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Park 12 Apartments in San Diego
CaliforniaInvestment SalesNewsWestern

MG Properties Acquires Park 12 in San Diego for $309 Million

by Channing Hamilton

SAN DIEGO — MG Properties has acquired Park 12 Apartments, a 35-story high-rise property located in downtown San Diego, for $309 million. The property is situated adjacent to Petco Park, home of the San Diego Padres Major League Baseball team, within the Ballpark Village master planned community. Built in 2018, Park 12 offers a mix of studio, one-, two- and three-bedroom units, including penthouse units with exclusive access to a lounge on the 32nd floor. Shared amenities include pools with poolside event space, a fitness center, golf simulator and putting …

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188 South Essex Ave. in Orange, New Jersey
Affordable HousingDevelopmentNew JerseyNewsNortheast

Gateway Receives Site Plan Approval for $350 Million Project in Orange, New Jersey

by Channing Hamilton

ORANGE, N.J. — Gateway Merchant Banking has secured site plan approval from the City of Orange Township Planning Board for the redevelopment of 188 South Essex Ave. The $350 million phased redevelopment project will convert the former Orange Memorial Hospital into a mixed-use development with 1,005 apartment units. Apartments will come in one-, two- and three-bedroom layouts. Up to 20 percent of the units will be set aside as affordable housing units. Additionally, Gateway states that it is pursuing partnerships in order to bring senior and student housing to the …

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2868 Webster Ave. in New York City
Affordable HousingDevelopmentNew YorkNewsNortheast

Douglaston Development Breaks Ground on Affordable Housing Project in the Bronx

by Channing Hamilton

NEW YORK CITY — Douglaston Development has broken ground on an affordable housing development located at 2868 Webster Ave. in the Bedford Park neighborhood of the Bronx. The 12 story building will consist of 277 units in studio, one-, two- and three-bedroom floor plans. The community will be available to households earning up to 70 percent of the area median income. Sixty units will be set aside as supportive housing. The project represents the second phase of a two-phase development, which also includes a 188-unit seniors housing complex that opened …

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The Willows in Houston
Investment SalesNewsTexas

Greysteel Arranges Sale of 346-Unit Property in Houston

by Channing Hamilton

HOUSTON — Greysteel has arranged the sale of The Willows, a 346-unit property in Houston. According to the community website, The Willows offers one-, two- and three-bedroom units. Amenities include a pool, playground, coffee bar and four laundry facilities. The seller, a private REIT, owned the community for approximately two decades prior to the acquisition. The buyer, whose identity was not disclosed, plans to enhance operational efficiencies and conduct a renovation program at the community. Jack Stone and Chris Castillo of Greysteel brokered the deal.

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ColoradoInvestment SalesNewsWestern

Bell Partners Acquires Two Communities in Metro Denver for $185.8 Million

by Channing Hamilton

PARKER AND LAFAYETTE, COLO. — Bell Partners has acquired Bell Parker and Bell Lafayette, two assets located in the Denver metropolitan area. The company purchased the assets in separate transactions on behalf of its Bell Value-Add Fund VIII for a total of $185.8 million. Completed in 2002, Bell Parker is a 360-unit garden-style property located at 16950 Carlson Drive in Parker, roughly 25 miles southeast of downtown Denver. Bell Partners purchased the asset from Starwood Real Estate Income Trust for $103.3 million. JLL acted as the broker. Built in 2016, …

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425 Montgomery Street in Alexandria, Virginia
DevelopmentFinanceNewsSoutheastVirginia

Partnership Receives Construction Loan for $131 Million Project Near Washington, D.C.

by Channing Hamilton

ALEXANDRIA, VA. — Carr Properties has formed an equity joint venture with Barings for the development of 425 Montgomery Street, a $131 million project converting a former office building in Alexandria’s Old Town neighborhood into a rental housing community. The partnership received an $84 million construction loan from investment firm Kennedy Wilson. Cushman & Wakefield served as advisor for both the equity and debt financings. The eight-story, 250,000-square-foot project will offer 237 apartments in studio, one-, two- and three-bedroom floor plans. Planned amenities include an outdoor pool and a resident …

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Investment SalesMidwestMissouriNews

PPR Acquires Community in Kansas City, Missouri, for $33.6 Million

by Channing Hamilton

KANSAS CITY, MO. — PPR Capital Management (PPR) has acquired Infinity at Plaza West, a 224-unit garden-style community in Kansas City, for $33.6 million. The investment structure includes a total equity investment of $11.4 million, with PPR contributing $10.2 million as the primary equity partner. PPR worked alongside Aspen Funds as the general partner and Petra as co-general partner. Petra will also act as the property manager. Infinity at Plaza West was built in 1949 and offers studio, one- and two-bedroom floor plans, according to Apartments.com. Amenities include a pool, …

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Coventry Square Apartments in Upland, California
CaliforniaInvestment SalesNewsWestern

MJW Investments Acquires Coventry Square Apartments in Upland, California

by Channing Hamilton

UPLAND, CALIF. — MJW Investments has acquired Coventry Square Apartments, a 92-unit community located in Upland, approximately 25 miles west of San Bernardino, California. MJW purchased the asset from an undisclosed seller in an off-market transaction. The sales price was also not disclosed. Built in 1980, Coventry Square Apartments consists of 46 buildings on 9.3 acres. The asset features two-bedroom apartments that average 1,178 square feet. Residents have access to amenities such as a pool, landscaped courtyards and on-site parking. 

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FinanceGeorgiaNewsSoutheast

PGIM Provides $82.3 Million Loan for Refinancing of Community in Midtown Atlanta

by Channing Hamilton

ATLANTA — PGIM Real Estate has provided an $82.3 million, floating-rate loan for the refinancing of Mira at Midtown Union, a 26-story rental tower in the Midtown neighborhood of Atlanta. The borrower was joint venture between MetLife Investment Management and StreetLights Residential. Tom Goodsite of PGIM Real Estate arranged the financing. Delivered in 2022, the property offers 355 units in studio, one-, two- and three-bedroom floor plans. Apartments range from 496 to 1,743 square feet. Community amenities include a pool, resident lounge, sunset deck with fire pits and grills, pet …

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The Rail in St. Louis
DevelopmentMidwestMissouriNews

ARCO Construction, HAD Deliver 268-Unit Community in St. Louis

by Channing Hamilton

ST. LOUIS — ARCO Construction and architect HDA have completed The Rail, a 268-unit project in St. Louis. The Rail comprises 278,659 square feet across four stories. The property also includes a three-level parking garage totaling 94,598 square feet.  Tenants have access to amenities such as a gathering kitchen, fitness center, game lounge, theater, coworking spaces and conference rooms. Additionally, the complex offers outdoor amenities, including a pool and grilling area. Monthly rents start at $1,410, according to the property’s website. Units come in studio, one- and two-bedroom floor plans.

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