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Opus Breaks Ground on 218-Unit Apartment Building in Minneapolis

MINNEAPOLIS — The Opus Group has broken ground on a six-story, 218-unit apartment building in the North Loop neighborhood of Minneapolis. Located at the intersection of West River Parkway and Plymouth Avenue, the development will include a mix of studios, alcoves, one- and two-bedroom units and penthouses. Completion is slated for summer 2020. This project is the third in the North Loop for

Marcus & Millichap Arranges $2.8M Sale of Apartment Property in Northern Illinois

HARVARD, ILL. — Marcus & Millichap has arranged the sale of Harvard Park Apartments in northern Illinois for $2.8 million. Built in 1975, the 40-unit apartment property is located at 108-124 W. Brink St. The five-building property features two-bedroom units with private patios. David Tarnoff of Marcus & Millichap brokered the transaction on behalf of the undisclosed

Lower Returns is a Fact of Life for Multifamily Stakeholders, Say InterFace Speakers

There is no shortage of capital available to seasoned multifamily developers and investors because the property sector’s underlying real estate fundamentals remain so strong. That was one of the key takeaways of the ninth annual InterFace Multifamily Southeast, a real estate conference hosted by InterFace Conference Group and Southeast Real Estate Business. The event drew more than 400 multifamily professionals to The Whitley hotel in Atlanta on Nov. 27. Speakers during the development …

Joint Venture Purchases Multifamily Community, Adjacent Land in Metro D.C. for $100M Development

GLENMONT, MD. — Elion Partners and Buchanan Partners have entered a joint venture to acquire a 164-unit multifamily community and adjacent 3.5-acre parcel in Glenmont for $34 million. The joint venture plans to renovate the existing asset and develop 254 additional units, bringing the project total to $100 million. Construction at the property, located about 12 miles north of Washington, D.C., is set to begin early next year. This is the third joint venture between Elion and

HFF Negotiates $259.4M Sale of Apartment Tower in New Rochelle, New York

NEW ROCHELLE, N.Y. — HFF has negotiated the $259.4 million sale of Halstead New Rochelle Metro North, a 40-story apartment tower in New Rochelle. Completed in 2007, the 588-unit property consists of a mix of market-rate studio through three-bedroom units. Jose Cruz, Stephen Simonelli, Kevin O’Hearn, Michael Oliver, JB Bruno and Andrew Scandalios of HFF represented the seller, The DSF Group, in the transaction. The buyers were Azure Partners and Harbor Group

Pennrose Breaks Ground on $23M Affordable Housing Community on Cape Cod

EASTHAM, MASS. — Penrose has broken ground on Village at Nauset Green in Eastham. The $23 million project will consist of 65 affordable and workforce housing units spread across more than 11 acres. The property will accommodate individuals and families with a range of incomes, including 11 units serving households earning up to 30 percent of the area median income (AMI) and 39 units serving households earning up to 60 percent of AMI. The remaining units will be Workforce units for families …

NHI Funds $25.4M Skilled Nursing Development Near Milwaukee

OAK CREEK, WIS. — National Health Investors Inc. (NHI) has agreed to finance the development of Ignite Medical Resort Oak Creek, a 144-bed skilled nursing facility just south of Milwaukee in Oak Creek. NHI's commitment totals $25.4 million. Construction on the facility is underway, with an expected completion of second-quarter 2020. A tenant entity owned by affiliates of Villa Healthcare and Ignite Medical Resorts will operate the community once completed. A 12-year lease term begins …

JVM Completes Renovations at Apartment Community in Indianapolis

INDIANAPOLIS — JVM Realty Corp. (JVM) has completed the renovation of the common areas at Circa Apartments, a 265-unit luxury apartment community that it owns in downtown Indianapolis. The new features at Circa include an expanded pet park, a new pet washing station, automated package room, upgraded fitness center and co-working lounge. The renovation also included a redesigned clubhouse and new furniture for the pool and resident lounge. Holt Construction was the contractor for the project …

SunTrust Originates $16.3M Acquisition Loan for Multifamily Property in Warren, Michigan

WARREN, MICH. — SunTrust Banks Inc. has originated a $16.3 million bridge loan for the acquisition of Hoover Square in Warren, a suburb of Detroit. The 342-unit multifamily property, built in 1965, features one- and two-bedroom units. The asset is 90 percent occupied. Evan Hom of SunTrust originated the two-year, floating-rate loan on behalf of the Michigan-based

Koontz Corp. Breaks Ground on 328-Unit Apartment Community in San Antonio

SAN ANTONIO — Koontz Corp., a San Antonio-based developer, has broken ground on Palmetto Pointe, a 328-unit apartment community in San Antonio. The community will be situated on 15.2 acres on the northwest side near the city’s two largest private employers, USAA and South Texas Medical Center. Floor plans call for one- and two-bedroom units. Koontz aims to complete the entire 13-building complex in approximately 24 months. The leasing office and clubhouse are expected to open in July 2019, …

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