JERSEY CITY, N.J. — Hudson Atlantic has brokered the $2.4 million sale of Grand Gardens, a 16-unit building in the Bergen-Lafayette section of Jersey City. Grand Gardens was built in 1950. The property offers one- and two-bedroom apartments. Hudson Atlantic’s Ben Susskind marketed the asset on behalf of the undisclosed seller, with support from Adam Zweibel. The buyer was also not disclosed.
NEW YORK CITY — Marcus & Millichap has arranged the $4.1 million sale of a community at 533 Bergen Street in New York City’s Brooklyn borough. Andrew Bronsteen, Shaun Riney and Jason Farese of Marcus & Millichap’s Manhattan office had the exclusive listing to market the property on behalf of the seller. The buyer was an individual/personal trust. Built in 1930, the community comprises eight units across four stories and 7,000 square feet. Units come in two- and three-bedroom floor plans.
DURHAM, N.C. — Cushman & Wakefield has arranged the $70 million sale of 501 Estates, a 270-unit community in Durham. Jefferson Apartment Group and Stars REI purchased the property from Spyglass Capital Partners LLC. Alex McDermott and Hunter Bowling of Cushman & Wakefield represented the seller in the transaction. 501 Estates was built in 2001 near Durham-Chapel Hill Boulevard. The community offers a mix of garden units, townhomes and cottages. Amenities include a 3,000-square-foot fitness center, pool, dog park, detached garages and billiards room.
DALLAS — Crescent Communities has sold NOVEL Turtle Creek, a 206 high-rise community in the Turtle Creek and Oak Lawn area of Dallas, to Goldrich Kest. NOVEL Turtle Creek was built in 2022 at 4251 Irving Avenue. The building rises 20 stories and features one-, two- and three-bedroom units. Amenities include an outdoor deck with a pool, lounge, concierge service, curbside valet and morning coffee service. The design team for the project included project architect WDG, experimental consultant 404 Design, landscape architect TBG Partners and interior designer Vignette Interior Design. …
CHICAGO — Tishman Speyer has acquired Union West, a 15-story high-rise building in Chicago’s West Loop neighborhood. John Jaeger of CBRE represented the seller, a joint venture led by ZOM Living. According to Crain’s Chicago Business, the asset traded hands for roughly $128 million. Union West was built in 2019 at 939 W. Washington Blvd. The property features 357 units in studio, one-, two- and three-bedroom floor plans. Amenities include a fitness center, lounge, entertainment space, a pool, private work and meeting rooms, yoga room, pet spa, dog run and onsite boutique …
CHICAGO — JLL Capital Markets has arranged the sale of 3Eleven, a 245-unit high-rise community in the River North neighborhood of Chicago. Vista Property acquired the property from The John Buck Co. for $76 million. In addition to the sale, JLL worked on behalf of the borrower to secure $47.8 million in acquisition financing through Freddie Mac Multifamily. The loan will be serviced by JLL Real Estate Capital, LLC, a Freddie Mac Optigo lender. Built in 2018, 3Eleven offers studio, one-, two- and three-bedroom apartments. Units feature quartz countertops, plank flooring, …
Atlanta has experienced a dip in rents amid a surge of supply. The number of deliveries in the third quarter of this year increased 63 percent compared with the same period in 2022. Most data sources indicate about 15,000 units have been delivered so far this year, but only about 5,000 have been absorbed. In short, new supply is greatly outpacing tenant demand, and effective rents fell on a year-over-year basis as of the third quarter. Still, industry experts say this is likely only a temporary condition with developers struggling …
POMPTON LAKES, N.J. — Hudson Atlantic Realty has sold Lakeside Residences, a 52-unit building in Pompton Lakes, approximately 20 miles northwest of Midtown Manhattan. The property was built in 2022 and sold for $20 million. Lakeside Residences offers amenities such as a fitness center, resident lounge, game room and storage space. According to the community’s website, units come in one- and two-bedroom floor plans. Units feature stainless steel appliances, quartz countertops, subway tile backsplashes and vinyl flooring.
DES MOINES, IOWA — JLL Capital Markets has arranged $10.6 million in acquisition financing for Harbach Lofts, a 103-unit complex in Des Moines. JLL worked on behalf of the borrower, VareCo, to secure the fixed-rate, ten-year Fannie Mae loan. The loan will be serviced by JLL Real Estate Capital, a Fannie Mae DUS lender. Tony Nargi and Will Haass led the JLL Capital Markets Debt Advisory team. Harbach Lofts was originally constructed in 1906 as a furniture warehouse. The property was converted into an apartment community in 2017. Harbach Lofts now comprises …
HUNTINGTON BEACH, CALIF. — CBRE has brokered the sale of a five-unit community located at 7872 Liberty Drive in Huntington Beach in a 1031 exchange. The property was constructed in 1979 on 0.2 acres. The two-story building offers garage parking and a laundry facility. The seller was a private investor from Huntington Beach. CBRE’s Dan Blackwell and Amanda Fielder represented the San Diego-based 1031-exchange buyer in the transaction.
