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The-Perennial
Affordable HousingDevelopmentNew YorkNewsNortheast

Construction Underway on $150 Million Redevelopment of Former Queens Hospital

by Lynn Peisner

NEW YORK CITY — Foxy Development and Selfhelp Realty Group have closed on financing and begun construction of The Perennial, a 145-unit, multi-generational affordable housing property that also will be the future home of the Forest Hils Jewish Center. The project is a redevelopment of a former Parkway Hospital building that is located at 70-35 113th St. in the Forest Hills section of Queens. The building has been vacant since the hospital closed down in 2008. The building was constructed in the 1960s. Once complete, by approximately the end of …

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Nines-at-Kierland-Scottsdale
ArizonaColoradoGeorgiaInvestment SalesNevadaNewsNorth CarolinaSouth CarolinaSoutheastWestern

Sunroad Sells $1.1 Billion Portfolio to Fairfield

by Lynn Peisner

SAN DIEGO — Sunroad Enterprises has sold a 15-property portfolio to Fairfield for $1.1 billion. Both firms are based in San Diego. The portfolio includes properties in six states: six in Arizona, one in Nevada, three in Colorado, two in North Carolina, two in South Carolina and one in Georgia. The deal took six years to put together. JLL, representing Sunroad, arranged the sale as well as a $415 million Freddie Mac loan for 10 of the assets and an additional $250 million in fixed-rate senior debt provided by KKR. …

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Emerson-Sleepy-Hollow
Company NewsInvestment SalesNewsNortheast

Toll Brothers Exits Apartment Business With $347 Million Sale to Kennedy Wilson

by Lynn Peisner

FORT WASHINGTON, PA. — Toll Brothers (NYSE: TOL) has agreed to sell its portfolio of stabilized and in-development apartment and student housing properties to Kennedy Wilson (NYSE: KW) for $347 million. The transaction is expected to close in October. As part of the transaction, Kennedy Wilson will acquire Toll Brothers’ general partner interests in 18 apartment and student housing properties with a combined total asset value of $2.2 billion. Kennedy Wilson also will acquire a pipeline of 29 sites in various stages of development which, if completed, would total approximately …

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The-Mason-Chicago
IllinoisInvestment SalesMidwestNews

Waterton Buys Fulton Market High-Rise for $90 Million

by Lynn Peisner

CHICAGO — Waterton has acquired The Mason, a 263-unit high-rise in Chicago’s Fulton Market district. According to CoStar, the asset traded for approximately $90 million, and the seller was a joint venture between Marquette Cos. and an affiliate of Deutsche Bank, which developed the property in 2019. Floorplans at The Mason include studios and one-, two- and three-bedroom apartments. Waterton plans to implement a light value-add program, which will include flooring upgrades in the units and enhancements to common areas and amenity spaces. The property features a pool, a fitness …

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Flats-at-East-Bay-Fairhope
AlabamaInvestment SalesNewsSoutheast

Oakley Group Buys Flats at East Bay in Fairhope, Alabama

by Lynn Peisner

FAIRHOPE, ALA. — Birmingham, Alabama-based investment and development firm Oakley Group has acquired Flats at East Bay in Fairhope for $49.8 million. Stoa Group was the seller. Craig Hey of Cushman & Wakefield arranged the sale. Oakley has appointed Arlington Properties to manage the asset. The 240-unit community is located at 9376 Twin Beech Road on the eastern shoreline of Mobile Bay, about 26 miles south of Mobile. Flats at East Bay was completed in 2024 and features 10 three-story buildings with one-, two- and three-bedroom units and amenities such …

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Westside-Village
DevelopmentNewsTexas

Fort Worth’s $1.7 Billion Westside Village to Include 1,785 Residential Units

by Lynn Peisner

FORT WORTH, TEXAS — FW Westside RE Investors, a partnership between The Keystone Group and Larkspur Capital, will begin construction of the first phase of a mixed-use project about two miles west of downtown Fort Worth in 2026 with completion slated for 2028. The $1.7 billion Westside Village project will be developed in phases on 37 acres at 100 University Drive in Fort Worth. Phase I will include a 308-unit multifamily community and a 100,000-square-foot office building, which will also include retail and restaurant space. HPI is leasing the office …

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Antioch
Affordable HousingCompany NewsInvestment SalesNews

Manulife, TruAmerica Team Up for $1 Billion Affordable Housing Venture

by Lynn Peisner

LOS ANGELES — Manulife Investment Management and TruAmerica Multifamily have forged a $1 billion, affordable housing-focused joint venture known as Anchor Point Residential. The partners’ debut investment is the acquisition of a 51-property, 6,000-unit LIHTC portfolio constructed between 2003 and 2023. The properties are located across major metro areas in California, Texas and Washington. The first portion of the investment closed in August with remaining deals to be completed through the fall. The names of the sellers were not disclosed. According to the two companies, the size of this acquisition, …

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The-Grand-on-Main
DevelopmentIndianaMidwestNews

BW Development, Skender to Break Ground on $105 Million Mixed-Use Project in Westfield, Indiana

by Lynn Peisner

WESTFIELD, IND. — BW Development will break ground later this year on The Grand on Main, a $105 million mixed-use development formerly dubbed Jersey 32. The builder is Chicago-based construction firm Skender, and the architect is Studio M Architecture and Planning. Completion is slated for 2027. The project, located in Westfield 20 miles north of Indianapolis, will include 216 multifamily units, 51,000 square feet of ground-floor retail and 15,000 square feet of office space. The plan to build a mixed-use site at the intersection of State Road 32 and Poplar …

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Salida_del_Sol
Affordable HousingCaliforniaDevelopmentNewsWestern

San Juan Capistrano City Hall Redevelopment Includes 50 Affordable Housing Units

by Lynn Peisner

SAN JUAN CAPISTRANO — Jamboree Housing Corp. has completed and opened Salida del Sol in San Juan Capistrano. According to Jamboree, a nonprofit, California-based affordable housing developer, the project is the first in the nation to combine affordable housing with a city hall. Located on a 2-acre portion of San Juan Capistrano’s existing city hall site, the 50-unit Salida del Sol is designed around a large open courtyard with a 45,593-square-foot residential building. Forty 557-square-foot units are designated for formerly unhoused individuals and veterans earning up to 30 percent of …

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Peridot-Lounge
DevelopmentFinanceNewsTexas

CIM Group Provides $132 Million Loan for Phase II of Peridot in Dallas

by Lynn Peisner

DALLAS — Pacific Elm Properties has secured a $132 million loan to refinance Santander Tower, a Dallas high-rise that has been converted from an office building to a mixed-use community. A portion of the tower, known as Peridot, was converted to 291 units of multifamily in 2023. The new loan will support construction of the project’s second phase, which will add 105 additional apartments and bring the total Peridot offering to 396 residences upon completion. In addition to the Peridot apartments, the mixed-use Santander Tower offers the Mint House luxury …

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