SAN DIEGO — The Dinerstein Cos. has completed the disposition of Millennium PQ, a 331-unit property located in San Diego’s Rancho Penasquitos neighborhood, to GID Real Estate Investments. The garden-style community traded hands for $167 million. Hunter Combs led the Walker & Dunlop investment sales team that represented the seller and buyer in the transaction.
NASHVILLE, TENN. — Dallas-based Lion Real Estate Group LLC has purchased Bradford Woods, a 312-unit community in Nashville, for an undisclosed price. The acquisition was financed through Fannie Mae loan. Walker & Dunlop’s Nashville office brokered the deal. Located at 5242 Edmondson Pike, Bradford Woods offers one- to four-bedroom apartments. The new ownership plans to implement a value-add program at the property, which will be rebranded as “The Grove Brentwood.” Lion Real Estate Group plans to completely renovate the leasing office/clubhouse, gym, pool and other amenity spaces. Unit interiors will …
LOMPOC, CALIF. — Marcus & Millichap Capital Corp. (MMCC) has arranged $3.4 million for the acquisition of a 30-unit community located at 701-717 N. F Street in Lompoc, 54 miles northwest of Santa Barbara, California. The property consists of five buildings, each housing six two-bedroom units. Ron Balys of MMCC’s Orange County office secured the loan, which features a one-year loan with an interest rate of 11.5 percent. A western based fund provided the financing. The borrower was a local investment management company.
JERSEY CITY, N.J. — JLL Capital Markets has arranged $13.1 million in construction financing for the development of Vroom Street Apartments, a 42-unit project in the Journal Square neighborhood of Jersey City. JLL worked on behalf of the borrower, Urban Square Properties, to secure the two-year loan through First Bank. Max Custer and Salvatore Buzzerio led the JLL Capital Markets Debt Advisory team. The unit mix at Vroom Street Apartments will include five studio units, 14 one-bedroom units and 23 two-bedroom units. The average unit size will be 913 square feet. …
NEW YORK CITY — A partnership consisting of BFC Partners, CB Emmanuel, nonprofit organization Catholic Homes, Pinnacle City Living and the New York City Housing Authority (NYCHA) has secured $332.3 million in financing for the redevelopment of West Brighton I and II on Staten Island. The project will rehabilitate 574 affordable housing units that are home to more than 1,300 residents. The development team will also reactivate 24 vacant units, with 12 restored as permanently affordable units and 12 converted into a new senior center. Planned renovations to West Brighton …
WEST VALLEY, ARIZ. — Tower Capital has negotiated $51.5 million in non-recourse construction financing for the development of Skyview by Zen, a 190-unit build-to-rent (BTR) community in West Valley, 50 miles west of downtown Phoenix. Kyle McDonough and George Maravilla of Tower Capital arranged the financing on behalf of Zen and 10Y. The sponsor acquired the development site at 2627 N. 83rd Ave. in 2023. Once completed, Skyview by Zen will offer townhomes in two- and three-bedroom layouts. Construction is underway, with the first units slated to deliver in October …
DENVER — NorthPeak Commercial Advisors has negotiated the sale of an 11-unit property located at 995 Corona St. in Denver. The asset traded hands for $2.3 million. Greg Johnson and Conner Piretti of NorthPeak Commercial represented the undisclosed seller in the deal. The name of the buyer was also not disclosed.
O’FALLON, MO. — Thompson Thrift has arranged the sale of Avenue64, a 316-unit community in the St. Louis suburb of O’Fallon. Bonaventure Holding Co. purchased the asset for an undisclosed price. George Tikijian, Hannah Ott and Matt Bukhshtaber of CBRE brokered the deal. Avenue64 spans 17 acres at 1000 Watermark Drive. The community features one-, two- and three-bedroom floor plans. Amenities include a fitness center, pool with cabanas and entertainment areas, bark park and pet spa. Avenue64 was constructed in 2023. The property was 95 percent occupied at the time …
NEW YORK CITY — Marcus & Millichap has brokered the sale of a portfolio of three properties in Manhattan’s East Village neighborhood. Located at 129 Second Ave. and 36 Saint Marks Place, the buildings all rise six stories. The portfolio totals 59 apartments, as well as 10 retail units. Ryco Capital sold the portfolio to Jonis Realty for $29 million. Both parties are locally based. Joe Koicim, Logan Markley, Zan Colin and Matt Berger of Marcus & Millichap represented the seller and procured the buyer.
PORT ORCHARD, WASH. — Marcus & Millichap has arranged the sale of Orchard Park, a 66-unit property in Port Orchard, about 17 miles west of Seattle. The asset traded hands for $16 million. Orchard Park was built in 1981. The community offers units in one-, two- and three-bedroom layouts. The property was 96 occupied at the time of sale. Kellan Moll and Scott Morasch of Marcus & Millichap’s Seattle office marketed the property on behalf of the seller. Moll and Morasch, along with Mitchell Loofburrow, also secured the buyer. Both the buyer and …
