PHILADELPHIA — Locally based developer NewCourtland has completed a 178-unit mixed-income development in Philadelphia’s East Falls neighborhood. The project is the adaptive reuse of the former Eastern Pennsylvania Psychiatric Institution, which originally opened in 1956 and has been vacant since 2013. The property is now a 12-story residential complex that includes 40 affordable housing units for seniors. NewCourtland won a bid for the 14-acre site in 2015. Architecture firm Looney Ricks Kiss facilitated the transition of the site.
VERNON HILLS, ILL. — Bender Cos. has acquired Arrive Town Center in the northern Chicago suburb of Vernon Hills. Kevin Girard, Zach Kaufman and Bill Baumann of JLL represented the buyer in the deal. The seller and sales price were undisclosed. Arrive Town Center was built in 2010. The community offers 85 apartments with an average size of 1,200 square feet. Amenities include a lounge, fitness center, storage lockers and a heated indoor parking garage. The property also features 10,000 square feet of ground-floor retail space. The new ownership plans …
BOERNE, TEXAS — KW Commercial has negotiated the sale of Legacy at Cibolo, a 238-unit community located in the northwestern San Antonio suburb of Boerne. Greg Brownd of KW Commercial brokered the deal. The buyer and seller were not disclosed. Legacy at Cibolo was built in 2020. The property offers one- two- and three-bedroom units. Community amenities include a pool, fitness center, business center, clubhouse, outdoor grilling and dining stations and access to walking trails.
NEW YORK CITY — A joint venture consisting of nonprofit developer Community Access, neighborhood preservation organization Cooper Square Committee and affordable housing developers Spatial Equity and Duvernay + Brooks, has purchased the site of the former St. Emeric church in Manhattan’s East Village. The joint venture plans build more than 500 affordable housing units on the site. Some units will be set aside for seniors and homeless individuals, as well as those with special needs who qualify for supportive services. The development team expects to break ground on the first …
CHICAGO — Equity Residential (NYSE: EQR) has agreed to purchase an 11-property portfolio from Blackstone (NYSE: BX) for $964 million. The acquisition is expected to close in the third quarter and will include separate transactions with Blackstone Real Estate Income Trust, Blackstone Real Estate Partners and Blackstone Property Partners. The portfolio includes four properties totaling 1,357 units in Atlanta; four properties totaling 1,237 units in the Dallas-Fort Worth metropolitan area; and three properties totaling 978 units in Denver. Further details on the communities were not disclosed. Equity Residential selected the properties …
GRAPEVINE, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Marlowe Grapevine, a 324-unit community in the Dallas suburb of Grapevine. Drew Kile, Joey Tumminello, Michael Ware, Taylor Hill and Shelby Clark of IPA represented the sellers, Greystar and Carlyle, and procured the buyer, Equity Residential. Marlowe Grapevine was built in 2023 on 15 acres. The garden-style community rises three stories. Amenities include an outdoor fitness center, pool, private garages and a jogging trail. The average unit size is 940 square feet. …
WASHINGTON, D.C. — JLL Capital Markets has arranged the sale of an office building in the Dupont Circle neighborhood of Washington, D.C. Located at 1201 Connecticut Ave. NW., the 12-story building comprises 190,385 square feet of office space. An affiliate of Duball purchased the community for $21.5 million, with plans to convert the development to a 161-unit community. Once converted, the property will also offer ground-floor retail space and rooftop amenity space, including a pool. A development timeline for the project was not disclosed. Tom Hall, Matt Nicholson, Kevin Byrd, …
LOS ANGELES — CIM Group has opened a six-story, 23-unit building located at 2599 Alsace Ave. in the West Adams neighborhood of Los Angeles. The community offers one- and two-bedroom units with wood-style flooring, stone counters, stainless steel appliances and in-unit washers and dryers. Select apartments offer walk-in closets and balconies. Amenities include package lockers, bike racks and storage, controlled access through a video intercom system and a 1,300-square-foot high end lounge on the ground floor.
BURLESON, TEXAS — Greystone has provided a $74.6 million Fannie Mae agency loan for the refinancing of Shannon Creek Apartments, a 672-unit asset in Burleson, approximately 16 miles south of Fort Worth. Avi Kozlowski of Greystone originated the nonrecourse, fixed-rate loan, which carries a five-year term, a 30-year amortization schedule and full-term interest-only payments. The borrower was not disclosed. Shannon Creek Apartments was completed in 2023. The property comprises 24 buildings. Units come in one- and two-bedroom floor plans. Community amenities include a pool, fitness center, business center, game/media room, …
BALTIMORE — Greystone and Cushman & Wakefield have jointly arranged the sale of and acquisition financing for a two-property portfolio in the Columbia suburb of Baltimore, Maryland. Olivetree Management purchased the assets for $73.5 million. The communities, Columbia Apartments and Town Center Apartments, comprise 344 units together. Both properties were 94 percent occupied at the time of sale. The transaction was financed with Fannie Mae loans totaling $57 million. Dan Sacks and Alex Basile of Greystone originated the Fannie Mae Delegated Underwriting & Servicing loans. Jorge Rosa and Anthony Liberto of Cushman & …