DETROIT — Lument has closed on a $7.7 million Fannie Mae loan to facilitate the acquisition of Central Park Apartments, a 92-unit garden-style property located approximately a mile east of downtown Detroit. The sponsor is Greatwater Opportunity Capital. James Kelly led the transaction for Lument. The loan features a seven-year term, with 12 months of interest-only payments, a 30-year amortization and a low, fixed interest rate. In addition to funding the acquisition, the loan provides proceeds for improvements to common areas and amenities, parking repairs, and several unit renovations. The …
DALLAS — Revere Capital has hired Will Bohannan as director of capital markets. Bohannan comes to Revere Capital from Walton Global Holdings, where he served as senior vice president of national accounts. Prior to his career with Walton, Bohannan was senior vice president at ClickIPO, a finance brokerage based in Scottsdale, Arizona, and senior vice president at Torrey Capital, an investment consulting and marketing firm based in San Diego, California. Revere Capital is an institutional private credit manager based out of Dallas. In the fourth quarter of 2022, Revere Capital’s …
GREEN VALLEY, ARIZ. — FSO Capital Partners has sold Sahuarita Mission in Green Valley to WNC Apartment Ventures for $8.8 million. Northmarq arranged the sale. The 52-unit property was developed as affordable housing in 2000. Today, five units are leasing at affordable rates, reserved for renters earning at or below 50 to 60 percent of area median income (AMI). These rent restrictions are in place until July 2030. WNC Apartment Ventures is an affordable housing real estate investment firm based in Cypress, California. Sahuarita Mission is located approximately 25 miles …
DENVER — Apartment Investment and Management Co. (AIMCO), a publicly traded real estate investment trust (REIT) that trades on the New York Stock Exchange under the symbol AIV, has named R. Dary Stone chairman of the board. Stone was first appointed to Aimco’s board in December 2020, serving under various leadership roles. Stone has led several real estate companies throughout his career, including as president and chief operating officer of Cousins Properties. He continues to serve on Cousins Properties’ board as chairman of the nominating and governance committee. His current …
HAMPTON, GA. — Geosam Capital, a Florida-based investment firm and developer, will break ground in 2024 on The Grove, a 1,280-acre, mixed-use project in Hampton, about 36 miles south of Atlanta. The Grove will include approximately 7,000 residential units, ranging from multifamily complexes to single-family units and townhomes. A project cost and estimated completion date were not disclosed. Geosam has retained NELSON Worldwide and Falcon Design Consultants for land planning and civil engineering, Taylor English Duma and Hilliard Starkey Law for legal counsel and NV5 for traffic planning and engineering. …
FORT WASHINGTON, PA. — A partnership between Jefferson Apartment Group, a developer based in Northern Virginia, and New York City-based CP Capital has purchased land for a 310-unit multifamily project in Fort Washington, a northern suburb of Philadelphia. The 14-acre site at 1125 Virginia Drive, which was formerly an office building , will house five mid-rise buildings. Amenities will include a pool, outdoor grilling and dining stations, a dog park, clubroom with a bar, game room, fitness center, movie theater, coworking lounge and a movie theater. Construction is slated to …
BOSTON — New York City-based real estate investment company Tishman Speyer has acquired The Eddy, a 259-unit apartment complex in East Boston, for $135 million. The 17-story, waterfront property was originally built in 2016 and offers studio, one- and two-bedroom units. Amenities include an outdoor deck with a pool, lounge with a chef’s kitchen and pool table, rooftop terrace and a fitness center. Seafood restaurant ReelHouse occupies the retail space at the tower’s base through a long-term lease. The Eddy is located approximately three miles from the Downtown and Seaport …
MILWAUKEE — CBRE has arranged the sale of an 11-property portfolio totaling 784 units in metro Milwaukee for an undisclosed price. The portfolio includes: Sunburst Apartments and Howard Green Apartments in Greenfield; Newbury Place Apartments in Oak Creek; and 376 units across eight assets in Shorewood and Milwaukee. A 2,520-square-foot building leased to Einstein Bros. Bagels in Shorewood was also included in the sale. Patrick Gallagher, Matson Holbrook and Gretchen Richards of CBRE represented the seller, Blankstein Enterprises and several affiliated entities. Blankstein is a Milwaukee-based, family-owned investment and property …
WEST COVINA, CALIF. — Institutional Property Advisors (IPA) has arranged the sale of South Hills Apartments, an 85-unit property in West Covina for $38.3 million. The seller was NextGen Properties Group, which 1031 exchanged the proceeds to buy Alivia Apartments in Whittier, California. HFH Ltd, also a 1031 exchange investor, was the buyer. IPA’s Kevin Green, Joseph Grabiec and Greg Harris as well as Marcus & Millichap’s Tyler Leeson, Mathew Kipp and Nick Kazemi represented the seller and secured the buyer. South Hills Apartments was built in 1966 on approximately …
BOUND BROOK, N.J. — Accurate has begun leasing Citizen Bound Brook, a 105-unit property located in Bound Brook, New Jersey. The development was designed by Jarmel Kizel Architects & Engineers. The property offers studio, one- and two-bedroom units with stainless steel appliances, quartz countertops and tile backsplashes. Resident amenities include a clubroom, fitness center and a landscaped terrace. The building also houses 5,000 square feet of street-level retail space. Rents start at approximately $1,600 per month for a studio.