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Nimbus in Everett, Washington
Investment SalesNewsWashingtonWestern

CEP Multifamily Buys Nimbus in Everett, Washington, for $49 Million

by Channing Hamilton

EVERETT, WASH. — CEP Multifamily has purchased Nimbus, a 165-unit property located at 2701 Rockefeller Ave. in Everett, approximately 30 miles north of Seattle. David Young, Corey Marx and Chris Ross of JLL Capital Markets represented the seller, Trent Development, in the deal. The eight-story complex traded hands for $49 million. Completed in 2022, Nimbus offers a mix of studio, one- and two-bedroom units. Amenities include a coworking lobby, fitness room, arcade, entertainment kitchen and rooftop lounge.

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Bains Pointe in Portsmouth, Virginia
Affordable HousingDevelopmentNewsSoutheastVirginia

Woda Cooper Cos. Breaks Ground on Affordable Housing Project in Portsmouth, Virginia

by Channing Hamilton

PORTSMOUTH, VA. — Woda Cooper Cos. Inc. has broken ground on Bains Pointe, a 50-unit affordable housing community located at 1100 High St. in Portsmouth, directly across the Elizabeth River from Norfolk, Virginia. Bains Pointe, in partnership with Bay Aging, will offer units to households earning up to 80 percent of the area median income. The unit mix includes 39 two-bedroom and 11 three-bedroom apartments. Several units will include features residents with mobility challenges or sight/hearing disabilities. Monthly rates are expected to range from $400 to $1,315. Tenants will have …

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The Eastwalk in Braintree, Massachusetts
Affordable HousingDevelopmentFinanceMassachusettsNewsNortheast

WinnDevelopment Breaks Ground on $47 Million Mixed-Income Project in Braintree, Massachusetts

by Channing Hamilton

BRAINTREE, MASS. — WinnDevelopment and development partner Arch Communities have broken ground on The Eastwalk, a $47-million mixed-income project in Braintree, roughly 12 miles south of Boston. The five-story community will be built on the former location of the Braintree Electric Light Department. The project also includes the creation of a pedestrian riverwalk along the Monatiquot River, which will provide public access to the river. The Eastwalk will feature a mix of one-, two- and three-bedroom apartments. Of the total 56 units, 30 will be set aside for households earning …

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735 St. Clair in Portland, Oregon
FinanceNewsOregonWestern

Fairfield Receives $26.4 Million Loan for Refinancing of Asset in Portland

by Channing Hamilton

PORTLAND, ORE. — Fairfield has secured a $26.4 million loan for the refinancing of 735 St. Clair, a 24-story building in Portland’s Goose Hollow neighborhood. The building consists of 212 apartments in studio, one- and two-bedroom layouts. Units range from 650 square feet to roughly 1,000 square feet. Joe Giordani, Scott Botsford, Brendan Golding, Alvin Cao and Stuart Oswald of Northmarq’s Newport Beach, California, and Seattle Debt + Equity teams arranged the permanent fixed-rate refinance loan through Northmarq’s direct Freddie Mac lender partnership. The loan features a five-year fixed term with …

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Affordable HousingDevelopmentNewsTexas

Dominium Acquires Land for LIHTC Development Near Austin

by Lynn Peisner

MAXWELL, TEXAS — Dominium has acquired a site in Maxwell, 30 miles south of Austin, for construction of Anson Crossing, a 312-unit affordable housing development. Anson Crossing’s homes will be available to renters earning no more than 60 percent of the area median income. Dominium’s partners on the low-income housing tax credit project include Caldwell County, Winthrop & Weinstine, BKV Group, Kimley-Horn and Associates Inc., Braun Intertec Corp., Commercial Partners Title, On Track Ministries and UMB Bank. A construction timeline and financing specifics were not disclosed.

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Lakeside Gardens in Jeffersonville, Indiana
FinanceIndianaInvestment SalesMidwestNews

S&S Properties Acquires Property in Jeffersonville, Indiana, for $67.2 Million

by Channing Hamilton

JEFFERSONVILLE, IND. — S&S Properties has acquired Lakeside Gardens, a 360-unit asset located at 4101 Herb Lewis Road in Jeffersonville, just across the Ohio River from Louisville, Kentucky. A joint venture between Denton Floyd Real Estate Group, LDG Development and a private investor sold the property for $67.15 million. Built in 2022, Lakeside Gardens features a mix of one-, two- and three-bedroom units. The average unit size is 1,244 square feet. The community was 95 percent occupied at the time of sale. According to Apartments.com, residents have access to amenities …

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NRP Group's Brett Gelsomino
FloridaNewsPeople NewsSoutheast

NRP Group Hires Brett Gelsomino to Grow Florida Business

by Lynn Peisner

CLEVELAND — The NRP Group has hired Brett Gelsomino to increase market-rate multifamily development throughout Florida. As senior vice president of development, Gelsomino will oversee all aspects of development, from site selection to project completion. He will report to Mike Zelenkofske, executive vice president of development. Gelsomino previously spent 14 years at ZOM Development, where he launched and led ZOM’s senior living division, overseeing the origination, capitalization and construction of approximately $400 million in luxury rental senior living communities. Since 2007, he has developed over 2,500 multifamily and senior living …

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Retreat at Mesa Hills in El Paso, Texas
Investment SalesNewsTexas

JRK Property Holdings Sells 752-Unit Community in El Paso, Texas

by Channing Hamilton

EL PASO, TEXAS — JRK Property Holdings has sold Retreat at Mesa Hills, a 752-unit property located at 945 South Mesa Hills Drive in El Paso, for an undisclosed price. Steven Hahn Jr., Art Barnes, Roberto Casas and William Jennings represented the seller in the deal. The buyer was not disclosed. Retreat at Mesa Hills was constructed in multiple phases since 1995. The two-story complex offers a mix of one-, two- and three-bedroom units ranging from 538 to 2,127 square feet. Amenities include three pools with a tanning deck and cabanas, …

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Steve Nosrat
Investment SalesNevadaNewsPeople NewsWestern

Mogharebi Group Hires Steve Nosrat to Las Vegas Investment Sales Team

by Lynn Peisner

LAS VEGAS —  Steve Nosrat has joined The Mogharebi Group’s multifamily investment sales team as senior vice president in the firm’s Las Vegas office. The Mogharebi Group is headquartered in Costa Mesa, California. Nosrat’s prior commercial brokerage experience includes working with private capital, institutional transactions and new development. He comes to The Mogharebi Group from Avison Young, Las Vegas, where he was a principal. Previously, he was senior vice president at NAI Las Vegas.

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Table Rock in Flagstaff, Arizona
ArizonaInvestment SalesNewsWestern

Investors Capital Group Buys Table Rock in Flagstaff, Arizona, for $25.9 Million

by Channing Hamilton

FLAGSTAFF, ARIZ. — Investors Capital Group has purchased Table Rock, a 100-unit property in Flagstaff, from Aultas for $25.9 million. Built in 1998, Table Rock is a garden-style community that offers two- and three-bedroom floor plans. The average unit size is 1,032 square feet. Amenities include a clubhouse and fitness center. Steve Gebing and Cliff David of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer.

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