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Aimco Sells Two Portfolios for $1.26 Billion

by Lynn Peisner

DENVER — An affiliate of Norfolk, Virginia-based Harbor Group International (HGI) is under contract for the $740 million acquisition of a portfolio of five communities from the Denver-based, publicly traded REIT Apartment Investment and Management Company (Aimco). HGI has completed due diligence and paid a non-refundable $20 million deposit. The deal for the first four properties is expected to close in the third quarter, with the closing of the final asset occurring in the fourth quarter. The assets are located throughout New England, primarily near Boston, and span the states …

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Asher
DevelopmentFinanceFloridaNewsSoutheast

PGIM Provides Tampa Developer $110 Loan for Asher Residences

by Lynn Peisner

TAMPA, FLA. — PGIM Real Estate has provided a $110 million, five-year, interest-only, fixed rate loan to Cascade Investment for the refinancing of Asher Residences in Tampa. The 22-story building is a part of the Water Street development downtown and was completed in December 2021. Strategic Property Partners, the developer of Asher Residences as well as the master developer of Water Street Tampa, is a subsidiary of Cascade Investments. The community contains 490 units, including 97 furnished residences that are operated as part of a partnership with ROOST Apartment Hotels. …

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Yale-West
Company NewsGeorgiaInvestment SalesNewsNortheastSoutheastWashington, D.C.

Elme Communities Agrees to Sell Portfolio to Cortland for $1.6 Billion as Part of Liquidation Plan

by Lynn Peisner

BETHESDA, MD. AND ATLANTA — Elme Communities (NYSE: ELME), a Maryland-based multifamily owner-operator that previously operated as WashREIT, has entered into a purchase and sale agreement with an affiliate of Cortland Partners, an Atlanta-based multifamily investment and management firm. Under the terms of the transaction, Elme would sell 19 apartment communities to Cortland for $1.6 billion in an all-cash deal. “We are pleased to have reached an agreement with Cortland that recognizes the greater value of these 19 Elme communities and their long-term potential when coupled with Cortland’s economies of …

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HueHub
Affordable HousingDevelopmentFloridaNewsSoutheast

Miami-Dade County Approves $880 Million Affordable Housing Development

by Lynn Peisner

MIAMI — Miami-Dade County has approved plans for The HueHub, an $880 million, 12-acre development in the West Little River neighborhood that will include 4,032 units of affordable housing. Developers Pablo Castro and Laura Tauber will break ground later this year with completion slated for the second quarter of 2028. The project was approved under the Live Local Act, which is state legislation passed in 2023 to encourage affordable housing projects by granting developers tax incentives and flexibility with permits related to density, height, parking and other building regulations. In …

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Citra-Sunnyvale
CaliforniaFinanceInvestment SalesNewsWestern

JLL Arranges Sale, Loan for Silicon Valley Deal

by Lynn Peisner

SUNNYVALE, CALIF. — JLL Capital Markets has arranged the sale of and acquisition financing for Citra, a 147-unit community in Sunnyvale. JLL represented the undisclosed seller. The buyer was Prime Residential, a San Francisco-based multifamily owner and operator. JLL Real Estate Capital, a Freddie Mac Optigo lender, also provided a $44.2 million loan for Prime Residential. Citra, located at 745 S. Bernardo Ave., was developed in 1968 and renovated in 2019. The garden-style property is comprised of one- and two-bedroom units and includes such amenities as a half-acre, landscaped terrace …

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Riverbank
FinanceInvestment SalesNew YorkNewsNortheast

Barings Sells Manhattan High-Rise for $243.5 Million 

by Lynn Peisner

NEW YORK CITY — JLL Capital Markets has arranged the $243.5 million sale of Riverbank, a 44-story community at 560 West 43rd St. in Manhattan’s Midtown West submarket. JLL represented the seller, Barings, and procured the buyer, an unnamed institutional investor for whom JLL also arranged a $128.3 million acquisition loan. Originally developed in the late 1980s as a condominium project, Riverbank’s 418 units are comprised of 43 studios, 270 one-bedrooms, 62 two-bedrooms and 43 three-bedrooms. The property features a parking garage and about 18,000 square feet of retail that …

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313-Bond-Rendering
DevelopmentFinanceNew YorkNewsNortheast

Sky Equity Group Secures $340 Million Loan to Complete Brooklyn Project

by Lynn Peisner

NEW YORK CITY — Affinius Capital has funded a $340 million loan for Sky Equity Group. The financing will be used to retire existing debt, complete construction and to pay expenses related to leasing 313 Bond in the Gowanus neighborhood of Brooklyn. The loan was arranged by Henry Bodek of Galaxy Capital. The 603-unit, two-building property, still under construction, also has 51,600 square feet of retail space. The developer broke ground in 2023. Full completion is expected before the end of this year. 313 Bond will offer 149 studios, 313 …

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The_Windsor_Hotel
Investment SalesNewsTexas

Historic Former Hilton Hotel Building Changes Ownership in Abilene, Texas

by Lynn Peisner

ABILENE, TEXAS — Franklin Street has arranged the sale of The Windsor Hotel Apartments at 401 Pine Street in Abilene. Franklin Street represented the seller, North Management LLC, in the sale of the property to Studio 168 Productions. The 10-story, 110,000-square-foot building was originally a Hilton Hotel built in 1926 and was among the first Hilton-branded hotels in the country. North Management spent approximately $4.7 million to renovate the property in 2023. Renovations included adding amenities like a fitness center with a sauna, coworking spaces, a resident lounge and ground-floor …

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Ocean-Park-Apartments-Queens
Affordable HousingFinanceNew YorkNewsNortheast

Merchants Bank Provides $60 Million for Queens Affordable Housing Preservation, Redevelopment

by Lynn Peisner

NEW YORK CITY — Merchants Bank has provided a loan totaling approximately $60 million for Tredway, a Manhattan-based affordable housing investment and development firm, to renovate and to preserve affordability at Ocean Park Apartments in the Queens’ neighborhood of Far Rockaway. Merchants Capital arranged the financing. Tredway acquired the asset earlier this year, at which time the company entered into a new regulatory agreement with New York’s Department of Housing Preservation & Development to rent stabilize the property and set rent caps for tenants earning no more than 60 to …

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Affordable HousingArizonaDevelopmentNewsWestern

Dominium Acquires Land for LIHTC Development in Metro Phoenix

by Lynn Peisner

SURPRISE, ARIZ. — Dominium has closed on land in Surprise, a Phoenix suburb about 22 miles northwest of downtown. The developer is planning to build Allasso Ranch on the site. The project will comprise 304 affordable homes supported by low-income housing tax credits. While specific area-median-income caps were not disclosed, the developer says a three-bedroom unit will rent for $1,597 per month, and a four-bedroom will rent for $1,770. According to RentCafe, average monthly asking rents for a three-bedroom in Surprise are about $2,054. Amenities will include a leasing center, …

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