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Kairoi Metro Center in Aurora, Colorado
ColoradoDevelopmentFinanceNewsWestern

JLL Brokers Financing for Kairoi Metro Center in Denver Suburb

by Channing Hamilton

AURORA, COLO. — JLL Capital Markets has arranged a construction loan and advised on the joint-venture equity placement for the development of Kairoi Metro Center, a 419-unit community in the Denver suburb of Aurora. Leon McBroom, Travis Anderson and Kevin Barron represented the borrower, Kairoi Residential, in securing the six-year, floating-rate loan through a two-bank syndication. Kairoi Metro Center will feature one-, two- and three-bedroom units with an average size of 831 square feet. The property will also include two small urban parks. The project is slated to deliver in …

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Journal Square Urby in Jersey City, New Jersey
DevelopmentNew JerseyNewsNortheast

Urby Tops Out 25-Story Residential Tower in Jersey City, New Jersey

by Channing Hamilton

JERSEY CITY, N.J. — Urby, a joint venture between Ironstate Development and Brookfield Properties, has topped out Journal Square Urby in Jersey City. The development rises 265 feet and will offer 317 units across 25 stories at full build-out. Units will come in studio, one-, two- and three-bedroom floor plans. Amenities include a pool, fitness center with a yoga studio, rooftop garden, outdoor grilling and dining areas, a lobby café and a dog park. Dutch architecture firm Concrete and New York City-based HLW designed the project. Journal Square Urby is slated …

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Investment SalesNewsTexas

Marcus & Millichap Brokers Sale of Two Communities in San Angelo, Texas

by Channing Hamilton

SAN ANGELO, TEXAS — Marcus & Millichap has brokered the sale of a portfolio of two multifamily properties — Capri Apartments and Bryant Place — in the West Texas city of San Angelo. William Stover Jr. of Marcus & Millichap represented the seller, a limited liability company, in the transaction. Additional terms of sale were not disclosed. Capri Apartments is located at 608 W Ave M, while Bryant Place is located at 1521 S Bryant Blvd.

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Pinnacle 411 in Hollywood, Florida
Affordable HousingDevelopmentFinanceFloridaNewsSoutheast

Pinnacle Secures $47.8 Million to Build Second Phase of Affordable Project in Hollywood, Florida

by Channing Hamilton

HOLLYWOOD, FLA. — Pinnacle has secured $47.8 million in financing to build the second phase of Pinnacle 441, an affordable housing community in Hollywood. The first phase of the project comprises 113 affordable units and 8,000 square feet of commercial space. Phase two of Pinnacle 441 will rise eight stories on a 1.7-acre site just west of the first phase. The development will offer 100 one-, two- and three-bedroom units that will be affordable to tenants earning up to 60 percent of the area median income. Construction will begin in September and is …

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Mountain Island in Charlotte, N.C.
DevelopmentFinanceNewsNorth CarolinaSoutheast

JLL Arranges $43.9 Million for Construction of Mountain Island in Charlotte, North Carolina

by Channing Hamilton

CHARLOTTE, N.C. — JLL Capital Markets has arranged $30 million in construction financing for the development of Mountain Island in Charlotte. The borrower was Waypoint Residential. JLL also arranged $13.9 million in preferred equity through FCP. The development is situated northwest of downtown Charlotte. Mountain Island will offer one-, two- and three-bedroom units with vinyl plank flooring, walk-in closets, balconies or patios, stainless steel appliances and in-unit washers and dryers. Amenities will include a clubhouse, pool, fitness center, grilling area and dog park. A development timeline for the project was not …

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ArizonaInvestment SalesNewsWestern

Orion Investment Real Estate Brokers $87.8 Million Sale of Aerie Happy Valley in Phoenix

by Channing Hamilton

PHOENIX — Orion Investment Real Estate has arranged the sale of Aerie Happy Valley in Phoenix. The buyer and seller were not disclosed, but the asset traded hands for $87.8 million. Aerie Happy Valley comprises 214 apartments in a mix of 55 one-bedroom, 101 two-bedroom and 58 three-bedroom units. Linda Fritz-Salazar and Angelessa Ritchie of Orion Investment Real Estate brokered the transaction.

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FinanceInvestment SalesNewsTexas

Colliers Provides $16.5 Million Acquisition Loan for The Chandler in Grand Prairie, Texas

by Channing Hamilton

GRAND PRAIRIE, TEXAS — Colliers Mortgage has provided a $16.5 million Fannie Mae acquisition loan for the Chandler, a 164-unit community in Grand Prairie, between Dallas and Fort Worth. Robert Siddall, William Givens, Shawn Givens and Ken Higgins of Colliers Mortgage originated the financing, which features a five-year term and a 35-year amortization schedule. The borrower was Dallas-based private equity firm Reap Capital. The Chandler offers one-, two- and three-bedroom units. Amenities include a pool and a playground.

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Article No. 7 in North Saint Paul, Minnesota
DevelopmentMidwestMinnesotaNews

Tareen Development Partners Breaks Ground on Article No. 7 in North Saint Paul, Minnesota

by Channing Hamilton

NORTH SAINT PAUL, MINN. — Tareen Development Partners has broken ground on Article No. 7, an 82-unit complex in the northeast Minneapolis suburb of North Saint Paul. Units will come in one- and two-bedroom floor plans. Amenities will include a fitness center, community spaces and underground parking. The development team for the project also includes Bauer Construction, Momentum Design, Sail Management and the City of North Saint Paul. The building is slated for completion in fall of 2024.

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BerkadiaCaliforniaInvestment SalesNewsWestern

Berkadia Arranges Sale of 348-Unit Broadstone Cavorain Laguna Niguel, California

by Channing Hamilton

LAGUNA NIGUEL, CALIF. — Berkadia Institutional Solutions has brokered the sale of Broadstone Cavora in Laguna Niguel. A California-based investor acquired the property for an undisclosed price. Derrek Ostrzyzek, Rachel Parsons and Tom Moran of Berkadia Irvine, Calif., represented the undisclosed seller in the deal. Broadstone Cavora offers 348 apartments with walk-in closets, private patios and in-unit washers and dryers. Amenities include a resident clubhouse, pool, fitness center, rooftop sun terrace, game room and leisure lawn.

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DevelopmentFinanceNewsNorth CarolinaSoutheast

FCP Provides $13.9 Million for Easton at Mountain Island in Charlotte, North Carolina

by Channing Hamilton

CHARLOTTE, N.C. — FCP has provided $13.9 million in preferred equity for the development of Easton at Mountain Island, a 240-unit community in Charlotte. FCP provided the capital to the developer, Waypoint Residential, through its Structured Investments platform Easton at Mountain Island will be situated on 20 acres along Garron Point Dr., near the Catawba River and Charlotte Douglas International Airport.

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