DES PLAINES, ILL. — JVM Realty Corp. has acquired Ellison Apartments, a 113-unit complex in the Chicago suburb of Des Plaines, for an undisclosed price. John Jaeger of CBRE brokered the deal. The seller was undisclosed. Ellison Apartments was built in 2019 and features a variety of floor plans averaging 894 square feet. Amenities include a spa pool, sundeck, clubroom, business center, fitness center, pet spa, bike room and indoor garage parking.
NEWVILLE, PA. — Northmarq has negotiated the sale of Big Spring Terrace, a 159-unit manufactured housing community in Newville, about 140 miles west of Philadelphia. Anthony Pino and Ari Azarbarzin represented the seller, Big Springs Properties, in the transaction. The buyer and sales price were not disclosed. Big Spring Terrace was originally built in 1975 on a 94-acre site. The property was roughly 94 percent occupied at the time of sale.
LAS VEGAS — NewPoint Real Estate Capital has provided $17.5 million in Fannie Mae DUS financing for the acquisition of Intrigue Apartments, a 193-unit workforce housing community in Las Vegas. David Bleiweiss originated the loan, which featured a seven-year term with four years of interest only followed by a 30-year amortization schedule. NewPoint provided the loan through Fannie Mae’s Sponsor-Dedicated Workforce (SDW) program. Through the SDW program, borrowers receive lower interest rates and streamlined underwriting by agreeing to keep a minimum of 20 percent of units affordable at 80 percent …
SILVER SPRING, MD. — PGIM Real Estate has provided a $188 million loan for The Blairs, a five-property portfolio in downtown Silver Spring. The borrower, Tower Cos., will use the fixed-rate loan to refinance the portfolio, which comprises The Pearl, Blair Towns, Blair House, Blair East and Blair Plaza. The five properties are located within a master-planned community that Tower Cos. owns, and offer 1,396 units altogether. According to PGIM, The Blairs was the first residential campus to receive the LEED Gold certification for operations and maintenance.
EAST BRUNSWICK, N.J. — Garden Communities has begun leasing Legacy Place, a 520-unit project in the Northern New Jersey city of East Brunswick. The development comprises two buildings with garage parking and 18,000 square feet of retail space on a 25-acre site. Units come in studio, one-, two- and three-bedroom floor plans. Amenities include a pool, outdoor grilling and dining areas, a co-working lounge, fitness center, dog park and walking trails.
MARLBOROUGH, MASS. — Wood Partners has broken ground on Alta French Hill, a 276-unit community in Marlborough. Situated at 303 Lincoln Street and neighboring the Assabet River Rail Trail, Alta French Hill will offer one-, two- and three-bedroom layouts. Amenities include a fitness center, resident lounges, two courtyards with a pool, games, grilling areas and a dog park. The property also includes 10,000 square feet of retail space. The project is slated to begin pre-leasing in 2024, with first move-ins expected in February 2025. Wood Partners also plans to develop …
UPPER DARBY, PENN. — Dwight City Group, the real estate investment affiliate of Dwight Capital, has opened 901 Quarry, the adaptive reuse of a former 125,000-square-foot warehouse in the Philadelphia suburb of Upper Darby. The building was originally constructed in 1925 and had been dormant for over three decades. 901 Quarry offers 84 units in one- and two-bedroom floor plans. Amenities include onsite parking, a playground and a dog park that will be completed next Spring.
DURHAM, N.C. — NewPoint Real Estate Capital has arranged a $58 million Freddie Mac conventional multifamily loan to refinance a community in North Carolina’s Research Triangle area. NewPoint’s Mike Ortlip originated the loan, which features a five-year, fixed-rate term with full interest-only payments. Situated just outside of Durham, the asset was developed in two phases and offers one-, two-, and three-bedroom units. Amenities include a pool, a fitness center, game room, business center, playground, pet park, grilling areas and a multi-sports court.
DALLAS — Dallas-based JLL Capital Markets has arranged more than $300 million in acquisition financing for a 10,000-pad portfolio of manufactured housing communities. The portfolio consists of over 40 assets — including manufactured housing, RV housing, apartments and single-family home sites — across six different states. Jody Thornton, Tony Nargi, Zach Koucos, Chris Collins, Jacob Martin and Jack Wood worked on behalf of the borrower to secure the loans. The borrower and communities were not disclosed.
With the official end of the health emergency in May, it would be natural to assume that multifamily assets are operating in a much-improved environment versus three years ago, when policy responses to the pandemic locked down the economy, curtailed new applications, restricted tours and halted evictions. That’s especially true because once shutdowns loosened, robust renter demand for apartments drove double-digit rent increases in late 2021 and early 2022. But it could be argued that multifamily property managers face as tough an operating environment today as they did in 2020 …