Author

Lynn Peisner

Coppertree-Village-Houston
Affordable HousingDevelopmentNewsTexas

Fairstead Completes $26M Renovation of Coppertree Village in Houston

by Lynn Peisner

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.

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The-Astor-Phoenix
ArizonaInvestment SalesNewsWestern

IPA Brokers $47.8M Sale in Phoenix

by Lynn Peisner

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.

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Sagecliff-Reno
BerkadiaInvestment SalesNevadaNewsWestern

Kennedy Wilson Sells Sagecliff in Nevada for $54.8M

by Lynn Peisner

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 …

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Arcadia-Huntsville
AlabamaFinanceNewsSoutheast

Bobo Development Group Obtains $53M Refinancing Loan for Huntsville Project

by Lynn Peisner

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. …

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The-Boxer-Forest-Grove
Investment SalesNewsOregonWestern

IPA Arranges $14.7M Sale in Forest Grove, Oregon

by Lynn Peisner

FOREST GROVE, ORE. — Hillsboro, Oregon-based Bender Equities has sold The Boxer, a 99-unit community in Forest Grove, about 27 miles west of Portland, Oregon, for $14.7 million. The buyer was Tam Ridge Partners from San Francisco. Institutional Property Advisors (IPA)’s Anthony Palladino, Philip Assouad, Giovanni Napoli, Ryan Harmon, Nick Ruggiero and David Tabata, Marcus & Millichap’s broker of record in Oregon, represented the seller. The Boxer is a nine-building property, developed in the 1960s and renovated in 2019, with a playground, laundry facilities, a lounge with a kitchen, fireplace, …

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lummus-parc-miami
Affordable HousingDevelopmentFinanceFloridaNewsSoutheast

Greystone Provides $167M in Financing for Gallery at Lummus Parc in Miami

by Lynn Peisner

MIAMI — Greystone has provided and arranged $167 million in construction financing, Low-Income Housing Tax Credit (LIHTC) equity and permanent financing for Gallery at Lummus Parc, a 257-unit mixed-income project in downtown Miami. Locally based Related Urban Development Group is the developer. Construction is underway, and completion is slated for late 2028. Gallery at Lummus Parc is the 257-unit, 27-story first phase of a planned two-tower, 439-unit development. A second 182-unit tower, Residences at Lummus Parc, is planned as a separate phase. Greystone’s $167 million financing package applies to the …

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Union-Street-San-Francisco
CaliforniaInvestment SalesNewsWestern

Marcus & Millichap Brokers $6.3M Russian Hill Portfolio Sale in San Francisco

by Lynn Peisner

SAN FRANCISCO — Marcus & Millichap has arranged the sale of two multifamily properties at 1159-1169 and 1067-1071 Union St. in San Francisco’s Russian Hill neighborhood. The properties sold for a combined $6.3 million after approximately 50 years under the same family ownership. Philip Batlin, Clinton Textor, Sam Runco and Jordan Tong, investment specialists in Marcus & Millichap’s San Francisco office, marketed the properties on behalf of the seller and procured the buyer, locally based Ballast. Built in 1925, the 9,123-square-foot property at 1159-1169 Union St. consists of six two-bedroom, …

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Springs-at-Opelika-Alabama
AlabamaDevelopmentNewsSoutheast

McShane, Continental Break Ground on 252-Unit Alabama Development

by Lynn Peisner

OPELIKA, ALA. — McShane Construction Co. and developer Continental Properties have broken ground on Springs at Opelika, a 252-unit garden-style community in Opelika, about 27 miles northwest of Columbus, Georgia. The project is positioned on a 13.5-acre site at 3305 Gateway Springs Drive and will comprise seven three-story apartment buildings offering studio, one-, two- and three-bedroom units. Amenities include a pool with covered patio seating, grills, a fire pit, an indoor-outdoor fitness center, a pet park and car-care center. Excel Engineering Inc. is the architect, and BSI is the civil …

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The-Albert-Saint-Paul
DevelopmentMidwestMinnesotaNews

Ryan Opens 97-Unit The Albert, Civic Square at St. Paul Ford Site

by Lynn Peisner

SAINT PAUL, MINN. — Locally based Ryan Cos. has opened The Albert and adjacent Civic Square — an open-air plaza — within Highland Bridge, the 122-acre redevelopment of the former Ford Motor Co. Twin Cities Assembly Plant site in St. Paul. The Albert is part of a $68 million mixed-use phase that also includes retail buildings, a daycare center and structured parking. The east side of The Albert incorporates a reconstructed portion of the historic 1920s assembly plant facade, originally designed by architect Albert Kahn, for whom The Albert is …

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Altezza-Westchester
BerkadiaCaliforniaInvestment SalesNewsWestern

Berkadia Arranges $6.8M Sale in Westchester Submarket of Los Angeles

by Lynn Peisner

LOS ANGELES — Berkadia has arranged the $6.8 million sale of Altezza, a 16-unit property in the Westchester neighborhood of Los Angeles. Steffan Braunlich of Berkadia El Segundo led the transaction on behalf of the seller, Revere Investments of Rolling Hills Estates, California. The buyer was Edud Investments based out of Corona, California. The deal closed on Sept. 21. Located at 6925 Kittyhawk Ave., the property was built in 1993 and features 16 two-bedroom, two-bathroom apartments, including upper-level, two-story loft layouts. The property also includes in-unit stackable washers and dryers, …

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