SOUTH HILL, VA. — Advantage Capital has provided financing to construct Mecklenburg Manor, a 51-unit affordable housing community in South Hill, a rural town 80 miles south of Richmond. Mecklenburg Manor will comprise seven buildings. The complex will offer one-, two- and three-bedroom units to households earning between 40 and 60 percent of the area median income. The company has partnered with Gateway Development Associates and NFP Affordable Housing Corp. to construct the community. Advantage Capital invested in the development through the Virginia Housing Opportunity Tax Credit program, which is …
ALEXANDRIA, VA. — JLL Capital Markets has arranged the refinancing for Audubon Estates, a 700-site manufactured housing community in the Washington, D.C. suburb of Alexandria. JLL worked on behalf of the borrower, Hometown America, to secure the seven-year, fixed-rate loan through Freddie Mac. Zach Koucos, Chris Collins and Bharat Madan led the JLL Capital Markets Debt Advisory team. JLL Real Estate Capital, a Freddie Mac Optigo lender, will service the financing. Audubon Estates was built in 1972 at 7930 Audubon Ave. According to JLL, the property was 100 percent occupied at the time …
NORFOLK, VA. — Bonaventure has purchased Monticello Station Apartments, a 121-unit complex in downtown Norfolk, for $42 million. The property will be rebranded as Attain Downtown East. The community offers one-, two-, three- and four-bedroom units featuring full-size washers and dryers, granite countertops, private patios, stainless steel appliances and energy efficient design throughout. Amenities include a swim spa, courtyards with gas grills and firepits, a fitness center and conference room. The property also includes 33,000 square feet of ground-floor retail space, with current tenants including Buffalo Wild Wings, 7-Eleven and …
RICHMOND, VA. — Cushman & Wakefield | Thalhimer’s Capital Markets Group has brokered the sale of a two-property, adaptive reuse portfolio in Richmond’s historic Shockoe Slip submarket. The portfolio includes The Bowers Building and 1206 Shockoe Lane. 1206 Shockoe Lane LLC sold the buildings to Thalhimer Realty Partners for $6.2 million. The Bowers Building was originally built in 1880 as the headquarters for a national coffee and tea manufacturer. In 1977, 1206 Shockoe Lane LLC redeveloped the property into 16 apartments over ground-floor commercial spaces. Directly behind the Bowers Building …
CHESTER, VA. — Thalhimer Multifamily has been awarded management of The Station at Chester, a 201-unit property in the southern Richmond suburb of Chester. The Station at Chester was built in 2022 and features one-, two- and three-bedroom apartments. Amenities include a pool with a sundeck, clubhouse, fitness center, business center, pet spa, dog park, walking trails and garage rentals. Christy Pangelinan of Thalhimer Multifamily has been assigned as the portfolio manager.
RICHMOND, VA. — A joint venture consisting of Cantor Fitzgerald, Silverstein Properties, Collins Capital Partners and Kaufman Jacobs has secured $53.6 million in construction financing for the first phase of Springline at District 60, the redevelopment of a former shopping center located in a qualified opportunity zone near Richmond. Truist Bank provided the financing. The first phase of the 42-acre project will include a community called The James at Springline, as well as a 150,000 square feet office building, an entertainment venue, specialty market and a structured parking facility. Future …
FAIRFAX, VA. — JLL Capital Markets has arranged the sale of Arbors at Fair Lakes, a 282-unit, value-add community in Fairfax. Stockbridge sold the property to GID for $85.6 million. Bret Thompson and Robert Jenkins led the Capital Markets Investment Sales Advisory team that brokered the deal. Arbors at Fair Lakes was built in 1987. The property features one-, two- and three-bedroom units with in-unit washers and dryers, patios and balconies, fireplaces and walk-in closets. Amenities include a fitness center, pool, business center, tennis court with a perimeter running track, …
ARLINGTON, VA. — Penzance has acquired Jasper Columbia Pike in Arlington for an undisclosed price. Chris Doerr, Will Harvey and Shack Stanwick of Northmarq’s Mid-Atlantic investment sales team brokered the deal. Jasper Columbia Pike offers 269 units in studio, one- and two-bedroom floor plans. Amenities include a golf simulator room, pool with cabanas, outdoor courtyard with barbeque grills, pool and shuffleboard tables, a clubhouse, business center and a fitness center with cardio and strength training equipment.
ASHBURN, VA. — A partnership between American Real Estate Partners (AREP) and GreenBarn Investment Group has acquired a development site in the Northern Virginia city of Ashburn, approximately 30 miles west of Washington, D.C. Dream Finders Homes sold the property to the partnership for $120 million. The site is approved for the construction of 200 build-to-rent homes. The community will be called CityHouse Ashburn Station. According to the property website, CityHouse Ashburn Station will offer three-bedroom units with an average size of 2,000 square feet. Amenities will include sports courts, …
COLUMBUS, OHIO — Columbus-based Woda Cooper Cos. has secured $67 million in low-income housing tax credits (LIHTC) to support the financing for five affordable housing communities in the Southeast and Midwest U.S. The North Carolina Housing Finance Agency allocated $1.2 million to Pender Crossing, a 48-unit development to be built in Wilson, North Carolina. Pender Crossing will offer one-, two- and three-bedroom units across three buildings. TightLines Designs, headquartered in Raleigh, North Carolina, is the architect for the development. Woda Cooper is partnering with the Keweenaw Bay Indian Community to …