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Waterside-at-Rice-Hope-Savannah
Build-to-RentGeorgiaLeasing & MarketingNewsSoutheast

ARK Homes for Rent Opens Leasing at BTR Development Near Savannah

by Lynn Peisner

PORT WENTWORTH, GA. — Build-to-rent developer ARK Homes For Rent has begun leasing Waterside at Rice Hope, a newly completed community 13 miles north of Savannah, Ga. Asking rents at the 103-unit townhome community range from $1,999 to $2,024, according to the property website. Units, which vary in size, have three bedrooms and two-and-a-half bathrooms, smart home technology and attached garages. Amenities include a resort-style pool, splash park and walking trails as well as a nearby 35-acre lake with kayaking, paddleboarding and fishing. Residents also have access to a clubhouse …

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CGI+-Torrance-MF-Site
Affordable HousingCaliforniaDevelopmentInvestment SalesNewsWestern

CGI+ Sells Torrance Development Site to JPI for $40 Million

by Lynn Peisner

TORRANCE, CALIF. —  CGI+ Real Estate Strategies has sold a shovel-ready, 4.9-acre multifamily development site in Torrance to JPI for $40 million. CGI+, a Los Angeles-based multifamily investment firm, acquired the property adjacent to Harbor-UCLA Medical Center at S. Vermont Avenue near 220th Street in 2022. After receiving entitlements for a six-story, 525-unit residential building — with 34 units reserved for households earning less than 30 percent of area median income — CGI+ planned to begin construction in 2023. However, rising interest rates and increases in labor and construction costs …

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30-25-Queens-Blvd
DevelopmentFinanceNew YorkNewsNortheast

BPG, LargaVista Secure $388.5 Million Loan, Resume Construction of Long Island City Tower

by Lynn Peisner

QUEENS, N.Y. — New York and Miami-based real estate developers Baron Property Group (BPG) and LargaVista Cos. have secured a $388.5 million construction loan for 30-25 Queens Boulevard, a 46-story mixed-use high-rise in Long Island City. Starwood Capital Group, Gotham Organization and Blackstone Real Estate Debt Strategies provided the financing. Ayush Kapahi, principal and founding partner at commercial real estate advisory HKS Real Estate Advisors, and Anthony Ledesma, principal and founding partner of real estate advisory firm DIA Capital Group, arranged the loan. Construction, currently underway, on 30-25 Queens Boulevard …

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Highlands-Morris-Plains
Investment SalesNew JerseyNewsNortheast

CBRE Negotiates Morris Plains, New Jersey, Sale

by Lynn Peisner

MORRIS PLAINS, N.J. — CBRE has arranged the value-add sale of The Highlands at Morris Plains, representing the undisclosed seller and procuring the buyer, a partnership between Shamah Properties and Sagard Real Estate. The asset price was not disclosed. CBRE’s team was led by Jeffrey Dunne, Stuart MacKenzie, Eric Apfel and Travis Langer. The Highlands at Morris Plains was built in 2003 and includes 116 units and such amenities as a clubhouse with a fitness center, a dog run, a courtyard with grills, package lockers and a 175-space parking deck.

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Lynnfield-Commons
Investment SalesMassachusettsNewsNortheast

JMC Sells Lynnfield Commons

by Lynn Peisner

LYNNFIELD, MASS. — John M. Corcoran & Co. (JMC) has sold Lynnfield Commons to a joint venture between L&G and Taurus Investment Holdings. JMC, which developed the property in 2009, will remain as the property manager for the 200-unit, garden-style community. Lynnfield Commons is in the North Shore submarket of Boston and offers one- and two-bedroom units with amenities that include a clubhouse, fitness center, pool and walking trails. One quarter of the units are designated affordable, with an 80 percent area median income cap, according to the property website. …

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Sunlake-North
BerkadiaBuild-to-RentDevelopmentFloridaInvestment SalesNewsSoutheast

Maymont Homes, Dinerstein to Develop BTR Project Near Tampa

by Lynn Peisner

LAND O’LAKES, FLA. — Berkadia has arranged the sale of a 28.5-acre parcel. Brookfield Residential Land was the seller, and Maymont Homes was the buyer. The site, located in the master-planned community of Bexley 30 miles north of Tampa, is entitled for low-density multifamily. Maymont will partner with Dinerstein Cos. to develop a 250-unit build-to-rent (BTR) community on the site. The project will be complete by the fourth quarter of 2026. The unnamed project will include a mix of two- and three-bedroom residences featuring private yards, attached garages and access …

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ReNew-Danbury
ConnecticutInvestment SalesNewsNortheast

Jones Street Investment Partners Buys ReNew Danbury

by Lynn Peisner

DANBURY, CONN. — FPA Multifamily has sold ReNew Danbury to Jones Street Investment Partners for an undisclosed sum. JLL represented FPA in the transaction. ReNew Danbury is a 192-unit property developed in 1971 in Danbury, known as Hat City for its hat-making history. It is about 70 miles northeast of New York City. The garden-style community features studios and one-, two- and three-bedroom units and amenities like a clubhouse with a theater, game room, coffee bar and fitness center as well as a pool, a playground and bike storage. JLL …

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Pointe-at-Carrollwood-Tampa
BerkadiaFinanceFloridaNewsSoutheast

Berkadia Arranges $38.3 Million Refinancing for Beacon Realty Group

by Lynn Peisner

TAMPA, FLA. — Berkadia has arranged approximately $38.3 million in debt and equity for the refinancing of Pointe at Carrollwood owned by Miami-based Beacon Realty Group. Beacon bought the 224-unit Tampa asset in 2022 as a value-add acquisition and has since invested about $3.6 million in capital improvements. The firm will use the financing to retire existing acquisition debt. The property is currently 95 percent occupied. Berkadia arranged a $29.9 million, five-year fixed-rate Freddie Mac loan. In addition, Miami-based Atlantic Pacific Companies, a privately owned real estate firm, provided a …

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Tides_on_Commerce
ArizonaInvestment SalesNevadaNewsWestern

Kennedy Wilson Acquires Two Properties for $166 Million

by Lynn Peisner

BEVERLY HILLS, CALIF. — Kennedy Wilson, a Beverly Hills-based investment company, has acquired Tides on Commerce in North Las Vegas and Finisterra in Tempe, Arizona, for a combined total of $166 million. The figure includes $61 million in equity invested in the two separate transactions. The sellers were not identified. CBRE arranged the sale of Finisterra. Tides on Commerce is a 336-unit community, while Finisterra has 356 units. Both are low-density, garden-style properties. With these two acquisitions, Kennedy Wilson now has ownership interests in 40,000 units.

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1709-Surf-Ave-Coney-Island
Affordable HousingDevelopmentNew YorkNewsNortheast

BFC Partners Secures $250 Million for Third Phase of Coney Island Affordable Housing Project

by Lynn Peisner

BROOKLYN, N.Y. — BFC Partners has closed on a $250 million construction loan to build the third and final phase of a three-building affordable-housing project along Surf Avenue in Coney Island. Loan specifics were not disclosed. The total project cost is approximately $700 million. This final phase, known as 1709 Surf Avenue, will include 420 new affordable units, bringing the total across all phases to 1,242 affordable homes. Project partners include the New York City Department of Housing Preservation and Development (HPD), the New York City Housing Development Corp. (HDC) …

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