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4107-Connecticut-Ave-NW-DC
Investment SalesNewsNortheastWashington, D.C.

Marcus & Millichap Arranges $4.7M Sale of 21-Unit Property in Northwest D.C.

by Lynn Peisner

WASHINGTON, D.C. — Marcus & Millichap has arranged the sale of 4107 Connecticut Ave. NW, a 37-unit apartment building in the Van Ness neighborhood of Washington, D.C. The asset sold for approximately $4.7 million. Marcus & Millichap also arranged $3.5 million in acquisition financing. The seller and buyer were identified as two LLCs, Sirius and White Crest, respectively. The four-story apartment building totals approximately 14,400 rentable square feet. The unit mix includes 21 studios, seven one-bedroom units and nine two-bedroom units. Built in 1957, the building has undergone recent renovations, …

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Rise-Bluestone-Raleigh
Affordable HousingInvestment SalesNewsNorth CarolinaSoutheast

Rise48 Equity Buys Raleigh, North Carolina, Property, Plans Renovations and Institutes Rent Caps

by Lynn Peisner

RALEIGH — Rise48 Equity has acquired Atria at Crabtree Valley in Raleigh and will rebrand the property Rise Bluestone. Located at 4601 Baymar Drive, the community was developed in 1987. Rise48 is planning a value-add renovation program across all units that will include new vinyl plank flooring, resurfaced countertops and updated finishes. From a service standpoint, Rise48 will install a bulk cable and internet program and as well as new carport parking. The Arizona-based company says these efforts are expected to result in a monthly rental rate increase of approximately …

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Affordable HousingFinanceNews

Walker & Dunlop Arrange $1.7B Refinancing for 52-Property Affordable Housing Portfolio

by Lynn Peisner

MIAMI — Walker & Dunlop has arranged approximately $1.7 billion in agency loan proceeds to refinance 12,955 predominantly workforce and affordable housing units in 52 properties across 10 states for Starwood Capital. Walker & Dunlop Capital Markets Institutional Advisory arranged the transaction on behalf of Starwood Capital’s Starwood Real Estate Income Trust (SREIT), which acquired the properties in 2021. Dustin Stolly, Aaron Appel, Jonathan Schwartz, Keith Kurland, Adam Schwartz, Sean Reimer, Michael Stepniewski and Michael Ianno originated the 10-year Freddie Mac loans.

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University-Green-Apts.
Investment SalesNewsTexas

Eastham Capital Sells University Green Apartments in Houston

by Lynn Peisner

HOUSTON — Eastham Capital, a Boca Raton, Florida-based private equity real estate firm, has sold University Green Apartments in Houston to a private buyer for an undisclosed sum. Eastham Capital Fund V acquired the 194-unit community in 2018. During the hold period, Eastham renovated units, exteriors and amenity spaces. At the time of disposition, University Green Apartments was approximately 97 percent occupied, with rents having increased from $739 at the time of acquisition to $1,040.

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The-Bower-Bluffton
Build-to-RentDevelopmentNewsSouth CarolinaSoutheast

Henderson Park, Green Room Partners Break Ground on South Carolina BTR Project The Bower

by Lynn Peisner

BLUFFTON, S.C. — International private equity firm Henderson Park and Charleston, South Carolina-based developer Green Room Partners have broken ground on The Bower, a 266-unit build-to-rent community in Bluffton. Amenities at The Bower will include a clubhouse with a library, coworking space, a community kitchen, lounge and a fitness center. Outdoor amenities feature a pool, outdoor kitchen and bar, cabana, grilling stations, pickleball courts, a putting green, fire pit, dog park and an interconnected walking trail system throughout the community. The clubhouse and amenities are scheduled for completion in July …

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Carrier-Woods-Scarborough
FinanceInvestment SalesMaineNewsNortheast

JLL Arranges $13.6M Acquisition Financing for Property in Scarborough, Maine

by Lynn Peisner

SCARBOROUGH, MAINE — JLL has arranged a $13.6 million Fannie Mae loan to acquire Carrier Woods, an 84-unit property in Scarborough, about seven miles south of Portland, Maine. Chestnut Realty Management acquired the asset. Carrier Woods was developed in 2018 and is comprised of seven three-story buildings featuring 80 market-rate units and four affordable units in a mix of one- and two-bedroom floor plans. Rent restrictions were not disclosed. Amenities include on-site parking, garden plots, an enclosed dog park and rentable storage units. JLL Capital Markets’ Debt Advisory team was …

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Bradford-Manor-Apartments-Richmond
Investment SalesNewsSoutheastVirginia

Bradford Manor in Richmond, Virginia, Trades for $4.2M

by Lynn Peisner

RICHMOND, VA. — Marcus & Millichap has arranged the $4.2 million sale of Bradford Manor Apartments in Richmond. Neither party to the transaction was named. Bradford Manor Apartments, located at 2027 Fairfield Ave., was built in 1970 and consists of 56 two-bedroom, two-bath units. Marcus & Millichap’s Kristina Ermyakina led the transaction.

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Lock-Pointe-Columbus
Build-to-RentDevelopmentMidwestNewsOhio

Stark Enterprises to Break Ground on Lock Pointe Village in Ohio

by Lynn Peisner

CANAL WINCHESTER, OHIO — Stark Enterprises, a Cleveland-based developer, has announced Lock Pointe Village, a 120-unit build-to-rent community in Canal Winchester, about 18 miles southwest of Columbus, Ohio. Stark has acquired land at 6700 Nathan Drive, secured financing and is planning to break ground later this spring. The development will be comprised of 37 buildings. Units will feature private driveways and attached two-car garages. Amenities include a fitness center, sports court and a dog park. Completion is slated for 2027.

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Park-Residences-Plano
Active AdultInvestment SalesNewsTexas

Colliers Arranges Sale of Park Residences Plano

by Lynn Peisner

PLANO, TEXAS — Colliers has arranged the sale of Park Residences Plano, a 318-unit active adult community at 1109 Park Vista Road in Plano. Danny Miller of Colliers represented the undisclosed seller in the deal. The asset was purchased by an unidentified buyer. Completed in 2023 and situated on 31 acres, Park Residences Plano consists of 156 cottage-style residences and a 162-unit mid-rise building, offering one- and two-bedroom floor plans. A 10,000-square-foot clubhouse anchors the property, offering fitness, a 50-seat movie theatre, a hair salon and social spaces. Outdoor amenities …

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Laguna-Reserve-New-Orleans
FinanceLouisianaNewsOperationsSoutheast

The Lynd Group Secures $49M to Renovate Four New Orleans Properties

by Lynn Peisner

NEW ORLEANS — The Lynd Group has closed on $49 million in financing to support renovations for a 1,512-unit, four-property portfolio acquired out of bankruptcy in New Orleans earlier this year. The unit renovations will include new appliances and updated flooring and countertops. Privacy gates, security cameras and on-site security staff also will be added, as will new community services and amenities, such as pools, fitness centers, playgrounds, community centers, sports courts and after-school programming. Current rents across the portfolio range from approximately $950 to $1,430 per month. Following renovations, …

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