METUCHEN, N.J. — Klein Enterprises will develop a multifamily property in Metuchen, which is about 30 miles south of New York City. The project has not been named. Demolition of existing structures on the site was completed in April. The project is slated for completion by fall 2025. The new apartments are being built on a former industrial site that has undergone remediation in the years preceding the development, according to Klein. The community will include 272 studio, one-, two- and three bedroom floor plans. Fifteen of the units will …
TEMPE, ARIZ. — Institutional Property Advisors (IPA) has arranged the sale of and financing for The Gallery, an 88-unit community in Tempe. Living Well Homes sold the property to RSN Property Group for $20.3 million. Cliff David and Steve Gebing, both executive managing directors with IPA, along with Marcus & Millichap Senior Vice Presidents Paul Bay and Darrell Moffitt, represented the seller and procured the buyer. The IPA capital markets team led by Brian Eisendrath, Cameron Chalfant, Jake Vitta and Tyler Johnson arranged acquisition financing. The Gallery is a two-story, …
FORT LAUDERDALE, FLA. — Berkadia has arranged the $51.5 million refinancing of The Village at Eastpointe Apartments in Fort Lauderdale on behalf of R.O.I. Capital, a commercial real estate investment company based in Fort Lauderdale. Freddie Mac provided a $42.5 million, five-year, fixed-rate loan. The preferred equity provider, RCG Longview, contributed $8.96 million in equity to the deal. The 296-unit property was developed in 1974 and renovated in 2022. Units are offered in one- and two-bedroom floor plans ranging from 750 to 950 square feet. Amenities include a fitness center, …
The auto industry is pivoting from the mass production of internal combustion engine vehicles to electric vehicles (EVs), and the Motor City is at the forefront of this transformation. While it’s unclear how long it will take to complete the transition and at what cost, the expected job growth stemming from the billions of dollars flowing into EV investments in Michigan bodes well for metro Detroit’s economy and the multifamily market, say commercial real estate experts. In January 2022, General Motors unveiled plans to invest $6.5 billion and create up …
BROOKLYN, N.Y. — Gindi Capital and Avery Hall have secured $110 million in construction financing for the development of a 13-story, 193-unit building at the intersection of Gowanus and Park Slope in Brooklyn. The team broke ground on the project in 2022 and is set to complete construction in 2024. JLL arranged the loan, and Affinius Capital provided the funds. Located on a city block on 4th Avenue between Union and Sackett streets in Brooklyn, the mixed-income project will deliver 193 apartments. Amenities include a rooftop lounge and pool, coworking …
BRADENTON, FLA. — Wolfson BTR, an affiliate of Wolfson Development Co., has sold Cantabria in Bradenton to an institutional buyer for $59 million. According to the Florida Division of Corporations, the buyer is Star Lake Fund III, an affiliate of JP Morgan Investment Management. Wolfson built Cantabria Bradenton in conjunction with publicly traded home builder Lennar. The property sits on 36 acres and consists of 184 units, including 172 attached townhomes and 12 detached single-family homes. The three- and four-bedroom single-family and townhouse units are equipped with attached garages and …
MESA, ARIZ. — The Opus Group has begun leasing the multifamily component of Melody on Main in Mesa. The mixed-use project includes 335 units consisting of studios, one-, two- and three-bedroom apartments. Amenities include a resort-style pool, a 24-hour fitness center, a yoga studio, bocce ball court and a dog park and spa. Melody on Main also includes 20,000 square feet of retail space. Two of five buildings in the community are now open. Melody on Main is scheduled to be fully complete in March 2024. Griffin Capital Co. was …
TAMPA, FLA. — Cushman & Wakefield has arranged the $26.6 million sale of Grove at Temple Terrace in Tampa. The 180-unit property was acquired by Infinity BH and sold by 29th Street Capital. Nick Meoli and Mike Donaldson of Cushman & Wakefield represented the seller in the transaction. According to Meoli, lease tradeouts at Grove at Temple Terrace average 17.4 percent. The average unit size is 1,104 square feet. Amenities include a pool, a tennis court, a clubhouse with a complimentary coffee bar and gated access.
ATHENS, ALA. — Marcus & Millichap has arranged the sale of Creekside Athens, a 98-unit property in Athens, which is located about 28 miles northwest of Huntsville, Alabama. Creekside Athens has 10 acres of additional land zoned for 120 more multifamily units. Marcus & Millichap’s Josh Jacobs and Royce Emerson marketed the property on behalf of the seller, a limited liability company. The buyer and sales price were not disclosed. Constructed in 2021, Creekside Athens has two- and three-bedroom floor plans with sunrooms, walk-in closets, patios and porches. Amenities include …
LOS ANGELES — JLL Capital Markets has arranged three separate transactions for the sale of six assets in Los Angeles County totaling $53.6 million. Five properties are located in the San Fernando Valley and one is in West Los Angeles. JLL worked on behalf of the seller, a corporate fiduciary acting on behalf of an LLC. There were three buyers whose identities were not disclosed. All three buyers assumed existing debt on the assets. The JLL Capital Markets investment sales and advisory team representing the seller was led by Managing …