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Telestar Court
Affordable HousingDevelopmentFinanceNewsNortheastWashington, D.C.

Advantage Capital Arranges Tax Credits For $51 Million D.C.-Area Affordable Housing Redevelopment

by Lynn Peisner

FALLS CHURCH, VA. — Advantage Capital has secured $15 million in state low-income housing tax credits for Telestar Court, Conifer Realty’s office-to-residential redevelopment in Falls Church. The total project cost for the affordable housing project is $51 million. Advantage Capital arranged the tax credits in connection with the Virginia Housing Opportunity Tax Credit program, a tool for expanding the supply of affordable housing across the commonwealth. The former medical office building will be converted to an 80-unit community serving residents earning between 30 and 80 percent of area median income. …

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Cienega-Heights
Affordable HousingCaliforniaDevelopmentNewsWestern

Mid-Pen Completes Second Phase Of Affordable Development In Santa Cruz County

by Lynn Peisner

WATSONVILLE, CALIF. — MidPen Housing opened Cienega Heights, an 80-unit affordable housing property in Watsonville, on May 23. Watsonville is about 50 miles south of San Jose. Thirty-nine of the 80 units were designed to serve farmworkers. Watsonville is situated in the Pajaro Valley, where several farms grow crops such as fruits, vegetables and flowers. The units are reserved for residents earning 30 to 60 percent of area median income, or approximately $38,040 to $108,660 per year, depending on household size. Cienega Heights is the second phase of a three-phase …

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Union-at-Pacific-Highway
Affordable HousingDevelopmentNewsOregonWestern

The Annex Group Opens $56 Million Affordable Community in Corvallis

by Lynn Peisner

CORVALLIS, ORE. — The Annex Group has opened Union at Pacific Highway, an affordable housing community in Corvallis. Construction of the 174-unit community began in January 2023. Units, offered in one-, two- and three-bedroom floor plans, are reserved for individuals and households earning up to 60 percent of area median income. The property is 99 percent leased. Project partners included Oregon Housing and Community Services; the City of Corvallis; the Linn-Benton Housing Authority; Avenue5 Residential for property management; Structure Development Advisors as the LIHTC consultant; KTGY for architecture; and DEVCO …

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Heritage-Park-NOVEL
ArizonaDevelopmentNewsWestern

Creation, Crescent Break Ground on 10-Acre Mixed Use Heritage Park in Gilbert, Arizona

by Lynn Peisner

GILBERT, ARIZ. — Co-developers Creation and Crescent Communities have broken ground on Heritage Park, a 10-acre mixed-use development in Gilbert. The site is at the northern end of Gilbert’s Heritage District, a walkable downtown area that has been in various stages of development and redevelopment since 1989. Heritage Park will be a mix of restaurants, retail, multifamily and a town square. It will take up one city block at the intersection of Gilbert Road and Juniper Avenue. The initial phase includes approximately 47,000 square feet of retail and restaurants; NOVEL …

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flats-at-big-tex
Investment SalesNewsTexas

Kairoi Residential Buys San Antonio River Walk Property

by Lynn Peisner

SAN ANTONIO — Newmark has arranged the sale of The Flats at Big Tex, a 336-unit asset located along the River Walk in downtown San Antonio. San Antonio-based Kairoi Residential acquired the property. The buyer and sales price were not disclosed. Newmark Multifamily Capital Markets Vice Chairman Patton Jones, Executive Managing Director Matt Michelson and Managing Director Andrew Dickson represented the seller in the transaction. Located at 423 Blue Star St., The Flats at Big Tex has a resort-style pool and a rooftop lounge with views of downtown. Other amenities …

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Urbana in Seattle
Investment SalesNewsWashingtonWestern

Equity Residential Sells Seattle Asset to Carmel Partners

by Lynn Peisner

SEATTLE — Institutional Property Advisors (IPA) has arranged the sale of and financing for Urbana, a 289-unit, seven-story asset with 29,884 square feet of street-level retail in Seattle. IPA’s Giovanni Napoli, Philip Assouad, Ryan Harmon, Nick Ruggiero and Anthony Palladino represented the seller, Equity Residential and procured the buyer, Carmel Partners. The sales price was not disclosed, but local media reported it traded for approximately $121 million. Built in 2014, the LEED Gold-certified Urbana has two rooftop decks, a resident lounge with a theater, a dog run and pet spa, …

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Pfizer conversion rendering
Affordable HousingDevelopmentNew YorkNewsNortheast

IPA Arranges $720 Million Loan to Convert Manhattan Pfizer HQ to Apartments

by Lynn Peisner

NEW YORK CITY — IPA Capital Markets has closed a $720 million construction loan for a joint venture between Metro Loft Developers and David Werner Real Estate Investments for the development and conversion of the former Pfizer headquarters consisting of two adjacent and connected office buildings. According to media outlets, Metro Loft and David Werner also secured a $135 million acquisition loan earlier this year. The buildings are located at 219 and 235 East 42nd St. in the Midtown East neighborhood of Manhattan. Upon completion, the property will include 1,602 …

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Midway-Village
Affordable HousingCaliforniaDevelopmentNewsWestern

Mid-Pen Opens First Phase of Midway Village in San Mateo County

by Lynn Peisner

DALY CITY, CALIF. — MidPen Housing and partners have completed the construction of Midway Village I, which includes 147 affordable-housing units in Daly City.  MidPen also broke ground on Midway Village II, which will include 113 affordable units and a childcare facility. Midway Village I is reserved for renters earning between 30 and 80 percent of area median income (AMI). The developer has earmarked 12 of the apartments for young adults aging out of foster care. Local teachers/members of the area’s education workforce will have first dibs on 27 of …

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BerkadiaBuild-to-RentInvestment SalesNewsNorth CarolinaSoutheast

Berkadia Arranges Charlotte Area Build-to-Rent Sale

by Lynn Peisner

INDIAN TRAIL, N.C. —Berkadia has arranged the sale of Poplin Trace in Indian Trail, a city about 15 miles southeast of Charlotte. The sales price was not disclosed, but the Charlotte Business Journal reported the asset traded for $31 million. The seller was Arizona-based Belleview. The buyer was not disclosed. As of the date of sale, which was April 22, the property was 93 percent occupied. Poplin Trace offers 99 units, all as three-bedroom townhomes with attached two-car garages. The townhome, build-to-rent community was developed in 2021. Managing Director Caleb …

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Society-Brooklyn
Affordable HousingDevelopmentNew YorkNewsNortheast

PMG Opens Mixed-Income High-Rise in Brooklyn

by Lynn Peisner

BROOKLYN, N.Y — Property Markets Group (PMG) opened Society Brooklyn in the Gowanus neighborhood on May 15. The two-tower, 21-story, mixed-use, mixed-income property spans 594,000 square feet and features 517 residential units, 25 percent of which are allocated as affordable housing. Society Brooklyn at Degraw’s affordable units are reserved for tenants earning between 40 and 100 percent of area median income (AMI). Units in the second tower, called Society Brooklyn at Sackett, are for tenants earning between 40 and 130 percent of AMI. MNS Real Estate is handling leasing. The exact …

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