Author

Lynn Peisner

The pool at night at 4000 Hulen in Fort Worth

Hamilton Zanze Sells 4000 Hulen in Fort Worth

by Lynn Peisner April 26, 2023

FORT WORTH, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of 4000 Hulen in Fort Worth. IPA’s Joey Tumminello, Drew Kile, Taylor Hill, Michael Ware, Jeffrey Kindorf and Will Balthrope represented the seller, Hamilton Zanze, and procured the buyer, Pegasus Real Estate. The 240-unit property was built in 2015, and, according to Tumminello, has averaged 95 percent occupancy and 9 percent effective rent growth since then. Tumminello also says the new owner has value-add opportunities via interior unit upgrades. The five-story, controlled-access …

April 26, 2023

Development New Jersey News Northeast

The NRP Group Breaks Ground on 401-Unit Jersey City Project

by Lynn Peisner April 25, 2023

JERSEY CITY, N.J. —The NRP Group has broken ground on an unnamed 401-unit development in the Port Liberté neighborhood of Jersey City. Joint venture equity investment for the project was provided by Rockwood Capital. G&S Investors is co-developing the project with NRP. Citizens Bank and Fifth Third Bank provided senior construction loans. Located at 190 Chapel Ave., the development is south of downtown Jersey City and adjacent to Liberty National Golf Course. The community, which is scheduled to open in summer 2025, will be NRP’s second development in Jersey City. …

April 25, 2023

Affordable Housing Development News Southeast Virginia

BLVD Begins $35.8 Million Affordable Housing Renovation in Newport News

by Lynn Peisner April 24, 2023

NEWPORT NEWS, VA. — The BLVD Group has acquired and plans to renovate Aqua Vista Apartments in Newport News. The 150-unit community was originally constructed in 1970. The $35.8 million redevelopment will include a gas-to-electric conversion, new roofs, insulation, energy efficient windows and entry doors. Each unit will receive new kitchens, bathrooms, appliances, flooring, paint and LED light fixtures. The owner will expand amenities at the site, adding new barbecues, a playground, a dog park, a business center, a community room and a new leasing office. The redevelopment will preserve …

April 24, 2023

Development News Southeast

Novare Group, BCDC Break Ground on Richmond Hill Luxury Apartment Community

by Lynn Peisner April 21, 2023

RICHMOND HILL, GA. — Novare Group and Batson-Cook Development Co. (BCDC), both Atlanta-based development and investment firms, have broken ground on their 37th joint-venture project, a 302-unit community on 26 acres in Richmond Hill, which is approximately 20 miles south of Savannah. The project is the multifamily component of Heartwood at Richmond Hill, a 7,000-acre, master-planned, mixed-use project under development by Raydient. Humphreys & Partners Architects designed the community. Amenities will include a pool with cabanas, an outdoor amenity deck with kitchen space, a fire pit, a fitness center, flexible …

April 21, 2023

Affordable Housing Colorado Development News Western

BWE Arranges $43 Million Loan for Affordable Project in Aurora, Colorado

by Lynn Peisner April 21, 2023

AURORA, COLO. — Bellwether Enterprise Real Estate Capital (BWE) has arranged a $43 million loan for the construction of 15 Sable Apartments, an affordable housing development in Aurora. The total project cost is $56 million. Anthea Martin, senior vice president in BWE’s Denver office, originated the loan through a private placement on behalf of the borrowers, DBG Properties and Featherstone Development. Completion is slated for March 2025. The 154-unit property will contain a mix of one-, two- and three-bedroom floor plans. Units will be reserved for families earning at or …

April 21, 2023

Colorado Investment Sales News Western

MG Properties Buys Colorado Townhome-Style Property for $67.2 Million

by Lynn Peisner April 20, 2023

CASTLE ROCK, COLO. — Continental Properties has sold Springs at Castle Rock to MG Properties, which has rebranded the property Ridge at Castle Rock. The community is located in Castle Rock, which is approximately 35 miles south of Denver. Walker & Dunlop’s Dan Woodward, David Potarf, Matt Barnett and Jake Young represented the seller and arranged a $67.2 million Fannie Mae loan for MG Properties. The 204-unit, townhome-style property was 96 percent occupied when the deal closed on April 13. Units are made up of studios, one-, two- and three-bedroom …

April 20, 2023

Company News Development Florida News Operations Southeast

Merrimac Selects Altman to Manage $90 Million Broward County Project

by Lynn Peisner April 20, 2023

PLANTATION, FLA. — Merrimac Ventures has selected the Altman Management Co. (AMC), a division of The Altman Cos., to manage Leena Plantation in Plantation. The 306-unit property is under development by Fort Lauderdale-based Merrimac and is scheduled to open this summer. Leena Plantation is comprised of one- to three-bedroom units. The $90 million project broke ground in 2021 and consists of two six-story buildings. Amenities include a club room, pool, covered terrace, barbecue grilling stations, two exterior courtyards, a fitness center, a coworking and business center with private offices and …

April 20, 2023

Investment Sales News Texas

JLL Arranges Sale of Caliza Near Austin

by Lynn Peisner April 19, 2023

CEDAR PARK, TEXAS — Internacional Realty has sold Caliza, a 270-unit, garden-style community in the northwest Austin suburb of Cedar Park, to Virtus Real Estate Capital. JLL Capital Markets arranged the sale, representing the seller. The JLL investment sales and advisory team representing Internacional was led by Managing Directors Ryan McBride and Robert Arzola. The asset price was not disclosed. Built in 2020, Caliza features one-, two- and three-bedroom units with wood-style flooring, custom cabinetry, stainless steel appliances, LED lighting and 14-foot ceilings. Amenities include a recently renovated resort-style pool, …

April 19, 2023

Affordable Housing California Development News Western

Ensemble Investments, USA Properties, Pinyon Group Break Ground on $81.2 Million Affordable Housing Project in Santa Clara

by Lynn Peisner April 19, 2023

SANTA CLARA, CALIF. — Ensemble Investments, USA Properties and The Pinyon Group have broken ground on an $81.2 million affordable housing development in the Tasman East neighborhood of Santa Clara. The eight-story Mainline North will include 151 units in studios to three-bedroom floor plans. Rent restrictions on the units were not released. The property will include 5,000 square feet of retail and restaurant space as well as a fitness center, flex rooms and outdoor space. USA Properties and The Pinyon Group structured a public-private partnership that includes financing by Bank …

April 19, 2023

Colorado Development News Western

Narrate Cos. Breaks Ground on Frameline in Denver

by Lynn Peisner April 19, 2023

DENVER — Narrate Cos., along with OZ Architecture and general contractor MCP Group, has broken ground on Frameline, a 78-unit development near the Hale neighborhood in Denver. The 100,665-square-foot Frameline will feature a mix of one- and two-bedroom units and amenities that include a dog spa, a fitness center and a community room with an outdoor living space. Design details include a living green wall and elevated gardens. Additional members of the project team include Dig Studio, TRIO, Fortis Structural, ILC Lighting, MDP Engineers and Group 14. The project is …

April 19, 2023

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