SAN DIEGO — Marcus & Millichap has arranged the $2.7 million sale of a six-unit community located on Saratoga Avenue in San Diego. Jamison Wheeler and Austin Huffman, senior directors of investments with the Zorbas Huffman Group at Marcus & Millichap, represented the buyer, Saratoga Beach Cottages LLC. The unnamed seller was represented by the Pacific Real Estate Center. The asset in the Ocean Beach neighborhood features six two-bedroom, one-bathroom cottages with four garages.
MIAMI — Miami-Dade County has approved plans for The HueHub, an $880 million, 12-acre development in the West Little River neighborhood that will include 4,032 units of affordable housing. Developers Pablo Castro and Laura Tauber will break ground later this year with completion slated for the second quarter of 2028. The project was approved under the Live Local Act, which is state legislation passed in 2023 to encourage affordable housing projects by granting developers tax incentives and flexibility with permits related to density, height, parking and other building regulations. In …
SUNRISE, FLA. — Category Five Real Estate has acquired a four-property portfolio in Sunrise, about 10 miles west of Fort Lauderdale. The South Florida-based private equity firm paid approximately $32.3 million, which included a $21 million loan funded by Santander and arranged by Berkadia. The four assets in the portfolio were constructed between 1969 and 1973 and total 185 units. The properties are Sunrise Gardens, La Haina, Lake Success and Riverview.
PONTIAC, MICH. — O’Brien Construction and Lighthouse, an affordable housing developer, have broken ground on Auburn Place and Beacon Place, two affordable housing developments that will consist of 94 units. The project includes both new construction and rehabilitation. Auburn Place is a new 54-unit, five-story development. Beacon Place is adjacent to Auburn Place and is a redevelopment that include 40 apartments and townhomes. Construction timelines and rent restrictions were not disclosed.
NASHVILLE, TENN. — Walker & Dunlop has arranged a $105 million loan provided by Nuveen to refinance 805 Lea in downtown Nashville. Key Real Estate Co. is the owner/borrower. The 356-unit high-rise, mixed-use property was developed in 2021 and includes 10,203 square feet of ground-floor retail across three store spaces. Amenities include a 24-hour concierge service, a 29th-floor sky lounge, a saltwater pool, a fitness center and two outdoor fire pits.
GARLAND, TEXAS — Rise48 Equity has acquired the 248-unit Shiloh Oaks Apartments in Garland, 14 miles northeast of Dallas. The new owners will rebrand the asset Rise Apollo Heights. This deal, an off-market transaction, marks Rise48’s 60th multifamily acquisition since the company’s founding in 2019. Rise48 is planning a value-add program during its hold period of the 1983-constructed asset. The efforts will include upgrades to 217 of the units with new stainless steel appliances, LED lighting, white shaker cabinet doors, resurfaced countertops, updated plumbing fixtures and vinyl plank flooring. In …
ATLANTA — Aspen Square Management has sold 12th & James in Atlanta’s Upper Westside neighborhood to EQ Housing Advisors for $39 million. Under the new ownership, a public-private partnership with Atlantica Properties will convert the 214 apartments from market-rate to affordable housing. JLL represented Aspen Square in the deal. EQ Housing Advisors is a nonprofit housing investment firm, and Atlantica is a for-profit developer and investor. EQ was founded in 2022 by former RangeWater Chairman Marc Pollack. All groups, except the seller, are Atlanta-based. Atlanta Urban Development Corp. provided the …
NEW YORK CITY — Fairstead and Invesco Real Estate will invest $20 million to renovate two affordable housing properties, Linden Apartments in Upper Manhattan and Locust Apartments in the Bronx. The joint venture team acquired the properties in 2021. All residences in the developments are protected by project-based Section 8 contracts that guarantee household rent caps at 50 percent of area median income. The Linden consists of 301 homes across 11 buildings while the Locust community is comprised of 409 homes across eight buildings. The two sites are part of …
JACKSON, MISS. — Regions Affordable Housing has provided $117.3 million in financing to Vitus Group, an affordable housing developer, investor and owner with offices in Seattle and New York City. With the financing package, Vitus will acquire and rehab three affordable housing properties in Jackson: Village Apartments, Commonwealth Apartments and Madonna Manor, which are now known as the Jackson Trio portfolio. The properties are a mix of townhomes, garden-style apartments and a 13-story high-rise building for seniors. Altogether, the properties total 77 buildings and 613 units. Regions’ financing package included …
SUNNYVALE, CALIF. — JLL Capital Markets has arranged the sale of and acquisition financing for Citra, a 147-unit community in Sunnyvale. JLL represented the undisclosed seller. The buyer was Prime Residential, a San Francisco-based multifamily owner and operator. JLL Real Estate Capital, a Freddie Mac Optigo lender, also provided a $44.2 million loan for Prime Residential. Citra, located at 745 S. Bernardo Ave., was developed in 1968 and renovated in 2019. The garden-style property is comprised of one- and two-bedroom units and includes such amenities as a half-acre, landscaped terrace …
