NORFOLK, VA. — Greysteel has brokered the sale of River Oaks Apartments in Norfolk. The 100-unit community sold to a Virginia-based private investor for $10 million. Located at 1464 Gabriel Drive, River Oaks consists of one- and two-bedroom apartments. Greysteel secured an acquisition loan that included capital expenditure funding for future renovations.
LONG BRANCH, N.J. — ICON Real Estate Advisors has arranged the $19.4 million sale of The Pavilion, a 46-unit multifamily building at 165 Pavilion Ave., and an adjacent retail property at 231 Third Ave. in Long Branch, 57 miles south of Manhattan. The buyer, Henshaw Realty, acquired the assets as part of a 1031 exchange following the sale of a New York City asset. The seller was Jebara Partners, the original developer. The Pavilion was completed in 2021 and is a five-story building. The retail property is occupied by tenants …
CORPUS CHRISTI, TEXAS — Northmarq has arranged the refinancing of Wood River Apartments, a 199-unit property in Corpus Christi. Cheryl Higley and Ryan Shoars led the team that secured the undisclosed amount of financing through Northmarq’s in-house Edge platform. Built in 1983, Wood River Apartments is comprised of one-, two- and three-bedroom floor units across two 17-story buildings.
NORFOLK, VA. — Affiliates of Norfolk-based Harbor Group International (HGI), in partnership with The Garrett Cos. and Telis Group, have refinanced senior construction debt across an eight-property portfolio through a $351 million loan originated by ACRE. Walker & Dunlop arranged the financing. The eight properties are part of a broader 11-asset multifamily portfolio recapitalized by HGI, The Garrett Cos. and Telis Group in January 2025. The refinanced portfolio includes five properties across the Denver and Colorado Springs metros and one asset each in the Phoenix, Indianapolis and Minneapolis metropolitan areas. …
RICHARDSON, TEXAS — Institutional Property Advisors (IPA) has arranged the sale of Reserve at Spring Creek, a 458-unit community in Richardson, 17 miles northeast of Dallas. IPA’s Joey Tumminello, Drew Kile, Michael Ware, Taylor Hill and Jack Windham represented the seller, an affiliate of Lone Star Funds, and procured the buyer, MG Properties. Brian Eisendrath, Cameron Chalfant and Harry Krieger of IPA Capital Markets arranged an undisclosed amount of financing. Developed in 2019 on 17 acres, Reserve at Spring Creek has a fitness center, clubhouse, resort-style pool and a business …
EAST PEORIA, ILL. — Eastern Union has arranged a $15.9 million acquisition and construction loan for the conversion of a former assisted living facility into a 246-unit multifamily property located at 500 Centennial Drive in East Peoria. The financing was arranged by Joe Siegfried of Eastern Union. The borrower was The H&A Group of South Bend, Indiana, a real estate investment and development company focused on value-add and adaptive reuse projects across multiple asset classes. The loan was provided by Genesis Capital, which is based in Sherman Oaks, California. Originally …
PLANT CITY, FLA. — Alliance Residential Co. has opened The Carmina, a 360-unit community at 3202 Elsanta St. in Plant City. The development is comprised of one- and two-bedroom units and such amenities as a resort-style pool, 24-hour package locker system with cold storage, fitness center, business center with coworking space, a dog park and a clubroom with TV, pool table and entertainment kitchen. Residents will also be privy to a service called Refresh Retreat, which provides rotating weekend amenities, such as towel service, a sunscreen and aloe bar or …
CHICAGO — JLL has arranged a $141.8 million refinancing loan for Wolf Point West, a 509-unit, 48-story tower in Chicago’s River North neighborhood. The borrower/owner is Hines in partnership with AFL-CIO Building Investment Trust, Magellan Development Group and the Joseph P. Kennedy Trust. New York Life Insurance Co. was the lender for the three-year, floating-rate loan. JLL’s team was led by Danny Kaufman, Medina Spiodic, Rebecca Brielmaier and Youngsoo Yang. Wolf Point West opened in 2016 and is a LEED Silver-certified building with 24-hour door staff, an outdoor pool with …
NEW YORK CITY — Marcus & Millichap has arranged the sale of 1000 Ocean Parkway, a 122-unit apartment building in the Midwood neighborhood of Brooklyn. The property sold for $23.5 million, or $192,623 per unit. Marcus & Millichap’s Matt Fotis represented the seller, the Cohen family, and procured the buyer, David Brecher, chief executive of Brooklyn-based FM Home Loans. The property is located on the corner of Ocean Parkway and Avenue J. Built in 1964 and renovated in 2021, 1000 Ocean Parkway has two elevators, a doorman, laundry facilities and …
EAST LYME, CONN. — Newmark has arranged a $115.6 million Freddie Mac loan to refinance The Cove at Gateway Commons and Sound at Gateway, two communities less than half a mile apart in East Lyme along Connecticut’s southeastern shore. Newmark’s Avi Kozlowski led the transaction. Sound at Gateway Commons offers garden-style studio- to three-bedroom units, while The Cove at Gateway Commons consists of one-, two- and three-bedroom apartments and townhomes with attached garages.
