GILBERT, ARIZ. — Institutional Property Advisors (IPA) has arranged the sale of Aiya, a 360-unit property in Gilbert. The Wolff Co. acquired the community from Olumpus Property for $112 million. Steve Gebing and Cliff David of IPA represented the seller and procured the buyer. Brian Eisendrath, Cameron Chalfant and Jake Vitta arranged the acquisition financing. Aiya was built in 2022 on 16 acres. Amenities include EV chargers, a pool and spa, conference room, private offices and a community kitchen. Apartments come in studio, one-, two- and three-bedroom floor plans with …
Channing Hamilton
ST. LOUIS — Berkadia has brokered the sale of Majestic Stove Lofts, a 120-unit community in St. Louis. Built in 2006 at 2017 Washington Ave., Majestic Stove Lofts was 96 percent occupied at the time of sale. Andrea Kendrick, Ken Aston and Bobby Mills of Berkadia represented the seller, St. Louis-based Regency Realty Co. LLC. A California-based buyer acquired the asset. The sales price was not disclosed.
NEWARK, N.J. — The New Jersey Economic Development Authority (NJEDA) Board approved $90 million in tax credits for a mixed-use building at 81-93 Orange St. in Newark. The high-rise project will comprise 350 units across 14 stories, 500 square feet of retail space and a commercial parking garage. Units will come in studio, one-, two- and three-bedroom floor plans. Of the total unit count, 70 will be reserved as affordable. Income restrictions were not disclosed. The total cost of the project’s development is expected to be $150 million.
JERSEY CITY, N.J. — Arc Building Partners and Claremont Development have completed The St. Lucy’s Complex, a supportive housing project in Jersey City. The campus comprises 60,000 square feet. The St. Lucy’s Complex features 150 beds for individuals who are homeless; 14 residential units for individuals living with HIV/AIDS; five three-bedroom permanent supportive housing units for families; 15 permanent affordable housing studio apartments; a daily drop-in area for nonresidents needing a meal, shower or laundry; and onsite social services programs. The project took approximately two years to construct.
SANDY SPRINGS, GA. — Tishman Speyer has acquired Avia at North Springs, a workforce housing community in the Sandy Springs suburb of Atlanta. Avia at North Springs was constructed in two phases between 1989 and 1996. The property comprises 502 units in studio, one-, two- and three-bedroom layouts. Amenities include a clubhouse, two pools, tennis courts and a children’s playground. Avia at North Springs also features a series of wooded walking trails throughout the 18.6-acre property and a boardwalk overlooking a nature preserve. Tishman Speyer purchased the asset, which will …
FREMONT, CALIF. — MG Properties has acquired Artist Walk Apartments, a mixed-use community located in Fremont, within San Francisco’s Bay Area. The asset traded hands for $89.8 million. Artist Walk Apartments comprises 185 apartments and 30,000 square feet of ground floor retail space. The property was built in 2017. Jason Parr, Seth Siegel and Scott MacDonald of Cushman and Wakefield represented the seller, Clarion Partners. CBRE Capital Markets arranged financing for the deal through Freddie Mac.
PFLUGERVILLE, TEXAS — A joint venture consisting of High Street Residential (the residential subsidiary of Trammell Crow Company) and CBRE Investment Management has broken ground on The Merle on Howard in the Austin suburb of Pflugerville. Meeks Partners is the project architect. Provident General Contractors is the general contractor. The project will be built in three phases on a 60-acre site. The first phase spans 17 acres and will comprise 444 apartments across 15 garden-style buildings. Amenities will include a 11,000-square-foot clubhouse with co-working space, fitness center, golf simulator, EV …
CHESHIRE, CONN. — Blue Vista Capital Management has acquired a 300-unit asset in Cheshire for an undisclosed price. The acquisition was made in partnership with Eastpointe LLC. The project will be comprised of nine garden-style apartment buildings. Units will come in studio, one-, two- and three-bedroom floor plans. Amenities will include a 7,500-square-foot clubhouse with a fitness center, seasonal pool, co-working spaces, an outdoor dog park and a guest suite. The development is part of Stone Bridge Crossing, a master-planned project that will include townhomes, a retail center, senior housing, restaurants, a …
PLANO, TEXAS — Rosewood Property Co. has begun leasing The Ludlow, a 326-unit property in Plano. The community is located within the 156-acre mixed-use Heritage Creekside development, which was also developed by Rosewood Property Co. features amenities including a clubroom, co-working space, fitness center, golf simulator and pool area. Units come in one-, two- and three-bedroom floor plans. Veritex Bank provided a construction loan for The Ludlow. Hensley, Lamkin, Rachel Inc. designed the project. LandDesign serves as the landscape design architect, B2 Architecture + Design is the interior designer, and …
GARLAND, TEXAS — Anthem Development, a Beck Ventures company, has broken ground on the first phase of redevelopment for the new Transit-Oriented District in Garland. The first phase includes the development of Lofts iThirty, a 340-unit project located at 6302 Greenbelt Pkwy. Lofts iThirty will comprise five buildings that each rise four stories, with amenities such as two pools, a pet spa, park, game room, coffee bar, sky-lounge, outdoor kitchens and two fitness centers. The total cost of the first phase is expected to be $64 million. At full build-out, the redevelopment project …