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Lynn Peisner

Mill Creek Breaks Ground on Modera Reserve in Scottsdale

by Lynn Peisner April 18, 2023

SCOTTSDALE, ARIZ. — Mill Creek Residential has broken ground on Modera Reserve, a 360-unit community in the Kierland neighborhood of North Scottsdale. The project is Mill Creek’s second in Arizona. First move-ins are estimated for spring 2025. Modera Reserve will offer studio, one-, two- and three-bedroom floor plans, averaging 938 square feet in size. The property is designed around three courtyards and 10,000 square feet of interior amenity space, which will include a fitness center, digital package room, coworking spaces, a resident lounge and a clubroom with a pool table. …

April 18, 2023

California Investment Sales News Western

The Mogharebi Group Arranges Sale of Northbrook Apartments in Fresno

by Lynn Peisner April 18, 2023

FRESNO, CALIF. — The Mogharebi Group (TMG) has arranged the $11.4 million sale of Northbrook Apartments in Fresno. Robin Kane, Brendan Kane and Gordon Larkin of TMG’s Fresno office represented the Monterey, California-based owner/developer in the transaction. Offered on the market for the first time in about 24 years, the 92-unit asset was acquired by a family office based in the Central Valley area of California. Northbrook Apartments were built in 1972 on about six acres. The asset is a single-story, garden-style apartment community with a mix of one- and …

April 18, 2023

The Pines of Perinton in Fairport, New York

Affordable Housing Development Finance New York News Northeast

WinnCompanies Renovating Iconic Affordable Property Near Rochester, New York

by Lynn Peisner April 13, 2023

FAIRPORT, N.Y. — WinnCompanies has secured $137 million in financing to renovate the Pines of Perinton, an affordable housing community in Fairport, which is about 10 miles southeast of Rochester, New York. The project will preserve affordability provisions for the next 40 years. Various income categories were not disclosed. WinnCompanies acquired the property in late 2019. The Pines was designed and constructed by New York State’s Urban Development Corp. (UDC) between 1972 and 1976, and, according to WinnCompanies, was one of the first affordable housing developments built in the area. …

April 13, 2023

Company News Illinois Leasing & Marketing Midwest News Operations

RMK Selected to Manage Fieldpointe of Schaumburg

by Lynn Peisner April 12, 2023

SCHAUMBURG, ILL. — RMK Management Corp. has been named property manager of Fieldpointe of Schaumburg, a 396-unit community in Schaumburg, Ill., a northwest suburb of Chicago. Fieldpointe comprises 12 three-story buildings and features studio, one- and two-bedroom layouts measuring 548 to 948 square feet. Rents range from $1,382 to $1,950. The property is pet-friendly and offers a pool, covered or garage parking, bike storage and package services. Capital improvement projects are scheduled at Fieldpointe in the coming months, including a roof replacement and cosmetic updates to shared corridors. Chicago-based …

April 12, 2023

The Brook rendering in Glen Allen, Virginia

Development News Southeast Virginia

Middleburg Communities, Resmark Secure Land for 310-Unit North Richmond Project

by Lynn Peisner April 12, 2023

GLEN ALLEN, VA. — Middleburg Communities has acquired a 13.5-acre land parcel in Glen Allen to develop a 310-unit apartment and townhome project. Glen Allen is about 15 miles north of Richmond, Virginia. Construction on the project, called The Brook, will begin later this month, with a completion-date estimate of late 2024. According to Middleburg, The Brook is one of only a few multifamily projects to be built in the North Richmond area in the past two decades. Middleburg is managing the development, and The Remark Cos. is an investment …

April 12, 2023

Finance Indiana Midwest News

Weiss Refinances Indiana Property With $54 Million Loan

by Lynn Peisner April 11, 2023

MERRILLVILLE, IND. — Draper and Kramer has arranged a $54 million loan on behalf of Weiss Entities to refinance Prairie Point and The Reserve at Prairie Point apartments in Merrillville, which is about 43 miles south of Chicago. The five-year, fixed-rate loan was funded by a life insurance company lender. Prairie Point and The Reserve comprises 440 townhome-style units and was built between 2002 and 2015, with most recent renovations taking place in 2018. Amenities include a clubhouse, fitness center, resort-style heated pool, a playground and a regulation-sized sand volleyball …

April 11, 2023

Rendering of Revival on Platte in Denver

Colorado Development News Western

Mortenson and Pinnacle Partners Break Ground on Denver Project

by Lynn Peisner April 10, 2023

DENVER — Mortenson and Pinnacle Partners have broken ground on Revival on Platte, an Opportunity Zone project in Denver’s Sun Valley neighborhood. Completion of the 200-unit, eight-story building is estimated to be next year. The project is adjacent to the South Platte River. It will include one- and two-bedroom apartments and two levels of parking. Residents also will have access to eight electric cars via a third-party app. Amenities include a fitness center, a business center and a rooftop amenity deck. The structure will be built with Mortenson’s prefabricated interior …

April 10, 2023

Affordable Housing Development Massachusetts News Northeast

Affordable Housing Development in Boston’s Chinatown Receives Bond Funding

by Lynn Peisner April 6, 2023

BOSTON — MassDevelopment has issued a $26 million tax-exempt bond on behalf of Harrison Affordable LLC, an affiliate of Beacon Communities and the Chinese Consolidated Benevolent Association of New England (CCBA), which will use proceeds to build an 85-unit affordable rental housing community at 288 Harrison Ave. in Boston’s Chinatown neighborhood. The building, dubbed 288 Harrison Residences, will be constructed on what is currently a surface parking lot serving the Tai Tung Village affordable housing community, also owned by CCBA. The organization chose Beacon Communities as its development partner in …

April 6, 2023

Exterior of Legacy Gateway in Forney, Texas

Development News Texas

Legacy Partners and Resmark Cos. Break Ground on 336-Unit Project in Gateway Mixed-Use Development Near Dallas

by Lynn Peisner April 5, 2023

FORNEY, TEXAS — Legacy Partners and The Resmark Cos. have broken ground on Legacy Gateway, a 336-unit property in Forney, about 20 miles east of Dallas. The 14-acre project site is located within Gateway, a 2,000-acre mixed-use development that is home to luxury multifamily communities, retail, office and entertainment venues. Legacy Gateway will complete by approximately spring 2025, with an estimated initial occupancy in summer 2024. JHP Architecture is the architect, and BBL Building Co. is the general contractor. Legacy and Resmark acquired the undeveloped parcel with a construction loan …

April 5, 2023

Affordable Housing Development Illinois Midwest News

McHugh Construction, Brown & Momen Complete Near South Side Chicago Mixed-Income Project

by Lynn Peisner March 31, 2023

CHICAGO — Locally based McHugh Construction and its partner Brown & Momen, a general contractor also based in Chicago, have completed construction of the $24.3 million 508 Pershing at Oakwood Shores in Chicago’s Bronzeville neighborhood. The 53-unit mixed-use, mixed-income project was developed by The Community Builders (TCB). Construction began in April 2021. The project is part of a larger Oakwood Shores revitalization plan. Oakwood Shores is about 3.5 miles south of downtown Chicago and part of an area called Near South Side. TCB’s partners in the project include Granite Development, …

March 31, 2023

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