FLORHAM PARK, N.J. — Korman Communities and Rockefeller Group have opened AVE Florham Park, a flexible-stay residential community located at 90 Park Ave. in Florham Park. The 256-unit community is designed for extended-stay business travelers and individuals in transition. AVE Florham Park features 65,000 square feet of indoor and outdoor amenity space, including courtyards, a pool, fire pits, 24-hour business center, conference room, media theatre, spa room, a 3,600-square-foot fitness..
PHILADELPHIA — CBRE Capital Markets has brokered the sale of Centre Square, a two-building, 1.8 million-square-foot office complex located at 1500 Market St. in Philadelphia. An affiliate of Nightingale Properties acquired the complex for an undisclosed price. Robert Fahey, Jerry Kranzel, Erin Hannan and Jack Corcoran of CBRE represented the seller, Chicago-based Equity Commonwealth, in the transaction. Built in 1974, the complex consists of a 36-story East Tower, a 43-story West Tower, a..
LANCASTER, ELIZABETHTOWN AND LEBANON, PA. — High Real Estate Group has purchased a four-property, value-add multifamily portfolio in Central Pennsylvania from Equus Capital Partners for an undisclosed price. The portfolio comprises the 112-unit Greenview Terrace and 85-unit Barrcrest Manor in Lancaster, the 128-unit Village Green in Elizabethtown and the 87-unit Lebanon Court in Lebanon. Mark Thomson, Carl Fiebig, Francis Coyne, Jose Cruz and Matthew Lawton of HFF represented the seller in..
NEW YORK CITY — Ariel Property Advisors has arranged the sale of a two-building multifamily portfolio located at 517 W. 180th St. and 570 W. 182nd St. in the Washington Heights neighborhood of Manhattan. A private investor acquired the portfolio for $15.8 million. Totaling 37,305 square feet, the portfolio features 51 residential units in one-, two-, three- and five-bedroom layouts. Thirty-nine of the units are rent stabilized and 12 are free-market apartments. Michael Tortorici, Victor..
Campus First Student Living to Develop 152-Bed Student Housing Expansion in Slippery Rock, Pennsylvania
SLIPPERY ROCK, PA. — Campus First Student Living is developing the second phase of University Village at Slippery Rock in Slippery Rock. Located in close proximity to Slippery Rock University, the second phase will include five buildings totaling 44 units and 152 beds. The unit mix will include two-bed/two-bath, three-bed/three-bath and four-bed/four-bath layouts. All residences will feature stainless steel, high-efficiency appliances, new furniture packages and granite counter tops...
BOSTON — Bell Partners has purchased the 196-unit Olmsted Place apartment complex in the Boston submarket of Jamaica Plain for $103 million. The community is located at 161 S. Huntington Ave. Olmsted Place debuted in 2015. It is fully leased. The community overlooks Jamaica Pond, part of the Emerald Necklace park system designed by legendary landscape architect Frederick Law Olmsted. The seller was a joint venture between Boston Residential Group and the Carlyle Group. The JV purchased..
NEWARK, N.J. — Azure Partners has completed the disposition of The Addison, two 15-story apartment towers located at 380 and 420 Mount Prospect Ave. in the Forest Hill section of Newark, for an undisclosed price. The property features 219 units in a mix of studio, one-, two- and three-bedroom layouts, ranging from 700 square feet to 1,750 square feet. At the time of sale, the property was 99 percent occupied. Jose Cruz, Kevin O’Hearn, Michael Oliver and Stephen Simonelli of HFF represented..
NEW YORK CITY — Ready Capital Structured Finance has arranged a $12.1 million loan for the refinancing, renovation and stabilization of a mixed-use building located at 926 Southern Blvd. in the Woodstock neighborhood of the Bronx. The undisclosed borrower will use the loan to complete a gut renovation and reconfiguration of the loft apartments and street-level retail suites. The 50,700-square-foot building features residential units and 6,700 square feet of retail space. The non-recourse,..
HREC Capital Markets Arranges $6.2M in Refinancing for 208-Room La Quinta Inn & Suites in Massachusetts
SPRINGFIELD, MASS. — HREC Capital Markets Group has arranged a $6.2 million senior loan for the refinancing of a La Quinta Inn & Suites, located at 100 Congress St. in Springfield. The hotel features 208 guestrooms. John Siska of HREC’s Boston office negotiated the loan for the borrower, a private owner-operator. A local community bank provided the financing.
CHERRY HILL, N.J. — Markeim Chalmers Inc. has arranged the sale of two adjacent office buildings located at 401 and 403 Route 70 in Cherry Hill. Becca Inc. sold the buildings, which total 35,700 square feet, to a local investor for $2.4 million. Kevin Burns of Markeim Chalmers represented the seller and buyer in the deal.