UPPER DARBY, PENN. — Dwight City Group, the real estate investment affiliate of Dwight Capital, has opened 901 Quarry, the adaptive reuse of a former 125,000-square-foot warehouse in the Philadelphia suburb of Upper Darby. The building was originally constructed in 1925 and had been dormant for over three decades. 901 Quarry offers 84 units in one- and two-bedroom floor plans. Amenities include onsite parking, a playground and a dog park that will be completed next Spring.
DURHAM, N.C. — NewPoint Real Estate Capital has arranged a $58 million Freddie Mac conventional multifamily loan to refinance a community in North Carolina’s Research Triangle area. NewPoint’s Mike Ortlip originated the loan, which features a five-year, fixed-rate term with full interest-only payments. Situated just outside of Durham, the asset was developed in two phases and offers one-, two-, and three-bedroom units. Amenities include a pool, a fitness center, game room, business center, playground, pet park, grilling areas and a multi-sports court.
BROWNSTOWN, MICH. — Friedman Real Estate has negotiated the sale of a 180-unit community located at 21901 Stratford Place Blvd. in Brownstown, a southern suburb of Detroit. Four Corners Development Group acquired the asset from an undisclosed seller for $25.7 million. Friedman Real Estate’s Peter Jankowski and Rich Deptula represented both the buyer and seller in the deal.
AUSTIN, TEXAS — Newmark has brokered the sale of South Congress Commons, a 68-unit complex located north of downtown Austin. An affiliate of locally based owner-operator Narrow Road Group purchased the asset from Firm Capital for an undisclosed price. Chase Easley of Newmark represented the seller in the deal. Anthony Tarter, also with Newmark, arranged an undisclosed amount of acquisition financing on behalf of the buyer. Situated in Austin’s city’s South Congress area, the property features studio and one-bedroom units. Amenities include a dog park, courtyard, outdoor grilling and dining …
PHOENIX — Greenlight Communities has broken ground on a 159-unit affordable housing community located at 33455 N. North Valley Parkway in Phoenix. The project will offer 59 studios, 66 one-bedroom units and 34 two-bedroom units. The property will feature three courtyards with various amenities. With the community situated between charter schools, Greenlight Communities plans to support the local education system by offering housing options to families seeking high-quality education for their children. The project is set to begin leasing in October 2024. Income restrictions were not disclosed.
ESCONDIDO, CALIF. — CBRE has brokered the sale of a property at 419 W. 4th Ave. in Escondido. Dan Blackwell and Amanda fielder represented the San Diego-based seller in a 1031 exchange. The buyer was based in Orange County, California. Built in 1981, the building rises two stories on 0.17 acres near Escondido’s historic downtown area. The community consists of three one-bedroom units, two two-bedroom units and an on-site laundry facility. The property underwent exterior renovations, including a new roof, earlier this year.
SHREVEPORT, LA. — Marcus & Millichap has arranged the sale of Olde Salem Village, a 200-unit community in Shreveport. Continental Foundation Inc. sold the asset to an entity doing business as Thara Properties LLC for an undisclosed price. John Hamilton, Bryan Sisk and David Dorris of Marcus & Millichap represented the seller in the deal. Olde Salem Village was built in 1984 on 14.5 acres. Amenities include a clubhouse, pool and a basketball/tennis court.
WILMINGTON, N.C. — Woodfield Development has opened The Cordelia, a 426-unit community on the coast of Wilmington, for leasing. The property offers units in studio, one-, two- and three-bedroom layouts. Amenities include a pool with cabanas, indoor and outdoor fitness center, dog park and dog spa, co-working space, game room, pickleball courts, a community walking trail, resident lounge, gas grills and outdoor dining spaces. Shelton Taylor was the interior designer for the project. According to Woodfield Development, The Cordelia was named after a mythical daughter of the sea to pay …
CAMPBELL AND UNION CITY, CALIF. — Interstate Equities Corp. (IEC) has acquired two properties in northern California for a total $41.4 million. Additionally, IEC plans to implement a value-add program for both properties, including renovations and safety improvements. IEC bought Appletree, a 72-unit property in Campbell, from Cambridge Management Cos. for $26.4 million. Built in 1971, Appletree is situated within the West Campbell neighborhood. The company also acquired Summerhill Place in Union City for $15 million through an off-market process. Summerhill Place was built in 1986 and offers 60 units on …
LYNNWOOD, WASH. — Interstate Equities Corp. (IEC) has acquired Augusta Glen, a 121-unit property in the northern Seattle suburb of Lynwood, for $28.3 million. IEC purchased the asset from a long-term family ownership group in an off-market transaction. Built in 1990, Augusta Glen is adjacent to Route 99 and proximate to the I-5 / I-405 intersection, the main North-South artery in the Seattle MSA. The new owner plans to renovate the community and improve safety features.