CHICAGO — Kiser Group has negotiated the sale of a 155-unit luxury apartment property in Chicago’s Andersonville neighborhood for $53.5 million. Named Anderson Point, the property located at 5700 N. Ashland Ave. is the adaptive reuse of the Edgewater Medical Center. The seller, MCZ Edgewater Development LLC, transformed the former hospital into a luxury apartment community. Amenities include indoor parking, in-unit laundry, a fitness center, roof deck, golf simulator, tenant lounges and private workspaces. Lee Kiser, Katie LeGrand and Jacob Price of Kiser brokered the transaction. The buyer, Lake Street Lofts LLC, completed a 1031 exchange.
DALLAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of The Lex, a 144-unit multifamily property located in the Lake Highlands area of Dallas. The Lex was built in 1984 and offers six different floor plans with an average size of 825 square feet. Amenities include a pool and outdoor grilling and dining stations. Taylor Hill, Drew Kile, Joey Tumminello, Michael Ware, Will Balthrope and Cameron Purse of IPA represented the seller, GVA Real Estate Group, in the transaction. Brian Eisendrath, Cameron Chalfant, Jake Vitta and Jesse Zarouk, also with IPA, arranged acquisition financing on behalf of the buyer, Los Angeles-based investment firm Dunleer.
ST. CHARLES, ILL. — Cushman & Wakefield has brokered the sale of River Glen of St. Charles, located within the former Delnor Hospital, which was built in St. Charles in 1939. Located approximately 35 miles west of Chicago, the senior living community features 106 units of independent living, assisted living and memory care. The original hospital building has been converted into a modern, well-amenitized campus. Bridge Investment Group sold the asset to Citrine Senior Communities, a joint venture between affiliates of Citrine Investment Group and Jaybird Capital, for $20 million. Jaybird Senior Living will take over operations. Cushman & Wakefield’s Rick Swartz, Jay Wagner, Aaron Rosenzweig, Tim Hosmer and Jack Griffin arranged the transaction.
CARLISLE, PA. — Largo Capital, a commercial intermediary based in upstate New York, has arranged a $6.7 million acquisition loan for a 120-unit multifamily property in Carlisle, a western suburb of Harrisburg. The property consists of 15 buildings that house 88 one-bedroom units with an average size of 598 square feet and 32 two-bedroom units with an average size of 828 square feet. Neal Colligan of Largo Capital originated the financing. The borrower and direct lender were not disclosed.
CHICAGO — Kiser Group has negotiated the sale of a 155-unit luxury apartment property in Chicago’s Andersonville neighborhood for $53.5 million. Named Anderson Point, the property located at 5700 N. Ashland Ave. is the adaptive reuse of the Edgewater Medical Center. The seller, MCZ Edgewater Development LLC, transformed the former hospital into a luxury apartment community. Amenities include indoor parking, in-unit laundry, a fitness center, roof deck, golf simulator, tenant lounges and private workspaces. Lee Kiser, Katie LeGrand and Jacob Price of Kiser brokered the transaction. The buyer, Lake Street Lofts LLC, completed a 1031 exchange.
ST. CHARLES, ILL. — Cushman & Wakefield has brokered the sale of River Glen of St. Charles, located within the former Delnor Hospital, which was built in St. Charles in 1939. Located approximately 35 miles west of Chicago, the senior living community features 106 units of independent living, assisted living and memory care. The original hospital building has been converted into a modern, well-amenitized campus. Bridge Investment Group sold the asset to Citrine Senior Communities, a joint venture between affiliates of Citrine Investment Group and Jaybird Capital, for $20 million. Jaybird Senior Living will take over operations. Cushman & Wakefield’s Rick Swartz, Jay Wagner, Aaron Rosenzweig, Tim Hosmer and Jack Griffin arranged the transaction.
GREER, S.C. — Advenir Oakley Capital LLC has begun site work for LEO Jamestown, a $78 million build-to-rent (BTR) residential community in Greer, part of the Greenville-Spartanburg metropolitan area in Upstate South Carolina. The 296-unit project will span nearly 35 acres at the corner of South Main and Roscoe Drive, about one mile outside of downtown Greer. LEO Jamestown will feature a mix of one-, two- and three-bedroom cottages with nine-to-15-foot ceilings, wood-grain flooring, in-unit washers and dryers, a smart-home technology package, private backyards, on-call maintenance and optional enclosed garage parking. Neighborhood amenities will include courtyards with pavilions and grill stations, a central clubhouse with a resort-style pool, fitness center, dog park and valet trash. One-bedroom homes will average 882 square feet and rent for approximately $1,800 per month; two-bedroom units will average 912 square feet and rent for $2,100; and three-bedrooms will come in 1,510-square-foot floor plans and rent for $2,600. Advenir Oakley expects to fully deliver the property by December 2024, with first deliveries currently scheduled for this October. The design-build team includes Birmingham-based Nequette Architecture & Design and general contractor Capstone Building Corp. Advenir Living will be the property manager.
ALEXANDRIA, VA. — PRP has completed the conversion of an office building at 4900 Seminary Road in Alexandria into a 212-unit apartment tower. The high-rise, dubbed the Sinclaire on Seminary, features apartments averaging 850 square feet in size with ceilings exceeding 10 feet in height. Amenities include ground-level retail space, a dog park, individual storage spaces, indoor parking garage connected by a covered walkway and outdoor lounge areas with firepits, a bocce ball court and outdoor recreational opportunities. Kettler is the property manager of Sinclaire on Seminary. Monthly rental rates range from $1,770 to $3,500, according to the property website.
NEWPORT NEWS, VA. — Cushman & Wakefield has brokered the $25 million sale of Hickory Point, a 175-unit, townhome-style rental community located at 399 Hickory Point Blvd. in Newport News. Jorge Rosa and T.J. Liberto of Cushman & Wakefield represented the seller, AION Partners, in the transaction. The buyer was not disclosed. Hickory Point comprises two- and three-bedroom apartments with private entrances, modern kitchen and bathrooms, built-in microwaves and washer and dryer connections. Amenities include a swimming pool and cabana.
EAST RUTHERFORD, N.J. — Asian-American grocer H Mart has opened a 38,000-square-foot store within American Dream, a megamall and entertainment destination located within the Meadowlands sports complex in Northern New Jersey. Chuck Lanyard of The Goldstein Group and Jeff Chaus of Chaus Realty represented H Mart, which now operates more than 100 stores worldwide, in the lease negotiations. Canadian conglomerate Triple Five Group owns American Dream.