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Pointe-Grand-Interbay-Tampa
Affordable HousingDevelopmentFloridaNewsSoutheast

Hillpointe Obtains $67M in Financing, Breaks Ground on Tampa Affordable Housing Development

by Lynn Peisner

TAMPA, FLA. — Hillpointe has secured $67 million in construction financing and broken ground on Pointe Grand Interbay at Tampa, a 408-unit community in South Tampa. Built under the state’s Live Local Act, an affordable housing law that gives developers zoning, height and density incentives for projects that include workforce or affordable housing, the residences, all two-bedroom, two-bath floor plans, will be reserved for renters earning no more than 80 to 120 percent of area median income. Hillpointe Construction, the Winter Park, Florida-based firm’s in-house general contractor, is leading the …

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FinanceInvestment SalesNewsTexas

Sade Real Estate Secures $128.5M to Acquire The Arno in Houston

by Lynn Peisner

HOUSTON — Locally based Sade Real Estate has obtained $128.5 million in acquisition financing for The Arno, a 40-story, 168-unit luxury community at 2929 Weslayan St. in Houston’s River Oaks neighborhood. Hudson Bay Capital provided the financing, which was arranged by Walker & Dunlop’s Sean Reimer, Aaron Appel, Jonathan Schwartz, Keith Kurland, Adam Schwartz, Dustin Stolly and Sean Bastian.

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Benjamin-Collins-Crescent-Communities
Company NewsNorth CarolinaPeople News

Crescent Communities Promotes Benjamin Collins to President of Multifamily

by Lynn Peisner

CHARLOTTE, N.C. — Crescent Communities has promoted Benjamin Collins to president of multifamily. Collins succeeds Jay Curran, who previously served in the role and was named chairman and chief executive officer of the Charlotte-based investor, developer and operator in April. In his new position, Collins will lead the strategic direction, growth and performance of the company’s multifamily platform, which develops communities under the NOVEL brand. He will oversee development, investment and operations across Crescent Communities’ platform nationwide.

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Aberdeen-Arms-Elizabeth
BerkadiaInvestment SalesNew JerseyNewsNortheast

Berkadia Arranges $8.8M Sale of Aberdeen Arms in Elizabeth, New Jersey

by Lynn Peisner

ELIZABETH, N.J. — Berkadia has arranged the sale of Aberdeen Arms Apartments, a 52-unit garden-style community in Elizabeth. The asset sold for approximately $8.8 million, trading between two unnamed, New Jersey-based entities. The seller owned the property for about 20 years. Nat Gambuzza, Trevor Fiebel and Nick Balancia of Berkadia Morristown led the transaction on behalf of the seller. Aberdeen Arms is located at 730-734 North Broad St. and was built in 1965. The property features 10 one-bedroom and 42 two-bedroom units as well as surface parking and a common-area …

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The-Pavilion-Chicago
IllinoisMidwestNewsOperations

Marquette Management Tapped to Manage 1,115-Unit The Pavilion in Chicago

by Lynn Peisner

CHICAGO — Marquette Management has been selected as property manager for The Pavilion, a 1,115-unit community in Chicago, about four miles east of Chicago O’Hare International Airport. R.I.G. Capital is the owner. The Pavilion offers studio to four-bedroom units across two towers. Amenities include indoor and outdoor pools, a volleyball court with adjacent seating areas, a fitness center, yoga studio, racquetball court, resident lounge, sauna, business center, garage parking and on-site retail.

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Park-West-Dallas
Investment SalesNewsTexas

IPA Arranges Sale of Park West in Dallas

by Lynn Peisner

DALLAS — Institutional Property Advisors (IPA) has arranged the sale of Park West, a 240-unit property in Dallas. IPA’s Michael Ware, Taylor Hill, Drew Kile, Joey Tumminello and Cameron Purse represented the undisclosed seller and procured the buyer, Berkshire Residential Investments. The property is in the Oak Lawn neighborhood at the intersection of Cedar Springs Road and Douglas Avenue, within a corridor between the Dallas North Tollway and Highway 75. Completed in 2014, Park West is a four-story property with a resort-style pool, a 4,000-square-foot fitness center, two dog parks …

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Forrest-Brook-Fort-Smith
ArkansasInvestment SalesNewsSoutheast

Colliers Arranges $8M Two-Property Sale in Arkansas

by Lynn Peisner

FORT SMITH, ARK. — Colliers has arranged the $8 million sale of two properties in Fort Smith. The assets traded between two undisclosed entities. The portfolio includes Forrest Brook Apartments, located at 3014 Presley St., and Stone Creek Apartments at 2851 Xavier St. Stone Creek was developed in 2008. Forrest Brook was built in 1985. Existing property management is expected to remain in place through and after the ownership transition.

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Woodrow-House-Atlanta
DevelopmentGeorgiaLeasing & MarketingNewsOperationsSoutheast

Woodfield Development Begins Pre-Leasing at Woodrow House on Atlanta’s Westside Beltline Trail

by Lynn Peisner

ATLANTA — Woodrow House, a 325-unit mixed-income community under construction along Atlanta’s Westside Trail, has reached its full structural height, marking the start of pre-leasing. Woodfield Development’s project includes a mix of mid-rise apartment buildings, two-story “live-work units” and townhomes, as well as approximately 12,000 square feet of retail space fronting the new Beltline spur along Woodrow Street. The Beltline is former rail corridor turned urban trail and redevelopment loop around Atlanta. Initial townhome deliveries are slated for July, and the first multifamily units are anticipated to be complete in …

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Affordable HousingDevelopmentMidwestNewsOhio

City of Cleveland and Partners Open Woodhill Station East

by Lynn Peisner

CLEVELAND — The City of Cleveland, Cuyahoga Metropolitan Housing Authority and The Community Builders have opened Woodhill Station East in Cleveland. The 64-unit development marks the third phase of the Buckeye-Woodhill Choice Transformation, the formal name given to a multi-phase effort to redevelop the former Woodhill Homes public housing site into new mixed-income housing with neighborhood amenities. Woodhill Station East’s affordable units are offered at 30 or 80 percent of area median income, and some units are rented at market rates. Amenities at Woodhill Station East include a community room, …

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Villages-of-Hayti-Durham
Affordable HousingDevelopmentNewsNorth CarolinaSoutheast

Gilbane Breaks Ground on Villages of Hayti Affordable Housing Redevelopment in Durham, North Carolina

by Lynn Peisner

DURHAM, N.C. — Gilbane Development, along with several project partners, has broken ground on Villages of Hayti, a 252-unit affordable housing community in the Hayti neighborhood of Durham. Gilbane’s partners include the Durham Housing Authority and Durham Community Partners, a group consisting of Harmony Housing Affordable Development and F7 Development. The Hayti Community Advisory Committee also participated. The project is a redevelopment of a 20-acre former public housing site called Fayette Place. Villages of Hayti is structured as a Low‑Income Housing Tax Credit (LIHTC) development and will provide homes rented …

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