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Hangar at Thunderbird in Glendale, Arizona
ArizonaInvestment SalesNewsWestern

IPA Brokers $69 Million Sale of Hangar at Thunderbird in Glendale, Arizona

by Channing Hamilton

GLENDALE, ARIZ. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of and financing for Hangar at Thunderbird, a 266-unit community in Glendale. Decron Properties purchased the asset from P.B. Bell for $69 million. Hangar at Thunderbird was completed in 2023. Community amenities include a pool, spa, outdoor game patio and community playground with evening lighting. Apartments feature nine-foot ceilings, vinyl plank flooring, laundry closets with full-size washers and dryers, closets with build-in shelving, and patios or balconies with exterior storage. Steve Gebing and Cliff …

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Build-to-RentDevelopmentNewsNorth CarolinaSoutheast

Stark Enterprises Breaks Ground on Build-to-Rent Community in Bolivia, North Carolina

by Channing Hamilton

BOLIVIA, N.C. — Stark Enterprises, in collaboration with its affiliated companies Stark Living and Arbor Construction, has begun constructing Oak Harbor Village, a 23-acre build-to-rent community in Bolivia, 22 miles southwest of Wilmington, North Carolina. The asset will offer 130 ranch-style and townhome units. Units will come in one- to three-bedroom floor plans. Planned amenities include a clubhouse, fitness center, dog park, playground, pool, sundeck, grilling stations and entertainment areas. The project is slated to complete in the summer of 2025, with pre-leasing slated to begin several months beforehand.

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Jefferson Castle Hills in Lewisville, Texas
DevelopmentNewsTexas

JPI Breaks Ground on 761-Unit Jefferson Castle Hills in Lewisville, Texas

by Channing Hamilton

LEWISVILLE, TEXAS — JPI has broken ground on Jefferson Castle Hills, a two-phase project in the Dallas suburb of Lewisville. Located within the 2,900-acre master-planned Castle Hills development, Jefferson Castle Hills will comprise 761 units. Phase I will deliver 380 units, while phase II will include 381 apartments. Units will come in one-, two- and three-bedroom floor plans. Planned amenities include a pedestrian sky bridge, fitness center with a yoga studio, dog park, courtyards, pool decks and a dedicated parking garage. JPI plans to open Jefferson Castle Hills’s first units …

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Ray Phoenix in Phoenix
ArizonaDevelopmentNewsWestern

Ray, VeLa Development Break Ground on 401-Unit Tower in Phoenix

by Channing Hamilton

PHOENIX — Ray and VeLa Development Partners have broken ground on Ray Phoenix, a 26-story residential tower located within the Roosevelt Row Arts District in Phoenix. Ray Phoenix will offer 401 apartments. The unit mix includes 193 studios, 116 one-bedrooms and 92 two-bedroom residences. The building will total 523,000 square feet. Planned amenities include a fitness center and yoga studio, pool, communal kitchen, lounge with a theater, fireplace lounge, dog wash stations, gardens and workspaces. The property will also offer more than 4,500 square feet of ground-level retail space. Ray …

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FinanceNewsOklahomaTexas

Institutional Property Advisors Arranges $13.1 Million in Equity Financing for Oaks at Covell in Edmond, Oklahoma

by Channing Hamilton

EDMOND, OKLA. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged $13.1 million in joint venture equity financing for a project in the Oklahoma City suburb of Edmond. Oaks at Covell will comprise 102 townhomes. Units will come in two-, three- and four-bedroom floor plans. Justin Shuart and Travis Headapohl of IPA worked on behalf of ACRE Development Partners to arrange the financing with an undisclosed partner.

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38 Jackson Street in Hoboken, New Jersey
DevelopmentFinanceNew JerseyNewsNortheast

Madison Realty Capital Provides $97 Million for Industrial-to-Multifamily Conversion Project in Hoboken, New Jersey

by Channing Hamilton

HOBOKEN, N.J. — Madison Realty Capital has provided $97 million in financing for a project in Hoboken that will convert a five-story industrial building into a 110-unit community. Once converted, the complex will rise nine stories. Units will come in one- through five-bedroom floor plans. Planned amenities include a pool, fitness center, clubroom, lounge and grilling areas. The property will also offer 50,000 square feet of retail space, as well as a 300-space parking garage. Construction is underway and is slated to complete in the third quarter of 2025. The …

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Investment SalesNew YorkNewsNortheast

Marcus & Millichap Brokers $12.6 Million Sale of Four Properties in Manhattan

by Channing Hamilton

NEW YORK CITY — Marcus & Millichap has brokered the $12.6 million sale of four properties totaling 113 units in the Harlem neighborhood of Manhattan. The buildings offer two-, three-, four- and five-bedroom apartments, as well as eight retail spaces. Seth Glasser, Michael Fusco and Benny Katz of Marcus & Millichap represented the seller and procured the buyer in the deal. Both parties were private investors that requested anonymity.

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IllinoisLeasing & MarketingMidwestNews

Daniel Management Group Takes Over Management of Aloft at the Glen Town Center in Glenview, Illinois

by Channing Hamilton

GLENVIEW, ILL. — Daniel Management Group has taken over management services at Aloft at the Glen Town Center, a 180-unit community in Glenview. Aloft at the Glen Town Center offers amenities such as a fitness center, social room and co-working spaces. Units feature full-size washers and dryers, soaking tubs and self-controlled heating/cooling. The property is located in the heart of Glenview, a city approximately 25 miles north of Chicago. 

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An unnamed conversion project by Carr Properties in Alexandria, Virginia
DevelopmentNewsSoutheastVirginia

Carr Properties Plans 234-Unit Office-to-Multifamily Conversion in Alexandria, Virginia

by Channing Hamilton

ALEXANDRIA, VA. — Carr Properties has acquired a vacant office building located at 901 N. Pitt Street in the Old Town neighborhood of Alexandria. The buyer plans to convert the asset into a 250,000-square-foot community. The development team for the project includes SK+I Architecture, as well as interior design firm Edit Lab by Streetsense. The community will offer 234 apartments in studio through three-bedroom layouts, a portion of which will be set aside as affordable housing. The property will also feature below-grade parking, 15,800 square feet of outdoor space, a …

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FinanceNewsTexas

Avatar Financial Provides $6.5 Million Refinancing for Bellfort Plaza in Houston

by Channing Hamilton

HOUSTON — Avatar Financial has provided a $6.5 million bridge loan for the refinancing of Bellfort Plaza, a 168-unit community in Houston. The borrower was an entity doing business as HSR Bellfort Plaza Apartments LLC. A.J. Funaro of Brookview Financial arranged the debt. Bellfort Plaza was built in 1961 and renovated in 2001. The borrower acquired the property in 2003. The community offers one-, two- and three-bedroom units. The borrower plans to use the proceeds to pay off a $6 million first mortgage loan and finish construction of 14 new …

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