Northeast

The front of Vero Apartments, a gray and white high rise building with orange and black accents.

Fairfield Residential Completes First Phase of Vero Apartments Near Boston

by Channing Hamilton March 2, 2023

CHELSEA, MASS. — Fairfield Residential has finished building the first phase of Vero Apartments in Chelsea, located about five miles north of Boston. The first phase consists of 436 units. The second phase, called V2, is underway and will deliver 250 additional apartments. A completion date for Phase II was not disclosed. The project is a redevelopment of the 126-year-old Chelsea Clock manufacturing building and a waste management transfer station. Vero Apartments offers studio, one- and two-bedroom units, with 14 units set aside as affordable housing. Rent restrictions on the …

March 2, 2023

Middletown-Brooke-Apartments-Connecticut

Connecticut Investment Sales News Northeast

Hamilton Zanze Sells Two-Property Portfolio Near Hartford, Connecticut

by Kari Lloyd March 2, 2023

MIDDLETOWN, CONN. — San Francisco-based real estate investment firm Hamilton Zanze has sold Middletown Brooke and Middletown Ridge Apartments in Middletown, a submarket of Hartford. The firm purchased the two-property, 516-unit portfolio in March 2018. The buyer and sale price were undisclosed. The Middletown Brook property features 280 units and has had significant renovations since its purchase in 2018. Built in 1989, the property offers amenities such as a clubroom, fitness center, swimming pool, dog park, barbecue areas and a carport. Middletown Ridge Apartments was built in 1988 and features …

March 2, 2023

Investment Sales Maryland News Northeast

Greysteel Arranges Sale of 14-Building Whittier Avenue Portfolio in Baltimore

by Kari Lloyd March 2, 2023

BALTIMORE — Greysteel, a national commercial real estate investment services firm, has arranged the sale of a 14-building portfolio in Baltimore. The deal consisted of six multifamily properties and eight single-family homes. Aaron Inman, Kyle Tangney and Herb Schwat of Greysteel negotiated the transaction on behalf of the seller, an undisclosed private investor from Prince George’s County, Maryland. The undisclosed buyer is a joint venture of a family office from the New York area and a private equity firm from North Carolina. The properties have been managed by a sole …

March 2, 2023

Investment Sales News Northeast Pennsylvania

Largo Capital Arranges $6.7 Million Acquisition Loan for 120-Unit Property in Carlisle, Pennsylvania

by Kari Lloyd March 1, 2023

CARLISLE, PA. — Largo Capital has arranged a $6.7 million acquisition loan for a 120-unit property in Carlisle, a western suburb of Harrisburg. The property consists of 15 buildings that house 88 one-bedroom units with an average size of 598 square feet and 32 two-bedroom units with an average size of 828 square feet. Neal Colligan of Largo Capital originated the financing. The borrower and direct lender were not disclosed.

March 1, 2023

Development News Northeast Virginia Washington, D.C.

PRP Completes 212-Unit Office Conversion Project in Alexandria, Virginia

by Kari Lloyd March 1, 2023

ALEXANDRIA, VA. — PRP has completed the conversion of an office building at 4900 Seminary Road in Alexandria into a 212-unit apartment tower named the Sinclaire on Seminary. The high-rise features apartments averaging 850 square feet in size with ceilings exceeding 10 feet in height. Amenities include ground-level retail space, a dog park, individual storage spaces, indoor parking garage connected by a covered walkway and outdoor lounge areas with firepits, a bocce ball court and outdoor recreational activities. Kettler is the property manager of Sinclaire on Seminary. Monthly rental rates …

March 1, 2023

Development News Northeast Washington, D.C.

Skanska Tops Out 12-Story OZMA Development in Washington, D.C.

by Kari Lloyd March 1, 2023

WASHINGTON, D.C. — Skanska has topped out OZMA, a 12-story, mixed-use development, at 44 M St. Northeast, in the city’s NoMa neighborhood. Designed by Handel Architects, OZMA will feature 275 units and 7,700 square feet of retail space. The ground floor will include a secret garden, library lounge, meeting and workspaces, fitness center with flex studio and an art studio with a social bar. The penthouse offers a wellness center with tranquility cabanas, outdoor fireplace and solarium garden. The top floor also offers an expansive terrace with a heated pool, …

March 1, 2023

Affordable Housing Development New York News Northeast

New York City Housing Authority Selects Partners for $128.5 Million in Property Improvements in the Bronx

by Kari Lloyd February 28, 2023

NEW YORK CITY — The New York City Housing Authority (NYCHA) has selected Beacon Communities, MBD Community Housing Corp. and Kalel Holdings as a new partner team to deliver $128.5 million in repairs and improvements to 952 apartments across the northeast Bronx. The renovations are expected to start in 2024. A completion date was not disclosed. The improvement plan will be delivered through the Permanent Affordability Commitment Together (PACT) program and will cover three NYCHA properties: Boston Secor, Boston Road Plaza and Middletown Plaza, affecting 1,700 residents. Planned improvements include …

February 28, 2023

Investment Sales New Jersey News Northeast

Redwood Realty Arranges $2.5 Million Sale of 24-Unit Property in North Bergen, New Jersey

by Kari Lloyd February 28, 2023

NORTH BERGEN, N.J. — Redwood Realty Advisors has arranged the sale of a 24-unit property at 625 Kennedy Blvd. in North Bergen. Situated in New Jersey’s Gold Coast area, the asset sold for $2.5 million in an all-cash transaction. The property has had not changed hands in over 25 years. The undisclosed buyer and seller were both represented by Steven Matovski, director of Redwood Realty. All units at the 625 Kennedy Blvd. property are one-bedroom layouts. Roughly 30 percent of the units were vacant as of the close of sale. …

February 28, 2023

Leasing & Marketing New Jersey News Northeast

AMS Acquisitions Begins Leasing 96-Unit Property in East Brunswick, New Jersey

by Kari Lloyd February 24, 2023

EAST BRUNSWICK, N.J. — AMS Acquisitions, a locally-based developer, has begun leasing Summerhill Gardens, a 96-unit property located near New York City in East Brunswick. Rents start at $2,400 per month for a one-bedroom unit. Designed by Minno & Wasko Architects, the property consists of four three-story buildings that house one- and two-bedroom units, 24 of which are subject to income restrictions. Amenities include a fitness center, business center with conference facilities, outdoor courtyards, grilling and dining areas, lounge, playground and dog run.

February 24, 2023

Connecticut Investment Sales News Northeast

Merion Realty Partners Acquires 246-Unit Property in Milford, Connecticut

by Kari Lloyd February 24, 2023

MILFORD, CONN. — Wynnewood, Pennsylvania-based investment firm Merion Realty Partners has purchased Halstead Milford, a 246-unit apartment community located in southern coastal Connecticut. The total sales price was undisclosed. Virginia-based REIT AvalonBay Communities originally developed the three-story, garden-style property in 2004. Property amenities include a pool, fitness center, coworking space, game room and outdoor grilling and dining areas. Simon Butler, Biria St. John, Jeff Dunne, John McLaughlin, Eric Apfel, Stuart MacKenzie and Brian Bowler of CBRE represented the seller, an affiliate of The DSF Group, in the transaction. The team …

February 24, 2023

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