Thursday, January 23, 2025
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Channing Hamilton

Village on the Green in River Vale, N.J.
Investment SalesNew JerseyNewsNortheast

Kushner Purchases Four-Property Portfolio in New Jersey for $80 Million

by Channing Hamilton

WESTWOOD AND RIVER VALE, N.J. — Kushner has purchased a portfolio of four properties totaling 276 units in Bergen County, located in the northeastern corner of New Jersey. Jose Cruz, Mike Oliver, Steve Simonelli, Elizabeth DeVesty and Austin Pierce of JLL Capital Markets represented the seller and procured the private buyer.  The portfolio includes Coventry Square, Stanford Court and The Madison Apartments, which are all located in Westwood, about 32 miles north of New York City. The fourth community, Village on the Green, is situated in the adjacent town of …

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Xander on State in Columbus, Ohio
FinanceInvestment SalesMidwestNewsOhio

RM Communities, Crawford Hoying Receive $30.5 Million Acquisition Loan for Xander on State in Columbus, Ohio

by Channing Hamilton

COLUMBUS, OHIO ­— RM Communities and Crawford Hoying have secured a $30.5 million acquisition loan for Xander on State, a 229-unit community located at 265 East State St. in downtown Columbus’s Discovery District. Brian Gaswirth, Jesse Wright, Joshua Odessky and Shane Ciacci of JLL Capital Markets arranged the loan through ACRE. Built in 2020, Xander on State offers a mix of studios, one- and two-bedroom units. Residents have access to amenities including a pool, entertainment area, fitness center and theater room. The property also features 2,681 square feet of ground …

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AVA Ballard in Seattle
Investment SalesNewsWashingtonWestern

AvalonBay Communities Sells AVA Ballard in Seattle for $105.5 Million

by Channing Hamilton

SEATTLE — AvalonBay Communities has completed the sale of AVA Ballard, a 265-unit asset located at 5555 14th Ave. NW in the Ballard neighborhood of Seattle, to an undisclosed buyer for $105.5 million. Eli Hanacek, Mark Washington and Kyle Yamamoto of CBRE represented the seller in the transaction. Built in 2013, AVA Ballard offers studio, one- and two-bedroom apartments averaging 717 square feet. Units feature quartz countertops, stainless steel appliances, plank hardwood-style flooring and washers and dryers.  Amenities include a rooftop lounge, barbecues and a dog run; clubroom with media …

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288 East 88th Street in New York City
DevelopmentFinanceNew YorkNewsNortheast

Affinius Capital Provides $79 Million Construction Loan for Residential Tower in New York City

by Channing Hamilton

NEW YORK CITY — Affinius Capital LLC has originated a $79 million loan to Alchemy-ABR Investment Partners to finance the development of 288 East 88th Street, a 26-story project in New York’s Upper East Side neighborhood. Located on the southwest corner of 88th Street and 2nd Avenue, the building will include 45 units ranging from one to five bedrooms. Amenities will include a fitness center, sport court, children’s playroom, media/gaming room, coworking/conference space and a roof terrace. The project is slated for completion in late 2026. Aaron Appel, Keith Kurland, …

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A property underway in Mansfield, Texas
DevelopmentNewsTexas

Leon Multifamily Secures $134 Million in Construction Financing for Three Developments

by Channing Hamilton

DALLAS — Leon Multifamily has received $134 million in construction financing for three developments from a combination of regional banks and non-bank financial institutions. The planned communities will total 842 apartment units.  Leon Multifamily is a subsidiary of Dallas-based Leon Capital Group. Over the last two years, the company has initiated or completed more than 2,300 units across seven developments.

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CaliforniaFinanceNewsWestern

ICONIQ Capital, Sentral Secure $525 Million Refinancing for 1,790-Unit Portfolio

by Channing Hamilton

SAN FRANCISCO — ICONIQ Capital and Sentral have secured $525 million for the refinancing of a portfolio of six properties totaling 1,790 units. Deutsche Bank and Goldman Sachs provided the single-asset, single-borrower CMBS loan. Jonathan Firestone and Bill Fishel of Newmark Group Inc. arranged the financing. Gibson Dunn and Latham & Watkins also advised on the transaction. Sentral operates each community in the portfolio. Approximately 25 percent of the units are leased under a flexible living strategy, in which units are fully furnished and made available for short- or mid-length …

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The investment panel at InterFace Multifamily Texas
Conference CoverageFeaturesInvestment SalesTexas

Sweet Spot: The Ideal Cap Rate Range for Buying Multifamily Assets in Texas Today

by Channing Hamilton

The concept of cap rates is an interesting phenomenon when you stop to think about it. Short for “capitalization rate” and calculated as net operating income (NOI) divided by sales price, this all-important real estate metric represents a page borrowed from Wall Street’s playbook, a savvy maneuver by investors to create a vehicle of asset valuation and apply it to select securities on a widespread basis. The circumstances of the metric’s inception are largely unknown, but all that matters is that the real estate industry has successfully propagated the use …

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Cedardale in Federal Way, Washington
Investment SalesNewsWashingtonWestern

Pathfinder Partners Acquires Cedardale in Federal Way, Washington, for $31 Million

by Channing Hamilton

FEDERAL WAY, WASH. — Pathfinder Partners has acquired Cedardale, a 126-unit property in Federal Way, roughly 25 miles south of Seattle. CEP Multifamily sold the asset for $31 million. Giovanni Napoli, Philip Assouad, Ryan Harmon, Nick Ruggiero and Anthony Palladino of Institutional Property Advisors, a division of Marcus & Millichap, arranged the transaction. Cedardale was built in 1981 on seven acres. The community offers one- and two-bedroom apartments with washers and dryers, wood-burning fireplaces and private decks or patios. The average unit size is 746 square feet. The property features …

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DevelopmentIllinoisMidwestNews

Synergy Construction Group Completes Station 250 in Mundelein, Illinois

by Channing Hamilton

MUNDELEIN, ILL. — Synergy Construction Group has completed Station 250 in Mundelein, about 40 miles north of Chicago. Synergy served as developer and general contractor. Ware Malcomb provided architecture, interior design and full site planning services for the transit-oriented project. Station 250 consists of 166 apartments across four stories. The property features an outdoor pool and 10,700 square feet of indoor amenities, including a coffee bar reception area, fitness center, yoga room, sauna, golf simulator room and coworking lounge.

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Lake Wood Ranch Apartments in Coeur d'Alene, Idaho
Investment SalesNewsWashingtonWestern

Hudson Valley Property Group Acquires 22-Property Affordable Housing Portfolio

by Channing Hamilton

SEATTLE — Hudson Valley Property Group (HVPG) has purchased a 22-property portfolio comprising 4,768 affordable housing units across the western United States. HVPG acquired the portfolio from Inland Group in a joint venture partnership with Wheelock Street Capital, which provided most of the equity capital out of its Long Term Value Fund. The sales price was not disclosed. Goldman Sachs served as financial advisor to the seller. Newmark brokered the transaction. The portfolio consists of 13 assets in Washington, seven in Colorado, one in California and one in Idaho. All …

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