Author

Lynn Peisner

355-Exterior-Street-J-Frankl-Architects
DevelopmentFinanceNew YorkNewsNortheast

SCALE Lending Provides $305 Million Loan to Beitel Group for Bronx Development

by Lynn Peisner

NEW YORK CITY — SCALE Lending, the debt financing arm of Slate Property Group, has provided Beitel Group a $305 million construction loan for an unnamed development at 355 Exterior St. in the Mott Haven neighborhood of South Bronx. Landstone Capital Group arranged the financing. The community will consist of two connected 40-story and 26-story residential towers totaling 515,000 square feet with 755 units. The Beitel Group demolished the existing buildings and completed excavation work after entering a contract to purchase the site in October 2024. Construction began in December …

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Paseo-LV-Collective
DevelopmentLeasing & MarketingNewsTexas

LV Collective Pre-Leasing Austin High-Rise

by Lynn Peisner

AUSTIN, TEXAS — Locally based multifamily and student-housing developer LV Collective, formerly known as Lincoln Ventures, has launched pre-leasing at Paseo, its new mixed-use property at 80 Rainey St. The 48-story tower will be fully complete and open by October. The developer broke ground on the project in 2023. Paseo offers 557 units as studios or in one-, two- and three-bedroom floor plans as well as four penthouses. Monthly asking rents start at approximately $1,900. Amenities include a pool, deck and bar on the 12th floor with views of Lady …

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7700-7720-Abbott-Avenue
FloridaInvestment SalesNewsSoutheast

Marcus & Millichap Arranges $9 Million Sale of Midcentury Miami Beach Property

by Lynn Peisner

MIAMI BEACH, FLA. — Bristol Realty Partners LLC has sold 7700-7720 Abbott Avenue, a three-property, 36-unit, corner-lot portfolio in Miami Beach for $9 million. Joseph P. Thomas, senior managing director investments, and Alec Demetriou and Adam Marcuvitz, investment specialists in Marcus & Millichap’s Fort Lauderdale office, marketed the property on behalf of the seller and procured the unidentified buyer. Built between 1940 and 1957, the three properties include 12 studios and 24 one-bedroom units on approximately 17,000 square feet of land.

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East-17th-Place-Costa-Mesa
CaliforniaInvestment SalesNewsWestern

CBRE Arranges $9.6 Million Deal in Orange County, California,

by Lynn Peisner

COSTA MESA, CALIF. — CBRE has arranged a $9.6 million trade of a 22-unit property in Costa Mesa between two undisclosed parties. The asset is located at 313 and 325 East 17th Place in the Eastside neighborhood of Costa Mesa. The property has not been on the market for about 25 years. CBRE’s Dan Blackwell and Mike O’Neill represented the buyer, a private investor based in Fountain Valley, California. The seller was a private investor from Orange County, California. Built in 1961, the property comprises six one-bedroom units and 16 …

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Briggs-Village
Investment SalesNewsWashingtonWestern

IPA Arranges Sale in Olympia, Washington

by Lynn Peisner

OLYMPIA, WASH. — Nearon Enterprises has acquired Briggs Village from Glencrest Group. The 72-unit property is located with the 137-acre Briggs Village master-planned community in Olympia that includes retail, office and residential uses. The sales price was not publicly disclosed. Institutional Property Advisor’s Ryan Harmon, Philip Assouad, Giovanni Napoli, Nick Ruggiero and Anthony Palladino represented Nearon in the deal. Constructed in 2019, Briggs Village is three miles south of the Washington State Capitol campus and is connected to walking trails and six lakes.

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Flats-at-87Ten
Investment SalesNewsNorth CarolinaSoutheast

Vertex Buys Adaptive Reuse Asset in Charlotte

by Lynn Peisner

CHARLOTTE, N.C. — Vertex Investments has acquired Flats at 87Ten, a 96-unit property in Charlotte’s University City neighborhood, from Lucern Capital Partners for $9.7 million. Northmarq’s Ron Corrao, Eric Liebich, Matt Weinstein and Dane Lozier arranged the sale, representing the seller in the deal. The asset was originally developed in 2000 as a TownePlace Suites extended stay hotel and was redeveloped, by Lucern, as multifamily in 2023.

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Arbello-San-Mateo-CA
CaliforniaDevelopmentFinanceNewsWestern

Martin Group, JPF Land $61 Million Construction Loan for Bay Area Project

by Lynn Peisner

SAN MATEO, CALIF. — IPA Capital Markets has arranged a $61 million loan for The Martin Group and JPF Capital, which are developing Arbello in San Mateo 19 miles south of San Francisco. The mixed-use project, located at 477 9th Ave., will include 120 apartments and 29,000 square feet of office space. According to Martin Group’s website, residential amenities will feature coworking space, a fitness center, a clubhouse, a central courtyard, a rooftop deck, bicycle storage and a dog park. Units will be offered as studios or as one- or two-bedroom …

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365-Nicollet
Investment SalesMidwestMinnesotaNews

Waterton Buys Minneapolis High-Rise for $111.5 Million

by Lynn Peisner

MINNEAPOLIS — Waterton has acquired 365 Nicollet, a 370-unit, 30-story property in Minneapolis from joint venture owners Opus Development Co. and Corebridge Real Estate Investors. The sales price was $111.5 million, according to the Minneapolis/St. Paul Business Journal. Constructed, designed and developed by Opus in 2018, 365 Nicollet’s unit mix includes studios and one-, two- and three-bedroom apartments as well as 50 penthouse units with a higher-end appliance package and hardwood floors. Amenities at 365 Nicollet include a fitness center and yoga studio, a sauna, an outdoor pool with a …

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Brandi-Campbell-Wood
Affordable HousingArchitecture & DesignCaliforniaDevelopmentIndustry Voices

ADUs in Multifamily Development Are an Old Idea with New Potential

by Lynn Peisner

By Brandi Campbell Wood Forward-thinking multifamily developers are rediscovering a housing type that predates modern zoning: accessory dwelling units (ADUs). An ADU is defined as a smaller, independent residential unit located on the same lot as a detached single-family home, according to the American Planning Association, a nonprofit organization that supports the field of urban and regional planning. What was once commonplace in early 20th-century developments — garden cottages, cluster housing and secondary units within larger properties — is experiencing a renaissance driven by new policy opportunities and compelling financial …

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ArizonaBuild-to-RentDevelopmentNewsWestern

NexMetro Opens Its 22nd Phoenix BTR Project

by Lynn Peisner

PHOENIX — NexMetro has opened Avilla Vista Norte in Phoenix. The 191-unit build-to-rent community is NexMetro’s 22nd development in metro Phoenix, with four additional projects currently under construction in the area.  Avilla Vista Norte offers one-, two- and three-bedroom detached, single-level homes with private backyards and front porches. Amenities at the gated community include storage units, covered parking areas, an electric-vehicle charging station, a resort-style pool and spa, outdoor kitchen and lounge areas, a dog park and dog-washing station, walking paths and open spaces. The community does not place breed …

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