News

Mar at Mesa Apartment Homes in San Diego, California

Institutional Property Advisors Brokers Sale of 62-Unit Mar at Mesa in San Diego, California

by Channing Hamilton August 6, 2024

SAN DIEGO, CALIF. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of Mar at Mesa Apartment Homes in San Diego. Chris Zorbas, Alexander Garcia Jr. and Kyle Pinkalla of IPA represented the undisclosed seller and procured the buyer, an affiliate of F&F Properties, in the transaction. The sales price was not disclosed. Mar at Mesa was built in 1988 and renovated in 2022. The community offers 62 units in one-and two-bedroom layouts. Apartments feature breakfast bars, dishwashers, large closets, patios and balconies. Amenities …

August 6, 2024

EDEN at Kendall West in Jacksonville, Florida

Build-to-Rent Development Florida Leasing & Marketing News Southeast

EDEN Living Delivers 265-Unit Build-to-Rent Community in Jacksonville, Florida

by Channing Hamilton August 6, 2024

JACKSONVILLE, FLA. — EDEN Living has completed EDEN at Kendall West, a 265-unit build-to-rent community in Jacksonville. The community is situated on 20 acres at 9105 Tredinick Pkwy. EDEN at Kendall West offers 193 single-story units and 72 two-story townhomes. Units come in one-, two- and three-bedroom layouts and range from 700 to 1,300 square feet. Each residence features a private backyard. The townhomes also include private garages. Community amenities include a clubhouse, fitness center, pool, dog grooming station, dog park, walking trails and clubroom. Leasing and resident move-ins have …

August 6, 2024

Development New York News Northeast

BRP Cos. Completes 605-Unit The Monarch in Queens

by Channing Hamilton August 5, 2024

NEW YORK CITY — Locally based developer BRP Cos. has completed The Monarch, a 605-unit community in the Jamaica neighborhood of Queens. The project broke ground in January 2021. The building rises 25 stories and spans 542,000 square feet. The Monarch comprises 498 one-bedroom and 107 two-bedroom apartments. Of the total unit count, 182 are reserved for households earning between 80 and 130 percent of the area median income. Units feature individual washers and dryers, stainless steel appliances and floor-to-ceiling windows. The property also includes 14,000 square feet of retail …

August 5, 2024

Finance News Southeast Tennessee

Eastern Union Secures $13 Million Refinancing for Garden View Apartments in Memphis, Tennessee

by Channing Hamilton August 5, 2024

MEMPHIS, TENN. — Eastern Union has secured a $13 million loan for the refinancing of Garden View Apartments, a 156-unit community located at 1033 and 1087 Whitaker Drive in Memphis. Built in 1963, the property comprises 15 buildings spanning 131,000 rentable square feet. The unit mix includes 60 one-bedroom and 96 two-bedroom residences. Motti Blau and Mendy Pfeifer of Eastern Union arranged the financing on behalf of the borrower. Bellco Federal Credit Union provided the 30-year loan, which carries a 7.3 percent interest rate. Dov Bakon of Eastern Union served …

August 5, 2024

Leasing & Marketing News Oklahoma Texas

Mintwood Real Estate Begins Pre-Leasing Efforts for 320-Unit The Residences at OAK in Oklahoma City

by Channing Hamilton August 5, 2024

OKLAHOMA CITY — Mintwood Real Estate has begun pre-leasing for The Residences at OAK, a 320-unit community in Oklahoma City. The Residences at OAK features studio, one-, two- and three-bedroom floor plans. Amenities include a fitness center, children’s playroom, pool and elevated courtyards. The first move-ins are slated for late August. Greystar will manage the property. The community is situated within OAK, a 20-acre mixed-use district currently under development by Veritas Development. In addition to The Residences at OAK, Phase I of OAK will comprise 135,000 square feet of retail …

August 5, 2024

News

Standard Communities Acquires Affordable Laurel Hill Apartments in Shelby, North Carolina

by Channing Hamilton August 5, 2024

SHELBY, N.C. — Standard Communities has acquired Laurel Hill Apartments, a 100-unit affordable housing complex in Shelby, about 45 miles west of Charlotte, North Carolina. The asset traded hands for $16.4 million. The North Carolina Housing Finance Agency provided Low Income Housing Tax Credits for the deal. Fannie Mae and Regions Bank also provided financing. The public-private partnership also included HUD. Built in 1974, Laurel Hill Apartments offers one-, two- and three-bedroom apartment units. Income restrictions for the community were not disclosed. Standard Communities plans to invest $100,000 per unit …

August 5, 2024

Affordable Housing Development Finance New York News Northeast

Douglaston Development Secures $190 Million Construction Financing for Affordable Housing Project in the Bronx

by Channing Hamilton August 5, 2024

NEW YORK CITY — Douglaston Development has secured construction financing for a $190 million affordable housing project located in the Bedford Park neighborhood of the Bronx. Once completed, the 12-story building will offer 277 apartment units to households earning up to 70 percent of the area median income. Sixty units will be set aside as supportive units. Located at 2868 Webster Ave., the property will offer studio, one-, two- and three-bedroom floor plans. Community amenities will include laundry facilities, a fitness center, green roofs and on-site parking. The Jericho project …

August 5, 2024

Investment Sales Massachusetts News Northeast

CBRE Arranges Sale of 200-Unit Boston East in Boston

by Channing Hamilton August 2, 2024

BOSTON — CBRE has arranged the sale of Boston East, a 200-unit community located in the East Boston neighborhood of Boston. Los Angeles-based American Realty Advisors sold the property to the real estate business at Goldman Sachs Alternatives for an undisclosed price. Simon Butler, Biria St. John, John McLaughlin and Brian Bowler of CBRE brokered the deal. Boston East was built in 2018. The building rises six stories. Community amenities include a clubroom with meeting space, sky lounge and terrace, fitness center, community arts space, outdoor firepit grilling stations and …

August 2, 2024

Affordable Housing Investment Sales News Texas

Comunidad Partners Acquires 358-Unit Toscana Apartment Homes in Austin, Texas

by Channing Hamilton August 2, 2024

AUSTIN, TEXAS — Locally-based investment firm Comunidad Partners has acquired Toscana Apartment Homes, a 358-unit affordable housing community in Austin. Toscana Apartment Homes was built in 2001. The property is reserved for households earning between 60 and 120 percent of the area median income. Units come in one-, two-, and three-bedroom floor plans. Amenities include a pool, playground and a pet park. Comunidad Partners plans to implement a capital improvement program that elevates common areas and living spaces, including installing a pickleball court and adding private yards. The seller and …

August 2, 2024

Finance New York News Northeast

JLL Capital Markets Arranges $173 Million Bridge Financing for Lorimer House in Brooklyn

by Channing Hamilton August 2, 2024

NEW YORK CITY — JLL Capital Markets has negotiated $173 million in bridge financing for Lorimer House, a 270-unit community in the South Williamsburg neighborhood of Brooklyn. JLL worked on behalf of the borrowers — a joint venture between The Loketch Group, The Joyland Group and Meral Property Group — to secure the financing through TPG Real Estate Credit. Aaron Niedermayer and Ethan Stanton led the JLL Capital Markets team. Lorimer House rises eight stories at 28 Boerum St. The property offers studio, one- and two-bedroom units. Select units feature …

August 2, 2024

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