NEW YORK CITY — Marcus & Millichap has brokered the $3.4 million sale of an eight-unit apartment building located at 923 Bedford Ave. in Brooklyn’s Clinton Hill neighborhood. The four-story building was originally constructed in 1901 and offers studio, one- and two-bedroom units. Daniel Greenblatt and Shaun Riney of Marcus & Millichap represented the seller, a family office, in the transaction and procured the buyer, an individual/personal trust.
MONTEBELLO, N.Y. — A partnership between owner-operator FilBen Group and Dallas-based private equity firm RSF Partners is nearing completion of Braemar at Montebello, a $54 million assisted living facility in New York’s Lower Hudson Valley region. The site is located near Good Samaritan Hospital — Suffern, as well as numerous commercial establishments. The property will span 133,675 square feet and will feature one- and two-bedroom units with an average size of 500 square feet, as well as an array of entertainment- and wellness-based amenities. H2M Architects + Engineers designed the project, and McAlpine Contracting is handling construction. M&T Bank provided a $34.8 million construction loan for the project, completion of which is scheduled for next year.
CAPE CORAL, FLA. — A partnership comprising Shoreham Capital, Bridge Investment Group and Wynkoop Financial has broken ground on Siesta Lakes, a 412-unit apartment community in Cape Coral, a city in southwest Florida near Fort Myers. The property will include one-, two- and three-bedroom floor plans with high-end finishes and private balconies with views of a private lagoon. The ownership group, which purchased the 26-acre site within an opportunity zone at 186-264 Tierra De Pa Loop in July 2022, recently secured a $66 million construction loan for the project. The development team has also selected Curran Young Construction as general contractor for Siesta Lakes, which is estimated for completion in second-quarter 2025.
ATLANTA — Alliance Residential Co. has opened Broadstone 2Thirty, a 278-unit apartment community located at 230 Martin Luther King Drive SE in downtown Atlanta’s Oakland neighborhood. Situated near Grant Park, Historic Oakland Cemetery and the Atlanta BeltLine, Broadstone 2Thirty features a mix of studio, one-, two- and three-bedroom apartments averaging 790 square feet in size. Amenities include a rooftop resort-style pool and a clubroom with a game parlor, ride share waiting area, private focus rooms and a modern fitness center. Dynamik Design was the architect for the project, and Alliance Residential served as the general contractor. Monthly rental rates at Broadstone 2Thirty range from $1,590 to $3,185, according to the property website.
NORFOLK, VA. — Bonaventure has purchased Monticello Station Apartments, a 121-unit community located at 328 E. Freemason St. in downtown Norfolk, for $42 million. The Alexandria, Va.-based firm plans to rebrand the property as Attain Downtown East. The seller was not disclosed. In addition to apartments in one- to four-bedroom layouts, the property includes 33,000 square feet of retail space leased to tenants including Buffalo Wild Wings, 7-Eleven and Sushi King. Amenities include a swim spa, 24-hour fitness center, garden-style courtyards with gas grills and firepits and a conference room.
WALNUT CREEK, CALIF. — Granite Capital Group (GCG) has purchased The Boulders Apartments in the Bay Area city of Walnut Creek from an undisclosed seller for $58 million. The company used proceeds from the sale of its Enclave Belle Creek apartments in Denver to fund the acquisition using a 1031 tax-deferred exchange. Built in 1972, The Boulders features 164 renovated studio, one- and two-bedroom units with in-unit washers/dryers, vinyl plank floors and kitchens with new cabinets, granite countertops and stainless steel appliances. GCG assumed a $41.2 million Fannie Mae loan fixed at 4.42 percent with all interest-only payments to acquire the asset. An additional $2.3 million in partnership interest is being offered to accredited investors with the funds used to further upgrade the property and for operating reserves. The Northern California team of Institutional Property Advisors, a division of Marcus & Millichap, brokered the transaction.
LOS ANGELES — Marcus & Millichap has arranged the sale of an apartment building located at 1807 S. New Hampshire Ave. in the Pico Union submarket of Los Angeles. The asset traded for $2.6 million, or $647,500 per unit. Jason Tuvia of Marcus & Millichap represented the undisclosed seller in the deal. The name of the buyer was not released. Built in 2021, the property features four four-bedroom/four-bath apartments that are not subject to Los Angeles’ rent control laws.
WINFIELD, ILL. — Synergy Construction & Development Co. has proposed plans for a 147-unit luxury apartment complex in the Chicago suburb of Winfield. Named Winfield Reserve, the project will feature a mix of studio, one-, two- and three-bedroom units. Plans also call for a 142-space parking garage, 6,000-square-foot indoor amenity space and a large outdoor area with a pool. Synergy expects to break ground in August 2024 and complete the project in early 2026. The project is part of the Town Center revitalization plan. The project site spans 2.4 acres at the intersection of Jewell Road and Church Street, 0.7 acres of which are currently owned by Metra and 1.7 acres by Northwestern Medicine Central DuPage Hospital (NM-CDH). NM-CDH and Synergy have entered into a Letter of Intent for the sale and purchase of the hospital property for $2.5 million, contingent upon the village’s final approval of the development. To facilitate acquisition of the Metra-owned property, village officials worked closely with Metra on an arrangement to swap ownership of commuter parking lots, which allowed assembly of parcels necessary for the project. The Town Center redevelopment plan is based on an agreement the village negotiated with NM-CDH to provide funding and …
CHICAGO — Breneman Capital has purchased Ashland Place, a 47-unit apartment property located at 33 S. Ashland Ave. in Chicago. Built in 2018, the community is situated in the city’s West Loop neighborhood and features two one-bedroom units and 45 two-bedroom units. Breneman assumed a loan on the property that features a 73.5 percent loan-to-value ratio, a fixed interest rate of 4.6 percent and roughly five years of remaining term. Dwelle Properties will manage the asset. Breneman plans to improve efficiencies at the property. The purchase price and seller were undisclosed.
AUSTIN, TEXAS — Minneapolis-based developer Ryan Cos. has topped out Grand Living at The Grove, a five-story, 213-unit seniors housing project in Central Austin. The 348,353-square-foot building will house 177 independent and assisted living apartments, as well as 36 memory care apartments. Grand Living at The Grove will feature studio, one- and two-bedroom apartments that will range in size from 450 to 1,600 square feet. Ryan Cos. is co-developing the project with Grand Living and Castletop Capital. PACE Loan Group and Bankers Trust provided financing for the project. Construction began about a year ago, and delivery is slated for early 2025.