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21-Apartments-Fort-Lauderdale
FloridaInvestment SalesNewsSoutheast

Marcus & Millichap Arranges $6 Million Sale in Fort Lauderdale

by Lynn Peisner

FORT LAUDERDALE, FLA. — Marcus & Millichap has arranged the $6 million sale of 21 Apartments in Fort Lauderdale. Built in 1953 and renovated throughout the years, 21 Apartments is located at 2100 NE 33rd Ave. The two-story property comprises a mix of studios, one-bedroom and two-bedroom apartments. Each unit is furnished. The property features on-site laundry facilities, a pool, outdoor lounge areas and an on-site management office. Marcus & Millichap’s team was led by Evan Kristol, Felipe Echarte, Brandon Rex and Austin Michels. The team represented the seller and …

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Versa-Indianapolis
DevelopmentIndianaMidwestNews

Milhaus and Partners Complete Versa in Indianapolis

by Lynn Peisner

INDIANAPOLIS — Milhaus, Gershman Partners and Citimark have opened Versa, a 232-unit community in the Broad Ripple neighborhood of Indianapolis. Located at 6220 Guilford Ave., Versa is comprised of studio, one-, two- and three-bedroom units, including three penthouse apartments with panoramic views of Broad Ripple Avenue. The development also offers 245 parking spaces, 4,000 square feet of retail space and a rooftop deck. Architecture and interior design was provided by DKGr. The property’s name was inspired by the phrase “vice versa.” Amenities include a clubhouse with a game room, a …

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Riverwalk-San-Diego
CaliforniaDevelopmentFinanceNewsWestern

Hines Breaks Ground on $380 Million First Phase of Riverwalk San Diego

by Lynn Peisner

SAN DIEGO — Hines, along with project partners Affinius Capital, Bank OZK, Related Fund Management and Heitman, has begun construction on Phase I of Riverwalk San Diego, a 200-acre transit-oriented mixed-use project situated on a former golf course in the Mission Valley submarket of San Diego. The overall project cost is approximately $3 billion. The groundbreaking follows the securing of $380 million in construction financing, comprising a $278 million senior loan from Bank OZK and a $102 million mezzanine loan provided by Related Fund Management, which originated the investment through …

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RAM-Miami-River-North
BerkadiaFinanceFloridaNewsSoutheast

Berkadia Arranges $17.8 Million ReFi for Miami Community

by Lynn Peisner

MIAMI — Berkadia has arranged a $17.8 million Fannie Mae loan for Rental Asset Management (RAM). The sponsor will refinance RAM Miami River North, a 96-unit community in the Little Havana area of Miami that RAM acquired in 2022. Berkadia’s Miami-based team consisted of Mitch Sinberg, Scott Wadler, Brad Williamson, Matt Robbins and Hugo Hernandez. RAM is an Oakland Park, Florida-based multifamily owner and operator. Berkadia also arranged the original acquisition loan through Amerant. “Almost three-quarters of the units at RAM Miami River North offer rents at 120 percent of …

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Spectrum-Village-Burlington-New-Jersey
DevelopmentNew JerseyNewsNortheast

TFE Buys Property for New Ground-Up Development Near Philadelphia

by Lynn Peisner

BURLINGTON TOWNSHIP, N.J. — TFE Properties has acquired a 13-acre property at the corner of Fountain Avenue and the Burlington Bypass in Burlington Township, 26 miles northeast of Philadelphia. On the site, TFE, a development company based in East Windsor, New Jersey, will begin construction later this year on Spectrum Village, a four-building community that will feature one-, two- and three-bedroom units. A total unit count was not disclosed. Each apartment features a master bedroom, a balcony or patio, a full-sized washer and dryer, and a kitchen with quartz countertops …

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Echo-Austin
Investment SalesNewsTexas

Newmark Arranges Two-Property Sale in Austin and Dallas

by Lynn Peisner

DALLAS AND AUSTIN, TEXAS — Newmark has arranged the sale of and acquisition financing for two Texas properties acquired by Austin-based Karlin Real Estate. The two properties were Echo and Brady. Echo is a 274-unit, seven-story property that features such amenities as a seventh-floor sky lounge with downtown views and structured parking. Brady is an 18-story, 299-unit community in Uptown Dallas that includes a roof-top terrace, a pool, a fitness and business center and pet facilities. Newmark’s Austin- and Dallas-based teams that arranged the transaction were led by Patton Jones, …

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Affordable HousingInvestment SalesKentuckyNewsOperationsSoutheast

Fairstead Acquires Kentucky Affordable Housing Community

by Lynn Peisner

LOUISVILLE, KY. — New York City-based Affordable housing developer and operator Fairstead has acquired a general partner interest in City View Park, an affordable housing community in Louisville. Via the partnership, Fairstead will assume the role of owner and property manager. The community includes 72 one-bedroom, 221 two-bedroom, 179 three-bedroom and 31 four-bedroom residences. Of the 503 total units, 468 are supported by Section 8 contracts, and all homes are governed by Low-Income Housing Tax Credit (LIHTC) affordability restrictions, reserved for residents earning no more than 60 percent of the …

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Summers-Point-Glendale
ArizonaInvestment SalesNewsWestern

JLL Arranges $20 Million Value-Add Sale in Metro Phoenix

by Lynn Peisner

GLENDALE, ARIZ. — Wealhouse Capital Management has sold Summers Point in Glendale for $20 million. JLL represented Wealhouse and arranged acquisition financing in the transaction. The identity of the buyer was not disclosed. Summers Point was built in 1980 and features 16 buildings across 4.3 acres with a unit mix that includes studios, one- and two-bedroom apartments averaging 572 square feet. The former owner renovated 98 of the 164 units, leaving value-add potential for future renovations on the remaining 66 units. Renovated units feature white shaker cabinetry with brushed nickel …

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The-Monroe-Apartments-Tallahassee
FloridaInvestment SalesNewsSoutheast

Eastham Capital, Merion Realty Partners Sell The Monroe in Tallahassee for $47.5 Million

by Lynn Peisner

TALLAHASSEE, FLA. — Florida-based Eastham Capital has sold The Monroe Apartments, a 288-unit apartment community in Tallahassee for $47.5 million. The property was acquired in 2019 with a value-add strategy alongside partner Merion Realty Partners as part of a portfolio called Eastham Capital Fund V. The buyer’s identity was not disclosed. The Monroe Apartments include a mix of one-, two- and three-bedroom units ranging from 1095 to 1695 square feet.  Eastham Capital and Merion implemented a repositioning strategy that the owners say enhanced the asset’s profitability.  At the time of …

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Sutton-Row-Woodstock
DevelopmentGeorgiaNewsSoutheast

Mesa Capital Partners Breaks Ground on Sutton Row in Woodstock, Georgia

by Lynn Peisner

WOODSTOCK, GA. — Atlanta-based Mesa Capital Partners has broken ground on Sutton Row, a 290-unit project situated on 9 acres within the Buice Lake master-planned community in Woodstock, 30 miles north of Atlanta. Amenities will include a multi-story clubhouse with a coffee bar and market, a coworking lounge with private conference space and a fitness center with a yoga studio and spin room. Outside, residents will have access to a resort-style pool, a covered pavilion with grilling stations and direct access to a future walking trail. Focus Design Interiors is …

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