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A development project by Milhaus and Banyan Residential in Phoenix
ArizonaDevelopmentFinanceNewsWestern

Milhaus, Banyan Residential Break Ground on $117 Million Development in Phoenix

by Channing Hamilton

PHOENIX — Milhaus and Banyan Residential have begun constructing the first phase of a 515-unit community in Phoenix. UMB, with syndication by First Merchants and Academy Bank, provided a $63.3 million construction loan for the project. The community will feature studio, one-, two- and three-bedroom units ranging in size from 415 to 1,392 square feet. Amenities will include two clubhouses, pools, a fitness center, green spaces and a dog park. Phase one is expected to deliver in the fourth quarter of 2025, with a total development cost of $117 million.

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ArizonaInvestment SalesNewsWestern

Orion Investment Real Estate Brokers $87.8 Million Sale of Aerie Happy Valley in Phoenix

by Channing Hamilton

PHOENIX — Orion Investment Real Estate has arranged the sale of Aerie Happy Valley in Phoenix. The buyer and seller were not disclosed, but the asset traded hands for $87.8 million. Aerie Happy Valley comprises 214 apartments in a mix of 55 one-bedroom, 101 two-bedroom and 58 three-bedroom units. Linda Fritz-Salazar and Angelessa Ritchie of Orion Investment Real Estate brokered the transaction.

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FinanceInvestment SalesNewsTexas

Colliers Provides $16.5 Million Acquisition Loan for The Chandler in Grand Prairie, Texas

by Channing Hamilton

GRAND PRAIRIE, TEXAS — Colliers Mortgage has provided a $16.5 million Fannie Mae acquisition loan for the Chandler, a 164-unit community in Grand Prairie, between Dallas and Fort Worth. Robert Siddall, William Givens, Shawn Givens and Ken Higgins of Colliers Mortgage originated the financing, which features a five-year term and a 35-year amortization schedule. The borrower was Dallas-based private equity firm Reap Capital. The Chandler offers one-, two- and three-bedroom units. Amenities include a pool and a playground.

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Article No. 7 in North Saint Paul, Minnesota
DevelopmentMidwestMinnesotaNews

Tareen Development Partners Breaks Ground on Article No. 7 in North Saint Paul, Minnesota

by Channing Hamilton

NORTH SAINT PAUL, MINN. — Tareen Development Partners has broken ground on Article No. 7, an 82-unit complex in the northeast Minneapolis suburb of North Saint Paul. Units will come in one- and two-bedroom floor plans. Amenities will include a fitness center, community spaces and underground parking. The development team for the project also includes Bauer Construction, Momentum Design, Sail Management and the City of North Saint Paul. The building is slated for completion in fall of 2024.

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Mountain View Crossing in Wayne, New Jersey
FinanceInvestment SalesNew JerseyNewsNortheast

Cushman & Wakefield Arranges $97.7 Million in Acquisition Financing for Mountain View Crossing in Wayne, New Jersey

by Channing Hamilton

WAYNE, N.J. — Cushman & Wakefield has brokered the sale of Mountain View Crossing, a 465-unit community in the New York City suburb of Wayne. The Pomeranc Group acquired the asset from UBS Realty Investors. Mountain View Crossing offers units in studio, one-, two- and three-bedroom floor plans. Amenities include a pool with a subdeck, barbeque area, tennis and basketball courts, a clubroom, fitness center and dog park. Cushman & Wakefield’s Niko Nicolaou, Ryan Dowd, Peter Welch and Mitch Rothstein represented the seller and procured the buyer. Additionally, Cushman & Wakefield’s equity, debt …

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DevelopmentLeasing & MarketingNew YorkNewsNortheast

PAZ Management Begins Leasing 39-Unit The Flats at Raymond in Poughkeepsie, New York

by Channing Hamilton

POUGHKEEPSIE, N.Y. — PAZ Management has begun leasing The Flats at Raymond, a 39-unit community in the New York City suburb of Poughkeepsie. The community offers one- and two-bedroom apartments ranging in size from 706 to 1,098 square feet. The Flats at Raymond is one of two complexes that comprise the first phase of The Arlington of Poughkeepsie. The second property, a 24-unit adaptive reuse project called Lofts at The School, opened for residency earlier this year and is now 90 percent occupied.

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ColoradoInvestment SalesNewsWestern

Newmark Brokers $1.4 Million Sale of The Meadows at Castle Rock in Castle Rock, Colorado

by Channing Hamilton

CASTLE ROCK, COLO. — Newmark has arranged the sale of The Meadows at Castle Rock in Castle Rock. Limelight Mob II acquired the asset from Castle Rock Development Co. for $1.4 million. Hook and Cathy Mcdermott of Newmark represented Limelight Mob II, while Connolly Capital represented Castle Rock. The Meadows at Castle Rock includes 98,881 square feet of land.

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BerkadiaCaliforniaInvestment SalesNewsWestern

Berkadia Arranges Sale of 348-Unit Broadstone Cavorain Laguna Niguel, California

by Channing Hamilton

LAGUNA NIGUEL, CALIF. — Berkadia Institutional Solutions has brokered the sale of Broadstone Cavora in Laguna Niguel. A California-based investor acquired the property for an undisclosed price. Derrek Ostrzyzek, Rachel Parsons and Tom Moran of Berkadia Irvine, Calif., represented the undisclosed seller in the deal. Broadstone Cavora offers 348 apartments with walk-in closets, private patios and in-unit washers and dryers. Amenities include a resident clubhouse, pool, fitness center, rooftop sun terrace, game room and leisure lawn.

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DevelopmentFinanceNewsNorth CarolinaSoutheast

FCP Provides $13.9 Million for Easton at Mountain Island in Charlotte, North Carolina

by Channing Hamilton

CHARLOTTE, N.C. — FCP has provided $13.9 million in preferred equity for the development of Easton at Mountain Island, a 240-unit community in Charlotte. FCP provided the capital to the developer, Waypoint Residential, through its Structured Investments platform Easton at Mountain Island will be situated on 20 acres along Garron Point Dr., near the Catawba River and Charlotte Douglas International Airport.

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Reagan at Bear Creek in Euless, Texas
Investment SalesNewsTexas

Knightvest Capital Sells 216-Unit Reagan at Bear Creek in Dallas Suburb

by Channing Hamilton

EULESS, TEXAS — Knightvest Capital has sold Reagan at Bear Creek, a garden-style community in the Dallas suburb of Euless. The buyer was not disclosed. Reagan at Bear Creek was originally built in 1998 and first acquired by Knightvest Capital in September 2017. The property comprises 216 units. Over the course of six years, the company renovated the community with updates to individual units and amenities. According to Knightvest Capital, the renovated units saw an 80 percent increase in rent over acquisition rates.

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