News

Knightvest Buys Avana Desert View in Metro Phoenix

by Lynn Peisner July 14, 2025

SCOTTSDALE, ARIZ — Institutional Property Advisors (IPA) has arranged the sale of and acquisition financing for Avana Desert View, a 412-unit property in Scottsdale. According to the Phoenix Business Journal, the asset traded for approximately $119 million. IPA executive managing directors Steve Gebing and Cliff David represented the seller, Greystar, and procured the buyer, Knightvest. Brian Eisendrath, Cameron Chalfant and Tyler Johnson of IPA Capital Markets arranged five years of interest-only acquisition financing for Knightvest. Avana Desert View is a two- and three-story property built in 1996 on 18.5 acres. …

July 14, 2025

Development Georgia News Southeast

Crescent Communities Opens RENDER Stockbridge

by Lynn Peisner July 14, 2025

STOCKBRIDGE, GA. — Crescent Communities and equity partner Phoenix Capital Management have opened RENDER Stockbridge, 297-unit community 20 miles southeast of Atlanta. CIBC Bank USA also was a financial partner. Crescent Communities Construction served as the general contractor. Dwell Design Studio is the project’s architect, with Ironwood Design Group handling landscape architecture and Thomas & Hutton conducting civil engineering. Amenities at RENDER Stockbridge include a resort-style pool, a firepit and grills, coworking spaces with private offices and conference rooms, two dog parks a fitness center, a complimentary coffee bar and …

July 14, 2025

Affordable Housing California Development News Western

WNC, Mirka Break Ground on Affordable Housing Community in Carlsbad

by Lynn Peisner July 14, 2025

CARLSBAD, CALIF. — WNC & Associates (WNC) and Mirka Investments have closed a deal to begin construction of La Costa Family Apartments, an affordable housing community in Carlsbad, about 34 miles north of San Diego. Details of the construction financing were not disclosed. The developers have broken ground with completion slated for March 2026. The property will include 19 units in a mix of one-, two- and three-bedroom floor plans offered at income caps ranging from 30 to 80 percent of area median income (AMI). WNC and Mirka are concurrently …

July 14, 2025

Development Leasing & Marketing New Jersey News Northeast

JAG Opens J Centra Near Philadelphia

by Lynn Peisner July 14, 2025

BURLINGTON TOWNSHIP, N.J. — Jefferson Apartment Group (JAG) has begun leasing J Centra in Burlington Township, about 23 miles east of Philadelphia. The 500-unit property includes 100 units designated as affordable. Income restrictions were not disclosed. Individual buildings are opening gradually, about once per month starting in July, and the property will be fully complete in 2026. J Centra is operated by JAG’s property management division. SpringHarbor Financial Group and H.I.G. Realty Partners are joint venture and equity partners, respectively, with financing provided by United Bank. This development marks JAG’s …

July 14, 2025

Affordable Housing Development New York News Northeast

Gilbane Developing $254 Million Brooklyn Affordable Housing Anchored by Arts Center

by Lynn Peisner July 11, 2025

NEW YORK — Gilbane Development, in partnership with Blue Sea Development, Artspace and the City and State of New York, has secured $254 million to finance the development of a mixed-use, affordable housing property in Brooklyn’s Brownsville neighborhood. Brownsville Arts Center & Apartments (BACA) will include about 263,000 square feet of residential space and a 28,000-square-foot arts center, the centerpiece of which is a 3,440-square-foot multi-purpose performance, rehearsal and studio space for community arts groups. The 283-unit BACA development will include a mix of studios and one-, two- and three-bedroom …

July 11, 2025

Affordable Housing News Northeast Washington, D.C.

One Big Beautiful Bill Act Expands LIHTC, Resurrects Opportunity Zones

by Lynn Peisner July 11, 2025

WASHINGTON, D.C. — The One Big, Beautiful Bill Act (OBBBA), signed into law on July 4, contains provisions to incentive affordable housing investment and development, namely expansions of the 4 and 9 percent Low-Income Housing Tax Credit (LIHTC) programs and Opportunity Zone (OZ) codes. The bill provides a permanent 12 percent increase in the allocation of 9 percent LIHTC. Previously, each state received a limited amount of these credits to award each year to affordable housing projects. The law has increased that amount by 12 percent, which raises the chances …

July 11, 2025

Development Finance New Jersey News Northeast

Kaplan Cos. Locks in Construction Financing for Sayreville, New Jersey, Project

by Lynn Peisner July 10, 2025

SAYREVILLE, N.J. — JLL Capital Markets has arranged a $36 million construction loan on behalf of Kaplan Cos. The Highland Park, New Jersey-based, family-owned developer is using the loan to finance construction of Camelot on Main, a 142-unit property in Sayreville, about 34 miles south of Midtown Manhattan. Provident Bank provided the funds. Kaplan has already begun site work, having spent about $5 million on the project so far. Construction is slated for completion in 2027. Camelot on Main will feature 134 market-rate and eight affordable units within six buildings. …

July 10, 2025

Arizona Investment Sales News Western

Sares Regis Multifamily Sells Phoenix Asset for $61.5 Million

by Lynn Peisner July 10, 2025

PHOENIX — Steve Gebing and Cliff David of Institutional Property Advisors (IPA) have arranged the $61.5 million sale of Level at Sixteenth in Phoenix. IPA represented the seller, Sares Regis Multifamily Investment Management, and procured the buyer. IPA didn’t disclose the buyer, but TA Realty is listed as the owner on the property website. Sares Regis Multifamily bought the asset from Abacus Capital Group in 2021. Level at Sixteenth opened in 2010 and was a redevelopment of a former retail center. The 240-unit property sits on four acres at the …

July 10, 2025

Development Midwest News Ohio

Vision Cos. Buys Land for Ohio Development to Serve Office Park Workers

by Lynn Peisner July 9, 2025

KETTERING, OHIO — Vision Cos. has acquired a 28.5-acre parcel located within the Miami Valley Research Park in Kettering, about eight miles southeast of Dayton, Ohio. On this land, the buyer plans to develop VC Flats, a community with 264 units housed within nine three-story buildings. The property is adjacent to the 36-acre Sixth River Office Park owned by Industrial Commercial Properties. A multifamily development is included in the Sixth River master plan and is meant to provide housing options for the approximately 4,400 employees working within the office park. …

July 9, 2025

Investment Sales New York News Northeast

Marcus & Millichap Arranges Sale of 97-Unit Property in The Bronx

by Lynn Peisner July 9, 2025

NEW YORK CITY — Two unnamed private investors have traded a 97-unit property in Bronx, New York, for $7.5 million. Michael Fusco, Seth Glasser and Benjamin Myerow of Marcus & Millichap’s Manhattan office marketed the property on behalf of the seller and procured the buyer. Built in 1929, the six-story elevator building totals 90,000 square feet and is located at 1154 Ward Ave. in the Soundview neighborhood of the Bronx.

July 9, 2025

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