BEVERLY, MASS. — Locally based investment firm Foxfield has sold 50 Broadway, a 45-unit apartment building in Beverly, located northeast of Boston. According to Apartments.com, the building exclusively offers studio apartments with an average size of 421 square feet, as well as outdoor grilling and dining stations and onsite laundry facilities. Kevin Gleason and Henry Smith of Walker & Dunlop brokered the sale. The buyer and sales price were not disclosed. Foxfield acquired the building in 2021 in partnership with Taymil Partners.
NEW YORK CITY — Walker & Dunlop has arranged a $285 million loan for the refinancing of Greenpoint Central, a newly constructed, 473-unit multifamily property located in the Brooklyn neighborhood of the same name. TPG Real Estate Credit provided the loan to the borrower and developer, an affiliate of New York City-based Madison Realty Capital. Sean Reimer, Aaron Appel, Jonathan Schwartz, Adam Schwartz, Keith Kurland, Dustin Stolly, Ari Hirt, Cole Grims and Nicholas Gilhooley of Walker & Dunlop arranged the debt. Ownership will use proceeds to retire construction debt, support funding reserves and return equity to investors. Greenpoint Central is split between two buildings located at 75 Dupont St. (Phase I) and 65 Dupont St. (Phase II). The property offers studio, one- and two-bedroom apartments, 70 percent of which are rented at market rates and 30 percent of which are subject to income restrictions. Amenities include a fitness center, media lounge, game room, coworking space, golf simulator, children’s playroom, pickleball court and a rooftop deck with grilling and dining stations. The property also features 19,589 square feet of retail space on the ground and cellar floors. “The area’s evolving waterfront, cultural institutions and creative community continue to attract renters, creating sustained demand in the …
LUBBOCK, TEXAS — Dallas-based brokerage firm The Multifamily Group (TMG) has negotiated the sale of Birchwood Apartments, a 236-unit complex in Lubbock. Built in 1977, Birchwood Apartments offers one-, two- and three-bedroom floor plans with an average size of 713 square feet. Amenities include a pool, fitness center, clubhouse, business center, onsite laundry facilities, a dog park, playground and outdoor grilling stations. Yonnic Land of TMG represented the seller, Benefit Street Partners, in the transaction. Jon Krebbs of TMG procured the undisclosed, out-of-state buyer.
ANSONIA, CONN. — Reliant RE Partners has purchased Bella Vista Apartments, a 91-unit multifamily building in Ansonia, located in New Haven County. The adaptive reuse building includes more than 8,000 square feet of commercial space and amenities such as a coffee lounge, business center and a gym. Victor Nolletti, Wes Klockner and Eric Pentore of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller, Bella Vista Ansonia LLC, in the transaction and procured Reliant as the buyer.
NEW YORK CITY — Marcus & Millichap has negotiated the sale of two multifamily development sites in Brooklyn. The combined sales price was $11.7 million. The adjoining sites at 2425 and 2413 Atlantic Ave. are located in the Ocean Hill neighborhood and offer a total of roughly 142,000 buildable square feet. Matthew Peters of Marcus & Millichap represented the sellers in the transactions and procured the buyer, a local private investor. All parties requested anonymity.
SYRACUSE, N.Y. — The Community Preservation Corp. (CPC) has provided a $4.5 million construction loan for a multifamily conversion project in Syracuse. The project will transform the former William Howard Taft School in the city’s Eastwood neighborhood, which opened in 1907 and closed in 1964, into a 28-unit rental complex. The unit mix will comprise six one-bedroom residences and 22 two-bedroom apartments. The developer is Skinner Properties.
SAN JOSE, CALIF. — San José State University (SJSU) has purchased Spartan Village on the Paseo (SVP) at 184 S. Market in downtown San Jose from Throckmorton Partners for $165 million. Throckmorton acquired the asset, the former Signia by Hilton Hotel south tower, in November 2023 and commenced a nine-month conversion into a 264-room student housing property with beds for approximately 700 undergraduate students. The 14-story property offers an onsite dining area and community kitchen, a fitness center, games room, co-learning spaces and a study lounge in the sky bridge. SJSU was granted access to $89 million in debt relief capacity as part of the state’s Higher Education Student Housing Grant program that allowed the university to enter a lease agreement with Throckmorton Partners. The agreement included an option to purchase after two years, which SJSU has implemented to assume ownership of the building.
GRESHAM, ORE. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of East Wind, an apartment community in Gresham. Terms of the transaction were not released. Hamid Panahi and Anthony Palladino of IPA and Whitney Rhoades of Marcus & Millichap represented the seller and procured the buyer in the deal. David Tabata of Marcus & Millichap served as broker of record in Oregon. Built in 1971, the three-story, eight-building property features 150 one-, two- and three-bedroom apartments with enclosed patios with planters boxes and large, dual-pane windows. Community amenities include a clubhouse with kitchen, individual leasing offices, a basketball court, playground and laundry facilities.
MIAMI BEACH, FLA. — Mast Capital and Rockpoint have delivered Avara, a 178-unit luxury apartment community located in Miami Beach. The eight-story community features one- to three-bedroom floorplans ranging in size from 560 square feet to 1,410 square feet, as well as penthouse suites. Monthly rental rates begin at $3,200. Designed by Arquitectonica, CID Design Group and Within Hults + Partners, Avara comprises a variety of amenities such as a bayfront pool deck on the second floor with shaded cabanas and a fully equipped outdoor kitchen with grilling stations; a 1,500-square-foot fitness center, clubroom and game lounge; and a flexible work center with conference rooms and private offices. Additional amenities include dedicated bike storage, a dog park, pet spa and full-time concierge services.
SHAKOPEE, MINN. — JLL Capital Markets has brokered the sale of The DECO, an 89-unit luxury apartment building in the Minneapolis suburb of Shakopee. Joseph Peris and Josh Talberg of JLL represented the seller, Enclave Development. The buyer was LouMin Holdings, a locally based multifamily investment firm. Completed in 2021, The DECO features a rooftop sundeck, fitness center, clubroom, underground parking and ground-floor retail space occupied by Mana Brewing. The development is situated on the site of Shakopee’s original City Hall from 1883. LouMin has engaged Sail Management to oversee day-to-day operations of the five-story property. The acquisition was funded through an equity raise and supported by institutional financing, including a Fannie Mae loan.