POWAY, CALIF. — UC Funds has provided a $60 million loan to develop a 72-unit community in the San Diego suburb of Poway. The property will also include 20,000 square feet of retail space. According to UC Funds, the project will serve as a focal point for the redevelopment of Poway’s downtown area. The city includes a 900-acre business park with over 500 businesses, including General Atomic Aeronautical, Sysco and GEICO.
NEW YORK CITY — Ariel Property Advisors has negotiated the $4.9 million sale of a development site in New York City. Daniel Mahfar, Victor Sozio and Jason Gold brokered the deal. The property is located in the Mott Haven neighborhood of the Bronx and comprises two contiguous lots in a Qualified Opportunity Zone that were recently rezoned to support affordable housing usage. According to Ariel Property Advisors, the site can support 77,750 buildable square feet. The buyer and seller were not disclosed.
TAMPA, FLA. — Institutional Property Advisors (IPA) has arranged the sale of Captiva Club, a garden-style property located along Memorial Highway in Tampa. Eagle Property Capital sold the asset to Sinatra & Co. Real Estate for an undisclosed price. IPA’s Shelton Granade, Sean Williams, Luke Wickham and Justin Basquill represented the seller and procured the buyer. Captive club comprises 361 apartments on a 20-acre site. Units come in studio, one-, two- and three-bedroom floor plans. Amenities include two pools, a fitness center, a clubhouse, pet parks and courtyards.
TUCSON, ARIZ. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of Juniper Canyon in Tucson. Clint Wadlund, Hamid Panahi, Art Wadlund, Steve Gebing and Cliff David represented the seller and procured the buyer. Juniper Canyon comprises 140 units and, according to Apartments.com, was built in 1985. The community offers amenities such as a clubhouse, fitness center, volleyball court, pool and picnic area. According to IPA, Juniper Canyon has seen a 97 percent average physical occupancy over the past 12 months.
ARLINGTON, TEXAS — Bridgeview Multifamily will develop a 250-unit community in Arlington, west of Dallas. The project, which is tentatively called Mercantile Lofts, will comprise one four-story building with three-story wings on a 6.3-acre site. Units will come in one- and two-bedroom floor plans. Amenities will include a pool, courtyard and single-level parking garage. Construction is expected to begin next summer.
The 160-acre Mississippi Crossings site in Champlin, Minnesota, was a thriving commercial district in the early part of the 20th century. From the 1980s until the early 2000s, however, the area had been in decline for many years and was mostly known for its dilapidated commercial buildings, according to the City of Champlin. After a few redevelopment efforts started and stalled, the city entered into a development agreement in 2019 with Greco to be master developer of 12 acres within the Mississippi Crossings site. Greco is a Minneapolis-based commercial developer, …
SAN ANTONIO, TEXAS — The Milestone Group has acquired Archer Stone Canyon Apartments in San Antonio. The company purchased the asset through the assumption of the existing Freddie Mac loan. The purchase price was not disclosed. Archer Stone Apartments comprises 228 units featuring washers and dryers, detached garages, computer nooks, wood-style flooring and patios or balconies in certain units. Amenities include a pool, fitness center, clubhouse and playground.
LITHIA SPRINGS, GA. — Northland has acquired 670 Thornton, a 344-unit community in the Atlanta suburb of Lithia Springs. 670 Thornton is situated on a 46-acre site approximately 15 miles west of Atlanta. Units come in studio, one-, two- and three-bedroom floor plans. The property features secure gated entry, a fitness center, business center, grilling areas, a pet park, two pools, a theater room, a playground, tennis courts and a walking trail. Northland plans to renovate the complex by adding a valet trash program, SmartRent technology and in-unit washers and …
MIAMI — Crescent Heights has topped off NEMA Miami, a 39-story rental tower in downtown Miami. McHugh Construction and Stiles Construction are the general contractors for the project. NEMA Miami will offer 588 apartments, as well as ground-floor retail, including a 42,030-square-foot Whole Foods Market, and a seven-story parking garage with 748 spaces. Units will come in studio, one-, two- and three-bedroom floor plans. Amenities will include a pool, sauna and steam rooms, event space, a private bar lounge and a fitness center. First move-ins are slated for summer 2024. …
PHOENIX — Harvard Investments has sold FirstStreet Happy Valley, a 212-unit build-to-rent community in Phoenix. Spruce Capital Group, a private family-owned investment firm, acquired the asset for $87.9 million. FirstStreet Happy Valley offers one-, two- and three-bedroom floor plans with attached and detached garages. The average size of the units is 1,904 square feet. Amenities include a dog park and washing station, a pool, spa, fitness center and clubhouse. The property was built two years ago and was 94 percent occupied at the time of sale.
