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Cornerstone at Lacey in Forked River, New Jersey
DevelopmentNew JerseyNewsNortheast

Walters Begins Developing 70-Unit Affordable Housing Project in Forked River, New Jersey

by Channing Hamilton

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 …

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Investment SalesMassachusettsNewsNortheast

CBRE Arranges Sale of 696-Unit Gardencrest Apartment Homes in Waltham, Massachusetts

by Channing Hamilton

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 …

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Keva Flats in Exton, Pennsylvania
DevelopmentNewsNortheastPennsylvania

Hankin Group Breaks Ground on Second Phase of Keva Flats in Exton, Pennsylvania

by Channing Hamilton

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 …

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Investment SalesNew YorkNewsNortheast

Ariel Capital Advisors Arranges $3.6 Million Sale of Six-Unit Property in Brooklyn

by Channing Hamilton

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.

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LUKA on the Common in Boston
FinanceInvestment SalesMassachusettsNewsNortheast

Walker & Dunlop Arranges $137 Million Acquisition Financing for LUKA on the Common in Downtown Boston

by Channing Hamilton

BOSTON — Walker & Dunlop has arranged a $137 million Fannie Mae acquisition loan for LUKA on the Common, a 30-story high-rise community in Boston. San Francisco-based investor Carmel Partners purchased the asset, which was formerly known as AVA Theater District. The seller was Virginia-based AvalonBay Communities. LUKA on the Common is situated on a 21,344-square-foot site in the city’s downtown area. The 398-unit community was built at 45 Stuart St. in 2016, and situated in proximity to Boston Common Park, the Charles River, Boston Harbor and the city’s theater …

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Ophelia in Pittsburgh
Affordable HousingDevelopmentNewsNortheastPennsylvania

Greystar, ECHO Realty Break Ground on Mixed-Use Development in Pittsburgh

by Channing Hamilton

PITTSBURGH — A joint venture between Greystar and ECHO Realty has broken ground on a mixed-use project located at the intersection of Penn and Shady avenues in Pittsburgh. The development will include Ophelia, a 231-unit apartment community by Greystar, as well as The Meridian, a 44,000-square-foot retail project spearheaded by ECHO Realty, and parking for both retail and residential uses. Ophelia will offer units in studio, one- and two-bedroom floor plans. Thirty-five apartments will be subject to income restrictions under the city’s affordable housing program. Planned amenities include a fitness center …

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Barbara Jean Wright Court Apartments in Chicago
DevelopmentIndustry VoicesNew YorkNortheast

How to Pull Off a Large-Scale Rehab of an Occupied Property

by Channing Hamilton

When New York-based developer Jonathan Rose Cos. (JRC) acquired the Barbara Jean Wright Court Apartments in 2021, the 272-unit, low-rise, 40 percent Section 8 community in Chicago’s University Village neighborhood was in need of some serious repair.  Originally built in the 1970s and remodeled in 1999, the complex’s HVAC systems, flooring, kitchens, bathrooms and boilers were long past the point of needing a complete overhaul. The issue? The building was nearly fully occupied, which made this a tricker project than normal.  To pull off this occupied restoration, JRC needed a construction …

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DevelopmentNew JerseyNewsNortheast

The Community Builders Completes 92-Unit Mixed-Income Project in Jersey City, New Jersey

by Channing Hamilton

JERSEY CITY, N.J. — The Community Builders (TCB) has delivered Fairview Heights, a 92-unit mixed-income community in the McGinley Square neighborhood of Jersey City. The property offers studio, one-, two- and three-bedroom apartments. Fifty units are subject to income restrictions. Amenities include a community lounge with a kitchenette and screening area, children’s playroom, onsite laundry facilities and a fitness center. Inglese Architecture + Engineering designed Fairview Heights. Sisca Northeast Associates served as the general contractor.

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The Nolan Thomas Portfolio in Greenwich, Connecticut
ConnecticutInvestment SalesNewsNortheast

Marcus & Millichap Brokers $19 Million Sale of Mixed-Use Portfolio in Greenwich, Connecticut

by Channing Hamilton

GREENWICH, CONN. — Marcus & Millichap (NYSE: MMI) has arranged the sale of the Nolan Thomas Portfolio, a four-building, mixed-use portfolio in the southwestern Connecticut city of Greenwich. The 47,256-square-foot portfolio traded hands for $19 million. The portfolio consists of four buildings housing 10 apartments, 17 retail storefronts, 17 office suites and an 11,226-square-foot warehouse. Stephen Westerberg of Marcus & Millichap’s Manhattan office represented the undisclosed seller in the deal. The buyer was also not disclosed.

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Valley View Park in East Hanover, New Jersey
DevelopmentLeasing & MarketingNew JerseyNewsNortheast

KRE Group Begins Leasing 239-Unit Valley View Park in East Hanover, New Jersey

by Channing Hamilton

EAST HANOVER, N.J. — Locally based developer KRE Group has begun leasing Valley View Park, a 239-unit community in East Hanover, approximately 30 miles west of Manhattan. The property was named after a golf course that occupied the site from 1937 to 1973. The project team broke ground on the community in April 2023.  The property consists of five four-story buildings, which house one- and two-bedroom units. Of the total unit count, 34 residences are subject to income restrictions. Amenities include a pool, fitness center, indoor and outdoor children’s play …

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