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437-449 and 438-450 61st Street in New York City
Investment SalesNew YorkNewsNortheast

Marcus & Millichap Brokers $20 Million Sale of 124-Unit Portfolio in Brooklyn

by Channing Hamilton

NEW YORK CITY — Marcus & Millichap (NYSE: MMI) has negotiated the sale of a 124-unit portfolio in Brooklyn. The portfolio comprises seven rent-stabilized buildings located at 437-449 and 438-450 61st Street in the city’s Sunset Park neighborhood. The assets feature a mix of one- to four-bedroom units. John Brennan, Bryan Ellis and Miles Davis-Bosch of Marcus & Millichap’s Manhattan office marketed the property on behalf of the seller and procured the buyer. Both parties were New York-based private investors.

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FinanceNevadaNewsWestern

Greystone Monticello Closes $40.3 Million in Bridge Financing for Two Properties in Las Vegas

by Channing Hamilton

LAS VEGAS — Greystone Monticello has closed two bridge loans totaling $40.3 million for two apartment complexes in Las Vegas. The funds will be used to refinance the outstanding bridge loans and provide additional time to enhance operations, positioning the properties for a potential future sale or permanent financing. Darryl Myrose of Greystone Monticello originated the loans. The borrower and properties were not disclosed.

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Frankford Grand in Philadelphia
DevelopmentNewsNortheastPennsylvania

U.S. Development Completes 107-Unit Frankford Grand in Philadelphia

by Channing Hamilton

PHILADELPHIA — U.S. Development has completed Frankford Grand, a 107-unit community located at 1120 Frankford Ave. in the Fishtown neighborhood of Philadelphia. The unit mix includes 50 studios, 32 one-bedroom units and 25 two-bedroom apartments. The first move-ins at the community began on September 15. Amenities include a full-size gym, courtyard garden with bocce ball courts, firepit area, sun deck, 12,000-square-foot green roof and a panoramic roof deck with an outdoor kitchen, grilling areas and shaded terraces. Frankford Grand also includes 15,000 square feet of retail space across two floors. …

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Investment SalesLeasing & MarketingNewsPeople News

Capital Square Hires Jessica Correnti as Senior Vice President of National Accounts

by Channing Hamilton

RICHMOND, VA. — Capital Square has hired Jessica Correnti to the role of senior vice president of national accounts. In this position, she will oversee the firm’s existing relationships with broker-dealers and registered investment advisors and lead Capital Square’s pursuit of new relationships.  Correnti previously served as director of national accounts for Peachtree Group and a senior vice president with Waypoint Real Estate Investments. She began her career with Morgan Stanley as a financial advisor in 2013 before transitioning into investment product distribution as a senior internal sales associate with …

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Hilliard Village in Columbus, Ohio
FinanceMidwestNewsOhio

JLL Capital Markets Arranges $20 Million Bridge Financing for Hilliard Village in Columbus, Ohio

by Channing Hamilton

COLUMBUS, OHIO — JLL Capital Markets has arranged $20 million in bridge financing for Hilliard Village, a 352-unit community in Columbus. JLL worked on behalf of the borrowers, Machine Investment Group and RH, to arrange the three-year, fixed-rate loan through The Bancorp Inc. Jamie Leachman, Medina Spiodic and Carter Wroblewski led the JLL Capital Markets Debt Advisory team representing the borrowers. Hilliard Village was originally built in 1973. Located at 3400 Twin Creeks Drive, the garden-style community is situated approximately 8 miles from Columbus’s downtown area. Units come in one-, two- and three-bedroom …

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325 S Union St. in Aurora, Illinois
DevelopmentIllinoisInvestment SalesMidwestNews

SVN | Chicago Commercial Brokers $1.5 Million Sale of Historic Industrial Property in Aurora, Illinois, for Multifamily Conversion

by Channing Hamilton

AURORA, ILL. — SVN | Chicago Commercial has arranged the sale of a 45,000-square-foot industrial property located at 325 S Union St. in Aurora, about 41 miles west of Chicago. The 111-year old building was originally utilized to manufacture vehicle parts during World War II. The undisclosed buyer plans to use historic tax credits to convert the building into market-rate multifamily housing. James Mead of SVN | Chicago Commercial represented the seller in the transaction.

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1501 N California Ave. in Chicago
IllinoisInvestment SalesMidwestNews

Interra Realty Arranges $19.3 Million Sale of 97-Unit Portfolio in Chicago

by Channing Hamilton

CHICAGO — Interra Realty has brokered the sale of a five-building, 97-unit portfolio located on Chicago’s northwest side. Joe Smaza and Mark Dykstra of Interra Realty arranged the deal on behalf of the buyer, Silver Property Group Ltd., a Chicago-based real estate investment and management company. Interra Realty also represented the seller, an investment group based in the East Coast. The portfolio traded for $19.3 million. The portfolio consists of the following properties:

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Cobble Hills in Fort Worth, Texas
Investment SalesNewsTexas

Marcus & Millichap Negotiates Sale of 136-Unit Cobble Hills in Fort Worth, Texas

by Channing Hamilton

FORT WORTH, TEXAS — Marcus & Millichap has negotiated the sale of Cobble Hills, a 136-unit community located at 6050 Oakland Hills Drive in Fort Worth. The property consists of 12 buildings that house a mix of one-, two- and three-bedroom apartment units. Al Silva and Ford Braly of Marcus & Millichap’s Fort Worth office marketed the property on behalf of the seller, Obsidian Capital, and procured the buyer, an out-of-state family office. Additionally, Marcus & Millichap Capital Corp. (MMCC), a subsidiary of Marcus & Millichap, secured $7.5 million in acquisition financing for …

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Avant at the Arboretum in Lisle, Illinois
IllinoisInvestment SalesMidwestNews

Waterton Acquires 310-Unit Avant at the Arboretum in Lisle, Illinois

by Channing Hamilton

LISLE, ILL. — Waterton has acquired Avant at the Arboretum, a 310-unit community located at 450 Warrenville Road in Lisle, 26 miles west of downtown Chicago. The acquisition brings Waterton’s portfolio to more than 7,000 units in the Chicago metropolitan area. Built in 2013, Avant at the Arboretum offers one- and two-bedroom units. The building rises four stories. Community amenities include a pool, grilling stations, fitness center, clubroom, theater room, game room with billiards and a dog park. The property also includes a parking garage with 314 parking spaces, as …

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Company NewsNewsNorth CarolinaPeople NewsSoutheast

RKW Residential Selects Kevin Owens as President of Property Management, Promotes Joya Pavesi to President of Brand & Strategic Services

by Channing Hamilton

CHARLOTTE, N.C. — RKW Residential (RKW), a property management firm based in Charlotte, has selected Kevin Owens for the role of president of property management. Most recently, Owens was the divisional president at RPM, where he oversaw all of the property management departments at his division, including marketing, operations, business development, property transitions, facilities and construction management. Additionally, RKW promoted Joya Pavesi to the newly created role of president of brand & strategic services. Pavesi previously served as RKW’s executive vice president of marketing & strategy. In her new role, …

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