CARMEL, IND. — CREC Real Estate has sold its stake in VER at Proscenium, a 196-unit community located at the intersection of Rangeline Road and West Carmel Drive in the Indianapolis suburb of Carmel. CREC Real Estate acquired the stake in 2019, prior to the project’s construction. VER at Proscenium was completed in 2021. The complex comprises four buildings and offers studio, one- and two-bedroom floor plans. Amenities include a fitness center, pool, putting green, multi-sport virtual simulator and club area with a beer tap. The property also includes commercial space, …
OAKLAND, CALIF. — East Bay Asian Local Development and Abode Housing Development have broken ground on The Phoenix, a 101-unit affordable housing development in Oakland. The project will develop a former industrial manufacturing site into a 44,179-square-foot residential building and a 7,300-square-foot community building with amenities such as a computer lab, community rooms, bike storage and social service offices. Units will come in studio-, one- and two-bedroom floor plans. Half of the units will be reserved for formerly unhoused individuals earning between 15 and 30 percent of the area median …
GARLAND, TEXAS — Global Real Estate Advisors (GREA) has negotiated the sale of Woods Edge Apartments, a 109-unit complex in the northeastern Dallas suburb of Garland. Entrust Investment Group sold the asset to an undisclosed, out-of-state buyer. Mark Allen of GREA represented the seller and procured the buyer. Woods Edge Apartments was originally built in the 1960s and offers one-, two- and three-bedroom units.
BELLEVILLE, N.J. — The Kislak Co. Inc. has negotiated the $11.8 million sale of Brighton Estates, a 95-unit property in Belleville, five miles north of Newark, New Jersey. Tom Scatuorchio of The Kislak Co. represented the seller in the deal. Andrew Scheinerman of The Kislak Co. procured the buyer. Both parties requested anonymity. Brighton Estates was built in 1962 and recently renovated. The community comprises 95 units across three two-story buildings. The unit mix includes 13 studios, 66 one-bedroom units and 16 two-bedroom units.
CLEVELAND, OHIO — The NRP Group has opened The Davis Apartments, a 52-unit affordable housing in Cleveland’s Glenville neighborhood. Ohio Finance Housing Agency, RiverHills Bank and PNC Bank provided funding for the community’s development. The Davis Apartments was built on the site of the former Harry E. Davis Elementary School, which had been vacant since 2006. The property is named after Harry E. Davis, a Cleveland native who served four consecutive terms in the Ohio State House before becoming the first African American member of the Cleveland Civil Service Commission …
RICHMOND, VA. — Cushman & Wakefield | Thalhimer’s Capital Markets Group has brokered the sale of a two-property, adaptive reuse portfolio in Richmond’s historic Shockoe Slip submarket. The portfolio includes The Bowers Building and 1206 Shockoe Lane. 1206 Shockoe Lane LLC sold the buildings to Thalhimer Realty Partners for $6.2 million. The Bowers Building was originally built in 1880 as the headquarters for a national coffee and tea manufacturer. In 1977, 1206 Shockoe Lane LLC redeveloped the property into 16 apartments over ground-floor commercial spaces. Directly behind the Bowers Building …
HOUSTON — Allied Orion Group has named David Nargang as president of the company’s property management division. In this position, Nargang will oversee the daily operations of the firm’s property management portfolio, which comprises more than 35,000 units across the nation. He will also supervise the property management team. Prior to joining Allied Orion Group, Nargang also served as president at McCormack Baron Management, where he oversaw the management of more than 23,000 multifamily units across 26 states. He has held senior positions at various organizations such as NRP Group, …
DES PLAINES, ILL. — JVM Realty Corp. has acquired Ellison Apartments, a 113-unit complex in the Chicago suburb of Des Plaines, for an undisclosed price. John Jaeger of CBRE brokered the deal. The seller was undisclosed. Ellison Apartments was built in 2019 and features a variety of floor plans averaging 894 square feet. Amenities include a spa pool, sundeck, clubroom, business center, fitness center, pet spa, bike room and indoor garage parking.
NEWVILLE, PA. — Northmarq has negotiated the sale of Big Spring Terrace, a 159-unit manufactured housing community in Newville, about 140 miles west of Philadelphia. Anthony Pino and Ari Azarbarzin represented the seller, Big Springs Properties, in the transaction. The buyer and sales price were not disclosed. Big Spring Terrace was originally built in 1975 on a 94-acre site. The property was roughly 94 percent occupied at the time of sale.
LAS VEGAS — NewPoint Real Estate Capital has provided $17.5 million in Fannie Mae DUS financing for the acquisition of Intrigue Apartments, a 193-unit workforce housing community in Las Vegas. David Bleiweiss originated the loan, which featured a seven-year term with four years of interest only followed by a 30-year amortization schedule. NewPoint provided the loan through Fannie Mae’s Sponsor-Dedicated Workforce (SDW) program. Through the SDW program, borrowers receive lower interest rates and streamlined underwriting by agreeing to keep a minimum of 20 percent of units affordable at 80 percent …