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LOCAL on Delmar in University City, Missouri
DevelopmentMidwestMissouriNews

Subtext Breaks Ground on 259-Unit Project in University City, Missouri

by Channing Hamilton

UNIVERSITY CITY, MO. — Subtext has begun development of LOCAL on Delmar, a 259-unit project in University City, roughly 10 miles west of St. Louis, Missouri. The development site is located at 6650 Delmar Blvd., about one mile from Washington University. The 398,225-square-foot building will feature a mix of studio, one-, two- and three-bedroom apartments and townhomes. The property will also include a five-story parking garage with 399 parking spaces, as well as approximately 7,100 square feet of street-level retail space. Amenities will include a clubroom, vinyl listening station, work-from-home …

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Company NewsFloridaNewsPeople NewsSoutheast

Eagle Property Capital Adds Barry Chase as Partner, Managing Principal

by Channing Hamilton

MIAMI — Barry Chase has joined Eagle Property Capital (EPC), a Miami-based investment manager specializing in workforce housing, as a partner and managing principal. In this role, Chase will be responsible for co-leading EPC’s strategy and execution, as well as enhancing investment policies and procedures and contributing to new product offerings. Prior to joining EPC, Chase was one of the founders and served as the CEO and executive chairman of Belay Investment Group. Additionally, he has held senior executive positions at Koll Development, Cushman Realty Corp. and CT Realty. Since …

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Investment SalesNewsTexas

Atlantic Multifamily Sells 192-Unit Destino Apartments in Grand Prairie, Texas

by Channing Hamilton

GRAND PRAIRIE, TEXAS — Atlantic Multifamily has sold The Destino, a 192-unit community located in Grand Prairie, roughly midway between Dallas and Fort Worth. The Destino was constructed on an 11-acre site in the 2000s. The community consists of 18 buildings and offers one-, two- and three-bedroom floor plans. Amenities include a pool, outdoor kitchen, playground and a dog park. Al Silva and Ford Braly of Marcus & Millichap represented the seller and procured the buyer, a New York-based private investment company, in the deal.

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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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