PHILADELPHIA — Regional brokerage firm Scope Commercial Real Estate has negotiated the $9.3 million sale of The Yellowjacket, a 24-unit multifamily property in Philadelphia’s Fishtown neighborhood. The complex houses one- and two-bedroom units and amenities such as a fitness center and a rooftop deck, as well as 5,000 square feet of ground-floor retail space. Phil Sharrow and Fahd Malik of Scope Commercial represented the seller, a local developer that is nearing completion of the project, in the all-cash transaction. The duo also procured the buyer, a family office that purchased the asset via a 1031 exchange.
LOWELL, MASS. — Northeast Private Client Group (NEPCG) has brokered the $4 million sale of Middlesex Street Apartments, a 24-unit multifamily complex located in the northern Boston suburb of Lowell. The 35,475-square-foot building is located in the downtown area and includes four commercial spaces. Brad Carlson of NEPCG represented the seller and procured the buyer, both of which requested anonymity, in the transaction. The deal traded at a cap rate of approximately 7.3 percent.
SALT LAKE CITY — Blueprint Healthcare Real Estate Advisors has arranged a new tenant for a 12-property, 1,275-bed skilled nursing portfolio in Utah. Blueprint was approached by a longstanding client to find a best-in-class tenant for the portfolio, which the client was under contract to acquire. The seller was a Utah-based owner and operator of skilled nursing facilities that was in the process of executing on a strategic firm-wide recapitalization. The new tenant is a Nevada-based operator that had strong interest in leasing the portfolio from the future buyer. However, after further discussions with its capital partner, a very compelling bid was submitted to acquire the portfolio.
MERRILLVILLE, IND. — Draper and Kramer Inc. has arranged a $54 million loan for the refinancing of Prairie Point and The Reserve at Prairie Point Apartments in Merrillville, a city in Northwest Indiana. Built between 2002 and 2015, Prairie Point and The Reserve is a 440-unit luxury apartment community that underwent renovations in 2018. The Class A property features townhome-style units with private entrances and garages. Amenities include a clubhouse, fitness center, pool, sundeck, playground and sand volleyball court. Mark Perkowski of Draper and Kramer’s Commercial Finance Group arranged the loan on behalf of the borrower, Weiss Entities. A life insurance company provided the five-year, fixed-rate loan.
— By Cameron Irons, Executive Director, SVN Vanguard — The multifamily real estate market in Orange County continues to be one of the most attractive and profitable in the country. The area’s strong economy, affluent population and abundance of job opportunities have made it a popular destination for people looking for a place to live. As a result, the demand for housing in Orange County has remained high. Developers are responding by building new multifamily and mixed-use developments. There are several highly active companies developing new multifamily projects in Orange County. Projects such as Metropolis by the Irvine Company and Park and Paseo by Broadstone are nestled among large office/industrial parks and feature thousands of residential units, in addition to retail and commercial space. They are designed to be hubs for work, play and living, offering residents a wide range of amenities. Lennar Homes, KB Homes and Meritage Homes have similar projects in development in every city throughout the county. Despite the high prices of these properties, the Orange County multifamily market continues to thrive. The area has seen a surge in the number of renters in recent years, which has put pressure on the available housing supply. This has driven …
MIAMI — Locally based developer Pinnacle has obtained $72.3 million in construction financing for an affordable housing development located in Miami’s Princeton neighborhood. The 215-unit community, called Pinnacle at Tropical Pointe, will be located at 25155 S.W. 136th Ave. in an unincorporated area of Miami-Dade County. Bank of America, Citibank, Miami-Dade County, Miami-Dade County Housing Finance Authority and Florida Housing Finance Corp. contributed capital in the form of debt, LIHTC equity or subsidies. Set to open in late 2024, Pinnacle at Tropical Pointe will feature one- to four-bedroom apartments within six garden-style buildings reserved for residents earning up to 60 percent of the area median income. Amenities will include a swimming pool, fitness center, clubroom, business center, playground, barbecue area and a dog run.
CHICAGO — McShane Construction Co. and its joint venture partner Ashlaur Construction have broken ground on Phase IID of Westhaven Park. Located on Chicago’s Near West Side, the 12-story development will include 96 mixed-income apartment units along with ground-floor retail space. Of the total unit count, 66 percent will be designated as affordable, and 34 percent will be market rate. Amenities will include a fitness center, community room and rooftop terrace. LBBA is the project architect, while Brinshore Development and The Michaels Organization are the developers. Completion is slated for September 2024. McShane built a 113-unit condominium building during the first phase of Westhaven Park in 2006.
PLAINFIELD, N.J. — Locally based developer Paramount Assets has opened Netherwood Flats, a 70-unit apartment complex in the Northern New Jersey community of Plainfield. The four-story building features 4,000 square feet of retail space and an 84-space parking deck. Units come in one- and two-bedroom formats and range in size from 624 to 1,427 square feet. Amenities include a fitness center, resident lounge and an elevated courtyard. Netherwood Flats opened with 50 percent of its units preleased. Rents start at $1,865 per month for a one-bedroom apartment.
HOUSTON — A partnership between an affiliate of developer Atlantic | Pacific Cos. and The Harris County Housing Authority has completed Arbor at Wayforest, a 192-unit affordable housing complex located in Houston’s Greenspoint neighborhood. Residences are reserved for renters earning up to 30, 50 and 60 percent of the area median income. According to Apartments.com, the property features two- and three-bedroom units that range in size from 926 to 1,103 square feet and amenities such as a pool, fitness center, business center and a playground.
PRINCETON, TEXAS — HLC Equity, a Pittsburgh-based investment and management firm, has refinanced Southgate Apartments, a 156-unit multifamily complex located northeast of Dallas in Princeton. According to Apartments.com, the property offers one-, two- and three-bedroom units and amenities such as a pool, fitness center and a resident clubhouse. Berkadia originated the long-term, Fannie Mae loan, the amount of which was not disclosed.