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Regatta in Des Moines, Washington
Investment SalesNewsWashingtonWestern

Institutional Property Advisors Arranges $34.4 Million Sale of Two Properties in Des Moines, Washington

by Channing Hamilton

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.

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Madison Druid Hills in Atlanta
GeorgiaInvestment SalesNewsSoutheast

Equus Capital Sells 500-Unit Madison Druid Hills in Atlanta

by Channing Hamilton

ATLANTA — Equus Capital Partners Ltd. (Equus Capital) has sold Madison Druid Hills, a 500-unit garden-style community in Atlanta’s Druid Hills neighborhood. The company sold the asset on behalf of its Equus Investment Partnership X LP investment vehicle. David Gutting of Newmark represented Equus Capital in the deal. The buyer was not disclosed. Since its acquisition of Madison Druid Hills in 2017, Equus Capital completed a multimillion-dollar capital improvement program that included new roofs, exterior paint, clubhouse renovations, the addition of a dog park and green upgrades, including water efficient …

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Jefferson Monrovia in Monrovia, California
CaliforniaDevelopmentNewsWestern

JPI Breaks Ground on 296-Unit Jefferson Monrovia in Monrovia, California

by Channing Hamilton

MONROVIA, CALIF. — JPI has broken ground on Jefferson Monrovia, a five-story development in Monrovia. Jefferson Monrovia comprises 296 units in studio, one- and two-bedroom floor plans. Units will feature stainless steel appliances, gas ranges, patios and balconies, quartz countertops and in-unit washers and dryers. Amenities include a co-working lounge, clubroom, fitness center, game room, rooftop deck, pool and spa. First occupancy for Jefferson Monrovia is slated for early 2025. The development team also includes TCA Architects as the architect, PBA Engineering as structural engineer and Fuscoe Engineering Inc. as …

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Icon at Yorktown in Houston
Investment SalesNewsTexas

Institutional Property Advisors Brokers Sale of Icon at Yorktown in Houston

by Channing Hamilton

HOUSTON — Institutional Property Advisors (IPA) has arranged the sale of Icon at Yorktown, a 115-unit property in Houston. IPA’s Travis Austin, Greg Austin, Jackson Hart, Drew Kile and Will Balthrope represented the seller and procured the buyer. The buyer and seller were not disclosed. Icon at Yorktown was built in 2021 on three acres within Houston’s master-planned Copperfield community. Amenities include carports, EV chargers, a pool, fitness center and clubhouse.

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Sage West Loop in Chicago
DevelopmentIllinoisLeasing & MarketingMidwestNews

Tandem Partners Opens 18-Story Sage West Loop in Chicago’s West Loop Neighborhood

by Channing Hamilton

CHICAGO — Tandem Partners has opened Sage West Loop, an 18-story mixed-use development in Chicago’s West Loop neighborhood. The high-rise building comprises 196 studio, one- and two-bedroom units, as well as 1,806 square feet of retail space and 70 parking spaces. Amenities include co-working spaces, a fitness center, game room and outdoor sky terrace with grilling stations and firepits. Tandem Construction was the general contractor on the project. KTGY served as the design architect, and Antunovich Associates was the architect of record.

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Heyday Oak Creek in Oak Creek, Wisconsin
Build-to-RentDevelopmentMidwestNewsWisconsin

Heyday Breaks Ground on Build-to-Rent Community in Milwaukee Suburb

by Channing Hamilton

OAK CREEK, WIS. — Heyday has broken ground on Heyday Oak Creek, a 130-unit build-to-rent community in the Milwaukee suburb of Oak Creek. Each unit features an attached two-car garage with personal electric vehicle charging outlets, as well as a private patio or covered porch. Floor plans come in one-, two- and three-bedroom layouts ranging from 832 to 1,701 square feet. Amenities include bike and walking paths, as well as a dog park and community garden.

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30 Morningside in New York City
Architecture & DesignDevelopmentNew YorkNewsNortheast

CetraRuddy Redevelops Historic Hospital in New York City into 204-Unit Community

by Channing Hamilton

NEW YORK CITY — Locally-based architecture and interior design firm CentraRuddy is converting the historic St. Luke’s Hospital complex in New York City into a 204-unit community called 30 Morningside. The campus includes five buildings that were originally designed by Ernest Flagg and built between 1896 and 1928. According to CentraRuddy, the redevelopment project aims to restore the French Renaissance Revival-style buildings while taking advantage of Flagg’s original designs to maximize access to light and air. A development timeline for the project was not disclosed, but a tour of the …

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Investment SalesNewsTexas

SPI Advisory Acquires Hawthorne Riverside in New Braunfels, Texas

by Channing Hamilton

NEW BRAUNFELS, TEXAS — SPI Advisory has acquired Hawthorne Riverside, a 164-unit complex in the northwest San Antonio suburb of New Braunfels. The seller and sales price were not disclosed. Built in 1995, the property offers one- and two-bedroom units and amenities such as a pool, fitness center, volleyball court, cybercafé, pet park, resident clubhouse, business center and outdoor grilling and dining stations. SPI Advisory plans to implement a value-add program and rebrand the property as Riverbend Apartments.

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Investment SalesMidwestMinnesotaNews

Marcus & Millichap Brokers $5 Million Sale of Phalen Shores in St. Paul, Minnesota

by Channing Hamilton

ST. PAUL, MINN. — Marcus & Millichap has brokered the $5 million sale of Phalen Shores, a 53-unit property in St. Paul. Abe Roberts and Michael Jacobs of Marcus & Millichap represented the seller and buyer, neither of which were disclosed. Phalen Shores was built in 1987. The five-story building features a fitness center, outdoor spaces and an underground heated garage.

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DevelopmentLeasing & MarketingNew JerseyNewsNortheast

Paramount Assets Opens Frontier Flats in Plainfield, New Jersey

by Channing Hamilton

PLAINFIELD, N.J. — Paramount Assets, a Newark-based property ownership, management and development firm that specializes in restoring historic buildings and urban redevelopment projects, has opened Frontier Flats in downtown Plainfield. The building is the redevelopment of the former Rosenbaum’s Department Store, which opened in 1927 and closed in the mid-1980s. Frontier Flats now offers 35 market-rate units, an interior courtyard and retail space. The community is currently more than 60 percent leased.

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