WATKINS GLEN AND MONTOUR FALLS, N.Y. — Capriotti Properties has acquired a three-property portfolio, including 32 apartments and five commercial spaces, in Watkins Glen and Montour Falls, two villages located three miles apart near the southern tip of Seneca Lake in Upstate New York. Nelson Development was the seller, and CBRE arranged the sale with a team led by Richard Gatto, Fahri Ozturk, Zach McHale and Matthew Loscalzo. The residential portfolio includes Montour House, The Flats on Broadway and Water Works Center, all situated within a six-minute drive of one …
NEW YORK — Marcus & Millichap has arranged the $10.4 million sale between two undisclosed parties of a 34-unit property on the Upper East Side of Manhattan. Joe Koicim and Logan Markley represented the seller and procured the buyer. Built in 1920, the five-story building is located at 234-236 E. 88th St. in the Yorkville neighborhood. The unit mix includes studios and one-bedroom apartments with vintage architectural details and modern upgrades.
DENVER — An affiliate of Norfolk, Virginia-based Harbor Group International (HGI) is under contract for the $740 million acquisition of a portfolio of five communities from Apartment Investment and Management Company (Aimco). The Denver-based, publicly traded REIT’s (NYSE: AIV) stock price closed at $7.91 on Aug. 11, down from $8.11 on Aug. 9, 2024. HGI has completed due diligence and paid a non-refundable $20 million deposit. The deal for the first four properties is expected to close in the third quarter, with the closing of the final asset occurring in …
ELMWOOD PARK, N.J — JLL Capital Markets has arranged a $131.1 million loan for a private company headed by Bernard F. Langan to refinance Riverwalk Phase III and IV. The five-year, floating-rate loan was sponsored by MF1 Capital LLC, a joint venture between Limekiln Real Estate and Berkshire Residential. Riverwalk Phase III & IV (also known as The Landings at Riverwalk) consists of four buildings situated on a 7-acre site along the Passaic River. Phase III, comprising 240 units across two buildings, was completed in early 2023 and is currently 85 …
NEW YORK CITY — Slate, RiseBoro and Goldman Sachs have completed 326 Rockaway Avenue, a 216-unit affordable housing development in the Brownsville neighborhood of Brooklyn. One hundred thirty units are supportive housing for tenants who formerly were homeless, and the remaining units are available for households earning no more than 60 percent of area median income. Amenities at the community include an outdoor recreation area with play structures and landscaped areas, a community room, fitness center and children’s playroom.
WASHINGTON, D.C. — The Federal Housing Finance Agency (FHFA) has raised the yearly amount of low-income housing tax credits (LIHTCs) Fannie Mae and Freddie Mac can invest in affordable housing. Effective Aug. 5, the decision authorizes each GSE to invest $2 billion in affordable housing development. The previous cap was $1 billion. The move complements some of the affordable housing expansions in the One Big Beautiful Bill Act, including a 12 percent increase in states’ LIHTC allocations. “This step by FHFA is great news for housing providers seeking to use …
BETHESDA, MD. AND ATLANTA — Elme Communities (NYSE: ELME), a Maryland-based multifamily owner-operator that previously operated as WashREIT, has entered into a purchase and sale agreement with an affiliate of Cortland Partners, an Atlanta-based multifamily investment and management firm. Under the terms of the transaction, Elme would sell 19 apartment communities to Cortland for $1.6 billion in an all-cash deal. “We are pleased to have reached an agreement with Cortland that recognizes the greater value of these 19 Elme communities and their long-term potential when coupled with Cortland’s economies of …
NEW YORK CITY — Fairstead and Invesco Real Estate will invest $20 million to renovate two affordable housing properties, Linden Apartments in Upper Manhattan and Locust Apartments in the Bronx. The joint venture team acquired the properties in 2021. All residences in the developments are protected by project-based Section 8 contracts that guarantee household rent caps at 50 percent of area median income. The Linden consists of 301 homes across 11 buildings while the Locust community is comprised of 409 homes across eight buildings. The two sites are part of …
NEW YORK CITY — JLL Capital Markets has arranged the $243.5 million sale of Riverbank, a 44-story community at 560 West 43rd St. in Manhattan’s Midtown West submarket. JLL represented the seller, Barings, and procured the buyer, an unnamed institutional investor for whom JLL also arranged a $128.3 million acquisition loan. Originally developed in the late 1980s as a condominium project, Riverbank’s 418 units are comprised of 43 studios, 270 one-bedrooms, 62 two-bedrooms and 43 three-bedrooms. The property features a parking garage and about 18,000 square feet of retail that …
HOLBROOK, MASS. — Marcus & Millichap has arranged the $7 Million sale of Johns Avenue Apartments, a 34-unit building in Holbrook, 17 miles south of Boston. Marcus & Millichap’s Tony Pepdjonovic and Evan Griffith represented the seller and procured the buyer. Neither party was identified. The property was built in 1965 and totals 26,164 square feet on about a 1-acre lot. Floor plans are mix of four studios and 30 one-bedrooms.