WEST DES MOINES, IOWA — Greysteel has negotiated the $38 million sale of Polo Club Apartments in West Des Moines. Built in 1998, the community consists of 277 two-bedroom units. BJ Connolly, Zach Schneider and Ryan Carter of Greysteel represented the seller, Polo Club LLC/Premier Cos, in the deal. The undisclosed buyer represented itself and plans to conduct a full renovation of the property.
NEW YORK CITY — A partnership between locally based developer Slate Property Group and RiseBoro Community Partnership has begun leasing Baisley Pond Park Residences, a 318-unit affordable housing redevelopment project in Queens. The property is a conversion of the 350-room JFK Hilton Hotel, which was originally built in 1987. Situated in the Jamaica neighborhood of Queens, the complex offers studio, one- and two-bedroom units. Amenities include a fitness center, computer lounge and multiple common rooms. Monthly rents range from $784 for a studio to $1,493 for a two-bedroom apartment. As …
DALLAS — Knightvest Capital, a Dallas-based investment company, has appointed Madison Tappan to the position of chief investment officer. In his new role, he will oversee Knightvest’s acquisition strategy and lead efforts to expand the firm’s multifamily portfolio across various Sun Belt markets. Tappan will also deploy capital from Knightvest’s second investment fund, with a focus on acquiring 2000s-era properties and renovating them. Most recently, Tappan served as a managing director of acquisitions at Knightvest, focusing on investment opportunities in the Dallas-Fort Worth area. He previously served as a vice president …
NEW YORK CITY — Lorimer Capital has hired Connor Lopes to the role of managing director of asset management. In this role, Lopes will oversee the company’s portfolio performance, risk management and loan servicing. He will work to manage Lorimer Capital’s loan portfolio and asset performance. Prior to joining Lorimer Capital, Lopes served as a senior vice president of construction asset management with Citi Community Capital. Lorimer Capital is a New York City-based lender. Evan Bell, Ilan Rubinstein and Erez Rubinstein launched the company earlier this year.
FORT WORTH, TEXAS — Locally based owner-operator Trademark Property Co. will develop Westbend Residences, a 321-unit project in Fort Worth’s University District. Units will come in one-, two- and three-bedroom floor plans. A few penthouse units will also be available on the top floor. The property will feature two pools, a fitness center and dog spa, as well as 4,500 square feet of retail space. Construction is slated to begin in the second quarter of 2025 and complete in late 2026. The project is situated on 3.5 acres within Trademark’s …
INDIANAPOLIS — PRP has purchased Cosmopolitan on the Canal, a 218-unit asset located in the Canal Walk District of downtown Indianapolis, for an undisclosed price. The property is situated in proximity to the $4.3 billion Indiana University Health expansion, as well as the Indiana University Indianapolis and Purdue University campuses. Cosmopolitan on the Canal was originally built in 2010. According to Apartments.com, the community features a mix of studio, one- and two-bedroom units. Amenities include fitness center, laundry facilities, a clubhouse, fitness center and lounge. PRP plans to renovate the property. The seller was not disclosed.
LOS ANGELES — FAMH Group Ltd. has acquired The BW, a 78-unit community located in the Brentwood neighborhood of Los Angeles, from California Landmark Group for $58.1 million. Kevin Green, Joseph Grabiec and Gregory Harris of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the deal. The BW was completed in 2013. The community offers a mix of studio, one-, two- and three-bedroom units. Amenities include a rooftop lounge with a jacuzzi, fitness center, business center, electric vehicle charging stations and …
DENVER — First Stone Development has received $15.8 million in financing for the construction of The Jasper, a property located at 4353 Tennyson St. in Denver’s Berkeley neighborhood. The Jasper will offer 34 apartments and 2,700 square feet of street-level retail space. Phillip Gause and Jim Wilkins of Marcus & Millichap Capital Corp.’s Denver office worked on behalf of the borrower to secure $2 million in preferred equity and $13.8 million in debt. The construction loan was placed with a debt fund and features a two-year term.
FARGO, N.D. — Cushman & Wakefield has negotiated the sale of a portfolio of 601 build-to-rent (BTR) units located throughout the Fargo metropolitan area in the bordering states of North Dakota and Minnesota. The recently developed homes come in three-, four- and five-bedroom floor plans and are 7.2 years old on average. Meridian Mortgage LLC sold the portfolio to an affiliate of Christianson Cos. for an undisclosed price. Kevin Phelan, Pat Knowlton and Jeff Dimmen of Cushman & Wakefield, along with Jennifer Stein Real Estate Inc., represented the seller in …
DALLAS — JPI, a developer and builder based in Dallas, has hired Jay Parsons as economic advisor. Parsons will advise the company on economic trends and market dynamics. He will serve in a part-time role. Parsons has held executive and senior leadership roles at Madera Residential and RealPage. He also serves on the board of advisors for Apartment Life, a faith-based non-profit organization that offers community building programs.
