Tuesday, November 26, 2024
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Sovereign Apartments in Fort Worth, Texas
FloridaGeorgiaInvestment SalesKentuckyNew YorkNewsNortheastSouth CarolinaSoutheastTennesseeTexas

West Shore Secures $533 Million Refinancing for 2,806-Unit Sun Belt Portfolio

by Channing Hamilton

NEW YORK CITY — Newmark has arranged a $533 million loan for the refinancing of a portfolio spread across six states in the Sun Belt. Boston-based investment firm West Shore was the borrower. Citigroup provided the fixed-rate CMBS financing, which features a single-asset, single-borrower loan structure. Purvesh Gosalia, vice chairman of Newmark, secured the financing on behalf of West Shore.  The portfolio totals 2,806 units across nine garden-style properties. The assets include: Newmark is headquartered in New York City. The company also recently announced an assignment to market 10 multifamily …

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Investment SalesMassachusettsNewsNortheast

Marcus & Millichap Brokers $4 Million Sale of 12-Unit Portfolio in Boston

by Channing Hamilton

BOSTON — Marcus & Millichap has arranged the sale of the Fuller Street Portfolio, a 12-unit portfolio located in the Dorchester neighborhood of Boston. The portfolio consists of two six-unit buildings, as well as a vacant lot. The properties are located at 46-48 and 301-305 Fuller St. The communities are separately metered heat and electricity, off-street parking and on-site laundry facilities. Evan Griffith and Tony Pepdjonovic of Marcus & Millichap marketed the properties on behalf of the seller and procured the buyer. Both parties were private investors. The assets traded hands for …

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Common on Pine in Jersey City, New Jersey
Investment SalesNew JerseyNewsNortheast

Redwood Realty Advisors Arranges $6.6 Million Sale of Common on Pine in Jersey City, New Jersey

by Channing Hamilton

JERSEY CITY, N.J. — Redwood Realty Advisors has arranged the sale of Common on Pine, a 16-unit community located in the Bergen-Lafayette neighborhood of Jersey City. Recently completed in 2024, Common on Pine offers amenities such as a rooftop lounge, bike storage and a gym. The property also includes one ground-floor commercial space. The asset traded hands for $6.6 million. Steve Matovski represented the seller, 327 Communipaw LLC, and procured the buyer, an undisclosed long-term client of Redwood Realty Advisors.

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Multifamily TheGuarantors Eben MacNeille
Affordable HousingContent PartnerFeaturesIndustry ContentLeasing & MarketingMidwestNortheastOperationsSoutheastStudent HousingTexasWestern

Renter Profiles Are Changing – How Multifamily Operators Can Minimize the Risks of Rent Default and More

by Sarah Daniels

Despite the persistent housing shortage, landlords are having a more difficult time qualifying potential residents, especially non-traditional applicants who don’t check the usual boxes for credit and employment history. Renters are also facing bigger hurdles for income, credit and up-front deposits. “It has become increasingly expensive and challenging to rent an apartment in the United States,” says Eben MacNeille, senior director of sales at TheGuarantors. The New York-based financial technology company serves the multifamily industry by providing lease guarantees, security deposit replacements and renters insurance and compliance solutions. Today’s renter …

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329 East 9th Street in New York City
Investment SalesNew YorkNewsNortheast

Marcus & Millichap Arranges $38 Million Sale of Mixed-Use Portfolio in Manhattan

by Channing Hamilton

NEW YORK CITY — Marcus & Millichap has arranged the $38 million sale of a six-building portfolio in Manhattan’s East Village neighborhood. The portfolio consists of 56 apartments and five commercial units across 49,513 square feet. Apartments come in one- through six-bedroom floor plans. The properties included in the portfolio are 329-335 East 9th Street and 516-518 East 13th Street. Edifice Partners/Holliswood and JSB Capital Group purchased the assets from The Kushner Cos. for $38 million. Joe Koicim, Logan Markley, Matt Berger and Zan Colin of the NYM Group of …

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Affordable HousingIndustry VoicesLeasing & MarketingMidwestNortheastOperationsSoutheastTexasWestern

Technology Clears Operational Roadblocks for Affordable Housing Managers

by Channing Hamilton

There is an urgent need for more affordable housing in the United States. For every 100 extremely low-income renter households, there are just 36 affordable units available for rent, according to a March 2024 report from the National Low Income Housing Coalition (NLIHC). Despite widespread attention on this issue — including at the state and federal levels — the supply shortage has continued. Municipalities across the United States continue to struggle to address symptoms of the affordable housing crisis, such as homelessness and rising housing costs. The NLIHC reports that there is …

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DevelopmentNew JerseyNewsNortheast

Prism Capital Partners to Develop 400-Unit Office-to-Residential Project in Woodland Park, New Jersey

by Channing Hamilton

WOODLAND PARK, N.J. — Locally based development and investment firm Prism Capital Partners will undertake a redevelopment project in Woodland Park, roughly 14 miles north of Newark, New jersey. Jose Cruz, Jeremy Neuer and Ryan Robertson of JLL represented the undisclosed seller in the disposition of the site. The developer plans to convert a 33-acre former office campus at 385 Rifle Camp Road into a 400-unit apartment community. Twenty percent (80 residences) of units will be set aside as affordable housing. Demolition work is currently underway, but a target completion …

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Investment SalesMarylandNewsNortheast

Marcus & Millichap Brokers $6.3 Million Sale of JSB Apartments Near Washington, D.C.

by Channing Hamilton

WALDORF, MD. — Marcus & Millichap has arranged the $6.3 million sale of JSB Apartments, a 48-unit community located in Waldorf, approximately 30 miles south of Washington, D.C. JSB Apartments features one-bedroom units. The property is situated adjacent to Waldorf Station, a 150-acre mixed-use development that will include a grocery store, fitness facility and retail space. Marty Zupancic and Ryan Murray of Marcus & Millichap represented the seller, RGB Holding, in the transaction. The buyer was not disclosed.

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Huntington Townhomes in Shelton, Connecticut
ConnecticutInvestment SalesNewsNortheast

Institutional Property Advisors Brokers Sale of 99-Unit Community in Shelton, Connecticut

by Channing Hamilton

SHELTON, CONN. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Huntington Townhomes, a 99-unit community in Shelton, approximately 10 miles west of New Haven, Connecticut. Beachwold Residential acquired the asset from an affiliate of Inland Private Capital for an undisclosed price. Victor Nolletti, Eric Pentore, Wes Klockner and Ross Friedel of IPA represented the seller and procured the buyer in the deal. Huntington Townhomes was constructed in 2008 on seven acres. The unit mix includes 86 townhomes and 13 apartments. Units come …

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4909 Auburn in Bethesda, Maryland
DevelopmentLeasing & MarketingMarylandNewsNortheast

Willow Bridge Property Co. Begins Leasing 11-Story 4909 Auburn in Bethesda, Maryland

by Channing Hamilton

BETHESDA, MD. — Willow Bridge Property Co. has begun leasing 4909 Auburn, an 11-story residential tower that is approaching completion in the Woodmont Triangle neighborhood of Bethesda. The community will offer 167 apartments in studio, one- and two-bedroom floor plans. Units will range from 364 to 1,333 square feet. Planned amenities include a fitness center and yoga studio, steam and sauna rooms, pet spa and a parking garage with electric vehicle charging stations. Residents will also have access to a rooftop terrace with a TV and grilling area, common and …

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