SPOKANE, WASH. — CEP Multifamily has acquired Regal Ridge, a 97-unit, garden-style community in Spokane’s South Hill neighborhood. Ryan Harmon, Nicholas Ruggeiro, Giovanni Napoli and Philip Assouad of Institutional Property Advisors brokered the deal. The property traded for $21.5 million. According to Apartments.com, Regal Ridge was built in 1997 and offers two- or three-bedroom units. Amenities include a pool, clubhouse, playground, and recycling services.
WHIPPANY, N.J. — Coldwell Banker Realty New Homes has begun pre-leasing efforts for 34 Eden River Park in Whippany, approximately 5.5 miles from downtown Morristown, New Jersey. 34 Eden River Park offers 81 apartments ranging from 690 to 1,500 square feet in size. Monthly rents range from $2,995 to $5,900. Amenities include a pool with a hot tub, an outdoor lounge, a fitness center, a business center, a pet wash and secure bike storage. The first move-ins at the community are expected in August 2023.
MCKINNEY, TEXAS — Palladium USA has begun construction on Palladium McKinney, a $48 million, 172-unit community in the Dallas suburb of McKinney. The project is being developed in partnership with the McKinney Housing Finance Corporation. The Texas Department of Housing and Community Affairs issued $23 million in tax-exempt bonds purchased by Cedar Rapids Bank and Trust. PNC Bank provided $19 million of equity for this placement. Kim Parker of Dynamic Commercial Real Estate represented Palladium in the purchase of the land. James Craig of Craig International represented the seller. Palladium …
SAN RAFAEL, CALIF. — EAH Housing has added Katherine Fleming as Senior Vice President of Portfolio and Karim Sultan as Vice President of Operations and Corporate Governance to its executive leadership team. Fleming will oversee EAH Housing’s asset management and compliance departments, as well as manage the firm’s portfolio. Prior to joining EAH Housing, she served as an asset management executive at BRIDGE Housing, RBC Capital Markets and Resources for Community Development. Sultan previously served as chief operating officer at East Bay Asian Local Development Corporation, where he was responsible …
FORT WASHINGTON, PENN. — John McCullough has been promoted to the role of president at Toll Brothers Apartment Living, the multifamily division of Fort Washington-based Toll Brothers, Inc. In this role, McCullough will be responsible for leading all acquisitions, development, branding, marketing and operations across the company’s U.S. portfolio. He previously served as senior vice president and managing director at Toll Brothers Apartment Living from its inception in 2012. Prior to joining Toll Brothers, he worked for Tishman Speyer Properties. McCullough received a Bachelor of Science in Economics from the …
NARANIA, FLA. — ANF Group Inc. has completed Madison Point Apartments, a garden-style mixed-use community in the Miami suburb of Naranja. Developed by JQ Group, Madison Point Apartments offers 263 units across four 4-story buildings. Units come in one-, two- and three-bedroom layouts, including both affordable and market-rate apartments. Details on income restrictions for the affordable units were not disclosed. Amenities include a pool, community center, playground, fitness center, library, media center and approximately 200 parking spaces.
WATERLOO, IOWA — The Annex Group will develop Union at North Crossing, an affordable community in Waterloo, which is in Black Hawk County, Iowa. Union at North Crossing will be a garden style complex offering 180 units across five buildings. Units will come in one-, two- and three-bedroom layouts. The community will be affordable to households earning at or below 60 percent of the area median income. Union at North Crossing is slated to open in summer of 2024. Iowa Finance Authority issued the tax credit award and $25 million …
CORAL GABLES, FLA. — MG Developer has secured a $67.5 million construction loan to build Village at Coral Gables, a community in the Miami suburb of Coral Gables. Churchill Real Estate provided the loan. The complex will comprise 48 residential units — including townhomes, lofts, villas and apartments — across 17 lots. Options for floor plans at the property include two-bedroom apartments with study rooms and balconies, as well as four-bedroom townhomes. Amenities include a wellness clubhouse, a terrace lounge, a fitness center, a pool and wi-fi connectivity. MG Developer expects …
LAWRENCE, MASS. — The Jowamar Cos. has secured a $6.6 million loan to convert two vacant buildings in Lawrence, approximately 30 miles north of Boston, into a 24-unit affordable housing community. The buildings previously offered a mix of office and retail space. The retail space will be repurposed as a food hall for the community. Details on income restrictions were not disclosed. MassDevelopment and Reading Cooperative Bank provided the financing. MassDevelopment and Reading Cooperative Bank were equal participants in the loan, and MassDevelopment also enhanced the loan with a guarantee. …
WELLINGTON, FLA. — Gail Ruggles has joined The Bainbridge Cos., a Wellington-based developer and manager, as executive vice president of operations. In this role, Ruggles will oversee the firm’s owned and managed assets, as well as the financial performance at each community. Ruggles previously served as senior vice president of operations at RADCO Residential and Steadfast Living. She also spent 23 years at Gables Residential, where she was responsible for its third-party operations. Ruggles attended Ball State University in Muncie, Indiana.
