Author

Lynn Peisner

Village-of-the-Pines-Reno

By David NelsonTo the general public, Reno, Nevada, conjures up visions of casinos, nightlife, giant neon signs and vintage mid-century motels, as well as the beauty of nearby Lake Tahoe. In the multifamily investment world, the metro is drawing increased attention because of its limited incoming supply, steady population growth, business-friendly environment and diversified employment base, which combine to create a strong apartment market that can deliver attractive returns. Reno, which calls itself “The Biggest Little City in the World,” may not be on investors’ radar as prominently as some …

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The-Quaye-Palm-Beach-Gardens

PALM BEACH GARDENS, FLA. — The Dermot Co., in partnership with Dutch pension fund provider PGGM and TD Asset Management (TDAM), has acquired The Quaye, a 341-unit community in Palm Beach Gardens. Affinius Capital originated a $110 million loan to support the acquisition. Walker & Dunlop’s South Florida Investment Sales team, led by Still Hunter, arranged the sale, while Walker & Dunlop’s Aaron Appel, Dustin Stolly and Michael Ianno arranged the financing. The community is comprised of one-, two-, three- and four-bedroom apartments and townhomes. It is situated on a …

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4400-S.-Drexel-Blvd-Chicago

CHICAGO — Interra Realty has arranged the $11.7 million sale of a 46-unit apartment building at 4400 Drexel Blvd. in Chicago’s Kenwood neighborhood. Neither the buyer nor seller’s identity was disclosed. Interra’s Lucas Fryman represented the seller during the 2020 trade when the party was on the buy side. The community was 91 percent occupied at the time of the sale. Rents are subsidized via vouchers administered through the Chicago Housing Authority. Built in 1924, the courtyard-style building features one- and two-bedroom units.

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Laurel-View-Concord

CONCORD, N.C. — Gamma Real Estate has sold Laurel View Apartments in Concord to Southwood Realty for $41.4 million. Northmarq’s Carolinas Investment Sales Team that arranged the sale was led by Andrea Howard, John Currin, Austin Jackson, Jeff Glenn and James Dorsett. Developed in 2017 on approximately 11 acres, the 174-unit property is located 20 miles northeast of Charlotte. The community features one-, two- and three-bedroom floor plans outfitted with luxury vinyl plank flooring, granite countertops, stainless steel appliances, walk-in closets and patios or balconies. Amenities include a fitness center, …

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49-South-Passaic-Avenue-Chatham

CHATHAM, N.J. — New Jersey-based ICON Real Estate Advisors has arranged the $11.2 million sale of Chatham Arms, a renovated 31-unit building at 49 S. Passaic Ave. in Chatham, 27 miles west of Manhattan. The property was acquired by a private investor completing a 1031 exchange doing business as Cornerstone 2025 LLC, while the seller was named as Chatham Arms JV LLC. The building features studio, one- and two-bedroom residences with open floor plans, updated kitchens, hardwood flooring, 9-foot ceilings, stainless steel appliances and in-unit climate control systems. Common areas …

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310-West-Huron-Chicago

CHICAGO — JLL has arranged $44.1 million in construction financing for the joint venture developers of 310 West Huron, a 149-unit project in Chicago. The financing consisted of a $38.1 million loan provided by CIBC and $6 million in preferred equity from N3 Capital Management. Third Coast Real Estate and N3 Capital Management are the developers behind the nine-story project, which is situated in the River North neighborhood. Units will be offered as studios, one- and two-bedroom floor plans, including 11 two-story units with private patios. Amenities include a rooftop …

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HARMON-Clemmons-Wake-Forest

WINSTON-SALEM, N.C. — Crescent Communities, in partnership with Heitman, has closed on a 21-acre land sale for the future development of HARMON Clemmons, a 154-unit build-to-rent community in Winston-Salem. The joint venture partners plan to break ground later this year. The site will be comprised of two-, three- and four-bedroom townhomes as well as a pool with a clubhouse and cabanas, a multipurpose green space and a lawn for outdoor events. Hagen Engineering will serve as the civil engineer, LandDesign as the landscape architect, Vinyet as the townhome architect, Cooper …

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El-Jardin-Brownsville

BROWNSVILLE, TEXAS — The Housing Authority of the City of Brownsville has opened El Jardin, an affordable housing LIHTC adaptive reuse project that converted a historic hotel, built in 1927, into 44 units of rental housing. Income caps range from 50 to 60 percent of area median income. Before the project began, the hotel sat vacant for 40 years. It operated as a hotel until the 1980s. Amenities at the renovated property include a fitness center, community garden, a play area, communal kitchen, barbecue and fitness area, a business center …

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AnitaCoy-Austin

AUSTIN, TEXAS — The NRP Group, in partnership with Austin Independent School District (AISD), has broken ground on Phase I of the Anita Ferrales Coy school-to-housing redevelopment in East Austin. A school operated on the 18 acres at 4812 Gonzales St. from 1916 to approximately 2018, after which time the property was used as an alternative learning center. AISD selected The NRP Group as a redevelopment partner in 2023, and last year, AISD was relocated to prepare for redevelopment. The first phase includes 341 units, while the second phase, estimated …

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Tributary-Raleigh

RALEIGH, N.C. — Locally based Kane Realty Corp. (KRC) has broken ground on Tributary, a 332-unit community within the North Hills Innovation District (NHID) in Raleigh. Tributary, designed by the Washington, D.C.-based architectural firm of Hickok Cole, will include 6,000 square feet of ground-floor retail, two courtyards, a digital content creation studio and a wellness center. The general contractor is John Moriarty & Associates. Completion is slated for spring 2028. NHID is a walkable, mixed-use destination situated around a tributary of Big Branch Creek and preserved wetlands. KRC also announced …

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