DAPHNE, ALA. — SRI Management has opened Seagrass Village of Daphne, an independent living and assisted living community in the Gulf Coast city of Daphne. The property offers 45 independent living apartments, 45 independent living villas and 45 assisted living apartments across a 184,000-square-foot building. Project partners include Sage Development Group, Arrive Architecture Group, Lori Bates Interiors and EMJ Construction.
AUSTIN, TEXAS — Sherman & Roylance has brokered the sale of an eight-acre seniors housing development site in Austin. The City of Austin had previously approved the site for the development of a two-story, 98-unit assisted living and memory care facility, but the project faced construction delays and ultimately ended up in foreclosure in September 2023. The lender, Woodforest Bank, sold the partially completed project to Novak Brothers, which may convert the project into a general multifamily development.
JERSEY CITY, N.J. — Urby, a joint venture between Ironstate Development and Brookfield Properties, has begun leasing a 317-unit apartment building in Jersey City. Rising 265 feet and 25 stories, Journal Square Urby offers studio, one-, two- and three-bedroom floor plans. Amenities include a pool, fitness center with a yoga studio, rooftop garden, outdoor grilling and dining areas, a lobby café and a dog park. Dutch architecture firm Concrete and New York City-based HLW designed the project. Rents start at approximately $3,300 per month for a studio apartment.
NEWARK, N.J. — Locally based firm Russo Development has completed Vermella Broad Street, a 296-unit apartment community located at 355 Broad St. in downtown Newark. The property consists of two five-story buildings that house studio, one- and two-bedroom units. Residences are furnished with stainless steel appliances and quartz countertops, and select units offer private balconies. Vermella Broad Street also features 40,000 square feet of indoor and outdoor amenity space. Rents start at roughly $2,000 per month for a studio apartment. Leasing began last November.
RIVIERA BEACH, FLA. — Pinnacle and Wendover Housing Partners have opened Berkeley Landing, an affordable housing community located at 3100 Broadway in Riviera Beach, about five miles north of West Palm Beach. Berkeley Landing features 110 income-restricted units and two market-rate units attached to live-work spaces on the ground level. The property features one-, two- and three-bedroom apartments with incomes restricted to households earning 30, 50, 60 and 80 percent of the area median income (AMI). Amenities include a clubhouse, pool and a cabana, fitness center, cyber lounge, covered pavilion, playground and an enclosed dog-walking area. Financing for Berkeley Landing includes funding from the Florida Housing Finance Corp.’s allocation of housing tax credits; a contribution from Riviera Beach Community Redevelopment Agency leveraged by a low-interest loan and impact fee relief from Palm Beach County; equity from The National Equity Fund and Bank of America; construction financing from Bank of America; and permanent financing from Neighborhood Lending Partners. Pinnacle and Wendover Housing Partners will host an official grand opening of Berkeley Landing on Friday, June 14.
SARASOTA, FLA. — Atlas Real Estate Partners and Andover Real Estate Partners have sold Huntington Place Apartments, a 252-unit multifamily community located at 3201 Huntington Place Drive in Sarasota. Bridge Investment Group purchased the property from Atlas and Andover, which have owned the community for 11 years, for an undisclosed price. The buyer assumed a Fannie Mae loan originated by Berkadia. Jason Stanton and Matt Mitchell of Berkadia represented the sellers in the transaction. Prior to the sale, Atlas and Andover completed a comprehensive overhaul of Huntington Place, including the renovation of nearly all units, upgrades to the clubhouse, exterior enhancements such as façade improvements and new roofs and the addition of modern amenities like a dog park, fitness center and outdoor lounge area. The property was 95 percent occupied at the time of sale.
GIBRALTAR, MICH. — ARCO Real Estate Co. has acquired Riverside Townhomes in Gibraltar, a southern suburb of Detroit, for $17.1 million. The townhome rental property, located at 14221 Park St., features 136 units. Peter Jankowski and Rich Deptula of Friedman Real Estate represented both the buyer and undisclosed seller.
BERKELEY, CALIF. — CBRE has arranged the sale of a 0.43-acre development site at 2587 Telegraph Ave. in Berkeley, approximately five blocks south of the University of California, Berkeley campus. 2565-2589 Telegraph Black LLC, a local private investor and related party of Anchor Valley Partners, sold the asset for an undisclosed price. An undisclosed buyer plans to build a 52-unit, 232-bed student housing development on site. The project is approved and entitled for an eight-story, 112,562-square-foot, mixed-use building featuring studio, four-, five- and six-bedroom units, including six affordable housing units. Additionally, the finished project will include 2,902 square feet of ground-floor commercial space, 5,105-square-foot of outdoor space, a fitness room, an amenity room, study pods and bike parking. Keith Manson, Zachary Greenwood and Mac Watson of CBRE’s Oakland office represented the seller in the transaction.
CHICAGO — Interra Realty has brokered the sale of a 48-unit apartment building in Chicago’s Lakeview East neighborhood for $11.2 million. Located at 452 W. Oakdale Ave. and constructed in 1971, the property includes 16 studios and 32 one-bedroom units. All apartments were occupied at the time of sale. Joe Smazal of Interra represented the buyer, Beal Properties, and the seller, a local investment group led by Cagan Management.
BURNSVILLE, MINN. — JLL Capital Markets has arranged the sale of Shalimar Estates, a 48-unit townhome rental community in Burnsville, about 15 miles south of downtown Minneapolis. Located at 13340 Parkwood Drive, the property features three-bedroom units within attached three-story buildings with garages on the ground level. Josh Talberg and Bill Mork of JLL represented the seller, Gaughan Cos. Shalimar Estates was part of Gaughan’s larger 800-unit Minnesota Legacy Apartment Portfolio.