Author

Lynn Peisner

Parkside-Commons-Syracuse
Affordable HousingDevelopmentFinanceNew YorkNewsNortheast

BFC Partners and SAA Canopy Group Secure $269M to Finance Affordable Housing Redevelopment in Syracuse, New York

by Lynn Peisner

SYRACUSE, N.Y. — BFC Partners and SAA Canopy Group have obtained $269 in financing for the redevelopment of the Parkside Commons housing complex in Syracuse. The developers will deliver 393 affordable apartments via renovated and newly constructed units. Rent restrictions were not disclosed The property currently consists of 10 buildings. With this construction financing, the development team will renovate six of those buildings and construct two new ones. Existing tenants who live in the four oldest structures, which eventually will be demolished, will relocate to the two new buildings. Financing …

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Ascent-on-Steamboat-Reno
FinanceNevadaNewsWestern

Newmark Arranges $33.5M Fannie Mae Loan for Ascent on Steamboat in Reno, Nevada

by Lynn Peisner

RENO, NEV. — Newmark has arranged a $33.5 million Fannie Mae loan to refinance Ascent on Steamboat, a 204-unit community in Reno owned by Elan Multifamily Investments. Newmark’s Lowell Takahashi and Vince Punzi arranged the five-year, fixed rate loan. Located at 3300 Skyline Blvd. in Reno’s Old Southwest neighborhood, Ascent on Steamboat is comprised of one- and two-bedroom units and a pool, fitness center and clubhouse.

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heckman-and-croft
Build-to-RentFeaturesInvestment SalesOperations

Institutional Homebuyers Face New Federal Limits

by Lynn Peisner

By Hollie Croft and Nicholas Heckman On July 11, the 21st Century ROAD to Housing Act became law, bringing about several changes designed to increase housing supply and affordability.  Section 1001 of the legislation — titled “Homes Are for People, Not Corporations,” creates a sweeping federal prohibition on the acquisition of single-family homes by “large institutional investors,” subject to narrowly defined exceptions.   The law represents one of the largest federal interventions in the single-family housing market that we have seen in decades, imposing structural limitations on investment strategies and new …

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Orchid-Run-Naples
BerkadiaFloridaInvestment SalesNewsSoutheast

Berkadia Arranges $89.8M Trade in Naples, Florida

by Lynn Peisner

NAPLES, FLA. — The Inland Real Estate Group of Cos. has sold Orchid Run, a 282-unit property in Naples, to Cardone Capital, a Miami-based firm founded by real estate investor and sales entrepreneur Grant Cardone. Matt Mitchell and Chris Burtner of Berkadia North & Central Florida arranged the sale on behalf of Inland. According Cardone’s investment memoranda on the deal, the asset traded for $89.8 million. The investment vehicle acquiring Orchid Run also plans to hold 282 Bitcoin, part of Cardone Capital’s strategy of pairing multifamily real estate with cryptocurrency …

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OSU-East-Columbus
DevelopmentMidwestNewsOhio

The NRP Group Breaks Ground on OSU East Alongside For-Sale Development in Columbus, Ohio

by Lynn Peisner

COLUMBUS, OHIO — The NRP Group has broken ground on OSU East, a 336-unit community in Northwest Columbus. The project is situated on a 27.5-acre site on West Dublin Granville Road that will include an additional 138 for-sale townhomes developed by M/I Homes of Central Ohio. One-, two- and three-bedroom units will comprise OSU East along with a clubhouse with a full kitchen, a fitness center, coworking space, volleyball and bocce courts, an outdoor grill and seating area, a resort-style pool and courtyards throughout the site’s surface-parked layout. A package …

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AVIA-Mesa
ArizonaInvestment SalesNewsWestern

Geringer Capital Sells Avia 266 in Metro Phoenix for $52.4M

by Lynn Peisner

MESA, ARIZ. — CBRE has arranged the $52.4 million sale of Avia 266. Beverly Hills, California-based Geringer Capital sold the 267-unit community in Mesa, which will be renamed The Remy, to San Diego-based ColRich. The sales price includes the assumption of an existing HUD loan. The property was developed in 1984 and includes two pool and hot tub areas, a 24-hour fitness center, an outdoor courtyard, a clubhouse with a community kitchen, package lockers and a fenced dog park. CBRE’s Matt Pesch, Asher Gunter and Austin Groen represented Geringer in …

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Altera-Heights-Apex
DevelopmentNewsNorth CarolinaSoutheast

Wood Partners, Marcus Partners Team up for Development in Raleigh-Durham Metro

by Lynn Peisner

APEX, N.C. — Wood Partners and Marcus Partners have broken ground on Altera Heights in Apex. The 280-unit community is located at the intersection of Jenks and Wimberly roads and will be comprised of one-, two- and three-bedroom units, some of which will be income-restricted. Marcus Partners is providing an undisclosed sum of equity for the project. Altera Heights will have a freestanding clubhouse featuring a fitness center, coworking space and gaming and lounge areas. Additional amenities include a resort-style pool, outdoor fitness area, dog park and pet spa. The …

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Alicante-Las-Vegas
Investment SalesNevadaNewsWestern

CONAM Acquires 232-Unit Alicante Apartments in Las Vegas

by Lynn Peisner

LAS VEGAS — CONAM Group, through its Strategic Investments Fund IV, has acquired Alicante Apartment Homes, a 232-unit community in Las Vegas’ Spring Valley submarket. The identity of the seller was not disclosed, but Sares Regis Group acquired the asset in 2022. The gated community, built in 2001, consists of 232 one-, two- and three-bedroom units across two-story, garden-style buildings on approximately 11 acres. Amenities include a pool and hot tub, fitness center with yoga and spin studios, clubhouse, billiards room, dog park, playground and package lockers.

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Overlook-at-Garson-Atlanta
Affordable HousingDevelopmentGeorgiaNewsSoutheast

Atlanta Beltline Partners Break Ground on 130-Unit Affordable Community

by Lynn Peisner

ATLANTA — The Atlanta Beltline, Pennrose, Radiant Development Partners and other project stakeholders broke ground Aug. 4 on Overlook at Garson, a 130-unit affordable housing community along the Atlanta Beltline’s Northeast Trail in the Lindbergh neighborhood. The studio, one- and two-bedroom units will be rent restricted at 50, 60 and 80 percent of the area median income. The single-building community will include parking and 10,300 square feet of commercial space on approximately 3 acres. Financial partners for the Low-Income Housing Tax Credit (LIHTC) project include Atlanta Beltline Inc., Invest Atlanta, …

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410-N-Elizabeth-Chicago
Affordable HousingDevelopmentIllinoisMidwest

Tree Street Group, Partners Break Ground on Chicago High-Rise

by Lynn Peisner

CHICAGO — Tree Street Group, along with partners Magellan Development Group and Mark Goodman & Associates, have begun construction of 410 N. Elizabeth, a two-tower high-rise community in Chicago’s Fulton Market neighborhood. The project includes 383 units, 77 of which will be designated as affordable housing. Rent restrictions were not disclosed. The 33-story tower represents the first phase of the development. Upon full buildout, the community will comprise 724 total units with 146 earmarked as affordable. Development details of Phase II were not released. The project will feature geothermal design, …

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