SAN MARCOS, CALIF. — Affirmed Housing has completed Alora, an affordable housing community in San Marcos’s Richmar neighborhood. The development team for the project also included DAHLIN Group Architecture Planning, BNBuilders, Masson & Associates, Monica Mroz Landscape Architect and Compass for Affordable Housing. The City of San Marcos, County of San Diego, WNC and Chase provided financing for the development. Alora comprises 100 units across four residential buildings, as well as a community center and 171 parking spaces. Apartments come in one-, two- and three-bedroom floor plans, and are affordable …
Kristi Nootens, managing director and co-head at CP Capital US, a real estate manager specializing in multifamily investments, sat down with Multifamily Affordable Housing Business (MAHB) to discuss the role of women in the industry and how the market may develop as we progress into the second half of 2023. On Women in Real Estate MAHB: Tell us about yourself and your journey. Nootens: My journey to commercial real estate started in large part because both of my parents worked in the industry. My dad was a mechanical engineer who spent a lot …
TAYLOR, TEXAS — Forman Capital has provided a $19.5 million construction loan and a preferred equity investment for Castlewood Townhomes, a 64-unit development in Taylor. Taylor is a city in Williamson County, Texas, about 35 miles northwest of Austin. Castlewood Townhomes will offer three- and four-bedroom townhome-style units ranging in size from 1,500 to 1,900 square feet. Units will feature detached two-car garages, quartz countertops, stainless steel appliances and various pieces of smart technology. A construction timeline for the project was not disclosed.
CHICAGO — Preservation of Affordable Housing has broken ground on Fifth City Commons, a new affordable housing and retail development on Chicago’s West Side. Fifth City Commons will offer 43 residential units across three stories. Units will come in one-, two- and three-bedroom layouts. The community will be affordable to households earning between 30 and 80 percent of the area median income. Amenities will include community rooms, a resident terrace and a fitness room. Details regarding the retail component of the project were not disclosed. The city of Chicago provided …
MIAMI — South Florida-Based developer Terra has completed Natura Gardens, a garden-style community in Miami’s West Hialeah neighborhood. Leasing is now underway for the asset, with rents ranging from approximately $2,000 per month to $3,350 per month. Natura Gardens offers one-, two- and three-bedroom units. Amenities include a two-story clubhouse with a pool and spa, outdoor kitchen and grilling area, children’s playroom, lounge, fitness center, business center and a dog park. Natura Gardens was designed by Pascual, Perez, Kiliddjian Architecture. Interior design for the clubhouse and model units was conducted …
Marcus & Millichap Brokers $6.8 Million Sale of Pleasant Valley Estates in Pleasant Valley, New York
PLEASANT VALLEY, N.Y. — Marcus & Millichap has arranged the sale of Pleasant Valley Estates, a 48-unit community in Pleasant Valley within the Hudson Valley of New York. The asset traded hands for $6.8 million. Jim Evans, Scott Wasserberger and Victoria Fisher marketed the property on behalf of the seller, a partnership, as well as secured the buyer, a private investor. Pleasant Valley Estates was built in 1985. The property comprises three residential buildings, parking for 100 cars and a pond on a 9.9-acre site.
TAMPA, FLA. — Carter Multifamily, a division of Carter Funds, has acquired Solis at Ballast Point for $57.5 million. Located at 6306 S. MacDill Avenue in Tampa, Solis at Ballast Point is a 276-unit garden-style property that was originally built in 1988. The asset offers 218,592 rentable square feet on a 21.5-acre site. Amenities include a pool, pet park and a private lake. Carter Multifamily plans to renovate the property with upgrades to community amenities and unit interiors, as well as exterior building improvements. The community will be rebranded to “Mode …
KERRVILLE, TEXAS — Matthews Real Estate Investment Services (Matthews) has arranged the sale of Sidney Baker Apartments, a 60-unit complex in Kerrville. Kerrville is located about 65 miles northwest of San Antonio. Tyler Marshall represented the buyer in the transaction. Neither the buyer nor seller were disclosed. Units come in one-, two- and three-bedroom layouts. Amenities include a pool and a pet park.
LONG ISLAND, N.Y. — Northmarq has selected Bob Bernard as senior vice president of debt and equity. In this role, Bernard will be responsible for arranging debt and equity commercial real estate financing through Northmarq’s varied lending sources. He will be based in the company’s Long Island office. Prior to joining Northmarq, Bernard managed commercial real estate lending teams at ConnectOne Bank, Webster Bank, North Fork Bank, Capital One Bank and Flagstar. He received a master’s degree in finance and a bachelor’s degree in marketing from St. John’s University in …
WEST ST. PAUL, MINN. — Roers Cos. has secured $34.6 million to refinance Savor Apartments, a high-rise community in West St. Paul. Scott Streiff and Scott Loving of JLL Capital Markets arranged the fixed-rate, interest-only loan through Fannie Mae. The loan features a ten-year term and will be serviced by JLL Real Estate Capital. Savor Apartments was built in 2022. The community features 200 one- and two-bedroom units. Amenities include an entertainment suite, a community room, game room, work-from-home suites, coffee bar, rooftop lounge, rooftop deck and a fitness center.