MIAMI — Cushman & Wakefield has hired Roberto Pesant as executive managing director. Pesant will focus on institutional multifamily investment sales and multifamily land transactions in South Florida. Pesant has more than 20 years of experience in Florida commercial real estate, most recently as senior managing director with Berkadia. Pesant joins Cushman & Wakefield’s existing Florida multifamily team led by Vice Chairs Nick Meoli and Mike Donaldson.
PLANO, TEXAS — Texas State Affordable Housing Corp. (TSAHC), DMA Cos. and other stakeholders have opened The Park on 14th, an affordable housing community in Plano with 62 apartments reserved for households earning no more than 80 percent of area median income. TSAHC owns the land and partnered with DMA to develop the community. The development costs were approximately $17.2 million, with the bulk of financing provided by a U.S. Department of Housing and Urban Development (HUD) loan and equity from TSAHC. Amenities at the Park on 14th include community …
BALTIMORE — Baltimore has launched a 15-year housing redevelopment program aiming to restore vacant buildings throughout the city. The plan is backed by $1.2 billion in public-fund commitments and an anticipated $5 billion in private financing. City leaders say the plan will revitalize more than 65,000 properties across Baltimore. The redeveloped homes will be a mix of rental and for-sale housing. The City of Baltimore has approved the plan and public funding, while the Greater Baltimore Committee (GBC), a nonprofit, private-sector business advocacy group, is helping to coordinate private sector …
SEATTLE — Locally based Security Properties has acquired a five-property, 903-unit Seattle portfolio from Washington Holdings for $400.8 million. The sale includes Liza Eastlake, The Hemlock, The Hayes on Stone Way, Carter on the Park and Heron Flats & Lofts. Eastdil Secured represented Washington Holdings in the transaction. According to the parties to the transaction, the portfolio sale marks the largest dollar-figure trade in the region to date this year. Security Properties is seeking additional investments in Denver, Nashville, Tennessee, and the San Francisco Bay area.
HOUSTON — Hanover Co. and Mitsui Fudosan American have wrapped construction of Buffalo Bayou, a 40-story high-rise set within the 14-acre Autry Park mixed-use development in Houston. Autry Park sits about two miles west of downtown Houston along the western edge of the 160-acre Buffalo Bayou Park. Locally based developer Hanover Co. and Boston-based partner Lionstone Investments are Autry Park’s master developers. Buffalo Bayou consists of 317 units and 5,000 square feet of retail space. It joins two other existing multifamily communities, Hanover Autry Park, a 24-story, 324-unit complex, and …
OGDEN, UTAH — Institutional Property Advisors (IPA) has arranged the sale of Christopher Village, a 114-unit property in Ogden. The buyer was Highland Partners, and the seller and sales price were not disclosed. Christopher Village was built in 1962 and features a resort-style pool, a laundry facility and reserved covered parking. Apartments have fireplaces, storage space, dishwashers and air conditioning. IPA’s Danny Shin and Brock Zylstra represented the seller.
ORLANDO, FLA. — Wood Partners has begun construction of The Edgewater, a 328-unit community in Orlando. Fifty-six of the units will directly overlook Lake Fairview. The asset is part of Wood Partners’ attainable housing initiative. According to the company, cost savings achieved by selecting suburban sites rather than urban locations and producing an efficient design allow for a lower price point for renters. The Edgewater will feature a mix of one-, two- and three-bedroom units. The Atlanta-based developer did not disclose the project team, construction timeline or rental rates.
LAKE WORTH, FLA. — Berkadia has arranged a $57 million loan on behalf of Midtown Capital Partners. The pre-TCO (temporary certificate of occupancy) loan was funded by Infinity Collective and will be used to refinance the existing construction loan on Astor Sound at Lake Worth. The 230-unit community, which is nearing completion, will consist of four residential buildings and a clubhouse on a 6.5-acre site next to a canal. Amenities include a resort-style pool and pavilion with an outdoor kitchen, a fitness center, a dog park and spa, coworking space, …
SEATTLE — CBRE has arranged the $94.9 million sale of 8th + Republican in Seattle’s South Lake Union neighborhood. CBRE did not disclose the identity of either party to the transaction, but according to the Daily Journal of Commerce, the buyer was locally based Goodman Real Estate along with an unnamed partner, and the seller was the original developer, Scottsdale, Arizona-based The Wolff Co. CBRE’s Eli Hanacek, Kyle Yamamoto, Mark Washington and Natalie Kasper represented the seller. According to CBRE Research, this transaction is one of the highest prices per …
POOLER, GA. — 360 Communities, an affiliate of Freehold Capital Management and Rockpoint, has secured a $38.7 million construction loan to develop Clear Lake Reserve, a rental townhome community in Pooler, 10 miles west of Savannah. JLL arranged the floating-rate, three-year loan through Western Alliance Bank. The 199-unit community will include three- and four-bedroom floor plans, each with an attached, two-car garage, private driveway and covered porch. Amenities will include a resort-style pool, a fitness center, basketball and pickleball courts, a clubroom, a brick fire pit, a dock overlooking a …
