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The-James
Investment SalesNew JerseyNewsNortheast

Veris Residential Sells The James in New Jersey for $117 Million

by Lynn Peisner

PARK RIDGE, N.J. — CBRE has arranged the $117 million sale of The James in Park Ridge, 27 miles north of Manhattan. Veris Residential was the seller. The buyer’s identity was not disclosed. The CBRE team representing Veris included Jeffrey Dunne, Stuart MacKenzie, Eric Apfel and Travis Langer of CBRE Institutional Properties and Roland Merchant and Tom Pryor of CBRE’s Investment Banking team. Built in 2021, The James consists of 240 units along with approximately 18,000 square feet of ground- floor retail space. Amenities include a fitness center with a …

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Lauderhill-Point
Affordable HousingDevelopmentFinanceFloridaNewsSoutheast

Fairstead Completes $17.7 Million Broward County Rehab

by Lynn Peisner

LAUDERHILL, FLA. — Fairstead has completed the $17.7 million renovation of Lauderhill Point, a 176-unit affordable housing community in Lauderhill. Fairstead acquired Lauderhill Point in 2024 for $26.5 million. Total acquisition and redevelopment costs amounted to $68.7 million, or approximately $390,000 per residence. Financial partners on the acquisition included the Housing Finance Authority of Broward County, which helped obtain $40 million in tax-exempt bond financing, and the Florida Housing Finance Corp., which facilitated $25 million via the Low-Income Housing Tax Credit (LIHTC) program. Additional financial partners included Freddie Mac, PNC …

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The-Ford-Apartments-Denver
Affordable HousingColoradoDevelopmentNewsWestern

Evergreen Real Estate Group Secures Land, Tax Credits for Denver Affordable Development

by Lynn Peisner

DENVER — Evergreen Real Estate Group has closed on land and secured 9 percent Low-Income Housing Tax Credits through the Colorado Housing and Finance Authority for the development of The Ford Apartments, a six-story, 60-unit community in Denver’s Baker neighborhood. Monthly rents will be income-capped at 30 to 80 percent of area median income. Evergreen expects to break ground on the project in early 2026 and to complete it in fall of 2027. Located at 155 W. 5th Ave., the site is situated adjacent to the Denver Health hospital campus. …

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plaza-at-pikes-peak
ColoradoFinanceNewsWestern

Dwight Capital Secures HUD Loan for Plaza at Pikes Peak

by Lynn Peisner

COLORADO SPRINGS, COLO. — Dwight Capital has arranged a $48.3 million loan for Ryan Dunn of Dunn & Associates and Taylor Turano of Denver Land Co. Dunn and Turano will use the HUD loan to refinance an existing mortgage on Plaza at Pikes Peak, a 215-unit property in Colorado Springs. The refinancing qualified for a reduced Green Mortgage Insurance Premium (MIP), which offers a reduction in mortgage insurance premiums for new and existing multifamily properties if they meet various green energy benchmarks. Plaza at Pikes Peak has received a silver …

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Karlyn
DevelopmentFinanceFloridaNewsSoutheast

Marcus & Millichap Arranges $91.4 Million in Construction Financing for Two Southwest Florida Projects

by Lynn Peisner

NAPLES, FLA. — Marcus & Millichap has arranged $91.4 million in construction financing for Plymouth, Minnesota-based Roers Cos. to build two projects in Naples. The properties are the 150-unit Vintana at Vanderbilt, located at 3375 Vanderbilt Beach Road, which is adjacent to The Ritz-Carlton, Naples golf course, and the 159-unit active adult community The Karlyn, which is located at 7576 Immokalee Road about four miles from Vintana at Vanderbilt. Both projects are slated for completion in 2027 and will feature high-end finishes and resort-style amenities. Marcus & Millichap’s New York City-based …

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Charbern-Seattle
Investment SalesNewsWashingtonWestern

JV Acquires Portfolio in Downtown Seattle for $35.2 Million

by Lynn Peisner

SEATTLE — Vista Investment Group and Sky Alps Capital have acquired a three-property, 215-unit portfolio in downtown Seattle for $35.2 million. The seller was an unnamed local investor and property manager who owned the buildings for about 30 years. JLL arranged a Freddie Mac loan for the buyers. The seller was represented by Dylan Simon, Jerrid Anderson, Matt Laird and JD Fuller of the Seattle office of Kidder Mathews. The portfolio consists of three properties, all of which were developed in the early 20th century and are located within a …

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Blue-Hill-Watchung
DevelopmentFinanceNew JerseyNewsNortheast

JV Developers Lock in Financing for $102.9 Million Somerset County Project

by Lynn Peisner

WATCHUNG, N.J. — JLL Capital Markets has arranged construction debt and equity for developers building Blue Hill at Watchung, a $102.9 million community in Watchung, 30 miles west of Manhattan. Completion is slated for 2026. The Sterling Properties Group and Danbro Properties are the developers. The property benefits from a 30-year PILOT (payment in lieu of taxes) agreement with the Borough of Watchung. PILOT agreements are government-sponsored incentives for developers to build housing, whereby the property owner pays an agreed-upon annual fee to a municipality versus traditional yearly property taxes. …

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The-Commodore-National-City-CA
CaliforniaInvestment SalesNewsWestern

Gelt Venture Partners Buys Metro San Diego Asset for $40 Million

by Lynn Peisner

NATIONAL CITY, CALIF. — Gelt Venture Partners has acquired The Commodore, a 92-unit property in the San Diego suburb of National City, for $40 million. Built in 2024, The Commodore comprises six three-story buildings with a mix of floor plans that includes studios, one- and two-bedrooms with select units featuring two-story and loft-style layouts. At the time of sale, the property was 96 percent occupied. Units feature in-unit washers and dryers, quartz countertops, tile backsplashes, stainless steel appliances and private balconies. Amenities include a resort-style pool and a hot tub, …

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ZMR Hanley Place
ArizonaFinanceFloridaGeorgiaNewsSoutheastWestern

ZMR Lands $230 Million Debt-Equity Refinancing

by Lynn Peisner

TAMPA, FLA. — ZMR Capital, a Tampa-based multifamily investment firm founded by Zamir Kazi, has secured $230 million to refinance a portfolio of 1,600 units across Florida, Georgia and Arizona. The financing includes equity from an institutional joint venture and a five-year, fixed-rate Fannie Mae loan. ZMR will complete gradual renovations to each property during its hold period. Henry Stimler and Ricky Warner of Newmark represented ZMR Capital in the transaction. The portfolio includes four properties in Tampa, one in Atlanta and one in Phoenix.

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Royal-Crest-Marlborough
FloridaInvestment SalesMassachusettsNew HampshireNewsNortheastRhode IslandSoutheast

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 Apartment Investment and Management Company (Aimco). The Denver-based, publicly traded REIT’s (NYSE: AIV) stock price closed at $7.91 on Aug. 11, down from $8.11 on Aug. 9, 2024. 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 …

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