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Edgewater-Towne-Center-New-Jersey
Investment SalesNew JerseyNewsNortheast

Site Centers Corp. Sells New Jersey Mixed-Use Project for $53.2 Million

by Lynn Peisner

EDGEWATER, N.J. — JLL Capital Markets has arranged the $53.2 million sale of Edgewater Towne Center, a mixed-use property directly across the Hudson River from Upper Manhattan. The asset features 76,525 square feet of retail, anchored by Whole Foods Market, and 64 apartments located above the retail. JLL represented the seller, Site Centers Corp., and procured the local private buyer. The project was developed in 2000 and is set on 14 acres. The apartments were 94 percent occupied at the time of sale. JLL’s team was led by Jose Cruz, …

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Paseo-at-COMM22-San-Diego
Affordable HousingCompany NewsOperations

Avanath, BRIDGE Form Affordable Housing Property Management Company

by Lynn Peisner

SAN FRANCISCO AND IRVINE, CALIF. — BRIDGE Housing and Avanath Communities have jointly formed an affordable and workforce housing property management company called Brighthaven Communities. Initially, Brighthaven will provide property management services to the two organizations’ combined portfolio of properties, which totals approximately 30,000 affordable homes across 15 states. The new company plans to extend its services beyond the partners’ own properties to include other nonprofit and for-profit owners of affordable and workforce housing communities. Brighthaven will be governed by a six-member board with equal representation from both organizations. Avanath …

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san-juan-del-centro-boulder-Colo
Affordable HousingColoradoInvestment SalesNewsWestern

Jonathan Rose Cos. Buys Boulder Affordable Housing Community, Extends Rent Restrictions

by Lynn Peisner

BOULDER — New York City-based investment firm Jonathan Rose Cos. has acquired San Juan del Centro Apartments in Boulder from Related Cos. for $56 million. Jeff Irish and Jordan Skyles from Berkadia Real Estate Advisors arranged the sale of the Section 8 and LIHTC property. Berkadia also provided an acquisition loan. Additionally, the capital stack included equity from the $660 million Rose Affordable Housing Preservation Fund VI. San Juan del Centro’s 150 units are reserved for families earning at or below 60 percent of area median income. Jonathan Rose Cos. …

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Compton
Affordable HousingCaliforniaDevelopmentFinanceNewsWestern

KeyBank Provides $25.9 Million Loan for Compton Affordable Housing Development

by Lynn Peisner

COMPTON, CALIF. — KeyBank Community Development Lending and Investment has provided a $25.9 million loan to finance construction of an affordable housing development at 1434 W. Compton Blvd. in the metro Los Angeles city of Compton. The Coalition for Responsible Community Development (CRCD) has partnered with LandSpire Group to develop the 75-unit community. The project will be a three-story development consisting of studios and one- and two-bedroom units, all of which will be rent restricted at or below 50 percent of the area median income. Additional LIHTC equity and Freddie …

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White-Houses-Harlem
Affordable HousingDevelopmentFinanceNew YorkNewsNortheast

New York City Housing Authority Locks in $272.6 Million in Redevelopment Funds for Harlem Properties

by Lynn Peisner

NEW YORK CITY — The New York City Housing Authority (NYCHA) has closed on the financing for a $272.6 million renovation of Metro North Plaza and Gaylord White Houses, two public housing communities in East Harlem. The properties were selected to be part of the Permanent Affordability Commitment Together (PACT) program, created by the City as part of a larger plan to modernize public housing. NYCHA needs more than $78 billion to fully restore and renovate all its buildings, but, according to the City’s website, the federal government has only …

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University-Village-Azusa
CaliforniaInvestment SalesNewsStudent HousingWestern

Legacy Partners, PGIM Buy SoCal Student Housing for $92 Million, Plan Market-Rate Conversion

by Lynn Peisner

AZUSA, CALIF. — Legacy Partners and PGIM have acquired University Village in Azusa, about 20 miles east of downtown Los Angeles, for $92 million. The 320-unit property sits directly across the street from Azusa Pacific University, which was the seller and had formerly been using the community as a residence hall for students. Mesa West Capital provided a $68.5 million loan to buy the property and finance the conversion of the asset from student housing into a traditional multifamily community, which will include a light value-add program. The new owners …

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Teachers-Square-Baltimore
Affordable HousingDevelopmentMarylandNewsNortheast

Baltimore Unveils $6 Billion Housing Redevelopment Program to Restore Vacant Buildings

by Lynn Peisner

BALTIMORE — Baltimore has launched a 15-year housing redevelopment program aiming to restore vacant buildings throughout the city. The plan is backed by $1.2 billion in public-fund commitments and an anticipated $5 billion in private financing. City leaders say the plan will revitalize more than 65,000 properties across Baltimore. The redeveloped homes will be a mix of rental and for-sale housing. The City of Baltimore has approved the plan and public funding, while the Greater Baltimore Committee (GBC), a nonprofit, private-sector business advocacy group, is helping to coordinate private sector …

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The-Hemlock-Seattle
Investment SalesNewsWashingtonWestern

Security Properties Buys Seattle Portfolio for $400.8 Million

by Lynn Peisner

SEATTLE — Locally based Security Properties has acquired a five-property, 903-unit Seattle portfolio from Washington Holdings for $400.8 million. The sale includes Liza Eastlake, The Hemlock, The Hayes on Stone Way, Carter on the Park and Heron Flats & Lofts. Eastdil Secured represented Washington Holdings in the transaction. According to the parties to the transaction, the portfolio sale marks the largest dollar-figure trade in the region to date this year. Security Properties is seeking additional investments in Denver, Nashville, Tennessee, and the San Francisco Bay area.

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8th-and-Republican-Seattle
Investment SalesNewsWashingtonWestern

CBRE Arranges $94.9 Million Seattle Transaction

by Lynn Peisner

SEATTLE — CBRE has arranged the $94.9 million sale of 8th + Republican in Seattle’s South Lake Union neighborhood. CBRE did not disclose the identity of either party to the transaction, but according to the Daily Journal of Commerce, the buyer was locally based Goodman Real Estate along with an unnamed partner, and the seller was the original developer, Scottsdale, Arizona-based The Wolff Co. CBRE’s Eli Hanacek, Kyle Yamamoto, Mark Washington and Natalie Kasper represented the seller. According to CBRE Research, this transaction is one of the highest prices per …

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Durango-Las-Vegas
DevelopmentNevadaNewsWestern

NRP Group, Haseko Underway on $133 Million Las Vegas Project

by Lynn Peisner

LAS VEGAS — The NRP Group has partnered with Haseko North America, the U.S. subsidiary of a Japanese condominium builder, and broken ground on a $133 million community in Las Vegas. Located at the northeast corner of West Maule Avenue and Gagnier Boulevard, the site is across from the Durango Casino & Resort and adjacent to The UnCommons, a mixed-use destination featuring apartments, retail, dining and office space. The four-story, single-building development will comprise a mix of 309 studio, one-, two- and three-bedroom units. Amenities include a pool, two landscaped …

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