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Intrigue Apartments in Las Vegas
CaliforniaFinanceInvestment SalesNewsWestern

NewPoint Provides $17.5 Million in Acquisition Financing for Intrigue Apartments in Las Vegas

by Channing Hamilton

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 …

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DevelopmentMassachusettsNewsNortheast

Wood Partners Breaks Ground on 276-Unit Alta French Hill in Marlborough, Massachusetts

by Channing Hamilton

MARLBOROUGH, MASS. — Wood Partners has broken ground on Alta French Hill, a 276-unit community in Marlborough. Situated at 303 Lincoln Street and neighboring the Assabet River Rail Trail, Alta French Hill will offer one-, two- and three-bedroom layouts. Amenities include a fitness center, resident lounges, two courtyards with a pool, games, grilling areas and a dog park. The property also includes 10,000 square feet of retail space. The project is slated to begin pre-leasing in 2024, with first move-ins expected in February 2025. Wood Partners also plans to develop …

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DevelopmentNewsNortheastPennsylvania

Dwight City Group Opens 84-Unit Adaptive Reuse Project Near Philadelphia

by Channing Hamilton

UPPER DARBY, PENN. — Dwight City Group, the real estate investment affiliate of Dwight Capital, has opened 901 Quarry, the adaptive reuse of a former 125,000-square-foot warehouse in the Philadelphia suburb of Upper Darby. The building was originally constructed in 1925 and had been dormant for over three decades. 901 Quarry offers 84 units in one- and two-bedroom floor plans. Amenities include onsite parking, a playground and a dog park that will be completed next Spring.

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FinanceNewsNorth CarolinaSoutheast

NewPoint Provides $58 Million to Refinance Community in Durham, North Carolina

by Channing Hamilton

DURHAM, N.C. — NewPoint Real Estate Capital has arranged a $58 million Freddie Mac conventional multifamily loan to refinance a community in North Carolina’s Research Triangle area. NewPoint’s Mike Ortlip originated the loan, which features a five-year, fixed-rate term with full interest-only payments. Situated just outside of Durham, the asset was developed in two phases and offers one-, two-, and three-bedroom units. Amenities include a pool, a fitness center, game room, business center, playground, pet park, grilling areas and a multi-sports court.

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21901 Stratford Place Blvd. in Brownstown, Michigan
Investment SalesMichiganMidwestNews

Friedman Real Estate Brokers $25.7 Million Sale of 180-Unit Complex in Brownstown, Michigan

by Channing Hamilton

BROWNSTOWN, MICH. — Friedman Real Estate has negotiated the sale of a 180-unit community located at 21901 Stratford Place Blvd. in Brownstown, a southern suburb of Detroit. Four Corners Development Group acquired the asset from an undisclosed seller for $25.7 million. Friedman Real Estate’s Peter Jankowski and Rich Deptula represented both the buyer and seller in the deal.

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Investment SalesNewsTexas

Newmark Brokers Sale of 68-Unit South Congress Commons in Austin, Texas

by Channing Hamilton

AUSTIN, TEXAS — Newmark has brokered the sale of South Congress Commons, a 68-unit complex located north of downtown Austin. An affiliate of locally based owner-operator Narrow Road Group purchased the asset from Firm Capital for an undisclosed price. Chase Easley of Newmark represented the seller in the deal. Anthony Tarter, also with Newmark, arranged an undisclosed amount of acquisition financing on behalf of the buyer. Situated in Austin’s city’s South Congress area, the property features studio and one-bedroom units. Amenities include a dog park, courtyard, outdoor grilling and dining …

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Affordable HousingArizonaDevelopmentNewsWestern

Greenlight Communities Breaks Ground on 159-Unit Project in Phoenix

by Channing Hamilton

PHOENIX — Greenlight Communities has broken ground on a 159-unit affordable housing community located at 33455 N. North Valley Parkway in Phoenix. The project will offer 59 studios, 66 one-bedroom units and 34 two-bedroom units. The property will feature three courtyards with various amenities. With the community situated between charter schools, Greenlight Communities plans to support the local education system by offering housing options to families seeking high-quality education for their children. The project is set to begin leasing in October 2024. Income restrictions were not disclosed.

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419 W. 4th Ave. in Escondido, California
CaliforniaInvestment SalesNewsWestern

CBRE Negotiates $1.4 Million Sale of Property Near Historic Downtown Escondido, California

by Channing Hamilton

ESCONDIDO, CALIF. — CBRE has brokered the sale of a property at 419 W. 4th Ave. in Escondido. Dan Blackwell and Amanda fielder represented the San Diego-based seller in a 1031 exchange. The buyer was based in Orange County, California. Built in 1981, the building rises two stories on 0.17 acres near Escondido’s historic downtown area. The community consists of three one-bedroom units, two two-bedroom units and an on-site laundry facility. The property underwent exterior renovations, including a new roof, earlier this year.

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Investment SalesLouisianaNewsSoutheast

Marcus & Millichap Brokers Sale of Olde Salem Village in Shreveport, Louisiana

by Channing Hamilton

SHREVEPORT, LA. — Marcus & Millichap has arranged the sale of Olde Salem Village, a 200-unit community in Shreveport. Continental Foundation Inc. sold the asset to an entity doing business as Thara Properties LLC for an undisclosed price. John Hamilton, Bryan Sisk and David Dorris of Marcus & Millichap represented the seller in the deal. Olde Salem Village was built in 1984 on 14.5 acres. Amenities include a clubhouse, pool and a basketball/tennis court.

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DevelopmentLeasing & MarketingNewsNorth CarolinaSoutheast

Woodfield Development Opens The Cordelia in Wilmington, North Carolina

by Channing Hamilton

WILMINGTON, N.C. — Woodfield Development has opened The Cordelia, a 426-unit community on the coast of Wilmington, for leasing. The property offers units in studio, one-, two- and three-bedroom layouts. Amenities include a pool with cabanas, indoor and outdoor fitness center, dog park and dog spa, co-working space, game room, pickleball courts, a community walking trail, resident lounge, gas grills and outdoor dining spaces. Shelton Taylor was the interior designer for the project. According to Woodfield Development, The Cordelia was named after a mythical daughter of the sea to pay …

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