COVINGTON, GA. — Brook Farm Group and Emory Equity have begun constructing The Sinclair at Callaway Farm, a 388-unit community in the southeast Atlanta suburb of Covington. SilverCap Partners provided preferred equity for the development. First Horizon Bank and TrustMark Bank provided construction financing. The Sinclair at Callaway Farm will feature 11 residential buildings across two distinct neighborhoods. Construction is slated to be completed by the end of 2025.
ATLANTA — Stryant Investments has broken ground on Ralph David House, an adaptive-reuse development that converts a former motel in Atlanta’s Reynoldstown neighborhood into 54 units of permanent supportive housing. The community will be affordable to households earning at or below 30 percent of the area median income. Rents and utility costs combined will also be capped at 30 percent of each tenant’s income. The complex is slated to open in the fall of 2024. Atlanta Beltline Inc. invested $550,000 into the project through the BeltLine’s TAD Increment Fund, which …
MIAMI — Marcus & Millichap has brokered the sale of two properties located at 1910 and 1920 NW 29th Street in Miami’s Allapattah neighborhood. The buildings comprise 8,840 square feet and 16 units altogether. Units come in studio, one- and two-bedroom floor plans. 7 Crowns LLC purchased the properties from a local LLC for $2.8 million. Nicholas McAndrew, Felipe Echarte and Evan Kristol of Marcus & Millichap’s Fort Lauderdale office marketed the property on behalf of the seller and procured the buyer.
PHOENIX — JLL Capital Markets has arranged a $10.7 million loan to refinance of The Valencia Apartments, a garden-style community in Phoenix. The borrower was CALCAP Advisors. Built in 1983, The Valencia Apartments offers 127 units across two stories. The property was recently renovated with updates to unit fixtures, hardware, exteriors and common areas. Amenities include two pools, a sundeck and covered parking. JLL worked on behalf of the borrower to secure the fixed-rate, five-year Fannie Mae loan. Brad Miner, Elle Miraglia and Frank Choumas led the JLL Capital Markets Debt …
ALEXANDRIA, VA. — JLL Capital Markets has arranged the refinancing for Audubon Estates, a 700-site manufactured housing community in the Washington, D.C. suburb of Alexandria. JLL worked on behalf of the borrower, Hometown America, to secure the seven-year, fixed-rate loan through Freddie Mac. Zach Koucos, Chris Collins and Bharat Madan led the JLL Capital Markets Debt Advisory team. JLL Real Estate Capital, a Freddie Mac Optigo lender, will service the financing. Audubon Estates was built in 1972 at 7930 Audubon Ave. According to JLL, the property was 100 percent occupied at the time …
AUSTIN, TEXAS — Matthews Real Estate Investment Services has negotiated the sale of Marsol Apartments, a 22-unit complex located just northwest of Austin’s downtown area. The property was originally constructed in 1972 and was recently renovated. Richard Waterhouse and Tyler Marshall of Matthews Real Estate Investment Services represented the seller in the deal. Neither the seller nor buyer were disclosed.
GLENDALE, ARIZ. — Capital Square and Sunstone Two Tree have broken ground on Ironwood Homes at Rosefield, a new build-for-rent community in the Phoenix suburb of Glendale. The 320-unit complex will be situated on a 29-acre lot at the southeast corner of Northern Parkway and N. Sarival Avenue. The partnership acquired the lot in September. Capital Square Glendale BFR is currently raising $49 million in equity from accredited investors for the complex’s development. Ironwood Homes at Rosefield will offer 102 detached single-family homes, as well as 218 townhomes. Units will …
JERSEY CITY, N.J. — JLL Capital Markets has arranged a $18.6 million loan to refinance 39 High Street, an 83-unit property in the Journal Square neighborhood of Jersey City. Recently built in 2023, 39 High Street rises six stories and offers studio, one-, two- and three-bedroom floor plans. Amenities include a fitness center, children’s playroom, lounge and a rooftop terrace. Matthew Pizzolato, Max Custer and John Cumming of JLL represented the borrower, a partnership between Spitzer Enterprises and Titanium Realty Group, to secure the fixed-rate loan through a correspondent life …
NORTH BERGEN, N.J. — CBRE has brokered the sale of a 30,000-square-foot development site in the New York City suburb of North Bergen. The site is located at 8709 River Road, across from the Edgewater Harbor lifestyle center. AIRN Management sold the community to a locally-based developer for $5.5 million. Fahri Ozturk, Richard Gatto, Zach McHale and Jeff Babikian of CBRE represented the seller and procured the buyer.
ROSELLE, ILL. — A partnership consisting of DMG Capital, JDI Realty and The Wolcott Group has acquired Roselle Luxury Apartments in the western Chicago suburb of Roselle. DMG Capital is the multifamily investment affiliate of Chicago-based Daniel Management Group (DMG). DMG has managed Roselle Luxury Apartments since September 2022. Post-acquisition, the company will continue to manage the property and will lease it through DMG Leasing. Roselle Luxury Apartments offers 72 units, all of which include two bedrooms and two full bathrooms.