LONG BRANCH, N.J. — Locally based brokerage firm The Kislak Co. Inc. (Kislak) has brokered the $3.5 million sale of Morris Mews Apartments, an 18-unit property located in Long Branch, approximately 50 miles east of Trenton, New Jersey. The two-story building was built in 1966. The unit mix includes 16 one-bedroom units and two two-bedroom units. The property was fully occupied at the time of sale. Daniel Lanni of Kislak represented the seller and procured the buyer, both of which were limited liability companies, in the deal.
NEWARK, OHIO — Vista Residential Partners has broken ground on Trailhead Vista, a 308-unit development in Newark, about 40 miles east of Columbus. The garden-style community will offer a mix of one- and two-bedroom units averaging 862 square feet. Planned amenities include a clubhouse, pool, fitness center, central green area and pet park. Trailhead Vista is situated on 15.6 acres along the Thornwood Corridor Employment Hub, which is comprised of five industrial parks totaling more than 1,600 acres. The property will also offer access to the TJ Evans Trail, a …
NEW YORK CITY — TF Cornerstone has begun leasing Malt Drive, a 1,386-unit high-rise community in the Long Island City neighborhood of Queens. The development consists of two buildings. The South building at 2-20 Malt Drive rises 33 stories and comprises 575 units. The adjacent North building houses 811 apartments across two towers at 2-21 Malt Drive. Apartments come in studio, one- and two-bedroom layouts. Thirty percent of units will be set aside as affordable housing and will be leased at 130 percent of the area median income. Amenities include …
CINCINNATI — Cushman & Wakefield has added a team of four multifamily investment sales professionals to the company’s office in Cincinnati. The team consists of Stash Geleszinski (managing director); Nathan Murphy (director); Sherief Gouda (director); and William Thurner (senior associate). The team joins Cushman & Wakefield from Capstone Cos., an investment sales company based in Charlotte, North Carolina. “These four professionals are a great addition to our Cincinnati team and the broader Capital Markets platform,” said Kevin Hughes, Cushman & Wakefield’s regional managing principal. “They are proven leaders in multifamily …
MINNETONKA, MINN. — Associated Bank has provided a $55 million construction financing package for Marlowe Opus Station, a 269-unit development located at 10702 Red Circle Drive in Minnetonka, approximately 13 miles west of Minneapolis. Greystar is the developer of the project. Edward Notz of Associated Bank originated the loan. Demolition is currently underway on the vacant office building on the site. A at Marlowe Opus Station will include a pool, courtyard, fitness room, clubroom, sauna, pet wash, work-from-home offices, bike storage, structured parking, electric vehicle charging stations and storage units. …
SANTA ANA, CALIF. — CBRE has arranged the sale of two properties in Santa Ana, about eight miles southeast of Anaheim, California, in separate transactions. The combined sales price was $2.8 million. Both deals were completed with all-cash buyers. The first property is a fourplex located at 3720 South Marine St. The building traded hands for $1.6 million. Built in 1968, the community offers a mix of two- and three-bedroom units. The average apartment size is 1,088 square feet. The units are individually metered for gas and electricity and feature …
FORKED RIVER, N.J. — New Jersey-based developer Walters has broken ground on Cornerstone at Lacey III, a 70-unit affordable housing project in Forked River, located along the Jersey Shore about 50 miles north of Atlantic City, New Jersey. Once completed, the nine-building project will offer units to households earning 60 percent or less of the area’s median income. Rates will be based on the renter’s gross annual income. The project represents the third and final phase of Cornerstone at Lacey. The first two phases of the development delivered 118 units …
HUNTINGTON BEACH, CALIF. — CBRE has arranged the sale of an eight-unit property at 212 15th St. in Huntington Beach, approximately 20 miles southwest of Anaheim, California. The asset traded hands for $3.9 million in a 1031 exchange. Dan Blackwell and Mike O’Neill of CBRE represented the seller, a local family trust, in the transaction. CBRE also procured the Orange County-based buyer. The 6,538-square-foot property is situated across a double lot. The community offers a mix of one- and two-bedroom units. Each apartment includes a private patio or balcony and …
CHICAGO — Habitat, a locally based developer and property manager, has broken ground on OC Living Phase A2, the second residential building to be built at the $200 million Ogden Commons mixed-use project in Chicago’s North Lawndale neighborhood. Phase A2 of OC Living will feature 75 units, 82 percent of which will be set aside as affordable housing. Thirty units will be available to Chicago Housing Authority residents. The remaining 13 apartments will have market-rate rents. Units will come in studio, one- and two-bedroom floor plans. The building will rise …
WALTHAM, MASS. — CBRE has brokered the sale of Gardencrest Apartment Homes, a 696-unit community located in Waltham, about 12 miles west of Boston. CBRE represented the seller, an affiliate of Virginia-based Harbor Group International, and procured the buyer, an affiliate of San Francisco-based Fowler Property Acquisition. Simon Butler, Biria St. John, John McLaughlin and Brian Bowler of CBRE brokered the transaction. Built in phases between 1949 and 1972, the property consists of 64 buildings on 34 acres. The community offers a mix of apartments and townhome-style units. Amenities include …