MANSFIELD, MASS. — Marcus & Millichap has brokered the $4.7 million sale of a 25-unit apartment building located at 1 Samoset Ave. in Mansfield, roughly 33 miles south of Boston. According to Marcus & Millichap, the property is known locally as “The Grain Mill” and was converted from that use to residential in 1981. The community comprises 24 one-bedroom apartments and a two-bedroom penthouse. Evan Griffith and Tony Pepdjonovic of Marcus & Millichap represented the seller and procured the buyer, both of which were local limited liability companies, in the …
NEW YORK CITY — Marcus & Millichap has arranged the sale of a mixed-use property located at 133 Eldridge St. in New York City’s Lower East Side neighborhood. The building rises five stories and features ground-floor retail space with residential units above. The asset traded hands for $6 million. Joe Koicim and Logan Markley of Marcus & Millichap’s Manhattan office marketed the property on behalf of the undisclosed seller and procured the buyer, a local private investor with assets nearby.
Scammers lurk in the background of virtually every industry, and the multifamily sector is no exception. Some renters will leap at the chance to exploit loopholes in the system and take advantage of unprepared landlords. “As a baseline definition, we classify rent fraud as any act of intentional deception by a renter to deceive the property owners to gain financial or personal benefit,” says Josh Albrechtsen, senior vice president and general manager of front office solutions at RealPage. “Fraud is evolving constantly. This is not a one-and-done problem solve. The …
POHATCONG, N.J. — Larken Associates has begun pre-leasing Monte View at Pohatcong, a 120-unit garden-style community located at 1001 Monte View Drive in Pohatcong, less than a mile from the New Jersey-Pennsylvania border. The community consists of four buildings. One building includes a clubhouse on the ground level, which features a lounge, game room, coworking space and a kitchen. Additional amenities include a fitness center, pool with a tanning ledge, outdoor seating area with outdoor grills, children’s playground, dog park and pet spa. Monte View at Pohatcong is scheduled to …
LONG BRANCH, N.J. — Locally based brokerage firm The Kislak Co. Inc. (Kislak) has brokered the $3.5 million sale of Morris Mews Apartments, an 18-unit property located in Long Branch, approximately 50 miles east of Trenton, New Jersey. The two-story building was built in 1966. The unit mix includes 16 one-bedroom units and two two-bedroom units. The property was fully occupied at the time of sale. Daniel Lanni of Kislak represented the seller and procured the buyer, both of which were limited liability companies, in the deal.
NEW YORK CITY — TF Cornerstone has begun leasing Malt Drive, a 1,386-unit high-rise community in the Long Island City neighborhood of Queens. The development consists of two buildings. The South building at 2-20 Malt Drive rises 33 stories and comprises 575 units. The adjacent North building houses 811 apartments across two towers at 2-21 Malt Drive. Apartments come in studio, one- and two-bedroom layouts. Thirty percent of units will be set aside as affordable housing and will be leased at 130 percent of the area median income. Amenities include …
FORKED RIVER, N.J. — New Jersey-based developer Walters has broken ground on Cornerstone at Lacey III, a 70-unit affordable housing project in Forked River, located along the Jersey Shore about 50 miles north of Atlantic City, New Jersey. Once completed, the nine-building project will offer units to households earning 60 percent or less of the area’s median income. Rates will be based on the renter’s gross annual income. The project represents the third and final phase of Cornerstone at Lacey. The first two phases of the development delivered 118 units …
WALTHAM, MASS. — CBRE has brokered the sale of Gardencrest Apartment Homes, a 696-unit community located in Waltham, about 12 miles west of Boston. CBRE represented the seller, an affiliate of Virginia-based Harbor Group International, and procured the buyer, an affiliate of San Francisco-based Fowler Property Acquisition. Simon Butler, Biria St. John, John McLaughlin and Brian Bowler of CBRE brokered the transaction. Built in phases between 1949 and 1972, the property consists of 64 buildings on 34 acres. The community offers a mix of apartments and townhome-style units. Amenities include …
EXTON, PA. — Locally based developer Hankin Group has begun construction on the second phase of Keva Flats in Exton, about 35 miles west of Philadelphia. Phase II will comprise 96 units across two buildings. The development team also plans to restore the site’s floodplain to help accommodate the high volume of water associated with severe storms in the region. The project is slated for completion in fall 2026. Phase I of Keva Flats featured 242 units in one-, two- and three-bedroom floor plans across six buildings. Amenities include a …
NEW YORK CITY — Locally based brokerage firm Ariel Capital Advisors has arranged the $3.6 million sale of a six-unit property located at 151 Smith St. in the Boerum Hill neighborhood of Brooklyn. The building consists of five market-rate apartments and one rent-stabilized unit across four stories. Sean Kelly, Nicole Daniggelis and Stephen Vorvolakos of Ariel Property Advisors represented the seller, Doreen DeLeon, in the deal. The buyer was Faisal Kassim.