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JPI Breaks Ground on 761-Unit Jefferson Castle Hills in Lewisville, Texas

by Channing Hamilton April 22, 2024

LEWISVILLE, TEXAS — JPI has broken ground on Jefferson Castle Hills, a two-phase project in the Dallas suburb of Lewisville. Located within the 2,900-acre master-planned Castle Hills development, Jefferson Castle Hills will comprise 761 units. Phase I will deliver 380 units, while phase II will include 381 apartments. Units will come in one-, two- and three-bedroom floor plans. Planned amenities include a pedestrian sky bridge, fitness center with a yoga studio, dog park, courtyards, pool decks and a dedicated parking garage. JPI plans to open Jefferson Castle Hills’s first units …

April 22, 2024

38 Jackson Street in Hoboken, New Jersey

Development Finance New Jersey News Northeast

Madison Realty Capital Provides $97 Million for Industrial-to-Multifamily Conversion Project in Hoboken, New Jersey

by Channing Hamilton April 19, 2024

HOBOKEN, N.J. — Madison Realty Capital has provided $97 million in financing for a project in Hoboken that will convert a five-story industrial building into a 110-unit community. Once converted, the complex will rise nine stories. Units will come in one- through five-bedroom floor plans. Planned amenities include a pool, fitness center, clubroom, lounge and grilling areas. The property will also offer 50,000 square feet of retail space, as well as a 300-space parking garage. Construction is underway and is slated to complete in the third quarter of 2025. The …

April 19, 2024

An unnamed conversion project by Carr Properties in Alexandria, Virginia

Development News Southeast Virginia

Carr Properties Plans 234-Unit Office-to-Multifamily Conversion in Alexandria, Virginia

by Channing Hamilton April 18, 2024

ALEXANDRIA, VA. — Carr Properties has acquired a vacant office building located at 901 N. Pitt Street in the Old Town neighborhood of Alexandria. The buyer plans to convert the asset into a 250,000-square-foot community. The development team for the project includes SK+I Architecture, as well as interior design firm Edit Lab by Streetsense. The community will offer 234 apartments in studio through three-bedroom layouts, a portion of which will be set aside as affordable housing. The property will also feature below-grade parking, 15,800 square feet of outdoor space, a …

April 18, 2024

Westminster Village Arms in Lowell, Massachusetts

Affordable Housing Finance Massachusetts News Northeast

MassHousing Provides $94 Million in Financing for 432-Unit Affordable Housing Community in Lowell, Massachusetts

by Channing Hamilton April 17, 2024

LOWELL, MASS. — MassHousing has provided a $94 million 35-year permanent loan for the refinancing of Westminster Village Arms, a 432-unit affordable housing complex in Lowell, 30 miles northwest of Boston. The funds will be used to preserve the community’s affordable housing component and to carry out approximately $20 million in property improvements. Related Affordable refinanced the property through MassHousing’s Multifamily Accelerated Processing (MAP)/Ginnie Mae Joint Venture program with partner lender Rockport Mortgage Corp. The MAP/Ginnie Mae loan program provides expedited Federal Housing Administration insurance approvals. MassHousing offers program through …

April 17, 2024

Ranch at Moorpark in Moorpark, California

California Investment Sales News Western

Decron Properties Sells Ranch at Moorpark in California to AEW Capital for $133.2 Million

by Channing Hamilton April 16, 2024

MOORPARK, CALIF. — Decron Properties has sold Ranch at Moorpark, a 376-unit property in Moorpark, approximately 50 miles west of Los Angeles. AEW Capital Management acquired the asset for $133.2 million. Ranch at Moorpark is situated at 51 Majestic Court. Amenities include a fitness center, yoga and spin studio, clubhouse with chef’s kitchen, children’s play area, dog park, pool, poolside barbecue and dining areas, fire pits and seating areas.

April 16, 2024

Build-to-Rent Development Investment Sales News North Carolina Southeast

JLL Capital Markets Brokers Sale of 551-Unit Build-to-Rent Community in Charlotte Suburb

by Channing Hamilton April 15, 2024

PINEVILLE, N.C. — JLL Capital Markets has negotiated the sale of Blu South, a build-to-rent community in the Charlotte suburb of Pineville. Hines U.S. Property Partners purchased the asset from Cornerstone Development for an undisclosed price. The transaction consists of the sale of 365 existing units, as well as the forward sale of 186 units. Casey Sherman and John Gavigan led the JLL Capital Markets Investment Sales Advisory team. Construction on Blue South began in 2022 and is slated for full completion in 2025. At full build-out, the property will feature …

April 15, 2024

Finance Illinois Midwest News

JLL Capital Markets Arranges $127 Million Refinancing for 444-Unit Community in Chicago

by Channing Hamilton April 12, 2024

CHICAGO — JLL Capital Markets has arranged the $127 million refinancing of 465 N. Park Dr., a 48-story asset in the Streeterville neighborhood of downtown Chicago. The borrower was a joint venture between MetLife Investment Management and Allstate Investments. JLL represented the borrower to secure the five-year loan through The Northwestern Mutual Life Insurance Co. Danny Kaufman, Mary Dooley, Medina Spiodic, Tara Hagerty and Rebecca Brielmaier led the JLL Capital Markets Debt Advisory team. 465 N. Park Dr. was built in 2018. The property offers 444 units in studio, one-, two- …

April 12, 2024

Development Florida News Southeast

The Estate Cos. Completes 23-Story Soleste NoMi Beach in North Miami Beach, Florida

by Channing Hamilton April 11, 2024

NORTH MIAMI BEACH, FLA. — The Estate Cos. (EIG) has completed Soleste NoMi Beach, a 23-story high-rise development located on Biscayne Bay in North Miami Beach. The project comprises 685,957 square feet. The 1.8-acre waterfront property is situated near beaches, the Oleta River State Park, Aventura Mall and Bal Harbour Shops. Soleste NoMi Beach offers 367 apartments. The property will also include 4,460 square feet of commercial space that will house a Peruvian restaurant called Uma Cantina Peruana. Units come in one-, two- and three-bedroom floor plans ranging from 700 …

April 11, 2024

Colorado Investment Sales New York News Northeast Western

Blackstone to Acquire AIR Communities for $10 Billion, Take Company Private

by Channing Hamilton April 10, 2024

NEW YORK CITY AND DENVER — Blackstone (NYSE: BX) has agreed to acquire Denver-based multifamily REIT AIR Communities (NYSE: AIRC) for $10 billion in an all-cash transaction. The deal, which is expected to close during the third quarter, will take AIR Communities private. Under the terms of the deal, Blackstone will assume all of the REIT’s outstanding debt. Formerly known as Apartment Income REIT Corp., AIR Communities owns 76 communities totaling approximately 27,000 apartments. The properties are spread across 10 states and Washington D.C., but are concentrated in coastal markets …

April 10, 2024

Investment Sales News Texas

Partnership Acquires Three-Property Portfolio in Houston for $60 Million

by Channing Hamilton April 9, 2024

HOUSTON — A partnership between Ascendant Capital Partners and Culver Investment Partners has purchased the Elle Collection, a portfolio of three communities near Texas Medical Center in Houston. The portfolio traded hands for $60 million. The portfolio includes Elle at the Medical Center, Vie at the Medical Center and Plaza Townhomes at the Medical Center. The Elle Collection totals 470 units altogether. The seller was not disclosed. The new ownership plans to implement capital improvement programs at each of the properties.

April 9, 2024

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