Author

Lynn Peisner

Bill-Bailey
Affordable HousingDevelopmentFinanceIndustry Voices

The Public ROI Test: When Do Multifamily Development Incentives Make Economic Sense?

by Lynn Peisner

Development incentives tend to produce two predictable reactions. One side sees them as a practical tool to get difficult projects built. The other side sees them as a subsidy to private developers.  In my experience, neither reaction is enough. The real issue I see is not whether incentives are good or bad in the abstract. The better question I ask is much more practical: What is the public buying, would it happen anyway, and is the return worth the cost? That question is becoming more important across South Florida. Cities, …

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Aperture-on-Fifth-Seattle
Investment SalesNewsWashingtonWestern

Freestone Capital Acquires 106-Unit Seattle Asset for $32.2M

by Lynn Peisner

SEATTLE — PrivatePortfolio Group has sold Aperture on Fifth, a 106-unit community in the Denny Triangle neighborhood of Seattle, to Freestone Capital for $32.2 million. Both parties are based in Seattle. Giovanni Napoli, Philip Assouad, Ryan Harmon, Nick Ruggiero and Anthony Palladino of Institutional Property Advisors (IPA) represented the seller and procured the buyer. Aperture on Fifth, built in 2014, is comprised of studios, one- and two-bedroom apartments along with a central atrium courtyard, rooftop deck with a bocce ball court, fitness center, bike storage, package lockers, pet wash area and …

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Robinwood-Annapolis
Affordable HousingDevelopmentMarylandNewsNortheast

First Phase of $105.8M Annapolis Public Housing Redevelopment to Include 58 Units

by Lynn Peisner

ANNAPOLIS, MD. — A $105.8 million redevelopment of the 150-unit Robinwood public housing community is moving forward with plans for 58 new apartments, renovated townhomes, new seniors housing and expanded community amenities. The developers are Community Housing Partners (CHP), a Virginia-based affordable housing developer, and the Housing Authority of the City of Annapolis (HACA). Additional stakeholders include the City of Annapolis, Anne Arundel County, the State of Maryland and the U.S. Department of Housing and Urban Development (HUD). Robinwood was built in 1970 as a public housing community and today …

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Mission-Grove-Riverside
Build-to-RentCaliforniaDevelopmentFinanceNewsWestern

Canyon Partners Provides $74.4M Construction Loan for Inland Empire BTR Project

by Lynn Peisner

RIVERSIDE, CALIF. — Canyon Partners and J.P. Morgan have provided a $74.7 million construction loan for a ground-up, rental townhome development project in Riverside’s Mission Grove neighborhood. The developer is BCT Development, a joint venture between Bain Capital Real Estate and Cherry Tree Development. An official proper name of the community has not been released. It will include 180 rental townhomes in a mix of two-, three- and four-bedroom floor plans and amenities such as a pool, fitness center and clubhouse. A construction timeline was not disclosed. The financing represents …

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59-Bogart-Brooklyn
Investment SalesNew YorkNewsNortheast

CBRE Arranges $30M Sale of Brookly Property

by Lynn Peisner

NEW YORK CITY — CBRE has brokered the $30 million sale of 59 Bogart Street, a 51-unit building located in the East Williamsburg section of Brooklyn. The CBRE team of Robert Shapiro and Ian Brooks represented the seller and procured the buyer in the transaction. The property sits above the Morgan Avenue L train station and includes one-, two- and three-bedroom loft-style units. Amenities include in-building laundry, a lounge, fitness center, bike room, roof deck with a barbecue area and communal outdoor spaces.

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Milo-Raleigh
Investment SalesNewsNorth CarolinaSoutheast

Greystar Sells 252-Unit Milo in Raleigh, North Carolina

by Lynn Peisner

RALEIGH, N.C. — Greystar has sold Milo, a 252-unit property at 821 Hanbury Way in West Raleigh to an LLC for an undisclosed sum. John Mikels, John Gavigan, Chase Monroe, William Martin and Mccullough Campbell headed up the JLL team that represented Greystar, the original developer, in the deal. Completed in 2024, Milo consists of eight three-story residential buildings and a leasing and clubhouse building. Units are available in one-, two- and three-bedroom floor plans along with a pool, poolside cabanas, yoga lawn, coworking space, fitness center, cardio and cycle …

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Hayden-Park-Scottsdale
ArizonaInvestment SalesNewsWestern

Rockwell Property Co. Acquires Hayden Park in Scottsdale for $42M

by Lynn Peisner

SCOTTSDALE, ARIZ. — Rockwell Property Co. has acquired Hayden Park Apartments in Scottsdale for $42 million. The 182-unit community was developed in 1985 and consists of 21 one- and two-story residential buildings including 46 single-story residences. Amenities feature two resort-style pools and two hot tubs, a fitness center, resident lounge with coworking space, barbecue areas and covered parking The seller was not disclosed, but Rockwell stated the asset had been maintained by the same local family ownership since 1999.

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Southwick-Commons-Apopka
Affordable HousingDevelopmentFloridaNewsSoutheast

Wendover Housing Partners Opens Affordable Housing Development in Metro Orlando

by Lynn Peisner

APOPKA, FLA. — Wendover Housing Partners has opened Southwick Commons, a 192-unit affordable housing community at 520 Brighton Ave. in Apopka, a northwest suburb of Orlando. Monthly asking rents at Southwick Commons start at approximately $1,103 for one-bedrooms, $1,440 for two-bedrooms and $1,647 for three-bedroom units. Amenities include a pool, activity room, business center, playground, community garden and a picnic pavilion and grills. Southwick Commons was designed by Slocum Platts Architects, and VCC was the general contractor.

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Attain-at-Swift-Creek-Chester
DevelopmentNewsSoutheastVirginia

Bonaventure Breaks Ground on $93.3M Attain at Swift Creek in Virginia

by Lynn Peisner

CHESTER, VA. — Bonaventure has broken ground on Attain at Swift Creek, a 344-unit community in Chester, about 19 miles south of Richmond. Walker & Dunlop arranged a $93.3 million HUD loan that includes both construction and permanent debt. KBS is the general contractor, RBA is the architect, and Timmons Group is the civil engineer. A property management partner will be announced ahead of lease-up. Attain at Swift Creek will include one-, two- and three-bedroom units. Completion is slated for 2028. Alexandria, Virginia-based investment firm Bonaventure’s Attain pipeline is concentrated …

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Village-of-Estero-Florida
DevelopmentFloridaNewsSoutheast

FRP, Woodfield Start Construction of Mixed-Use Village of Estero

by Lynn Peisner

ESTERO, FLA. — FRP Development Corp. and Woodfield Development have begun construction of a multi-phase project in Estero, about 20 miles south of Fort Myers, Florida. Santander Bank provided an $81 million construction loan for the first phase of development, which will include 286 apartments and 30,000 square feet of retail space. Completion is slated for 2027. Brooks & Freund is the general contractor, and ID & Design International is leading interior design. Dover, Kohl & Partners served as master planner for the overall mixed-use development, while Humphreys & Partners …

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