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An unnamed build-to-rent community in Wendell, North Carolina

Barings, Foulger Pratt Purchase Build-to-Rent Community Underway Near Raleigh for $50 Million

by Channing Hamilton October 19, 2023

WENDELL, N.C. — A joint venture between Barings and Foulger Pratt has purchased a build-to-rent community currently under construction in the Raleigh suburb of Wendell. The undisclosed seller and developer sold the unnamed project for $50 million. This acquisition brings Foulger Pratt’s BTR portfolio to 700 homes and approximately $250 million in investment across North Carolina and Maryland. Situated on 39 acres, the 172-unit property will consist of 89 townhomes and 83 single-family rental homes. The initial deliveries of homes are expected to be available for lease in the first …

October 19, 2023

A property at 147-35 95th Ave. in the New York City borough of Queens

Development Finance New York News Northeast

SCALE Lending Provides $142 Million Construction Loan for 24-Story Building in Queens

by Channing Hamilton October 18, 2023

NEW YORK CITY — SCALE Lending, the debt financing subsidiary of Slate Property Group, has provided a $142 million loan for the construction of a property at 147-35 95th Ave. in the New York City borough of Queens. The project sponsor, Joel Zupnick through Sutphin Boulevard Equities LLC, will use the funds to complete construction, lease-up and stabilization of the asset. The development is slated to deliver in in summer 2024. The building comprises 521 units, 363 parking spaces and 1,231 square feet of retail space across 24 stories in the …

October 18, 2023

The Village at Golden Triangle in Fort Worth

Build-to-Rent Development Finance News Texas

Tower Capital Arranges $72.9 Million in Construction Financing for Build-to-Rent Project in Fort Worth

by Channing Hamilton October 17, 2023

FORT WORTH, TEXAS — Tower Capital has arranged $72.9 million in construction financing for the development of Village at Golden Triangle, a 317-unit build-to-rent community in Fort Worth. Tower Capital’s Kyle McDonough and George Maravilla arranged the financing on behalf of Empire Group, the project’s Arizona-based developer. The Village at Golden Triangle is situated on 30 acres near North Riverside Drive and Golden Triangle Boulevard in Fort Worth. The community offers one-, two- and three-bedroom floor units with quartz countertops, stainless steel appliances, full-size washers and dryers, smart-home technology, private …

October 17, 2023

Preston Place North and South in Bossier City

Investment Sales Louisiana News Southeast

Reynolds Asset Management Acquires Two Properties Totaling 500 Units in Louisiana for $35 Million

by Channing Hamilton October 16, 2023

BOSSIER CITY AND SHREVEPORT, LA. — Reynolds Asset Management has acquired two properties in Louisiana for a total of $35 million. The first property, Preston Place and Port Au Prince in Bossier City, comprises 272 units in one- and two-bedroom layouts, as well as one three-bedroom unit. Reynolds purchased the property in partnership with Devli Real Estate and iintoo. John Hamilton and Josh Jacobs of Marcus & Millichap brokered the transaction. The asset will be rebranded as Preston Place North and South. The second property, Townhomes at South Highlands, comprises …

October 16, 2023

California Finance News Western

Northmarq Arranges $142 Million Refinance of Two Properties in Orange County, California

by Channing Hamilton October 13, 2023

SANTA ANA AND YORBA LINDA, CALIF. — Northmarq has negotiated the refinancing of two properties in Orange County, Villa Del Sol and Yorba Linda Pines. Advanced Real Estate Services owns both properties. Alex Kane, Joe Giordani, Brendan Golding and Alvin Cao of Northmarq’s Newport Beach debt and equity office arranged the combined $142 million cash-out refinance. The deal was structured on a 10-year interest only term. Northmarq secured the permanent-fixed rate loan through its Optigo status as a Freddie Mac lender. Villa Del Sol is located at 811 S Fairview St. in Santa …

October 13, 2023

Florida Investment Sales News Southeast

JBM Brokers $102 Million Sale of ParkCrest Landings Apartments in Bradenton, Florida

by Channing Hamilton October 12, 2023

BRADENTON, FLA. — JBM Institutional Multifamily Advisors has brokered the $102 million sale of ParkCrest Landings, a 400-unit community in the Sarasota suburb of Bradenton. Passco Cos. sold the asset to an undisclosed buyer. ParkCrest Landings comprises 17 residential buildings, three amenity and clubhouse buildings and two pools on a 78.4-acre site. The property offers one-, two- and three-bedroom apartments with an average size of 1,026 square feet.

October 12, 2023

Connecticut Finance News Northeast

Greystone Provides $223.9 Million for The Harbor Point Portfolio in Stamford, Connecticut

by Channing Hamilton October 11, 2023

STAMFORD, CONN. — Cushman & Wakefield has arranged $223.9 million for the refinancing of the Harbor Point portfolio in Stamford, 34 miles outside of New York City. The portfolio comprises 989 units across four buildings. John Alascio, Alex Hernandez, Alex Lapidus, Chris Meloni, Niko Nikolaou, Ryan Dowd and Brian Whitmer of Cushman & Wakefield represented the borrower in the transaction. Greystone’s Judah Rosenberg originated the four Freddie Mac mortgages, all of which featured a seven-year fixed-rate and a 35-year amortization period. The Harbor Point portfolio offers studio, one-, two- and …

October 11, 2023

Ironwood Homes at River Run in Avondale, Arizona

Arizona Build-to-Rent Development News Western

Mark Taylor Opens Ironwood Homes at River Run BTR Project in Avondale, Arizona

by Channing Hamilton October 10, 2023

AVONDALE, ARIZ. — Mark-Taylor Residential has opened Ironwood Homes at River Run, a 103-unit build-to-rent development in the Phoenix suburb of Avondale. Developed by Sunstone Two Tree, Ironwood Homes at River Run offers units in three- and four-bedroom floor plans. Units feature private side yards, personal two-car garages and smart technology packages. Amenities include a pool spa, fitness center, outdoor kitchen, gated entry and a playground.

October 10, 2023

Investment Sales News Washington Western

Institutional Property Advisors Brokers $80 Million Sale of Waters Edge in Kent, Washington

by Channing Hamilton October 9, 2023

KENT, WASH. — Institutional Property Advisors (IPA) has brokered the sale of Waters Edge, a 304-unit asset within The Lakes master-planned community in Kent. FPA Multifamily acquired the property from Jackson Square Properties for $80 million. IPA’s Giovanni Napoli, Philip Assouad, Nicholas Ruggiero, Ryan Harmon and Anthony Palladino represented the seller and procured the buyer. Waters Edge was built in 1987. The low-density community offers one-, two- and three-bedroom apartments with an average size of 879 square feet. Amenities include a private lake with a walking trail, clubhouse, pool, lounge …

October 9, 2023

Investment Sales Massachusetts News Northeast

CBRE Arranges $182 Million Sale of Hanover North Cambridge in Cambridge, Massachusetts

by Channing Hamilton October 6, 2023

CAMBRIDGE, MASS. — CBRE has negotiated the sale of Hanover North Cambridge, an apartment community in North Cambridge. A fund advised by Goldman Sachs Asset Management purchased the asset from The Hanover Co. and its institutional partner for $182 million. Completed in 2022, Hanover North Cambridge offers 294 units, as well as more than 26,000 square feet of amenity space. The property is also home to a 7,067-square-foot, Caribbean-inspired restaurant, and is built over a podium that offers two levels of covered parking. Community amenities include a lobby with a …

October 6, 2023

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