Author

Channing Hamilton

Vroom Street Apartments in Jersey City, New Jersey

JERSEY CITY, N.J. — JLL Capital Markets has arranged $13.1 million in construction financing for the development of Vroom Street Apartments, a 42-unit project in the Journal Square neighborhood of Jersey City. JLL worked on behalf of the borrower, Urban Square Properties, to secure the two-year loan through First Bank. Max Custer and Salvatore Buzzerio led the JLL Capital Markets Debt Advisory team. The unit mix at Vroom Street Apartments will include five studio units, 14 one-bedroom units and 23 two-bedroom units. The average unit size will be 913 square feet. …

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NEW YORK CITY — A partnership consisting of BFC Partners, CB Emmanuel, nonprofit organization Catholic Homes, Pinnacle City Living and the New York City Housing Authority (NYCHA) has secured $332.3 million in financing for the redevelopment of West Brighton I and II on Staten Island. The project will rehabilitate 574 affordable housing units that are home to more than 1,300 residents. The development team will also reactivate 24 vacant units, with 12 restored as permanently affordable units and 12 converted into a new senior center. Planned renovations to West Brighton …

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Skyview by Zen in West Valley, Arizona

WEST VALLEY, ARIZ. — Tower Capital has negotiated $51.5 million in non-recourse construction financing for the development of Skyview by Zen, a 190-unit build-to-rent (BTR) community in West Valley, 50 miles west of downtown Phoenix. Kyle McDonough and George Maravilla of Tower Capital arranged the financing on behalf of Zen and 10Y. The sponsor acquired the development site at 2627 N. 83rd Ave. in 2023. Once completed, Skyview by Zen will offer townhomes in two- and three-bedroom layouts. Construction is underway, with the first units slated to deliver in October …

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DENVER — NorthPeak Commercial Advisors has negotiated the sale of an 11-unit property located at 995 Corona St. in Denver. The asset traded hands for $2.3 million. Greg Johnson and Conner Piretti of NorthPeak Commercial represented the undisclosed seller in the deal. The name of the buyer was also not disclosed.

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O’FALLON, MO. — Thompson Thrift has arranged the sale of Avenue64, a 316-unit community in the St. Louis suburb of O’Fallon. Bonaventure Holding Co. purchased the asset for an undisclosed price. George Tikijian, Hannah Ott and Matt Bukhshtaber of CBRE brokered the deal. Avenue64 spans 17 acres at 1000 Watermark Drive. The community features one-, two- and three-bedroom floor plans. Amenities include a fitness center, pool with cabanas and entertainment areas, bark park and pet spa. Avenue64 was constructed in 2023. The property was 95 percent occupied at the time …

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NEW YORK CITY — Marcus & Millichap has brokered the sale of a portfolio of three properties in Manhattan’s East Village neighborhood. Located at 129 Second Ave. and 36 Saint Marks Place, the buildings all rise six stories. The portfolio totals 59 apartments, as well as 10 retail units. Ryco Capital sold the portfolio to Jonis Realty for $29 million. Both parties are locally based. Joe Koicim, Logan Markley, Zan Colin and Matt Berger of Marcus & Millichap represented the seller and procured the buyer.

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Orchard Park in Port Orchard, Washington

PORT ORCHARD, WASH. — Marcus & Millichap has arranged the sale of Orchard Park, a 66-unit property in Port Orchard, about 17 miles west of Seattle. The asset traded hands for $16 million. Orchard Park was built in 1981. The community offers units in one-, two- and three-bedroom layouts. The property was 96 occupied at the time of sale. Kellan Moll and Scott Morasch of Marcus & Millichap’s Seattle office marketed the property on behalf of the seller. Moll and Morasch, along with Mitchell Loofburrow, also secured the buyer. Both the buyer and …

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Lenox in Jersey City, New Jersey

JERSEY CITY, N.J. — CBRE has arranged the sale of Lenox and Quinn, two adjacent properties totaling 408 units located in the Paulus Hook neighborhood of Jersey City. Houston-based investment manager Hines Interests purchased both assets from institutional investors advised by J.P. Morgan Asset Management for $221.5 million.  Lenox was built in 2017 and comprises 255 units. The property also includes a 257-space automated parking garage. Built in 2018, Quinn totals 153 units. Both communities feature amenities such as a rooftop with BBQ gas grills and a pool, resident lounge, …

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VER at Proscenium in Indianapolis, Indiana

The capital markets continue to present challenges and create confusion across the U.S. transaction space. Most markets outside the Midwest have retreated toward a rent-growth flatline, or worse. However, in the midst of it all, the metro area stands like a pillar of stability. No longer known simply for its manufacturing prowess, Indianapolis boasts a long list of economic strengths. These include a diverse, sustainable and growing employment base; predictable fundamentals, including controlled levels of supply; a forward-thinking investment in infrastructure; and a growing base of capital. These capital sources, …

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HOUSTON — Atlanta-based investment and development firm Cortland has acquired Villas River Oaks, a 288-unit complex in Houston’s River Oaks neighborhood. Cortland purchased the asset from international investment firm Heitman for an undisclosed price. Villas River Oaks offers one- and two-bedroom floor plans, which range from 625 to 1,200 square feet. Amenities include a pool, clubhouse, fitness center, lounge, community garden and outdoor grilling and dining stations. The new ownership plans to implement a value-add program and rebrand the property as Cortland River Oaks.

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