SHERMAN, TEXAS — Dallas-based Linesight Development has sold a 19.5-acre multifamily development site that is located within the Hickory Hill master-planned community in the North Texas city of Sherman. Josh Watson of Land Advisors Organization represented Linesight Development in the deal. The name of the buyer and specific plans for the site were not disclosed.
ELKHART AND JEFFERSONVILLE, IND. — Revitate Cherry Tree (RevCT) has acquired two workforce housing communities in Indiana for $44.5 million. Built in 1970, Walnut Trails is a 210-unit, garden-style community in Elkhart. Constructed in 1972, Beech Grove is a 182-unit community in Jeffersonville. RevCT says the acquisition of these two properties advances the firm’s overall strategy of preserving and enhancing workforce housing opportunities for families across the Midwest. Both of these properties cater to working-class residents such as those employed by local governments or in industries like healthcare, manufacturing, logistics and education. Workforce housing is defined as housing affordable to households earning between 60 and 120 percent of area median income.
DALLAS — National multifamily advisory firm GREA has arranged the sale of Luna Blanca, a 161-unit apartment complex in the North Oak Cliff neighborhood of Dallas. According to Apartments.com, the property features one-, two- and three-bedroom units and amenities such as a pool, outdoor grilling and dining areas and onsite laundry facilities. Mark Allen of GREA represented the seller and out-of-state buyer, both of which requested anonymity, in the transaction. The new ownership plans to implement a value-add program.
POUGHKEEPSIE, N.Y. — CBRE has brokered the $31 million sale of Grand Pointe Park, a 156-unit multifamily property located about 80 miles north of Manhattan in Poughkeepsie. Built in 1997, Grand Pointe Park offers one-, two- and three-bedroom units and amenities such as a pool, fitness center, lounge, dog park and a playground. Jeff Dunne, Richard Gatto, Fahri Ozturk, Eric Apfel, Stuart MacKenzie and Zach McHale of CBRE represented the seller, Avanath Capital Management, and procured the buyer, New Jersey-based investment firm Lexington Property Group, in the transaction. The new ownership plans to execute a value-add program.
VERNON HILLS, ILL. – Dallas-based real estate firm Centennial has revealed plans to expand on its Hawthorn 2.0 redevelopment of Hawthorn Mall, a super-regional shopping center in Vernon Hills, a northern suburb of Chicago. Built in 1973, the mall currently houses over 120 retailers. Centennial first announced the redevelopment of Hawthorn Mall in 2019, which included new retail and dining options, luxury multifamily housing and indoor/outdoor gathering spaces. The expanded plans nearly triple the new development at the property and include 162 units of seniors housing, a 25,000-square-foot grocery store and 109,000 square feet of open-air retail. The center started its redevelopment with the 2020 unveiling of Center Park, a 15,190 square-foot outdoor space in the mall’s former Center Court. Center Park features both lawn games and soft furnishings. The expanded plan calls for the relocation of 250 apartments to create a larger outdoor public plaza to increase pedestrian access to the mall and a new main entrance for the shopping center. Hawthorn 2.0 will also create more retail, restaurant and entertainment space surrounding the exterior of the Hawthorn Row integrated streetscape. “The expansion of our Hawthorn 2.0 plans enhances the original vision we had for the center as a …
ATLANTA — The City of Atlanta has received approval for $39 million in acquisition financing for the purchase of Two Peachtree Street, a 41-story office building located in downtown Atlanta. The city’s economic development authority, Invest Atlanta, will purchase the building, which the city plans to convert to a mixed-income, mixed-use development. Invest Atlanta is acquiring the property on behalf of the city and plans to hold the property until a redevelopment partner is selected. Built in 1968, the building is currently owned by the State of Georgia.
MADISON, ALA. — Richmond-based Capital Square has completed the acquisition of FarmHaus Apartments, a 324-unit, Class A multifamily community in the Huntsville suburb of Madison. FarmHaus, a 22-acre property located at 1260 Balch Road, features one-, two- and three-bedroom apartments averaging 973 square feet. Amenities at the community include a pool, hot tub and spa, fitness center, business center, TV and gaming lounge, grilling station and dog park and pet spa. Capital Square acquired the property on behalf of CS1031 FarmHaus Apartments DST, an investment vehicle with plans to raise $55.9 million in equity. Craig Hey and Andrew Brown of Cushman & Wakefield represented the seller, Thompson Thrift, in the transaction. The sales price was not disclosed.
PLYMOUTH, MINN. — Marcus & Millichap has brokered the $11.3 million sale of a 64-unit townhome rental property in the Twin Cities suburb of Plymouth. Built in 1995, the property is situated along 18th Avenue near Parker Lake. Abe Roberts and Scott Harris represented the buyer and seller, neither of which were disclosed.
RALEIGH, N.C. — Alchemy Properties South, in partnership with New Valley Realty, has purchased two properties located in Raleigh for a combined $16 million. The site of the properties, which include a vacant lot at 303 S. Dawson St. and an adjacent retail building at 217 W. Martin St., will be redeveloped as a luxury residential building to feature up to 40 stories and 450 rental and condominium units. Morris Adjmi Architects and JDavis Architects will design the new building. Maxim Capital Group provided financing for the transaction. No construction timeline was disclosed.
AUSTIN, TEXAS — A partnership between High Street Residential, MSD Partners and River Street Partners has broken ground on 700 River, a 43-story apartment tower in Austin’s Rainey Street District. The 500-foot building will house 377 units in a mix of studio to three-bedroom residences, as well as several penthouses and 3,400 square feet of retail space. In addition, 700 River will feature more than 30,000 square feet of indoor and outdoor amenity space. HKS is the project architect, and DPR Construction is the general contractor. Completion is slated for late 2024.