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Ridge Crossings in Hoover, Alabama
AlabamaInvestment SalesNewsSoutheast

Avenue Living Buys 720-Unit Community Near Birmingham, Alabama

by Channing Hamilton

HOOVER, ALA. — Avenue Living has purchased Ridge Crossings, a 720-unit property located in Hoover, about 10 miles south of Birmingham, Alabama. The sales price was not disclosed. However, Birmingham Business Journal reported the property traded for $111 million. Ridge Crossings was originally constructed in 1991. The property offers one-, two- and three-bedroom units ranging in size from 861 to 1,520 square feet. According to Apartments.com, residents have access to amenities such as a pool, tennis and racquetball courts, fitness center, concierge services, dog park and a clubhouse. Andrew Brown, Craig Hey, …

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Diamond District in Richmond, Virginia
DevelopmentFinanceNewsSoutheastVirginia

Economic Development Authority in Richmond, Virginia, Sells 18-Acre Site for $2.4 Billion Mixed-Use Project

by Channing Hamilton

RICHMOND, VA. — The City of Richmond’s Economic Development Authority (EDA) has sold and transferred an 18-acre parcel to the developer of a $2.4 billion mixed-use project called Diamond District. The land sold for $11.4 million. The developer is an entity led by Thalhimer Realty Partners Inc. that is doing business as Diamond District Partners LLC. The site, dubbed Phase 1A, will feature 730 market-rate apartments, as well as 161 workforce housing units for households earning up to 60 percent of the area median income, a 180-room hotel and 30,000 …

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63-67 Wall Street in New York City
FinanceNew YorkNewsNortheast

Apollo Global Management Provides $275 Million Loan for Refinancing of 816-Unit Asset in Lower Manhattan

by Channing Hamilton

NEW YORK CITY — Apollo Global Management has provided a $275 million loan for the refinancing of 63-67 Wall Street, an 816-unit complex consisting of two buildings in Lower Manhattan. Units come in studio, one and two-bedroom floor plans. Amenities include a fitness center, rooftop terrace with a lounge and grilling stations, game room, golf simulator, library, children’s playroom and business center. The buildings were originally constructed for office use: 67 Wall Street was built in 1921 as the headquarters for the Munson Shipping Co., while 63 Wall Street was completed …

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Brooklyn & Church in Charlotte, North Carolina
DevelopmentFinanceNewsNorth CarolinaSoutheast

Joint Venture Secures Construction Financing for Office-to-Residential Conversion Project in Charlotte, North Carolina

by Channing Hamilton

CHARLOTTE, N.C. — A joint venture comprising MRP Realty, Asana Partners and Rockefeller Group has received construction financing for Brooklyn & Church. The project will convert the former Duke Energy headquarters, located at 526 S. Church St. in Charlotte, into a 460-unit community with 57,000 square feet of retail space. The Duke Energy headquarters was originally built in 1975. MRP Realty and Asana Partners acquired the building in 2022. The building’s core and shell will be preserved, but the façade will be reskinned with new windows and balconies. Once converted, …

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Highridge Apartments in Ranchos Palos Verdes, California
CaliforniaInvestment SalesNewsWestern

Bascom Acquires Community in Ranchos Palos Verdes, California, for $127 Million

by Channing Hamilton

RANCHO PALOS VERDES, CALIF. — The Bascom Group has acquired Highridge Apartments in Ranchos Palos Verdes, 30 miles south of Los Angeles, for $127 million. Built in 1972, the property features 257 apartments, as well as 28 loft-style units. The average unit size is 1,157 square feet. Tenants have access to amenities such as on-site parking, two pools and spas, two fitness centers, a tennis court and a clubhouse. The complex has undergone significant upgrades and renovations over the years, including the addition of in-unit washers and dryers and enhanced …

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8001 Woodmont in Bethesda, Maryland
Investment SalesMarylandNewsNortheast

Peterson Cos. Buys 8001 Woodmont in Bethesda, Maryland, for $194 Million

by Channing Hamilton

BETHESDA, MD. — Fairfax, Virginia-based developer Peterson Cos. has purchased 8001 Woodmont, a 322-unit community in Bethesda, about seven miles north of Washington, D.C. JBG Smith Properties sold the property for $194 million. Robert Jenkins, Bret Thompson and Andrew Gemma of JLL Capital Markets represented the seller in the deal.  Delivered in 2021, 8001 Woodmont offers a mix of one-, two- and three-bedroom floor plans. Residents have access to amenities such as a fitness center, rooftop terrace, outdoor pool and concierge services. The property also includes 19,452 square feet of …

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Scholars Village in Jersey City, New Jersey
DevelopmentFinanceNew JerseyNewsNortheast

Alpine Residential Receives $142.7 Million Construction Loan for Project in Jersey City, New Jersey

by Channing Hamilton

JERSEY CITY, N.J. — Alpine Residential has received a $142.7 million construction loan and equity placement for Scholars Village, a 500-unit project in Jersey City. The development is situated at 189 Phillip St., adjacent to the Liberty Science Center and across from Liberty State Park. Scholars Village will consist of two 12-story buildings with 4,101 square feet of ground-level commercial space. The community will feature studio, one-, two- and three-bedroom floor plans. Planned amenities include a fitness center, coworking spaces and rooftop terraces. Thomas Didio, Thomas Didio Jr. and Michael Mataras …

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Mathew Wambua
Affordable HousingDevelopmentFinanceNew YorkNewsNortheast

Merchants Capital Provides $316 Million for Brooklyn Affordable Housing Development

by Channing Hamilton

NEW YORK CITY — Merchants Capital has provided $316 million in financing for the second phase of Alafia, a 634-unit affordable and supportive housing project located in the East New York neighborhood of Brooklyn. The borrower is a partnership between RiseBoro Community Partnership Inc., L+M Development Partners and Apex Building Group. The financing package consists of a $192.7 million construction loan, which Bank of America provided in conjunction with Merchants Capital, as well as $174.8 million in 4 percent Low-Income Housing Tax Credit equity. Additionally, Merchants Capital provided $48.7 million …

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Town Deer Valley Apartments in Phoenix
ArizonaInvestment SalesNewsWestern

Goodman Real Estate Acquires Phoenix Asset for $131.1 Million

by Channing Hamilton

PHOENIX — Goodman Real Estate has purchased Town Deer Valley Apartments, a 388-unit property located in Phoenix, for $131.1 million. Residents have access to shared amenities such as multiple pools and fitness facilities. Town Deer Valley was built in 2022, according to Apartments.com. Units come in one-, two- and three-bedroom floor plans. The seller was not disclosed. Institutional Property Advisors’ Phoenix office brokered the deal. Walker & Dunlop arranged financing for the project.

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Unnamed NexMetro property
ArizonaFinanceNewsWestern

NexMetro Secures $271.9 Million Recapitalization of BTR Portfolio Across Three States

by Channing Hamilton

PHOENIX — NexMetro Communities, the Phoenix-based BTR developer behind the Avilla Homes brand, has secured $271.9 million for the recapitalization of a portfolio of eight build-to-rent (BTR) properties located in Arizona, Colorado and Texas. Stockbridge invested $65.9 million of preferred equity, along with $206 million of existing assumable agency financing. The portfolio comprises 1,061 mostly detached, single-story BTR units. All of the properties were built between 2018 and 2019. The combined portfolio was valued at $620 million, with $145 million of equity committed and $366 million of senior debt. The eight properties included …

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