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The-Arbor-NYC
Investment SalesNew YorkNewsNortheast

PGIM Buys The Arbor in The Bronx for $73.5M

by Lynn Peisner

NEW YORK CITY — PGIM, the investment management business of Prudential Financial (NYSE: PRU), has acquired The Arbor, a 127-unit community in the Riverdale neighborhood of the Bronx for approximately $73.5 million. The transaction marks the 10th acquisition with the PGIM Real Estate Fund. PGIM partnered with Fetner Properties in the deal through a sale and leaseback with the seller, Columbia University. To date, PGIM has deployed $260 million through the fund, representing approximately $632 million in gross property value.

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Evolve-Crossing-Burlington
DevelopmentFinanceNewsNorth CarolinaSoutheast

Northmarq Arranges $38M for Construction of Evolve Crossing in Burlington, North Carolina

by Lynn Peisner

BURLINGTON, N.C. — Northmarq has arranged $38 million in construction financing for Evolve Crossing, a 210-unit community Evolve Cos. is developing in Burlington. Northmarq’s Chris Hammel arranged the loan through lender CrossHarbor Capital Partners. Evolve Crossing will be a garden-style community featuring one-, two- and three‑bedroom units with such amenities as a resort-style pool with lounge, outdoor kitchens, parking, coworking space, a gym with a yoga studio and a dog park with pet spa station. Completion is slated for 2028. Evolve Cos. is a Greensboro, North Carolina-based investment and development …

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Pointe-Grand-Interbay-Tampa
Affordable HousingDevelopmentFloridaNewsSoutheast

Hillpointe Obtains $67M in Financing, Breaks Ground on Tampa Affordable Housing Development

by Lynn Peisner

TAMPA, FLA. — Hillpointe has secured $67 million in construction financing and broken ground on Pointe Grand Interbay at Tampa, a 408-unit community in South Tampa. Built under the state’s Live Local Act, an affordable housing law that gives developers zoning, height and density incentives for projects that include workforce or affordable housing, the residences, all two-bedroom, two-bath floor plans, will be reserved for renters earning no more than 80 to 120 percent of area median income. Hillpointe Construction, the Winter Park, Florida-based firm’s in-house general contractor, is leading the …

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FinanceInvestment SalesNewsTexas

Sade Real Estate Secures $128.5M to Acquire The Arno in Houston

by Lynn Peisner

HOUSTON — Locally based Sade Real Estate has obtained $128.5 million in acquisition financing for The Arno, a 40-story, 168-unit luxury community at 2929 Weslayan St. in Houston’s River Oaks neighborhood. Hudson Bay Capital provided the financing, which was arranged by Walker & Dunlop’s Sean Reimer, Aaron Appel, Jonathan Schwartz, Keith Kurland, Adam Schwartz, Dustin Stolly and Sean Bastian.

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The-Elex-Fort-Wayne
Affordable HousingDevelopmentFinanceIndianaMidwestNews

Merchants Capital Provides $99M for General Electric Adaptive Reuse Project in Fort Wayne, Indiana

by Lynn Peisner

FORT WAYNE, IND. — Merchants Capital has secured a Freddie Mac loan and provided equity totaling approximately $99 million for The Elex, a 296-unit mixed-use, mixed-income community now leasing in Fort Wayne. The Elex is part of Electric Works, the multiphase redevelopment of Fort Wayne’s former General Electric industrial campus. The 296-unit residential phase opened in April. The Elex was developed by Biggs Group in partnership with Ancora, the master developer of Electric Works; Weigand Construction; the project’s construction partner; and MSquared, a development partner focused on mixed-income and affordable …

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Aspire-Cherry-Creek-Denver
Investment SalesNewsTexas

Dinerstein Cos. Buys Three Communities in Colorado and Texas, Plans $18.7M in Improvements

by Lynn Peisner

HOUSTON — The Dinerstein Cos. (TDC) has completed three acquisitions consisting of two multifamily properties and one student housing property. The Houston-based firm has acquired the 218-unit Aspire Cherry Creek in Denver, the 325-unit Aspire Park Lane in Dallas and Sterling College Station, a 1,128-bed student housing community in College Station, Texas. TDC is planning $18.7 million in capital improvements across the three assets. TDC has developed properties in Denver, but Aspire Cherry Creek marks the firm’s first acquisition in the market. The asset was built in 2015 and includes …

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Aberdeen-Arms-Elizabeth
BerkadiaInvestment SalesNew JerseyNewsNortheast

Berkadia Arranges $8.8M Sale of Aberdeen Arms in Elizabeth, New Jersey

by Lynn Peisner

ELIZABETH, N.J. — Berkadia has arranged the sale of Aberdeen Arms Apartments, a 52-unit garden-style community in Elizabeth. The asset sold for approximately $8.8 million, trading between two unnamed, New Jersey-based entities. The seller owned the property for about 20 years. Nat Gambuzza, Trevor Fiebel and Nick Balancia of Berkadia Morristown led the transaction on behalf of the seller. Aberdeen Arms is located at 730-734 North Broad St. and was built in 1965. The property features 10 one-bedroom and 42 two-bedroom units as well as surface parking and a common-area …

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The-Pavilion-Chicago
IllinoisMidwestNewsOperations

Marquette Management Tapped to Manage 1,115-Unit The Pavilion in Chicago

by Lynn Peisner

CHICAGO — Marquette Management has been selected as property manager for The Pavilion, a 1,115-unit community in Chicago, about four miles east of Chicago O’Hare International Airport. R.I.G. Capital is the owner. The Pavilion offers studio to four-bedroom units across two towers. Amenities include indoor and outdoor pools, a volleyball court with adjacent seating areas, a fitness center, yoga studio, racquetball court, resident lounge, sauna, business center, garage parking and on-site retail.

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Park-West-Dallas
Investment SalesNewsTexas

IPA Arranges Sale of Park West in Dallas

by Lynn Peisner

DALLAS — Institutional Property Advisors (IPA) has arranged the sale of Park West, a 240-unit property in Dallas. IPA’s Michael Ware, Taylor Hill, Drew Kile, Joey Tumminello and Cameron Purse represented the undisclosed seller and procured the buyer, Berkshire Residential Investments. The property is in the Oak Lawn neighborhood at the intersection of Cedar Springs Road and Douglas Avenue, within a corridor between the Dallas North Tollway and Highway 75. Completed in 2014, Park West is a four-story property with a resort-style pool, a 4,000-square-foot fitness center, two dog parks …

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Forrest-Brook-Fort-Smith
ArkansasInvestment SalesNewsSoutheast

Colliers Arranges $8M Two-Property Sale in Arkansas

by Lynn Peisner

FORT SMITH, ARK. — Colliers has arranged the $8 million sale of two properties in Fort Smith. The assets traded between two undisclosed entities. The portfolio includes Forrest Brook Apartments, located at 3014 Presley St., and Stone Creek Apartments at 2851 Xavier St. Stone Creek was developed in 2008. Forrest Brook was built in 1985. Existing property management is expected to remain in place through and after the ownership transition.

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