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Park-Metro
Investment SalesNewsWashingtonWestern

IPA Arranges $33 Million Metro Seattle Sale

by Lynn Peisner

BELLEVUE, WASH. — The Sobrato Organization has acquired Park Metro Apartments in Bellevue, Washington, for $33 million. The seller was an entity doing business as Northpoint Parkmetro LLC that was represented in the deal by IPA’s Giovanni Napoli, Philip Assouad, Ryan Harmon, Nick Ruggiero and Anthony Palladino. “Completed in 2014, the property is primed for a light-value add program,” said Napoli. Amenities at Park Metro include a resident lounge, a rooftop terrace, a fitness center and electric vehicle charging stations. The community offers 78 units in a mix of studios, …

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Carrollton-Flats
Affordable HousingDevelopmentFinanceGeorgiaNewsSoutheast

R.H. Ledbetter Secures Equity for $49 Million Atlanta Metro Workforce Project

by Lynn Peisner

CARROLLTON, GA. — R.H. Ledbetter Properties, a development, investment and property-management firm based in Rome, Georgia, has secured $15 million in equity to put toward its $49 million project in Carrollton. The equity was provided by American South Capital Partners (ASCP), a joint venture between Los Angeles-based impact fund manager SDS Capital Group and Vintage Realty Co., a Shreveport, Louisiana-based property developer and manager. While the property, Carrollton Flats, is not being developed with traditional tax credits, it is billed as offering “attainable” rents.  ASCP’s fund has, to date, committed …

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District-in-Davie
DevelopmentFinanceFloridaNewsSoutheast

El-Ad Secures $85 Million for Broward County Mixed-Use Project

by Lynn Peisner

DAVIE, FLA. — El-Ad National Properties has secured an $85 million construction loan for The District in Davie, a $1 billion, 2.8-million-square-foot mixed-use development currently under construction in Davie. According to the developer, the financing, provided by Valley National Bank, will enable vertical construction to continue. The project will feature five residential towers ranging from 21 to 24 stories containing approximately 1,292 rental residences, 36,000 square feet of restaurant and retail space and 1.1 million square feet of access-controlled parking with 2,650 spaces. Each tower will offer studios and one-, …

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The-Raye-at-Vermella-New-Brunswick
DevelopmentFinanceNewsNortheast

JLL Arranges $162 Million Loan for Russo Development’s Raye by Vermella

by Lynn Peisner

NEW BRUNSWICK, N.J. — Russo Development has secured permanent financing for The Raye by Vermella, a 534-unit community in New Brunswick. JLL Capital Markets arranged the $162 million loan, which was funded by Wells Fargo. The first phase of construction includes 262 units and is 65 percent leased, with full stabilization expected by the fourth quarter of this year. In Phase II, the developer will build 262 additional units. A construction timeline wasn’t disclosed, but Russo expects Phase II will be stabilized by the third quarter of 2027. JLL Capital …

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Durango-Las-Vegas
DevelopmentNevadaNewsWestern

NRP Group, Haseko Underway on $133 Million Las Vegas Project

by Lynn Peisner

LAS VEGAS — The NRP Group has partnered with Haseko North America, the U.S. subsidiary of a Japanese condominium builder, and broken ground on a $133 million community in Las Vegas. Located at the northeast corner of West Maule Avenue and Gagnier Boulevard, the site is across from the Durango Casino & Resort and adjacent to The UnCommons, a mixed-use destination featuring apartments, retail, dining and office space. The four-story, single-building development will comprise a mix of 309 studio, one-, two- and three-bedroom units. Amenities include a pool, two landscaped …

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Alvera-at-the-Meadows
Investment SalesNewsUtahWestern

Gelt Venture Partners Acquires 142-Unit Property in American Fork, Utah

by Lynn Peisner

AMERICAN FORK, UTAH — Gelt Venture Partners (GVP) has acquired Alvera at the Meadows in American Fork, about midway between Provo and Salt Lake City. The seller was a joint venture between Woodbury Corp., Garbett Homes and Cirrus Group. The 142-unit property was developed in 2021 on about 4 acres. It features a mix of one-, two- and three-bedroom floor plans and such amenities as a pool and hot tub, a fitness center, clubhouse, package lockers and a playground. GVP is planning property upgrades during its hold. Brock Zylstra and Daniel …

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Broadstone-Marina-Bay-Tampa
DevelopmentFloridaLeasing & MarketingNewsSoutheast

Alliance Residential Opens Bayfront Broadstone Property in Tampa

by Lynn Peisner

TAMPA, FLA. — Alliance Residential Co. has completed development of Broadstone Marina Bay, a 325-unit community in Tampa’s Westshore Marina district with waterfront views. The community is anchored by a waterfront clubhouse whose standout amenity is a fully equipped multimedia production space with professional recording gear, Blackmagic-brand cinema cameras, editing suites and industry-grade instruments, designed for resident music, video and podcast production. The club also is home to a bayfront saltwater pool with cabanas, a rooftop lounge, a waterfront putting green, a dog park, yoga and bocce ball lawns, a …

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The-Perennial
Affordable HousingDevelopmentNew YorkNewsNortheast

Construction Underway on $150 Million Redevelopment of Former Queens Hospital

by Lynn Peisner

NEW YORK CITY — Foxy Development and Selfhelp Realty Group have closed on financing and begun construction of The Perennial, a 145-unit, multi-generational affordable housing property that also will be the future home of the Forest Hils Jewish Center. The project is a redevelopment of a former Parkway Hospital building that is located at 70-35 113th St. in the Forest Hills section of Queens. The building has been vacant since the hospital closed down in 2008. The building was constructed in the 1960s. Once complete, by approximately the end of …

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Ekos-at-Arbor-Park-II
Affordable HousingDevelopmentFloridaNewsSoutheast

McDowell Housing Partners Breaks Ground on Second Phase of Ekos at Arbor Park

by Lynn Peisner

NORTH PORT, FLA. — McDowell Housing Partners has begun construction of the second phase of Ekos at Arbor Park, an affordable housing community in North Port, about midway between Sarasota and Fort Myers. Phase I was reserved for seniors, while the second phase, which will include 66 units, will be reserved for families earning at or below 70 percent of the area median income. Completion is slated for the fourth quarter of 2026. Phase I was completed in May of this year. Ekos at Arbor Park Phase II will include …

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1901-South-Charles-Baltimore
BerkadiaInvestment SalesMarylandNewsNortheast

Berkadia Arranges $73 Million Trade for Baltimore Portfolio

by Lynn Peisner

BALTIMORE — Benefit Street Partners sold a two-property portfolio in Baltimore to FPA Multifamily for $73 million on Sept. 11. The combined occupancy rate on that date was 95 percent. Berkadia DC Metro and Berkadia Richmond represented the seller with a team led by Drew White, Brian Crivella, Carter Wood, Bill Gribbin, Yalda Ghamarian and Cole Carns. The seller is based in New York, and the buyer, which assumed a HUD loan in the acquisition, is headquartered in San Francisco. The portfolio consists of The Lofts, built in 2012, and …

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