DALLAS — Brazos Residential has purchased The Thread Apartments, a 606-unit garden-style community in Dallas. Northmarq’s Taylor Snoddy brokered the deal and Kevin Leamy arranged the financing. The Thread Apartments was built in three phases between 1969 and 1978. The community offers studio, one- and two-bedroom floor plans, according to the property website. This acquisition marks Brazos Residential’s sixteenth asset since the firm’s inception in 2022.
TORRRANCE, CALIF. — Intracorp Homes purchased 22501 Hawthorne Blvd., a 3.8-acre site in Torrance, from a locally based private investor for $21 million. John Read, Greg Sullivan and Trent Steeves of CBRE represented the seller. The property was historically a retail center anchored by a bowling alley called Gable House Bowl. Intracorp Homes plans to redevelop the site into a mixed-use project, which will include 17 affordable rental units as well as commercial space. Details on rent restrictions for the affordable units have not yet been disclosed.
Despite many regional and federal efforts, there is a staggering deficit of over seven million affordable and workforce housing units, according to the National Low Income Housing Coalition (NLIHC). For many, this can seem like an insurmountable challenge. However, housing professionals and developers able and willing to navigate the sector’s many nuances have the opportunity to do good while doing well, tapping into insatiable demand while building out their long-term pipelines. Recognizing the Scope of the Problem Location is the most important factor for many builders when searching for and …
JACKSONVILLE, FLA. — NAI Hallmark has selected Buck Poderski as Vice President of Multifamily Investment Sales. In this role, Poderski will direct the company’s growth outside of Jacksonville into markets across North and Central Florida. Prior to joining NAI Hallmark, Buck served as a Managing Director at GREA in Dallas, where he focused exclusively on value-add multifamily sales. He earned two bachelor’s degrees from the University of North Florida in Economics and Finance.
MARSHALL, MICH. — Friedman Real Estate has arranged the $4.1 million sale of Village Green in Marshall, a city in southern Michigan. According to Apartments.com, Village Green offers one- and two-bedroom units, as well as amenities such as internet access, a playground, patios and on-site parking. Friedman’s Peter Jankowski represented the undisclosed buyer in the transaction. The seller was also not disclosed.
WEST BADEN SPRINGS, IND. — TWG will develop West Baden Lofts, a $9 million affordable community in West Baden Springs, a town in Indiana’s French Link Township. West Braden Lofts will offer 44 units in two- and three-bedroom layouts. The community will be available to households earning between 30 and 60 percent of the area median income. Amenities include a bikeshare program, Wi-Fi connectivity, fitness center, community room, indoor play area, community garden, a playground and in-unit laundry. Construction of West Baden Lofts is expected to begin in June 2023. …
WASHINGTON, D.C. — JLL Capital Markets arranged the sale of The Shay, a 245-unit community located in the Shaw neighborhood of Washington, D.C. Robert Jenkins and Bret Thompson led the Investment Sales and Advisory team representing the seller. Built in 2015, The Shay features studio, one- and two-bedroom units and amenities such as a pool with a sundeck, two rooftop decks, a catering kitchen with a dining area and a fitness center. The buyer was not disclosed.
CHICAGO — Crescent Heights has acquired North Water Apartments, a 398-unit property in downtown Chicago’s Streeterville neighborhood. Invesco Real Estate sold the asset for $173 million, according to real estate data firm CoStar Group. North Water Apartments is the multifamily portion of a 50-story building located at 340 E. North Water St. Built in 2015, the community is situated above the Loews Chicago Hotel, which was not included in the sale, and offers studio, one-, two- and three-bedroom floor plans. John Jaeger and Justin Puppi of CBRE represented the seller. …
RICHMOND, VA. — RailField has purchased Millspring Commons Apartments, a 159-unit townhome-style community in Richmond, for an undisclosed price. Amenities at the community include a clubhouse with a fitness center, pool, outdoor exercise area, outdoor kitchen and grilling area, playground and dog park. RailField purchased the property on behalf of its RLM Preservation Fund, which focuses on preserving affordable and workforce housing. The firm plans to renovate both the common areas and apartment interiors.
MIAMI, FLA. — CBRE has added a multifamily investment sales team to expand the firm’s presence in Central and North Florida. The team joins CBRE from Cushman Wakefield, and comprises Denny St. Romain (vice chairman), Jubeen Vaghefi (vice chairman), Charles Crapse (senior vice president), Alex Kupp (first vice president) and Scott Peek (first vice president). The team — which will be led by St. Romain and Vaghefi — will focus on institutional multifamily sales, land development sales, structured debt and equity finance and private capital sales.
