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Town Hall Terrace, a brick federal-style multifamily property.
Investment SalesNew YorkNewsNortheastSeniors Housing

JLL Brokers Sale of 460-Unit Town Hall Terrace in Grand Island, New York

by Channing Hamilton

GRAND ISLAND, N.Y. — JLL Capital Markets has brokered the sale of Town Hall Terrace, a 460-unit community in Grand Island, 10 miles northwest of Buffalo, New York. JLL’s Steve Simonelli, Mike Oliver, Jose Cruz, Austin Piece, Elizabeth DeVesty and Andrew Scandalios marketed the property on behalf of a private seller, as well as procured the buyer. Town Hall Terrace was built in stages from 1963 through 2008. The property offers 384 one- and two-bedroom apartments, 46 three-bedroom townhomes and 30 two-bedroom homes for seniors. Community amenities include a clubhouse, …

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The Atlee, a multifamily building around a pool.
Investment SalesNewsTexas

Brixton Capital Acquires The Atlee in San Antonio

by Channing Hamilton

OLMOS PARK, TEXAS — Brixton Capital has acquired The Atlee, a 144-unit community in San Antonio suburb of Olmos Park. Michael Wardlaw and Colin Cannata of CBRE represented the undisclosed seller in the transaction. The community is 97 percent leased and is managed by San Antonio-based United Apartment Group. The Atlee offers one-, two- and three-bedroom floor plans, as well as amenities such as a clubhouse, pool, dog park and a courtyard. Brixton plans to renovate the clubhouse and leasing office, the dog park, the courtyard and the pool area. …

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The Pines of Perinton in Fairport, New York
Affordable HousingDevelopmentFinanceNew YorkNewsNortheast

WinnCompanies Renovating Iconic Affordable Property Near Rochester, New York

by Lynn Peisner

FAIRPORT, N.Y. — WinnCompanies has secured $137 million in financing to renovate the Pines of Perinton, an affordable housing community in Fairport, which is about 10 miles southeast of Rochester, New York. The project will preserve affordability provisions for the next 40 years. Various income categories were not disclosed. WinnCompanies acquired the property in late 2019. The Pines was designed and constructed by New York State’s Urban Development Corp. (UDC) between 1972 and 1976, and, according to WinnCompanies, was one of the first affordable housing developments built in the area. …

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Fieldpointe of Schaumburg
Company NewsIllinoisLeasing & MarketingMidwestNewsOperations

RMK Selected to Manage Fieldpointe of Schaumburg

by Lynn Peisner

SCHAUMBURG, ILL. — RMK Management Corp. has been named property manager of Fieldpointe of Schaumburg, a 396-unit community in Schaumburg, Ill., a northwest suburb of Chicago. Fieldpointe comprises 12 three-story buildings and features studio, one- and two-bedroom layouts measuring 548 to 948 square feet. Rents range from $1,382 to $1,950.    The property is pet-friendly and offers a pool, covered or garage parking, bike storage and package services. Capital improvement projects are scheduled at Fieldpointe in the coming months, including a roof replacement and cosmetic updates to shared corridors. Chicago-based …

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The Brook rendering in Glen Allen, Virginia
DevelopmentNewsSoutheastVirginia

Middleburg Communities, Resmark Secure Land for 310-Unit North Richmond Project

by Lynn Peisner

GLEN ALLEN, VA. — Middleburg Communities has acquired a 13.5-acre land parcel in Glen Allen to develop a 310-unit apartment and townhome project. Glen Allen is about 15 miles north of Richmond, Virginia. Construction on the project, called The Brook, will begin later this month, with a completion-date estimate of late 2024. According to Middleburg, The Brook is one of only a few multifamily projects to be built in the North Richmond area in the past two decades. Middleburg is managing the development, and The Remark Cos. is an investment …

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Build-to-RentFloridaInvestment SalesNewsSoutheast

Resibuilt Acquires 190-Unit BTR Development Site Near Tampa

by Channing Hamilton

WESLEY CHAPEL, FLA. — Resibuilt has acquired GroveParc Townhomes, a 48-acre development site in the northeast Tampa suburb of Wesley Chapel. Max La Cava, Zach Nolan and Manny de Zarraga of JLL Capital Markets represented the seller, an investment group from south Florida called Blue Pointe Builders. Resibuilt will build a 190-unit BTR community called GroveParc Townhomes, which will offer three- and four-bedroom townhomes with garages. GroveParc Townhomes is expected to be completed in January 2025.

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Prairie Point in Merrillville, Indiana
FinanceIndianaMidwestNews

Weiss Refinances Indiana Property With $54 Million Loan

by Lynn Peisner

MERRILLVILLE, IND. — Draper and Kramer has arranged a $54 million loan on behalf of Weiss Entities to refinance Prairie Point and The Reserve at Prairie Point apartments in Merrillville, which is about 43 miles south of Chicago. The five-year, fixed-rate loan was funded by a life insurance company lender. Prairie Point and The Reserve comprises 440 townhome-style units and was built between 2002 and 2015, with most recent renovations taking place in 2018. Amenities include a clubhouse, fitness center, resort-style heated pool, a playground and a regulation-sized sand volleyball …

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Rendering of Revival on Platte in Denver
ColoradoDevelopmentNewsWestern

Mortenson and Pinnacle Partners Break Ground on Denver Project

by Lynn Peisner

DENVER — Mortenson and Pinnacle Partners have broken ground on Revival on Platte, an Opportunity Zone project in Denver’s Sun Valley neighborhood. Completion of the 200-unit, eight-story building is estimated to be next year. The project is adjacent to the South Platte River. It will include one- and two-bedroom apartments and two levels of parking. Residents also will have access to eight electric cars via a third-party app. Amenities include a fitness center, a business center and a rooftop amenity deck. The structure will be built with Mortenson’s prefabricated interior …

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The development site for Pinnacle at Tropical Pointe.
Affordable HousingDevelopmentFloridaNewsSoutheast

Pinnacle Secures $72.3 Million in Financing for Pinnacle at Tropical Pointe Near Miami

by Channing Hamilton

PRINCETON, FLA. — Pinnacle has secured $72.3 million in financing for the construction of Pinnacle at Tropical Pointe in the southern Miami suburb of Princeton. The Florida Housing Finance Corp., Miami-Dade County Surtax and HOME provided a blend of low-income housing tax credits to the development. Bank of America provided a $37 million construction loan and $30.6 million in tax credit equity. Citibank provided a permanent loan of $20 million. According to Pinnacle, Miami-Dade County also allocated $1 million to the project to mitigate rising construction costs. Pinnacle at Tropical …

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Rendering of 288 Harrison
Affordable HousingDevelopmentMassachusettsNewsNortheast

Affordable Housing Development in Boston’s Chinatown Receives Bond Funding

by Lynn Peisner

BOSTON — MassDevelopment has issued a $26 million tax-exempt bond on behalf of Harrison Affordable LLC, an affiliate of Beacon Communities and the Chinese Consolidated Benevolent Association of New England (CCBA), which will use proceeds to build an 85-unit affordable rental housing community at 288 Harrison Ave. in Boston’s Chinatown neighborhood. The building, dubbed 288 Harrison Residences, will be constructed on what is currently a surface parking lot serving the Tai Tung Village affordable housing community, also owned by CCBA. The organization chose Beacon Communities as its development partner in …

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