 33 S. Ashland Ave. in Chicago’s West Loop neighborhood. The purchase price and seller were not disclosed. Ashland Place was built in 2018 and features two one-bedroom units and 45 two-bedroom units. Breneman Capital assumed a loan on the property that features a 73.5 percent loan-to-value ratio, a fixed interest rate of 4.6 percent and roughly five years of remaining term. Dwelle Properties will manage the asset.
LOS ANGELES — Marcus & Millichap has arranged the $2.6 million sale of a building located at 1807 S. New Hampshire Ave. in Los Angeles’s Pico Union neighborhood. The property was built in 2021 and features four four-bedroom apartments. The fourplex is not subject to Los Angeles’ rent control laws. Jason Tuvia of Marcus & Millichap represented the undisclosed seller in the deal. The name of the buyer was not released.
LEE’S SUMMIT, MO. — Intrinsic Development has broken ground on Discovery Park, a $900 million mixed-use project in the southeast Kansas City suburb of Lee’s Summit. Plans for Discovery Park include 2,791 apartments within a development named Alura, as well as two hotels, office space, medical office buildings and retail space. The 3.9 million-square-foot development will span 268 acres near I-470 and Saint Luke’s East Hospital. Discovery Park will be constructed in four phases from now until 2031. The first phase is The Village, which will include 585 apartment units, …
NEW YORK CITY — Marcus & Millichap has brokered the sale of a building located at 923 Bedford Ave. in the New York City borough of Brooklyn. Built in 1901, the property offers eight units across four stories. Units come in studio, one- and two-bedroom floor plans. Eyny family purchased the community from an individual/personal trust for $3.4 million. Daniel Greenblatt and Shaun Riney of Marcus & Millichap’s Manhattan office marketed the property on behalf of the seller and procured the buyer.
MEDWAY, MASS. — Toll Brothers has completed Hathon, a 190-unit complex in Medway, southwest of Boston. Cube3 Architects designed the property. Mary Cook Associates provided interior design services. Hathon offers one-, two- and three-bedroom units that are furnished with stainless steel appliances, quartz countertops and individual washers and dryers. Select units offer private balconies or patios. Amenities include a pool, game room, fitness center, playground, catering kitchen, coworking lounge and a rooftop deck.
BOSTON — Cottonwood Group, a Los Angeles-based private equity real estate firm, has provided $240 million in senior mortgage financing for the St. Regis Residences in Boston’s Seaport District. The borrower was Cronin Development. The high-rise development features 114 apartments across 22 stories. Amenities include a pool, spa, fitness center, lounge, concierge services and an onsite restaurant.
CLARK, N.J. — JLL Capital Markets has arranged $49.5 million in financing for Walnut Hill, a 177-unit complex in Clark, 23 miles southwest of New York City. An affiliate of Garden Communities was the borrower. Evan Pariser, Matthew Pizzolato and Jackie Ferrer led the Debt Advisory team that represented the borrower and negotiated the 10-year, fixed-rate loan from Nationwide. Recently completed in 2023, Walnut Hill comprises 240,000 square feet across a pair of four-story buildings. Of the total unit count, 28 are affordable. Income restrictions for these units were not disclosed. …
