CHICAGO — Locally based Newcastle Investors has refinanced Reside on Jackson, a 93-unit property in Chicago, with a $24.7 million Fannie Mae loan arranged by Kevin McCarthy of Northmarq. The permanent fixed-rate financing is structured on a five-year term. Located at 1241 and 1245 W. Jackson Blvd., the community was built in 2016 and includes one- and two-bedroom apartments as well as bicycle storage, 24-hour maintenance and concierge services and a rooftop gathering space with grills.
YONKERS, N.Y. — A joint venture of Saber-Hightower, Rafferty Real Estate and Eagle Realty Group, a subsidiary of Western & Southern Financial Group, has begun construction of The Ibex at Ridge Hill, a 17-story, 282-unit project located at Ridge Hill, an approximately 1.2 million-square-foot open-air lifestyle center in Yonkers. Bank OZK is providing construction financing for the $140 million project. The building will include 28 affordable units. The development team did not disclose rent restrictions, but the City of Yonkers’ regulations generally require 40 percent of affordable units to serve …
KENT, WASH. — RISE Properties has sold The Groves Apartments (366 units) in Kent to FPA Multifamily for $72 million. Institutional Property Advisors’ Philip Assouad, Giovanni Napoli, Ryan Harmon, Nick Ruggiero and Anthony Palladino represented the seller, which acquired the asset in 2019. During its hold, RISE renovated about 68 percent of the units and upgraded amenities and common areas. The property, which has been rebranded as ReNew Meridian, is about 30 miles south of Seattle and includes two- and three-story residential buildings and a clubhouse across 20 acres. It …
MARYLAND HEIGHTS, MO. — Chicago-based Banner Real Estate Group has sold Whisper Hollow Apartments in Maryland Heights to Franktown, Colorado-based Monarch Investment and Management Group for an undisclosed sum. Northmarq’s St. Louis Investment Sales team, led by Dominic Martinez, Parker Stewart, Alex Malzone and Charlie McKee, arranged the sale. The 315-unit community at 12430 Whisper Hollow Drive is about 20 miles northwest of St. Louis. Developed in 1976 and renovated in 2018, the community features a pool, fitness center, dry sauna, business center with a coffee bar, clubhouse, game room …
AUSTIN, TEXAS — Locally based OHT Partners has broken ground on The Barton, a 402-unit development on approximately 60 acres in Southwest Austin. Forty acres will be designated as green space. Located at 8956 W. State Highway 71, The Barton comprises one-, two- and three-bedroom units, 30 of which will be townhomes. Amenities include two resort-style pools, a 9,000-square-foot clubhouse, a 1,500-square-foot fitness center, 1,500 square feet of coworking space, two pickleball courts, a 1.4-acre dog park, a trail system and multiple community courtyards. OHT is serving as developer as …
NEW YORK CITY — The Olnick Organization, a New York City-based development and property management firm founded in 1946, has refinanced one of its legacy assets, Lenox Terrace, with a $170.5 million loan provided by Chase Commercial Bank. Walker & Dunlop’s Jonathan Schwartz, Aaron Appel, Keith Kurland, Adam Schwartz, Dustin Stolly, Sean Reimer, Michael Ianno and Cody Ela arranged the financing. Six 16-story buildings house Lenox Terrace’s 1,696 units, most of which are rent-regulated. The property, located at 484 Malcolm X Blvd. in Central Harlem, was developed in 1958 and …
HOUSTON — Fairstead, a New York City-based affordable housing developer, has completed the $26 million renovation of Coppertree Village, a 324-unit affordable housing community in the Acres Homes neighborhood of northwest Houston. Fairstead’s renovations included new kitchen cabinetry, countertops and energy-efficient appliances; upgraded bathrooms with new plumbing fixtures; a new outdoor playground; and perimeter fencing and controlled access. Units are rent restricted to 50 and 60 percent of area median income. Coppertree Village was originally developed in the early 1970s.
PHOENIX — Institutional Property Advisors (IPA) has arranged the sale of The Astor at Osborn, a 191-unit mid-rise community in Phoenix. The asset traded between two unnamed parties for the sum of $47.8 million. Completed in 2019, The Astor at Osborn has garage parking, a resort-style pool, fitness center, club room and outdoor grilling stations. Floor plans are available as studios, one-, two- and three-bedroom units, which feature stainless steel appliances and 10-foot ceilings. IPA’s Steve Gebing and Cliff David represented the seller and procured the buyer.
RENO, NEV. — Berkadia has arranged the $54.8 million sale of Sagecliff in Reno. Beverly Hills, California-based Kennedy Wilson was the seller, and Korda Group, a California-based family office, was the buyer, according to CoStar. Sagecliff (220 units) was built in 1997 and features a mix of one- and two-bedroom units averaging 941 square feet. The property’s amenity package includes a pool and hot tub, fitness center, clubhouse and detached garages. Kennedy Wilson invested approximately $2 million in capital improvements during its hold period, which began in 2021. Updates included …
HUNTSVILLE, ALA. — JLL has arranged a $53 million refinancing loan for Bobo Development Group’s Arcadia Huntsville. The 250-unit property at 4810 Bradford Drive in Huntsville’s Cumming Research Park was completed in 2024. Newport Beach, California-based Revitate is a limited partner in the project. Arcadia features studios, one- and two-bedroom floor plans, 18,000 square feet of retail and such amenities as a heated saltwater pool, clubhouse with demonstration kitchen, fitness center, coworking space, dog park, electric vehicle charging stations and outdoor grilling stations and lounge areas with gas fire pits. …
