TACOMA, WASH. — KeyBank Community Development Lending and Investment (CDLI) has provided a $14.6 million construction loan for New Life Homes, a 60-unit low-income housing project in Tacoma’s Hilltop neighborhood. National Equity Fund (NEF) provided LIHTC equity. Caleb Stephens of KeyBank CDLI structured the loan. Shiloh Baptist Church, with Beacon Development Group as consultant, is developing New Life Homes. With the assistance of Tacoma Housing Authority, the church has leveraged several public funding sources along with tax credits and traditional financing to construct New Life Homes. New Life Homes will be …
SPRINGFIELD, N.J. — Garden Communities has begun pre-leasing for the townhome phase of The Metropolitan in Springfield. The Metropolitan offers 47 townhomes in two- and three-bedroom floor plans. Monthly rents for the townhomes begin at $6,945. The first units are expected to be ready for occupancy before the end of 2023. Future project phases include a 223-unit apartment building and 5,000 square feet of retail space. Amenities include a daytime concierge, coffee bar, community room, co-working spaces, fitness center, EV chargers, a pool and an outdoor kitchen.
DALLAS — Conor Commercial Real Estate will develop The Flynn at Live Oak, a 327-unit project in Dallas. The building will rise five stories at 4931 Live Oak St. Units come in studio, one- and two-bedroom floor plans. Planned amenities include co-working space with private offices and standing desks, a mini-mart, pool, two courtyards and a dog park. The first apartments are slated to deliver in spring of 2025. The development is a joint venture investment between Conor Commercial Real Estate, Globe Corp., and Origin Investments. JLL’s Dallas office arranged …
MIRAMAR, FLA. — ZOM Living has brokered the sale of Sorrento, an affordable housing complex in Miramar, to Related Cos. for an undisclosed price. Sorrento offers 320 garden-style units to households earning at or below 50 to 60 percent of the area median income. Units come in one-, two- and three-bedroom layouts. Rents range from $826 for a one-bedroom unit to $1,382 for a three-bedroom apartment. The property was originally financed through the federal Low Income Housing Tax Credit program, along with various state and county debt financing programs.
SARASOTA, FLA. — Berkadia has arranged the sale of Reserve at Palmer Ranch, a 320-unit community located at 4100 Winners Circle in Sarasota. Built in 1990, Reserve at Palmer Ranch features two- and three-bedroom units, as well as a fitness studio, two pools, bark park, car care center and a courtyard with communal games. Strategic Holdings sold the asset to MLG Capital. Berkadia’s Jason Stanton, Cole Whitaker and David Etchison represented the seller in the deal. John Koeijmans of Berkadia’s Dallas office arranged financing on behalf of the buyer. The …
LEAGUE CITY, TEXAS — Cushman & Wakefield has brokered the sale of two communities, Amalfi at Tuscan Lakes and Sorrento at Tuscan Lakes, in League City. John Carr, Jennifer Campbell, Ben Fuller, Josh Hoffman, Avery Klatt, Asher Hall and Grant Raymond of Cushman & Wakefield represented the seller in the transaction. Both communities were sold by Sachs Cos. Amalfi Tuscan Lakes is located at 1450 E League City Parkway and comprises 328 units. Sorrento at Tuscan Lakes offers 204 units at 1455 Louisiana Ave. Both communities were built in 2008 …
ANAHEIM, CALIF. — CBRE has arranged the sale of two communities in Anaheim. The properties total 20 units and were sold to two separate buyers for over $5.5 million. A property at 1121-1125 West Fay Lane traded hands for $2.9 million. CBRE’s Dan Blackwell, Andrew Boukather and Amanda Fielder represented the seller, a private investor based in Orange County. Blackwell and CBRE’s Sean Farag also represented the buyer, a repeat client also based in Orange County. The asset was built in 1964 and comprises 12 units across two buildings. Units …
BROKEN ARROW, OKLA. — Berkshire Lane Development Partners will build Berkshire @1Eleven, a 182-unit garden-style project in the southeast Tulsa suburb of Broken Arrow. Berkshire @1Eleven will offer one- and two-bedroom units, which feature stainless steel appliances, quartz countertops and individual washers and dryers. Amenities will include a pool, fitness center, and green spaces. The first units are expected to be available for occupancy in summer 2025.
MESA, ARIZ. — Mark-Taylor Residential has opened Peralta Vista, an eco-conscious single-family rental project in Mesa. Located at 526 N Ellsworth Rd., Peralta Vista features one- and two-bedroom units homes built with sustainable materials to reduce energy costs and usage by more than 40 percent. According to the property website, amenities include a pool, lounge area, fitness center, game lawn, clubhouse, EV chargers and smart home technology.
DES MOINES, WASH. — Institutional Property Advisors has arranged the sale of two properties in Des Moines. Spinnaker Landing, a 66-unit property built in 1987, and Regatta, an 86-unit asset constructed in 1983 traded for a total of $34.4 million. Both communities feature garden-style units. Philip Assouad, Giovanni Napoli, Nicholas Ruggiero, Ryan Harmon, and Anthony Palladino represented the sellers, Spinnaker Landing Apartments LLC and Regatta Apartments LLC, and procured the buyer, a private Los Angeles-based owner.