NEW YORK CITY — JLL has arranged the $10.2 million sale of property at 788 Riverside Drive in the Washington Heights area of Manhattan. The building comprises 62 units across 11 stories. Units come in two- and three-bedroom floor plans with an average size of 1,025 square feet. Of the total unit count, 53 are rent-stabilized, five are rent-controlled and four are rented at market rates. The buyer and seller were both family offices that requested anonymity. Paul Smadbeck and Hall Oster of JLL brokered the deal.
MANITOWOC, MCFARLAND AND MADISON, WIS. — Marcus & Millichap has arranged the sale of a 158-unit multifamily portfolio in Wisconsin. The properties include Benley Manor, Central Park West, Woodland Commons and The Trafalgar Apartments. Matthew Whiteside of Marcus & Millichap represented the seller and the buyer. Both parties were private investors. Benley Manorf and Central Park West are both located in Manitowoc, a city on Lake Michigan. The properties were built between 1996 and 1998 and offer townhome-style units. Woodland Commons is a community in McFarland that was built between …
TUCSON, ARIZ. — Sanders and Amos has begun pre-leasing Casitas Catalina in Tucson. The $50 million project offers 194 single-family rental units on a 19-acre site. Units come in one-, two- and three-bedroom floor plans with pre-installed Wi-Fi, covered parking and personalized door keys. The developer expects to complete the project in early 2024. The first move-ins are slated for December 2023. MEB Management Services will serve as the property manager.
LOS ANGELES — CIM Real Estate Debt Solutions, a subsidiary of CIM Group, has closed on a $47.5 million loan to refinance The View, a 168-unit building in the Koreatown neighborhood of Los Angeles. The borrower was a joint venture between MWest Holdings and BGO. Originally built in 1965, The View offers 168 apartments across 13 stories. Units come in studio, one- and two-bedroom layouts. CIM Group acquired the property after a comprehensive renovation in August 2013. MWest and BGO then purchased The View in December 2018.
NEW YORK CITY — Locally based brokerage firm Rosewood Realty Group has negotiated the sale of a portfolio of three buildings in Brooklyn’s Williamsburg neighborhood. The four-story building at 313 S. Fourth St. was built in 1915 and totals 12 units, and the two-building complex at 431-433 Wythe Ave. was constructed in 1920 and totals 16 units. Edifice Management acquired the portfolio from a private investor for $8.9 million. Ben Khakshoor, Reoven Elharar and Alex Fuchs of Rosewood Realty represented the seller and procured the buyer.
NEW YORK CITY — Newmark Group has appointed Sharon Karaffa to the role of President of Multifamily Debt & Structured Finance. In this role, Karaffa will oversee all aspects of Multifamily Debt & Structured Finance, focusing on revenue growth, business development and client and lender relationships. She will lead Newmark Group’s Fannie Mae, Freddie Mac and FHA lending platforms. Karaffa is also responsible for developing synergies and cross-collaboration among Newmark’s Multifamily Capital Markets’ Investment Sales and Debt & Structured Finance teams. Prior to joining Newmark Group in 2017, Karaffa served as …
SILVER SPRING, MD. — Green Street Housing and TM Associates Development have broken ground on Sligo Apartments, an affordable housing development in Silver Spring. All 102 units at the community will be available at restricted rents. The project is financed through a Low Income Housing Tax Credit (LIHTC) investment from Hudson Housing Capital and Capital One, who is also providing the permanent debt financing, as well as loans from the Maryland Department of Housing and Community Development.
WEST MELBOURNE, FLA. — Venterra Realty has acquired Avasa Hammock Landing, a 300-unit community in West Melbourne. Avasa Hammock Landing was recently built in 2023. The garden-style community offers one-, two- and three-bedroom apartments. Units range from 769 to 1484 square feet in size. Amenities include a pool, pavilion with grills and TVs, hammock lawn, fitness center, yoga studio, remote workspaces, dog park and dog wash station. Venterra Realty plans to implement several resident-focused programs, including a 48-hour maintenance guarantee.
FAYETTEVILLE, GA. — Parkland Communities has received zoning approval from the City of Fayetteville’s Planning & Zoning Commission the development of Morgan Park, a 124-unit build-to-rent community. Situated on 9.3 acres roughly 22 miles outside of Atlanta, Morgan Park will offer two- and three-bedroom townhome-style units. Each unit will include a clubhouse, pool, cabana and dedicated mail kiosk. Monthly rental rates at the community will begin at $2,400. A construction timeline for the project was not disclosed.
CHICAGO — Breneman Capital has purchased Ashland Place, a 47-unit property located at 33 S. Ashland Ave. in Chicago’s West Loop neighborhood. The purchase price and seller were not disclosed. Ashland Place was built in 2018 and features two one-bedroom units and 45 two-bedroom units. Breneman Capital assumed a loan on the property that features a 73.5 percent loan-to-value ratio, a fixed interest rate of 4.6 percent and roughly five years of remaining term. Dwelle Properties will manage the asset.