HOUSTON — Fairstead, an affordable housing owner-operator based in New York City, has announced the $242 million acquisition and rehabilitation of Haverstock Hills, a 700-unit affordable housing property in Houston’s East Aldine neighborhood. Haverstock Hills comprises 44 two- and three-story buildings on a 22-acre site. Residences include a mix of studio, one-, two- and three-bedroom units, all of which are reserved for households earning 60 percent or less of the area median income. Fairstead plans to upgrade unit interiors, building exteriors and common areas, as well as enhance the amenities via an updated clubhouse, outdoor playground, laundry facilities and a business center. Fairstead will also invest in new safety and security measures across the property. Rainbow Housing Corp. will continue to provide onsite social services for residences of Haverstock Hills.
DALLAS — Locally based firm Anthem Development has begun construction on Premier at Dallas Midtown, a 296-unit multifamily project that will be located on the site of the former Valley View Mall on the city’s north side. The development will feature studio, one- and two -bedroom floor plans that will range in size from 500 to 1,400 square feet. Amenities will include a pool, fitness center, sky lounge, game room, dog run and a business center with private workstations and a conference room, as well as 13,500 square feet of retail space. Cross Architects designed the project. NexBank is financing construction, which is expected to be complete in 2027.
LYNBROOK, N.Y. — Regional brokerage and debt advisory firm BlueGate Partners has arranged $104 million in financing of The Langdon, a newly built, 201-unit apartment complex located in the Long Island community of Lynbrook. Located at 47 Broadway, The Langdon is a redevelopment of the former Mangrove Feather factory and consists of 55 studios, 111 one-bedroom units and 35 two-bedroom apartments, as well as 2,000 square feet of ground-floor retail space. Amenities include a lobby café, concierge services, rooftop terrace with skyline views, landscaped courtyard, resident lounge with billiards, a fitness center and work-from-home stations. Lee Spiegelman, Mark DeLillo, Marc Schulder, Felipe Marin and Brian Bernier of BlueGate arranged the debt on behalf of the owner, a partnership between Breslin Realty Development Corp. and Fields Grade Development. The direct lender was not disclosed.
NEW YORK CITY — Gilbane Development will build a 266-unit affordable housing project in The Bronx. Designed by Aufgang Architects and developed on the site of a former parking lot, 860 Concourse Village East will be a two-building project with 148 studios, 60 one-bedroom units, 47 two-bedroom residences and 11 three-bedroom apartments. Information on rent restrictions was not disclosed. Amenities will include a fitness center, laundry and package rooms, recreational lounge, an outdoor courtyard and a social services suite with offices and a conference room. The project will also feature a 7,818-square-foot commercial space that will be occupied by the Institute for Community Living. Construction is scheduled to begin next year and to be complete sometime in 2027.
METUCHEN, N.J. — HarborPoint Residential has purchased a 22-unit apartment complex in the Central New Jersey community of Metuchen for roughly $8 million. The building at 22 Center St. is located in the downtown area and comprises 19 market-rate units and three affordable units. Amenities include a gym, storage lockers and a rooftop terrace. The DiOrio Commercial Team at Berkshire Hathaway HomeServices Fox & Roach’s Commercial Division represented the seller and developer, Ramani Group, in the deal.
DECATUR, GA. — Crescent Communities plans to begin construction this month on NOVEL Lulah Hills, a 303-unit apartment community in Decatur. The six-story community, which will feature nearly 40,000 square feet of retail space on the ground level, is a multifamily component within Lulah Hills, EDENS’ 78-acre mixed-use redevelopment of the former North DeKalb Mall. The apartment community will offer a mix of studio, one-, two- and three-bedroom apartments, as well as a pool with cabanas, a beer and game garden, outdoor dining spaces, flexible space for workshops and events, a craft closet, stocked dining pantry and a terrace with firepits and lounge seating. The overall Lulah Hills project, delivered over multiple phases in the coming years, will offer approximately 300,000 square feet of retail and restaurants, a Publix grocery store, 1,800 residential units and multiple green spaces. Crescent Communities plans to deliver NOVEL Lulah Hills in late 2027.
NICEVILLE, FLA. — Berkadia has brokered the sale of American House Bluewater Bay, a 94-unit independent living community located in Niceville, roughly 10 miles northeast of Destin, Fla. Built in 2015, the community was more than 95 percent occupied at the time of sale. Michigan-based real estate development and investment company REDICO sold the property. American House, the senior living operator affiliate of REDICO, will continue to operate the community on behalf of the new ownership.
COON RAPIDS, MINN. — JLL Capital Markets has arranged the sale and financing for Aster Apartments, a 192-unit luxury apartment community in the Twin Cities suburb of Coon Rapids. The property is located at 3130 Northdale Blvd. NW near Highway 10 and Highway 169. Josh Talberg and Joseph Peris of JLL represented the undisclosed seller. Matthew Schoenfeldt, Patricia Heminger, Rebecca Mitchell and Ryan Planek of JLL arranged acquisition financing on behalf of the buyer, MLG Capital.
By Taylor Williams DALLAS — Technological innovation has long been a cornerstone of managing and leasing multifamily properties, and that feature of the business has only been augmented in the era of artificial intelligence (AI). But for all the operational conveniences and efficiencies that AI potentially brings to the table, multifamily management has not yet reached the point of phasing out the human element. Almost immediately after the members of the leasing and management panel at the annual InterFace Multifamily Texas conference had introduced themselves, this fundamental premise of multifamily management was put forth to a crowd of several hundred real estate professionals — men and women who have built careers based on human relationships. The message to those at the conference, which took place in late September at the Westin Galleria Hotel in Dallas, seemed to be one of reassurance, that even as AI seemingly infiltrates every aspect of human life and threatens to void millions of jobs, the human principles that have long governed real estate transactions remain intact. At least for now. Editor’s note: InterFace Conference Group, a division of France Media Inc., produces networking and educational conferences for commercial real estate executives. To sign up for email announcements …
DALLAS — Unbridled Living has acquired The Reserve at North Dallas, a 273-unit seniors housing community in Dallas. Built in 2000, the property features 247 independent living apartments and 26 assisted living units. Amenities include a bistro, game room, wellness center, hair salon, library, media room, resident lounge and a putting green. Jay Wagner, Rick Swartz, Aaron Rosenzweig, Jim Dooley and Dan Baker of JLL represented the undisclosed seller in the transaction. Allison Holland, also with JLL, arranged acquisition financing through Arrowmark Partners on behalf of Unbridled Living. The loan carries a three-year term with two 12-month extension options.
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