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Exterior of Legacy Gateway in Forney, Texas
DevelopmentNewsTexas

Legacy Partners and Resmark Cos. Break Ground on 336-Unit Project in Gateway Mixed-Use Development Near Dallas

by Lynn Peisner

FORNEY, TEXAS — Legacy Partners and The Resmark Cos. have broken ground on Legacy Gateway, a 336-unit property in Forney, about 20 miles east of Dallas. The 14-acre project site is located within Gateway, a 2,000-acre mixed-use development that is home to luxury multifamily communities, retail, office and entertainment venues. Legacy Gateway will complete by approximately spring 2025, with an estimated initial occupancy in summer 2024. JHP Architecture is the architect, and BBL Building Co. is the general contractor. Legacy and Resmark acquired the undeveloped parcel with a construction loan …

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Scout off Sunset, a Spanish colonial-style multifamily building in Hollywood.
CaliforniaInvestment SalesNewsWestern

Phoenix Group Acquires Scout Off Sunset in Hollywood

by Channing Hamilton

LOS ANGELES — London-based Phoenix Group has acquired Scout off Sunset, a 136-unit property in the central Los Angeles neighborhood of Hollywood. Built in 1989, Scout off Sunset rises three stories and offers amenities such as a swimming pool, fitness center, laundry facilities and two levels of underground parking. Institutional Property Advisors (IPA), a division of Marcus & Millichap, brokered the deal. IPA’s Kevin Green, Joseph Grabiec and Gregory Harris represented the seller, an undisclosed institutional asset manager, and procured the buyer.

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City Line Apartments, a half-brick half-siding multifamily community.
Investment SalesNewsSoutheastVirginia

Community Preservation Partners Purchases City Line Apartments in Newport News, Virginia, for $30.1 Million

by Channing Hamilton

NEWPORT NEWS, VA. — Community Preservation Partners (CPP) has purchased City Line Apartments for $30.1 million. City Line Apartments is a 200-unit affordable community in Newport News, which is 20 miles northwest of Norfolk, Virginia.  CPP plans to invest $11 million in renovations to the property, including a new roof and the addition of a computer room, library, playground, fitness center, BBQ area and community garden. Units will receive updated appliances, vinyl plank flooring and HVAC units. Construction is expected to be completed by the end of 2023. Paragon Construction …

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Spring Apartments, a white apartment complex with green and red accents around a pool.
ArizonaInvestment SalesNewsWestern

Rise48 Equity Acquires Spring Apartments in Phoenix For $42 Million

by Channing Hamilton

PHOENIX — Rise48 Equity has acquired Spring Apartments from an undisclosed seller for $42 million. Spring Apartments is a 186-unit complex in Phoenix. According to Apartments.com, the community was built in 1984 and offers one- and two-bedroom floor plans.  Rise48 Equity — which is an equity and a property management firm based in Scottsdale, Arizona — will rebrand the asset as “Rise Desert Cove.” The company plans to spend $5 million renovating the property. Unit upgrades include quartz countertops, updated lighting fixtures and stainless steel appliances. Rise48 Equity additionally plans to repaint …

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Exterior of 508 Pershing in Chicago
Affordable HousingDevelopmentIllinoisMidwestNews

McHugh Construction, Brown & Momen Complete Near South Side Chicago Mixed-Income Project

by Lynn Peisner

CHICAGO — Locally based McHugh Construction and its partner Brown & Momen, a general contractor also based in Chicago, have completed construction of the $24.3 million 508 Pershing at Oakwood Shores in Chicago’s Bronzeville neighborhood. The 53-unit mixed-use, mixed-income project was developed by The Community Builders (TCB). Construction began in April 2021. The project is part of a larger Oakwood Shores revitalization plan. Oakwood Shores is about 3.5 miles south of downtown Chicago and part of an area called Near South Side. TCB’s partners in the project include Granite Development, …

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A 3D render of the Quill by Alta, a multifamily complex in Baltimore.
DevelopmentMarylandNewsNortheast

Wood Partners Breaks Ground On The Quill by Alta in Baltimore

by Channing Hamilton

BALTIMORE — Atlanta-based developer Wood Partners has broken ground on The Quill by Alta, a 270-unit community in Baltimore’s Federal Hill district. The Quill by Alta will offer studio, one-, two- and three-bedroom floor plans. Amenities include a pool with a tanning deck, an outdoor entertainment area, a gaming area, a dog park and a rooftop lounge. The development serves as phase two of Wood Partners’ Alta Federal Hill project, which was built in 2021. The Quill by Alta will open next year, with preleasing slated for the first half …

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A 3D render of Eastrail Flats, a modern rustic style multifamily building.
DevelopmentFinanceNewsWashingtonWestern

IPA Arranges $173 Million in Financing for Three Mixed-Use Projects in Suburban Seattle

by Channing Hamilton

WOODINVILLE, REDMOND AND MOUNTLAKE TERRACE, WASH. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged $173 million in construction and permanent financing for three mixed-use projects in suburban Seattle. Raymond Allen and Seth Heikkila of IPA’s Seattle office represented the borrowers in the transaction. The lender was not disclosed. IPA arranged $66.2 million in construction financing for Eastrail Flats, a five-story mixed-use asset in the northern Seattle suburb of Woodinville. The five-year loan features a 31-month interest-only (IO) period, a 30-year amortization and 55 percent loan-to-cost …

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MidwestNewsOhioPeople News

Coastal Ridge Hires Mark Yale as Chief Financial Officer

by Channing Hamilton

COLUMBUS, OHIO — Coastal Ridge Real Estate has appointed Mark Yale as chief financial officer (CFO). Yale will work at Coastal Ridge’s headquarters in Columbus and will be responsible for guiding the overall financial performance of the company. Yale previously served as Washington Prime Group’s Executive Vice President and CFO. In this role, he was responsible for financial management and oversaw accounting, finance, investor relations, treasury, tax and information services. Yale additionally served as the CFO of Glimcher Realty Trust prior to its acquisition by Washington Prime Group in 2015.

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Villa Gardens, a collection of grey two-story buildings with blue doors.
Investment SalesNewsTexas

KeyCity Capital Acquires Villa Gardens in Metro Dallas

by Channing Hamilton

FARMERS BRANCH, TEXAS — KeyCity Capital has acquired Villa Gardens, a 142-unit complex in the northern Dallas suburb of Farmers Branch, from Catalyst Equity. According to Apartments.com, Villa Gardens was built in 1969 and offers studio, one-, two- and three-bedroom apartments. KeyCity Capital assumed a five-year, four percent fixed-rate Fannie Mac loan, and plans to renovate units as they turn over. Greysteel’s Doug Banerjee, Jack Stone, Andrew Mueller and Sterling Warren arranged the transaction on behalf of the buyer and seller.

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Exterior of Haven Warner Center in L.A.
CaliforniaInvestment SalesNewsWestern

IPA Arranges $54 Million Sale of Haven Warner Center in L.A.

by Lynn Peisner

LOS ANGELES — IPA has arranged the sale of Haven Warner Center, a 205-unit community in the Warner Center master-planned neighborhood in Los Angeles. The property sold for $54 million. IPA’s Gregory Harris represented the seller, a private multifamily investment firm, and procured the buyer, LA Apartments. Haven Warner Center was built in 1985 and includes a mix of 50 studios, 80 one-bedroom units and 75 two-bedroom apartments. Renovated units have stainless-steel appliances, vinyl plank flooring and upgraded plumbing and electrical fixtures. Amenities include a swimming pool and spa, a …

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