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Genesee-Park
CaliforniaInvestment SalesNewsWestern

American Assets Trust Buys ‘Untouched 1980s’ San Diego Property

by Lynn Peisner

SAN DIEGO — American Assets Trust has acquired Genesee Park in San Diego for an undisclosed price. The seller, Hess Genesee Park LLC, was represented by CBRE’s Rachel Parsons, Derrek Ostrzyzek, Mike Murphy, Chris Tresp, and Kenji Thomas who also arranged the sale. The 192-unit Genesee Park was built in 1985 and has had one owner. According to Parsons, the community is an “essentially untouched 1980s asset that has been well-maintained.” The community consists of six buildings, each configured with three stories of residential over one level of gated parking. …

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Thirty-One Eleven Sunset in Flower Mound, Texas
DevelopmentNewsTexas

Realty Capital Residential Completes 16-Story Apartment Tower Near Dallas

by Channing Hamilton

FLOWER MOUND, TEXAS — Realty Capital Residential has completed the development of Thirty-One Eleven Sunset, a 16-story residential tower overlooking Lake Grapevine in Flower Mound, about 30 miles northwest of downtown Dallas. The property offers 207 units in a mix of one-, two- and three-bedroom floor plans. Monthly rates begin at $4,000. Amenities include a rooftop pool with a terrace and spa, bar and lounge, dining room, fitness center, golf simulator and guest suits that residents can reserve for visitors. The property also includes a five-level parking garage and 6,000 square …

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Cortland Riverside in Fort Worth, Texas
Investment SalesNewsTexas

IPA Brokers Sale of 374-Unit Community in Fort Worth, Texas

by Channing Hamilton

FORT WORTH, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Cortland Riverside, a 374-unit property in Fort Worth. Built in 2020, the garden-style community consists of two- and three-story buildings. The property offers a mix of two- and three-bedroom apartments with an average size of 1,014 feet.  Tenants have access to amenities such as a pool with a sundeck, fitness center and private garages. Select units feature energy-efficient stainless-steel appliances and walk-in closets. Cortland Riverside was 95 percent occupied at the …

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The Larkspur in Victor, Idaho
Company NewsNew YorkNewsNortheastTexas

Franklin BSP Realty Trust to Acquire Mortgage Originator NewPoint Holdings

by Channing Hamilton

NEW YORK CITY AND PLANO, TEXAS — Franklin BSP Realty Trust Inc. has entered into a definitive agreement to acquire NewPoint Holdings JV LLC, a multifamily loan originator based in Plano. The transaction is expected to close in the third quarter of 2025, subject to customary closing conditions, including regulatory approvals. Launched in 2021, NewPoint has an existing servicing portfolio of $54.7 billion, including mortgages for market-rate multifamily, affordable housing, seniors housing, healthcare and manufactured housing properties across the nation. The company operates as both a direct lender and third-party …

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Haven Hoffman in Hoffman Estates, Illinois
IllinoisInvestment SalesMidwestNews

Bender Cos. Acquires Community Near Chicago for $77.3 Million

by Channing Hamilton

HOFFMAN ESTATES, ILL. — Bender Cos. has purchased Haven Hoffman, a 550-unit garden-style community in Hoffman Estates, about 33 miles northwest of downtown Chicago. Tricap Residential Group and Wolcott Group sold the asset for $77.3 million. Located at 725 W Bode Cir., Haven Hoffman offers a mix of studio, one- and two-bedroom floor plans. The average unit size is 746 square feet. Amenities include a pool, fitness center, clubhouse, work-from-home suites and picnic areas with grilling stations. The property was built in 1970. The previous ownership invested approximately $3.3 million into …

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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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