HAINESPORT, N.J. — New Jersey-based developer Walters is underway on the development of Cornerstone at Hainesport, a 73-unit affordable housing project in Hainesport, roughly 23 miles east of Philadelphia. The property will consist of six buildings. Units will come in one-, two- and three-bedroom layouts. The community will be available to households earning 60 percent or less of the area median income. Amenities include a basketball court, children’s play area and a clubhouse with computer workstations. The first apartments are expected to be available for occupancy by December.
FRISCO, TEXAS — CenterSquare has acquired Sorrel Phillips Creek Ranch, a 352-unit asset in Frisco, 30 miles north of downtown Dallas, in an off-market transaction. The community offers one-, two- and three-bedroom apartments. The acquisition was made on behalf of CenterSquare’s Value-Added Fund VI. The new ownership plans to renovate the units with new countertops and cabinets, add laminate vinyl plank to the upper floors and install a technology package in addition to updating the fitness center and tenant lounge area.
NEW YORK CITY — Brisa Builders Development LLC and PMG Affordable have secured $51.7 million in financing for 19-19 Cornaga Ave., a 92-unit affordable housing project located in the Downtown Far Rockaway Special Purpose District in Queens. The financing package includes: Additionally, the developers are leveraging roughly $21.4 million in low-income housing tax credit (LIHTC) equity syndicated by Enterprise, $2.3 million in state LIHTC equity and $41,000 in solar tax credit equity. BWE is providing permanent financing through Freddie Mac. 19-19 Cornaga Ave. will offer a mix of studio, one- …
HUNTINGTON BEACH, CALIF. — IPA Capital Markets, a division of Marcus & Millichap, has arranged $60.9 million in financing for a 28.9-acre redevelopment project in Huntington Beach. Gary Mozer of IPA secured the 18-month, nonrecourse loan on behalf of an undisclosed California-based investment and development firm. The borrower plans to develop a residential and hospitality property, which was approved by the Huntington Beach City Council, on the site. The property will feature a 50-unit affordable housing community, with 25 units to be rented to hotel workers employed onsite and nearby. The …
CHICAGO — JDL Development LLC and Centaur Capital Partners have purchased Cobbler Square, a historic, 292-unit property in Chicago’s Old Town neighborhood, for $88.2 million. Mark Stern, Kevin Girard, Zach Kaufman and Sam Grohe of JLL Capital Markets represented the undisclosed seller in the deal. Originally built at 1350 N. Wells St. in 1889 as the Dr. Scholl’s shoe factory, Cobbler Square was converted into residential use in 1985. The community offers a mix of studios, one- and two-bedroom, loft-style units. The property also includes 19,038 square feet of retail …
HOOVER, ALA. — Avenue Living has purchased Ridge Crossings, a 720-unit property located in Hoover, about 10 miles south of Birmingham, Alabama. The sales price was not disclosed. However, Birmingham Business Journal reported the property traded for $111 million. Ridge Crossings was originally constructed in 1991. The property offers one-, two- and three-bedroom units ranging in size from 861 to 1,520 square feet. According to Apartments.com, residents have access to amenities such as a pool, tennis and racquetball courts, fitness center, concierge services, dog park and a clubhouse. Andrew Brown, Craig Hey, …
SAN TAN VALLEY, ARIZ. — Thompson Thrift has opened Stella, a 308-unit community located roughly 48 miles southeast of downtown Phoenix in San Tan Valley. The property will consist of 12 two- and three-story buildings on a 20-acre site. Units will come in one-, two- and three-bedroom floor plans. Amenities include a pool, outdoor pavilion, pickleball courts, two dog parks, gardens and Wi-Fi connectivity. The first move-ins began in winter 2024. The project is slated for full completion by the end of this summer.
POHATCONG, N.J. — Larken Associates is nearing completion of Monte View at Pohatcong, a 120-unit complex located at 1001 Monte View Drive in Pohatcong, roughly 23 miles east of Allentown, Pennsylvania. The property consists of three garden-style buildings and one four-story elevatored building. Units come in one- and two-bedroom floor plans. Residents have access to amenities such as a clubhouse, pool, dog run, tot lot, fitness center, coworking center and game room. Monte View at Pohatcong is slated for full completion by April 2025. The property is currently approximately 50 …
AMARILLO, LUBBOCK AND PLAINVIEW, TEXAS — UC Funds, a Boston-based debt fund, has provided an $11 million acquisition loan for a portfolio of four properties totaling 275 units in northwest Texas. Known as the Medlock Portfolio, the communities are located in Amarillo, Lubbock and Plainview. The undisclosed sponsor will use a portion of the proceeds to fund stabilization and lease-up costs. The loan carries an 18-month term. Further details of the transaction were not disclosed.
NOBLESVILLE, IND. — Lightstone Group has sold Autumn Breeze, a 280-unit community in Noblesville, roughly 25 miles north of Indianapolis, to IRT for $59.5 million. Located at 14901 Beauty Berry Lane, the community offers a mix of one-, two- and three-bedroom floor plans. The average unit size is 1,066 square feet. The property was built in 2009. Amenities include a fitness center, pet spa, coffee bar, game room and outdoor pavilion. Hannah Ott, George Tikijian, Cam Benz, Clair Hassfurther, Ryan Stockamp and Sean Pingel of CBRE represented the seller in …