NEW YORK CITY — Marcus & Millichap has brokered the $12.6 million sale of four properties totaling 113 units in the Harlem neighborhood of Manhattan. The buildings offer two-, three-, four- and five-bedroom apartments, as well as eight retail spaces. Seth Glasser, Michael Fusco and Benny Katz of Marcus & Millichap represented the seller and procured the buyer in the deal. Both parties were private investors that requested anonymity.
Daniel Management Group Takes Over Management of Aloft at the Glen Town Center in Glenview, Illinois
GLENVIEW, ILL. — Daniel Management Group has taken over management services at Aloft at the Glen Town Center, a 180-unit community in Glenview. Aloft at the Glen Town Center offers amenities such as a fitness center, social room and co-working spaces. Units feature full-size washers and dryers, soaking tubs and self-controlled heating/cooling. The property is located in the heart of Glenview, a city approximately 25 miles north of Chicago.
HOUSTON — Avatar Financial has provided a $6.5 million bridge loan for the refinancing of Bellfort Plaza, a 168-unit community in Houston. The borrower was an entity doing business as HSR Bellfort Plaza Apartments LLC. A.J. Funaro of Brookview Financial arranged the debt. Bellfort Plaza was built in 1961 and renovated in 2001. The borrower acquired the property in 2003. The community offers one-, two- and three-bedroom units. The borrower plans to use the proceeds to pay off a $6 million first mortgage loan and finish construction of 14 new …
LOS ANGELES — CIM Group has opened The Jayne, a six-story building located at 2555 S. Mansfield Ave. in Los Angeles’ West Adams neighborhood. The Jayne offers 69 units, with six units set aside as affordable. Income restrictions for the affordable units were not disclosed. Units come in studio and one-bedroom floor plans. Community amenities include outdoor gathering spaces, a fitness center, bike racks, storage and Amazon package lockers. The property also includes 5,453 square feet of ground-floor retail space.
PLAINFIELD, ILL. — Wingspan Development Group has sold Sixteen30, a 284-unit property in Plainfield, approximately 40 miles southwest of Chicago. The property was 95 percent occupied at the time of sale. Continental Properties was the buyer. Sixteen30 opened in August 2021. Situated at 14750 Wallin Drive, the garden-style community comprises eight buildings surrounding a 7,500-square-foot clubhouse and pool. The clubhouse was designed by Eleni Interiors and includes a great room, coffee bar, fitness center, yoga studio, co-working space, demonstration kitchen, pet spa and package room. Units range from 600 to …
BAYONNE, N.J. — Vida Capital is nearing completion of Prospect Crossing, a 44-unit project in the New York City suburb of Bayonne. The building rises five stories and offers studio, one- and two-bedroom apartments ranging from 459 to 1,210 square feet in size. Units feature stainless steel appliances, granite countertops and tile backsplashes. Amenities include a fitness center, lounge, clubrooms and co-working space. Leasing will begin later this month.
TUCSON, ARIZ. — Air Estates LLC has acquired Flores Apartments, a 20-unit community in Tucson, from 225 W Flores LLC and Colonia Properties TIC I LLC. Flores Apartments is located at 225-255 W. Flores Street. The investment property traded hands for $1.3 million. Allan Mendelsburg and C. Joey Martinez of Cushman & Wakefield | PICOR represented the seller in the transaction.
MIAMI — Mast Capital and Avalon Bay Communities have completed Avalon Merrick Park, a 254-unit property located at 3811 Shipping Ave. in the Coral Gables neighborhood of Miami. The community offers studio, one-, two- and three-bedroom apartments. Units range from 456 to 1,530 square feet in size. Amenities include a pool, fitness center, resident lounge with co-working spaces and a pet spa. Arquitectonica designed the community. First Florida was the general contractor on the project.
DALLAS — Larkspur Capital is currently underway on the development of The Juniper, a 219-unit project located at 4003 Commerce Street in the Exposition Park neighborhood of Dallas. The property is situated on 1.4-acres. The Juniper will feature studio, one- and two-bedroom units, which will range from 567 to 1,992 square feet in size. The community will also include 18 flat-style homes and a number of penthouses. Planned amenities include a pool, dog park, outdoor grilling and dining stations and a clubhouse. Corgan is the project architect, and OHT Partners …
AVONDALE, ARIZ. — Trilogy Investment Co. and Pinnacle Partners have begun horizontal construction at Rêve at Avondale Station, a build-to-rent development in the Phoenix suburb of Avondale. The community will comprise 107 units on a 15-acre site. Residences will come in two- and three-bedroom floor plans and will include smart home technology packages. Planned amenities include a clubhouse, pool and dog park. The community will also include sustainability features such as solar panels. Rêve at Avondale Station is Trilogy Investment Co.’s third project in the Avondale area and its fifth …