Wednesday, May 1, 2024
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Channing Hamilton

IllinoisInvestment SalesMidwestNews

Interra Realty Brokers $12.7 Million Sale of 30-Unit Property in Chicago

by Channing Hamilton

CHICAGO — Interra Realty has brokered the sale of a 30-unit property located at 2827-2847 N. Clybourn Ave. in Chicago’s West Lakeview neighborhood. The community was more than 95 percent occupied at the time of sale. The property also features six commercial spaces. The building features a heated indoor parking garage for 34 vehicles and an additional 12 exterior spaces for the commercial units. The building traded hands for $12.7 million. Brad Feldman of Interra Realty represented the seller, a private local investor, in the deal. Patrick Kennelly and Paul …

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DevelopmentNewsTexas

Realty Capital Residential Completes 275-Unit Depot on Main in Fort Worth Suburb

by Channing Hamilton

BURLESON, TEXAS — Realty Capital Residential has delivered Depot on Main, a 275-unit complex in the Fort Worth suburb of Burleson. The building rises five stories and is situated at 125 N. Main St., adjacent to the city’s Old Town district. Depot on Main features one- and two-bedroom apartments ranging from 590 to 1,229 square feet. Amenities include a pool with a tanning deck, co-working lounge, coffee bar, rooftop deck and entertainment terrace, dog park, fitness center and outdoor grilling and dining areas.

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FinanceNewsNortheastPennsylvania

Greystone Provides $20.2 Million Refinancing for Ray Philly in Philadelphia

by Channing Hamilton

PHILADELPHIA — Greystone has provided a $20.2 million Freddie Mac Optigo loan to refinance a construction loan for Ray Philly, a 110-unit property located on North American Street in Philadelphia. The financing carries a five-year term at a fixed rate, with a 30-year amortization. Steven Vainer of Greystone originated the financing. Ray Philly was built in 2023 by developers Six Acre Capital and Ray. Units come in studio, one-, and two-bedroom floor plans. Amenities include a fitness center, rooftop garden, living room and co-working lounge with a kitchen. The property …

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KC Current’s mixed-use development
DevelopmentMidwestMissouriNews

Kansas City Current Plans $800 Million Mixed-Use Development on Missouri Riverfront

by Channing Hamilton

KANSAS CITY, MO. — The Kansas City Current, a professional women’s soccer team, has unveiled plans for an $800 million mixed-use project on the Missouri riverfront in downtown Kansas City. Partners for the development include Palmer Square Capital Management, Marquee Development and the Port Authority of Kansas City. The development will be anchored by CPKC Stadium, a women’s soccer stadium that was completed in March. Upon completion, the project will feature hundreds of residential units, as well as food and beverage offerings and new public recreational spaces. Ten percent of …

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FinanceMidwestNewsNorth Dakota

Bernard Financial Group Arranges $14.2 Million Refinancing of North Dakota Multifamily Portfolio

by Channing Hamilton

DICKINSON, N.D. — Bernard Financial Group (BFG) has arranged a $14.2 million CMBS loan for the refinancing of a portfolio comprising 392 units in Dickinson, a western city of North Dakota. Dennis Bernard and Joshua Bernard of BFG arranged the loan on behalf of the borrower, Falcon Heights Owner LLC.

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Oakmont Apartments in Coon Rapids, Minnesota
Investment SalesMidwestMinnesotaNews

JLL Capital Markets Brokers Sale of Oakmont Apartments in Coon Rapids, Minnesota

by Channing Hamilton

COON RAPIDS, MINN. — JLL Capital Markets has brokered the sale of Oakmont Apartments, a 48-unit complex in the Minneapolis suburb of Coon Rapids. Gaughan Cos. sold the asset to a local private investor for an undisclosed price. Oakmont Apartments was built in 1974. The property offers studio, one- and two-bedroom floor plans. Amenities include an on-site laundry facility, garage parking. JLL facilitated the sale of Oakmont Apartments as part of Gaughan’s larger Minnesota Legacy Apartment Portfolio, which consists of nearly 800 units. Josh Talberg and Bill Mork led the JLL …

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Tuscany Village in Sanford, Florida
DevelopmentFinanceFloridaNewsSoutheast

Royal Palm Cos., Mattoni Group Secure $86 Million Construction Financing for Tuscany Village Near Orlando

by Channing Hamilton

SANFORD, FLA. — A partnership between Royal Palm Cos. and Mattoni Group has secured $86 million in construction financing for Tuscany Village, a 420-unit development in the north Orlando suburb of Sanford. The financing comprises $68 million in debt from a partnership between City National Bank and Abanca USA and $18 million in preferred equity from Origin Investments. Tuscany Village is situated at 4201 W. First Street and comprises 21 acres. Construction is slated to begin in May. The community will be delivered in phases by 2026.

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AlabamaCompany NewsNewsPeople NewsSoutheast

Capstone Development Partners Hires Jordan Gaston as Vice President for New Workforce Housing Business Line

by Channing Hamilton

BIRMINGHAM, ALA. — Capstone Development Partners has hired Jordan Gaston to the new leadership role of vice president, head of workforce housing. In this role, Gaston will take part in the company’s efforts to expand its business into the financing, development and operation of workforce housing. He previously served as the Director of Finance within Capstone’s finance division from 2016 to 2021. Most recently, he held the position of vice president in Citigroup’s public finance department.

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La Pat Courtyard Apartments in Westminster, California
CaliforniaInvestment SalesNewsWestern

CBRE Arranges $10 Million Sale of La Pat Courtyard Apartments in Westminster, California

by Channing Hamilton

WESTMINSTER, CALIF. — CBRE has arranged the sale of La Pat Courtyard Apartments, a 30-unit community in Westminster. The community was purchased by a private investor for $10 million in a 1031 exchange. Dan Blackwell and Andrew Boukather of CBRE represented the Los Angeles-based seller in the transaction. Additionally, Blackwell and Boukather, along with Amanda Fielder, represented the Orange County-based buyer. La Pat Courtyard Apartments is situated on a 0.9-acre lot between Westminster Boulevard and Humboldt Avenue. The property was originally built in 1961 and recently underwent $1.4 million in extensive interior and exterior …

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Hangar at Thunderbird in Glendale, Arizona
ArizonaInvestment SalesNewsWestern

IPA Brokers $69 Million Sale of Hangar at Thunderbird in Glendale, Arizona

by Channing Hamilton

GLENDALE, ARIZ. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of and financing for Hangar at Thunderbird, a 266-unit community in Glendale. Decron Properties purchased the asset from P.B. Bell for $69 million. Hangar at Thunderbird was completed in 2023. Community amenities include a pool, spa, outdoor game patio and community playground with evening lighting. Apartments feature nine-foot ceilings, vinyl plank flooring, laundry closets with full-size washers and dryers, closets with build-in shelving, and patios or balconies with exterior storage. Steve Gebing and Cliff …

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