INDIANAPOLIS — Olive Tree Holdings, a New York-based private investment company, has begun a $6 million modernization of The Life at Creekside Reserve located in Indianapolis. Improvements to the 320-unit, garden-style complex are slated for completion in the third quarter of 2024. Situated on more than 28 acres of land, The Life at Creekside Reserve is a gated community comprised of 16 three-story buildings, and 320 units across a mix of one-, two- and three-bedroom layouts. Current amenities at the propertyinclude a daycare facility, clubhouse, fitness center, playground, laundry facilities …
CHICAGO — Locally based Kiser Group has arranged the sale of 155-unit Anderson Point in Chicago’s Andersonville neighborhood for $53 million. The transaction was arranged by Lee Kiser, Katie LeGrand and Jacob Price of Kiser Group. The buyer, Lake Street Lofts LLC, purchased the property from MCZ Edgewater Development LLC in a 1031 exchange. Anderson Point is an adaptive reuse of the Edgewater Medical Center and was transformed by the seller in 2021. Anderson Point offers a mix of studio, one-, two- and three-bedroom units. Amenities include indoor parking, in-unit …
NORTH BERGEN, N.J. — Redwood Realty Advisors has arranged the sale of a 24-unit property at 625 Kennedy Blvd. in North Bergen. Situated in New Jersey’s Gold Coast area, the asset sold for $2.5 million in an all-cash transaction. The property has had not changed hands in over 25 years. The undisclosed buyer and seller were both represented by Steven Matovski, director of Redwood Realty. All units at the 625 Kennedy Blvd. property are one-bedroom layouts. Roughly 30 percent of the units were vacant as of the close of sale. …
DALLAS — Mintwood Real Estate, MSquared and Mirasol Capital have broken ground on Oakhouse in the southwest Dallas neighborhood of Oak Cliff. An undisclosed amount of financing was provided by Independent Financial. Oakhouse will comprise 219 units, 110 of which will be reserved for households earning at or below 80 percent of the area median income (AMI). Community amenities at Oakhouse will include a rooftop lounge, pool, dog park, fitness center and co-working spaces. A construction timeline for the development was not disclosed. The project team also includes general contractor …
BUCKEYE, ARIZ. — Roers Cos. has secured financing for the development of Solana Villas, an affordable housing community in Buckeye, approximately 37 miles west of Phoenix. Funding for the project was provided by Merchants Capital and Merchants Bank of Indiana (MBI). Merchants Capital secured $90 in financing for the property, including a $33 million MBI tax-exempt construction loan, a $24 million construction loan and a $31.5 million Freddie Mac loan. Additionally, MBI provided a 4 percent LIHTC equity investment of $27.8 million. Solana Villas will sit on approximately 10.7 acres …
DALLAS — GVA Real Estate Group has sold The Lex, a 144-unit community in Dallas’ Lake Highlands neighborhood, to Los Angeles-based investment group Dunleer. IPA brokered the sale and arranged acquisition financing. The Lex was built in 1984. The property is a gated-access garden style community that offers amenities such as covered parking, outdoor grilling stations, complimentary bicycle rentals and a pool. IPA’s Taylor Hill, Drew Kile, Joey Tumminello, Michael Ware, Will Balthrope and Cameron Purse represented the seller. IPA Capital Markets’ Brian Eisendrath, Cameron Chalfant, Jake Vitta and Jesse …
JACKSONVILLE, FLA. — RangeWater Real Estate has acquired 28.6 acres in the San Jose neighborhood of Jacksonville for the development of a 280-unit property. This project, called The Maggie, will be the Atlanta-based developer’s sixth in the Jacksonville market. ParkProperty Capital is RangeWater’s equity partner. San Jose is a historic neighborhood, founded in the early 1900s, that is about 8 miles south of downtown Jacksonville. The Maggie will feature a clubhouse with a meeting space, a resident’s lounge and a fitness center with cardio, yoga and strength training equipment. The …
AUSTIN, TEXAS — PEG Cos., a commercial real estate investment firm based in Provo, Utah, has sold AVIA Sanctuary at Highland Mall to an undisclosed buyer. AVIA Sanctuary at Highland Mall is a newly converted development in Austin that previously operated as the Habitat Suites extended stay hotel. PEG Cos. purchased the property in 2020. The community now comprises 96 units and offers amenities such as a clubhouse, fitness center, co-working spaces and a pool.
HOUSTON — Berkadia has brokered the sale of Metro Greenway, a 309-unit community in central Houston. Simpson Housing, a developer and manager based in Denver, sold the property to Westdale, a real estate investment and management company based in Dallas. Berkadia’s Todd Marix, Chris Curry, Jeffrey Skipworth, Chris Young, Joey Rippel and Kyle Whitney represented the seller in the transaction. Metro Greenway was built by The Dinerstein Cos. in 2008. The property comprises four residential stories above a two-story parking podium with 504 parking spaces. Metro Greenway offers one- and …
EAST BRUNSWICK, N.J. — AMS Acquisitions, a locally-based developer, has begun leasing Summerhill Gardens, a 96-unit property located near New York City in East Brunswick. Rents start at $2,400 per month for a one-bedroom unit. Designed by Minno & Wasko Architects, the property consists of four three-story buildings that house one- and two-bedroom units, 24 of which are subject to income restrictions. Amenities include a fitness center, business center with conference facilities, outdoor courtyards, grilling and dining areas, lounge, playground and dog run.