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Ellis-Creek-North-Charleston
Affordable HousingInvestment SalesNewsSouth CarolinaSoutheast

South Carolina Acquisition Takes Waverly Place from Market-Rate to Affordable Housing

by Lynn Peisner

NORTH CHARLESTON, S.C. — A joint venture comprised of McLean, Virginia-based KETTLER and The Stillman Group of Scarsdale, New York, has sold Waverly Place, a 276-unit community in North Charleston. The buyer was the Charleston Workforce Housing Fund, an impact fund led by Charlotte, North Carlonia-based Ascent Housing in partnership with Housing Collaborative, a Charleston-based affordable housing nonprofit. The acquisition is part of a citywide initiative to expand affordable and workforce housing across the region. According to The Post and Courier, the asset sold for approximately $41 million. Newmark’s Alex …

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95-Everett-Boston
Affordable HousingDevelopmentMassachusettsNewsNortheast

Pennrose Breaks Ground on $51.9M Mixed-Income Boston TOD

by Lynn Peisner

BOSTON — Pennrose has begun construction of 95 Everett Street, an 88-unit, transit-oriented, mixed-income development in the Allston-Brighton neighborhood of Boston. The approximate project cost, according to the City of Boston, is $51.9 million. The property is across the street from the Boston Landing MBTA commuter rail station. Units offered as studios or with one, two or three bedrooms will come with rent restrictions ranging from 30 up to 120 percent of area median income. Residents will have access to a clubhouse, rooftop terrace and a fitness center. Pennrose Management …

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Riverhouse-9-Weehawken
Company NewsMassachusettsNew JerseyNewsNortheastOperations

RHO Residential Tapped to Manage Former Veris Residential Portfolio

by Lynn Peisner

ROSELAND, N.J. — RHO Residential has been selected by the new ownership of Veris Residential to manage 15 properties in New Jersey and greater Boston. Veris Residential (NYSE: VRE) was taken private in an acquisition finalized in May. Craig Solomon of Affinius Capital in partnership with Vista Hill Partners, a real estate investment and development group headed by Bradford Klatt and Jonathan Kushner, bought the REIT for $3.5 billion. The assignment nearly doubles RHO Residential’s unit count to just under 12,000 apartments across 40 communities as well as approximately 182,000 …

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Warner-Swasey-Cleveland
Affordable HousingDevelopmentMidwestNewsOhio

Pennrose Breaks Ground on $64M Adaptive Reuse Project in Cleveland

by Lynn Peisner

CLEVELAND — Pennrose and nonprofit partner MidTown Cleveland have broken ground on the $64 million redevelopment of the former Warner & Swasey factory in Cleveland. In October 2025, Pennrose acquired the building at 5701 Carnegie Ave. from the City of Cleveland. The development team, working on this project since 2017, drew on 24 capital sources to bring the plans to fruition, including contributions from the City of Cleveland, Cuyahoga County and the Cleveland Foundation, among other public and private partners. Constructed in the early 1900s, the 194,000 square-foot, five story …

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Render-Legacy-Trail-Nokomis
BerkadiaFinanceFloridaNewsSoutheast

Berkadia Arranges $82.1M Refinancing for Crescent Communities’ Render Legacy Trail in Sarasota County

by Lynn Peisner

NOKOMIS, FLA. — Berkadia has arranged an $82.1 million refinancing loan for Render Legacy Trail, a 450-unit property that borrower Crescent Communities completed in 2024. Berkadia D.C. Metro’s Patrick McGlohn, Brian Gould, Hunter Wood, Natalie Hershey and Patrick Cunningham arranged the financing through lender Benefit Street Partners. Render Legacy Trail is situated on approximately 18 acres at 15560 Render Way. The property offers a mix of one-, two- and three-bedroom floor plans. Amenities include a resort-style saltwater pool with cabanas, outdoor grilling and dining areas, a clubroom with coffee bar, …

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20West-Mount-Prospect
IllinoisInvestment SalesMidwest

Wingspan Development Sells 20West in Metro Chicago for $23M

by Lynn Peisner

MOUNT PROSPECT, ILL. — Interra Realty has arranged the sale of 20West, a six-story, 71-unit community at 20 W. Northwest Highway in Mount Prospect. Locally based Wingspan Development, which opened the property in 2019, sold the asset for $23 million to Wheeling, Illinois-based Anemone Real Estate. Interra represented both buyer and seller. The property, made up of studios and one- and two-bedroom floor plans, was 94 percent occupied at the time of the sale. Amenities at 20West include a fitness center, yoga studio, lounge, demonstration kitchen and a two-story restaurant …

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The-Hawthorne-Riverside
CaliforniaInvestment SalesNewsWestern

PCCP, Alliance Residential Buy The Hawthorne in Riverside, California, for $65.3M

by Lynn Peisner

RIVERSIDE, CALIF. — A joint venture between PCCP and Alliance Residential Co. has acquired The Hawthorne at 9170 Indiana Ave. in Riverside. An undisclosed seller sold the 184-unit property for $65.3 million. Situated on 6.7 acres and consisting of 16 three- and two-story buildings and one single-story amenity building, The Hawthorne was delivered in 2023 and is a garden-style community. The property offers a mix of one-, two- and three-bedroom floor plans averaging approximately 873 square feet. Amenities include a resort-style pool and hot tub with cabanas, multiple landscaped courtyards …

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Midblock-Poughkeepsie
Affordable HousingDevelopmentNew YorkNewsNortheast

Mega Development Group, Ametrine Group Begin Construction of $147M Mixed-Income Redevelopment in Poughkeepsie, New York

by Lynn Peisner

POUGHKEEPSIE, N.Y. — Mega Development Group and Ametrine Group have broken ground on Wallace Campus, a $147 million redevelopment of a vacant former department store in Poughkeepsie. Developed in partnership with on-site social services provider Mental Health America of Dutchess County, the project will convert the former Wallace Department Store, constructed in the 1870s, into 69 apartments while creating an additional 118 units across two new buildings. Wallace Campus will be affordable to households earning up to 80 percent of area median income. The unit mix is comprised of studios, …

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Mosa-Elk-Grove
Affordable HousingCaliforniaInvestment SalesNewsWestern

HVPG Buys Metro Sacramento Affordable Housing Property for $83.6M

by Lynn Peisner

ELK GROVE, CALIF. — Hudson Valley Property Group (HVPG) has acquired Mosa Apartment Homes, a 387-unit affordable housing community in Elk Grove, 14 miles south of Sacramento, for $83.6 million. Completed in 2025, Mosa is a 14-building, garden-style community offering a mix of unit types serving a broad range of household income levels. The property is structured across three Low-Income Housing Tax Credit (LIHTC) partnerships, each subject to its own regulatory agreement, that cover 100 percent of units, with HVPG acquiring the general partner interests in all three. Approximately 8 …

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Hunters-Branch-Fairfax
DevelopmentNewsNortheastVirginiaWashington, D.C.

Insight Property Groups Starts $174M Apartment Phase of Northern Virginia Office Redevelopment

by Lynn Peisner

FAIRFAX, VA. — Locally based Insight Property Group has begun construction of a 452-unit apartment community on the site of the former Hunters Branch office complex in Fairfax, 20 miles west of Washington, D.C. The Hunters Branch site is home to two vacant office towers totaling 400,000 square feet. Insight acquired the site for $28.9 million in a real estate owned (REO) transaction in November 2024. In March of this year, Insight sold a portion of the Hunters Branch property to Toll Brothers for $17 million. Toll Brothers will demolish …

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