Northeast

Chase-Knolls-Sherman-Oaks
CaliforniaInvestment SalesNewsNortheastWashington, D.C.Western

JRK Buys Two Assets for $315 Million

by Lynn Peisner

LOS ANGELES — JRK Property Holdings has acquired Chase Knolls in Sherman Oaks, California, and WestEnd25 in Washington, D.C., for $315 million. The assets were purchased with two separate funds, one of which targets assets developed before 1989. Chase Knolls was built in 1949. The other fund focuses on assets built after 1990 with value-add potential. WestEnd25 was built in 2009. Chase Knolls, which sold for approximately $129 million, is located on a 14-acre site that encompasses approximately two city blocks in Los Angeles’ San Fernando Valley. The property includes …

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Connecticut-Portfolio-FPA
ConnecticutInvestment SalesNewsNortheast

IPA Arranges $121 Million Connecticut Portfolio Sale

by Lynn Peisner

NEW HAVEN, CONN. — Institutional Property Advisors (IPA) has arranged the sale of the Central & Southeast Connecticut Portfolio, which consists of four-properties totaling 693 units. Sun Equity Partners sold the portfolio to FPA Multifamily for $121 million. IPA’s Victor Nolletti, Eric Pentore and Wes Klockner represented the seller and procured the buyer. The assets include the 208-unit New Cambridge, built in 1969 and located in Bristol; the 180-unit Silvertree, constructed in 1976 in Wallingford; the 205-unit Peppertree, built in 1975 in Groton; and Huntington Ridge in Norwich, which was …

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Putnam-Green
ConnecticutInvestment SalesNewsNortheast

CBRE Arranges $20.7 Million Sale on Connecticut-New York Border

by Lynn Peisner

GREENWICH, CONN. — PIC Associates has sold Putnam Green in Greenwich to Beford Realty Executives for $20.7 million. CBRE’s Jeffrey Dunne, Eric Apfel and Travis Langer represented the seller and procured the buyer. Part of the sale included the buy-out of a ground lease. A neighboring property had owned Putnam Green land through a lease agreement set to expire in September. Putnam Green was built in 1976. The unit mix contains 28 studios and 38 one-bedroom apartments, 34 of which are two-story, duplex-style units. The property has 62 surface parking …

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MSMX-new-york-city
Affordable HousingDevelopmentNew YorkNewsNortheast

NYC Planning Commission Approves Midtown Manhattan Rezoning Proposal to Add Thousands of New Residences

by Lynn Peisner

NEW YORK CITY — The New York City Planning Commission has approved the Midtown South Mixed-Use Plan (MSMX), a rezoning initiative that could ultimately facilitate the creation of as many as 9,700 new residences across a 42-block section of Midtown Manhattan. The MSMX plan covers four areas centered around Herald and Greeley Square, located between West 23rd and West 40th streets, as well as Fifth and Eighth avenues. The area today is largely defined by commercial and industrial uses, with current land-use rules restricting new housing development. Midtown South is …

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582-Kelley
DevelopmentMassachusettsNewsNortheast

Marcus Partners Breaks Ground Near Providence

by Lynn Peisner

NORTH ATTLEBORO, MASS. — Marcus Partners has broken ground on 582 Kelley, a 304-unit community on Kelley Boulevard in North Attleboro, 15 miles north of Providence, Rhode Island. The project includes a mix of one- to three-bedroom units, a clubhouse, fitness center, coworking space, dog park, community gardens, outdoor fire pits and grills, park space and a pool area. The first homes are expected to be ready in 2026. Marcus Partners has secured an undisclosed amount of infrastructure grants from the state and towns of North Attleboro and Plainville. The …

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Agora
FinanceNewsNortheastWashington, D.C.

Walker & Dunlop Arranges $106.3 Million Refinancing for WC Smith

by Lynn Peisner

WASHINGTON, D.C. — Walker & Dunlop has arranged a $106.3 million Fannie Mae loan for WC Smith to refinance construction debt on Agora, a 334-unit property developed in 2018 in Washington, D.C.’s Capital Riverfront area. Walker & Dunlop’s team was led by Brendan Coleman and Connor Locke. WC Smith developed Agora as the second phase of The Collective, which is home to two other multifamily properties: Park Chelsea with 429 units and The Garrett with 373 apartments and 5,000 square feet of coworking space. Amenities for the three communities include …

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Tuxedo-Related-Cos.
DevelopmentNew YorkNewsNortheast

Related Cos. Breaks Ground on Tuxedo Reserve in Hudson Valley

by Lynn Peisner

TUXEDO, N.Y. — The Related Cos. has begun construction of Tuxedo Reserve, a 1,200-acre mixed-use project with 92 apartments in Tuxedo, about 40 miles northwest of Manhattan. The project, designed by Aufgang Architecture, includes a downtown area called Main Street with four buildings, including the multifamily units, as well as an area called Market Square and The Village that will include retail, restaurant and entertainment space. Completion is slated for approximately early 2027. Amenities and future tenants at the project include a grocery store, café and a seasonal ice-skating rink …

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Valley-View-Park
DevelopmentNew JerseyNewsNortheast

KRE Group Completes Valley View Park in East Hanover

by Lynn Peisner

EAST HANOVER, N.J. — Kushner Real Estate (KRE) Group has completed construction of Valley View Park, a 239-unit community in East Hanover, about 27 miles west of New York City. Handel Architects designed the community in collaboration with Major Architects and Minno & Wasko Architects and Planners. There are more than 40 different floorplans available, and monthly asking rental rates start at approximately $2,500. All buildings at Valley View Park face a central green. Amenities include a pool, outdoor fireplaces, grills, outdoor dining areas and an outdoor bar, a gaming …

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Jair Lynch
Affordable HousingDevelopmentFinanceNewsNortheastWashington, D.C.

Jair Lynch Secures Loans, Tax Credit Equity for D.C. Mixed-Income Development

by Lynn Peisner

ALEXANDRIA, VA. —Grandbridge Real Estate Capital, a subsidiary of Truist Financial Corp., has arranged $100 million in Freddie Mac loans on behalf of locally based Jair Lynch Real Estate Partners. In addition to the permanent financing, affiliates of Truist also served as a low-income housing tax credit equity investor for the transaction. The financing package includes a $38 million, tax-exempt loan and a $62 million taxable tail loan. The 15-year, fixed-rate loans and equity will finance the construction of a 310-unit, unnamed mixed-income project that will be built at 505 …

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Silverman-Group-Short-Hills
DevelopmentNew JerseyNewsNortheast

The Silverman Group Breaks Ground on The Estates At Short Hills

by Lynn Peisner

MILLBURN TOWNSHIP, N.J. — The Silverman Group, a real estate owner, investor, developer and manager based in Basking Ridge, N.J., has begun constructing The Estates at Short Hills about 30 miles west of New York City. Michels & Waldron Associates is the architect for the project, with construction by Silver Line Development. The 62-unit, four-story building will feature 10 one-bedroom, 49 two-bedroom and three three-bedroom residences. Amenities include a rooftop terrace, outdoor courtyard, fitness center, resident lounge and game room, package and mail rooms and garage bike storage. The first …

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