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A 3D render of Michigan Street Commons in Milwaukee.

Bear Real Estate Group Secures $20.6 Million in Construction Financing for Michigan Street Commons in Milwaukee

by Channing Hamilton May 3, 2023

MILWAUKEE — Bear Real Estate Group has secured $20.6 million in construction financing for the development of Michigan Street Commons, a 99-unit affordable community in Milwaukee. Cesar Diaz of NewPoint Real Estate Capital originated the loan, which is structured as a 4 percent tax-exempt bond financing. Three series of bonds were issued by the Wisconsin Housing & Economic Development Authority. Raymond James was the LIHTC equity syndicator. Michigan Street Commons will rise five stories and offer one- and two-bedroom floor plans. Approximately 30 percent of units will be affordable to …

May 3, 2023

One of six properties sold in LA county in May 2023

California Investment Sales News Western

Los Angeles 155-Unit Portfolio Sells for $53.6 Million

by Lynn Peisner May 2, 2023

LOS ANGELES — JLL Capital Markets has arranged three separate transactions for the sale of six assets in Los Angeles County totaling $53.6 million. Five properties are located in the San Fernando Valley and one is in West Los Angeles. JLL worked on behalf of the seller, a corporate fiduciary acting on behalf of an LLC. There were three buyers whose identities were not disclosed. All three buyers assumed existing debt on the assets. The JLL Capital Markets investment sales and advisory team representing the seller was led by Managing …

May 2, 2023

Build-to-Rent Company News Development Midwest News Southeast Texas

Core Spaces Launches Build-to-Rent Brand, Plans 8,000-Unit Pipeline

by Lynn Peisner May 1, 2023

CHICAGO — Core Spaces, a Chicago-based developer that was founded in 2010 and specializes primarily in student housing, is debuting a build-to-rent brand called Oxenfree. The company also operates out of an Austin, Texas, office. The first two projects will be developed in Princeton, Texas, and Nashville, Tennessee, and will be completed by approximately 2024. Oxenfree properties will also be constructed in Denver, Dallas, Austin and San Antonio, Texas, Tampa and Orlando, Florida, Charlotte and Raleigh, North Carolina, and Chicago. The communities will be developed as single-family and townhome-style dwellings. The …

May 1, 2023

California Development Investment Sales News Western

The Mogharebi Group Arranges $21.5 Million Sale of New Asset in San Bernardino

by Lynn Peisner April 28, 2023

SAN BERNARDINO, CALIF. — The Mogharebi Group (TMG) has arranged the $21.5 million sale of Loma Villas, a newly constructed, 70-unit community in the Inland Empire city of San Bernardino. Loma Villas features a mix of studio, one- and two-bedroom floor plans that include enclosed patios or balconies. Amenities include a pool and spa, a fitness center, dog park and grilling and picnic areas. TMG’s Alex Mogharebi, Otto Ozen and Bryan LaBar represented the seller, a regional owner and developer. The buyer is a Southern California-based private investor.

April 28, 2023

Investment Sales News Washington Western

Barcelo Homes Sells Newly Completed Tacoma Asset for $35.4 Million

by Lynn Peisner April 27, 2023

TACOMA, WASH. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Caesars Luxury Apartments in Tacoma. The 131-unit asset sold for $35.4 million. The seller, Barcelo Homes, completed development of the project earlier this year. IPA’s Nick Ruggiero, Philip Assouad, Giovani Napoli, Ryan Harmon and Anthony Palladino represented the seller. Kathryn Dobler of Tacoma-based Dobler Management represented the buyer, RGPD LLC. The property offers a mix of studios, “urban” one-bedrooms, traditional one-bedrooms and two-bedroom units. An urban one-bedroom is a unit type that …

April 27, 2023

The pool at night at 4000 Hulen in Fort Worth

Investment Sales News Texas

Hamilton Zanze Sells 4000 Hulen in Fort Worth

by Lynn Peisner April 26, 2023

FORT WORTH, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of 4000 Hulen in Fort Worth. IPA’s Joey Tumminello, Drew Kile, Taylor Hill, Michael Ware, Jeffrey Kindorf and Will Balthrope represented the seller, Hamilton Zanze, and procured the buyer, Pegasus Real Estate. The 240-unit property was built in 2015, and, according to Tumminello, has averaged 95 percent occupancy and 9 percent effective rent growth since then. Tumminello also says the new owner has value-add opportunities via interior unit upgrades. The five-story, controlled-access …

April 26, 2023

Development New Jersey News Northeast

The NRP Group Breaks Ground on 401-Unit Jersey City Project

by Lynn Peisner April 25, 2023

JERSEY CITY, N.J. —The NRP Group has broken ground on an unnamed 401-unit development in the Port Liberté neighborhood of Jersey City. Joint venture equity investment for the project was provided by Rockwood Capital. G&S Investors is co-developing the project with NRP. Citizens Bank and Fifth Third Bank provided senior construction loans. Located at 190 Chapel Ave., the development is south of downtown Jersey City and adjacent to Liberty National Golf Course. The community, which is scheduled to open in summer 2025, will be NRP’s second development in Jersey City. …

April 25, 2023

Affordable Housing Development News Southeast Virginia

BLVD Begins $35.8 Million Affordable Housing Renovation in Newport News

by Lynn Peisner April 24, 2023

NEWPORT NEWS, VA. — The BLVD Group has acquired and plans to renovate Aqua Vista Apartments in Newport News. The 150-unit community was originally constructed in 1970. The $35.8 million redevelopment will include a gas-to-electric conversion, new roofs, insulation, energy efficient windows and entry doors. Each unit will receive new kitchens, bathrooms, appliances, flooring, paint and LED light fixtures. The owner will expand amenities at the site, adding new barbecues, a playground, a dog park, a business center, a community room and a new leasing office. The redevelopment will preserve …

April 24, 2023

A 3D render of District in Davie, a 5-building mixed-use development.

Development Florida News Southeast

El-Ad National Properties Plans $1 Billion District in Davie Mixed-Use Project Near Miami

by Channing Hamilton April 21, 2023

DAVIE, FLA. — El-Ad National Properties, a subsidiary of Elad Group based in Boca Raton, has released plans for a 2.8 million-square-foot mixed-use project in Davie, 24 miles north of Miami. The town of Davie has approved the development. The project, called The District in Davie, is expected to cost approximately $1 billion, according to El-Ad. At full build-out, the property will comprise 1,256 apartment units across five high-rise buildings, as well as 36,000 square feet of ground-floor restaurant and retail space. Each building will range from 20 to 24 stories and offer …

April 21, 2023

Affordable Housing Colorado Development News Western

BWE Arranges $43 Million Loan for Affordable Project in Aurora, Colorado

by Lynn Peisner April 21, 2023

AURORA, COLO. — Bellwether Enterprise Real Estate Capital (BWE) has arranged a $43 million loan for the construction of 15 Sable Apartments, an affordable housing development in Aurora. The total project cost is $56 million. Anthea Martin, senior vice president in BWE’s Denver office, originated the loan through a private placement on behalf of the borrowers, DBG Properties and Featherstone Development. Completion is slated for March 2025. The 154-unit property will contain a mix of one-, two- and three-bedroom floor plans. Units will be reserved for families earning at or …

April 21, 2023

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