RANDOLPH, N.J. — Locally based CrownPoint Group has acquired a 14.5-acre site in Randolph, a city in northern New Jersey. The developer plans to build a 125-unit complex called Liberty Village on the site. Liberty Village will comprise 11 buildings. Of the total unit count, 20 percent will be subject to income restrictions. Apartments will come in two- and three-bedroom floor plans. Planned amenities include a fitness center, golf simulator and a dog park. CrownPoint Group expects to break ground on the project during the third quarter of 2024.
The City of Jacksonville’s pro-development plans have apartment developers feeling confident amid soft market conditions challenging many cities today. Downtown Jacksonville is a 3.9-square-mile area that straddles about six miles of the St. Johns River. It’s made up of eight districts or neighborhoods along the river’s north and south banks. The Downtown Investment Authority (DIA) has identified these eight districts as sites for future development for residential, hotel, retail and office projects. Within these districts, developers are expected in 2024 to complete 31 multifamily projects, which include 8,402 units, according …
ASHFORD, CONN. — Northeast Private Client Group (NEPCG) has arranged the $6.1 million sale of Ashford Hills Apartments in Ashford, 34 miles east of Hartford, Connecticut. Taylor Perun and Cameron Formica of NEPCG represented the seller and procured the buyer in the deal. Both parties requested anonymity. According to Apartments.com, Ashford Hills Apartments was built in 1969 and offers one-, two- and three-bedroom units. Units range from 625 to 1,014 square feet in size.
SAN MARCOS, TEXAS — Vanguard Real Estate Advisors has negotiated the sale of a development site in the Central Texas city of San Marcos. Jordan Cortez, Mason John and Haley Birmingham of Vanguard represented the buyer, Woodfield Development. The site comprises 22.8 acres at the southwest corner of Staples Road and Old Bastrop Highway. Woodfield Development plans to develop a 360-unit complex called Addie’s Point at the site.
NASHVILLE, TENN. AND CARY, N.C. — Crescent Communities has sold two communities totaling 642 units in the Southeast. TA Realty acquired both assets from the Charlotte-based developer for an undisclosed price. The first property, NOVEL Harpeth Heights, comprises 322 apartments in Nashville. Units come in studio, one-, two- and three-bedroom layouts. Amenities include a clubhouse, spa and fitness center. Crescent Communities developed the property in partnership with Pearl Street Partners. The second property, NOVEL Cary, features 320 units in studio, one-, two- and three-bedroom floor plans within the Raleigh suburb …
SEATTLE — Kidder Mathews has brokered the sale of Seventh and James Apartments in Seattle’s First Hill neighborhood. Dylan Simon, Matt Laird and JD Fuller of Kidder Mathews’ Simon Anderson team represented the seller and sourced the buyer in the transaction. An institutional owner sold the asset to an undisclosed buyer for $26.9 million. Seventh and James Apartments features 96 units. The five-story, podium-style building was built in 1992 at 600 7th Ave.
WENDELL, N.C. — A joint venture between Barings and Foulger Pratt has purchased a build-to-rent community currently under construction in the Raleigh suburb of Wendell. The undisclosed seller and developer sold the unnamed project for $50 million. This acquisition brings Foulger Pratt’s BTR portfolio to 700 homes and approximately $250 million in investment across North Carolina and Maryland. Situated on 39 acres, the 172-unit property will consist of 89 townhomes and 83 single-family rental homes. The initial deliveries of homes are expected to be available for lease in the first …
GARDEN GROVE, CALIF. — CBRE has arranged the sale of two communities located on the same street near Euclid Street and Katella Avenue in Garden Grove. The two properties comprise of 14 units with a combined value of $3.3 million. In the first transaction, CBRE’s Dan Blackwell and Andrew Boukather represented both the buyer and seller in the sale of an eight-unit property at 10772 Palma Vista Ave. The property was built in 1961 on a 0.2-acre site. The asset traded hands for $1.9 million. The buyer was a private …
PORTLAND, ORE. — Institutional Property Advisors has brokered the sale of Sandy28, a mixed-use community in Portland, Oregon’s Central Eastside. Anthony Palladino, Giovanni Napoli, Philip Assouad, Nick Ruggiero and Ryan Harmon the seller, Fairfield, the property’s developer. The buyer was not disclosed. Built in 2020, Sandy28 comprises 206 apartments and 3,300 square feet of retail space. Amenities include a rooftop lounge, fitness center, game room, co-working space, and outdoor courtyards with a dog park and pet lounge.
INMAN, S.C. — TruAmerica Multifamily has purchased a 33-acre site in the Spartanburg suburb of Inman to develop Hartley View, an $86 million build-to-rent community. Brad Morris of New Deco Inc. represented the seller, Converse Development, in the land sale. Hartley View will offer a total 281 units, including 214 townhome units and 67 detached single-family residences. Amenities will include a pool, dog parks, playgrounds, community parks and four acres of open wooded and recreation spaces. TruAmerica Multifamily plans to begin horizontal construction at the site in summer 2024 and …