MILFORD, CONN. — Wynnewood, Pennsylvania-based investment firm Merion Realty Partners has purchased Halstead Milford, a 246-unit apartment community located in southern coastal Connecticut. The total sales price was undisclosed. Virginia-based REIT AvalonBay Communities originally developed the three-story, garden-style property in 2004. Property amenities include a pool, fitness center, coworking space, game room and outdoor grilling and dining areas. Simon Butler, Biria St. John, Jeff Dunne, John McLaughlin, Eric Apfel, Stuart MacKenzie and Brian Bowler of CBRE represented the seller, an affiliate of The DSF Group, in the transaction. The team …
BLOOMINGTON, IND. — Gray Capital, a private equity firm based in Indianapolis, has acquired Echo Park Apartments, a 154-unit luxury community located in Bloomington for an undisclosed price. The property will be managed by Gray Capital’s property management company, Gray Residential. Echo Park is the fourth property acquired through the company’s $100 million multifamily investment fund, The Gray Fund. Other properties acquired with the fund include Sycamore Terrace in Terre Haute, Indiana, Club Meridian in Lansing, Michigan, and Stonybrook Commons in Indianapolis.
JERSEY CITY, N.J. — Veris Residential, the development and investment firm formerly known as Mack-Cali Corp., has completed the lease-up of Haus25, a 750-unit, 56-story tower in the downtown area of Jersey City. Haus25 offers studio, one-, two- and three-bedroom floor plans. Amenities include a pool, indoor and outdoor fitness areas, amphitheater, bowling alley, karaoke lounge, game room, golf simulator, pet spa and dog run. When leasing began in spring 2022, monthly rents for a studio apartment started in the low $3000s. The 56-story building is now approximately 93 percent …
CHICAGO — Lendlease has begun pre-leasing at The Reed at Southbank, located at 234 W. Polk St. in Chicago’s South Loop. A 41-story residential tower including rental and for-sale units, The Reed is the second building Lendlease is developing as part of Southbank, its 7-acre master-planned community situated along the Chicago River. The Reed at Southbank features 224 apartments on floors nine through 22, including studio to three-bedroom floor plans ranging from 544 to 1,417 square feet. Prices begin at $2,160 for studios, $2,230 for convertibles, $2,500 for one-bedrooms, $3,710 …
DETROIT — Bedrock has unveiled plans for the Development at Cadillac Square, a 1.5 million-square-foot mixed-use development in downtown Detroit. The Development at Cadillac Square project is the latest incarnation of a previously delayed plan, which was announced in 2016, according to The Detroit News. The development will be situated between Monroe and Randolph streets, adjacent to Campus Martius Park and Cadillac Square. Construction is expected to commence in 2024. Total costs for the project remain undisclosed, according to the Detroit Economic Growth Corp. The project will include 230,000 square …
BROOKLYN, N.Y. — The Community Preservation Corporation and Proto Property Services have refinanced Riverdale Osborne Towers, a 525-unit affordable housing complex in the Brownsville neighborhood of Brooklyn. The $100 million loan was provided by Rockport Mortgage Corporation under a HUD 223(f) loan. The complex consists of four, nine-story residential buildings with 525 affordable homes for low-income families. The property also includes a preschool and 10,500 square feet of retail space, including the only full-service grocery store in the area. The refinance will preserve the long-term affordability of all 525 homes …
CINCINNATI — Crawford Hoying, a real estate developer based in suburban Columbus, has acquired The Banks, a two-property, 592-unit project located in Cincinnati. The property was sold by Nicol Investment Company for an undisclosed price. The Banks project consists of two properties, Current at the Banks and Radius at the Banks, totaling 592 units. In addition, the development has approximately 100,000 square feet of ground-floor retail. Located between Cincinnati’s MLB and NFL stadiums, the riverfront portfolio at The Banks connects the city grid and downtown to the historic riverfront. The …
BOSTON — The City of Boston and Mayor Michelle Wu have funded an undisclosed amount of funding for Columbia Crossing in the Dorchester neighborhood. The proposed development plans to transform the historic Dorchester Savings Bank building and adjacent parking lot into an approximately 86,000-square-foot residential and commercial complex. The project will be developed by the Preservation of Affordable Housing (POAH) in partnership with the Dorchester Bay Economic Development Corporation (DBEDC). Plans include the adaptive reuse of the bank building into affordable rental housing and the construction of a six-story building at …
HACKENSACK, N.J. — The Monocle Group has selected Greystar Real Estate Partners LLC, as property manager of 210 Main, a two-building, 126-unit property in downtown Hackensack. Formerly a historic bank building and one of Hackensack’s first architectural landmarks, 210 Main was converted to apartments in 2021. The community consists of the 11-story, 89-unit building at 210 Main St. and the interconnected four-story, 37-unit building at 214 Main St. Amenities include a 24-hour fitness center, concierge, outdoor lounge with barbecue grills and fire pits, rentable event lounge, community laundry room and …
INDIANAPOLIS — Indy Eleven and Keystone Group will break ground on Eleven Park, a mixed-use project in the southwest quadrant of downtown Indianapolis in May. The development will include a 20,000-seat multipurpose stadium, 600 rental units, 205,000 square feet of office space, more than 197,000 square feet of retail space, a hotel and public parking garages. The Indianapolis Star reports the project has a price tag of $1 billion. Eleven Park will also feature a public plaza and green spaces featuring an outdoor stage with free concerts, a play zone, outdoor activities, …