PHILADELPHIA — A partnership between Pennrose and the Philadelphia Chinatown Development Corp. (PCDC) has delivered Man An House, a 51-unit affordable seniors housing project in the latter entity’s namesake neighborhood. The site is located within an opportunity zone and formerly housed a parking lot. The five-story building features studio, one- and two-bedroom units that are reserved for renters aged 62 and above and who earn between 20 and 60 percent of the area median income.
NEW HAVEN, CONN. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the $121 million sale of a portfolio of four multifamily properties totaling 693 units in Connecticut. The portfolio comprises New Cambridge, a 208-unit complex in Bristol that was built in 1969; Silvertree, a 180-unit property in Wallingford that was constructed in 1976; Peppertree, a 205-unit asset in Groton that was completed in 1975; and Huntington Ridge, a 100-unit complex in Norwich that was built in 2004. Victor Nolletti, Eric Pentore and Wes Klockner of IPA represented the seller, Sun Equity Partners, in the transaction and procured the buyer, FPA Multifamily LLC.
EAST HANOVER, N.J. — Locally based developer KRE Group has completed Valley View Park, a 239-unit apartment community in East Hanover, about 30 miles west of Manhattan. The property, which is named for a golf course that occupied the site from 1937 to 1973, consists of five four-story buildings. Units come in one- and two-bedroom floor plans, and 34 residences are subject to income restrictions. The amenity package comprises a pool, fitness center, clubhouse, indoor and outdoor children’s play areas, outdoor grilling and dining stations, a gaming lawn, dog park and walking trails. Rents start at approximately $2,700 per month for a one-bedroom apartment. Construction began in April 2023, and leasing launched in September 2024.
NEEDHAM, MASS. — Locally based investment firm Riverside Properties has purchased a 135,272-square-foot office building in Needham, about 20 miles southwest of Boston. The three-story building at 160 Gould St. offers an outdoor socialization area and a former full-service cafeteria. Robert Griffin, Edward Maher, Matthew Pullen, James Tribble, Samantha Hallowell, William Sleeper, Joseph Alvarado and Casey Valente of Newmark represented the seller, James Campbell Co., in the transaction. The team also procured Riverside Properties as the buyer.
PARSIPPANY, N.J. — Topgolf will open a new entertainment venue at 1269 U.S. Route 46 in the Northern New Jersey community of Parsippany. The square footage was not disclosed. The three-level facility will feature 102 climate-controlled hitting bays, a full-service restaurant and bar, fire pits, private event space and a rooftop terrace. Construction of the venue, which will be the Dallas-based operator’s third in New Jersey and is expected to employ between 350 and 400 people, is now underway. The opening is slated for next summer.
NEW YORK CITY — Newmark has arranged a 30,000-square-foot office lease at 1185 Avenue of the Americas in Midtown Manhattan. The tenant, SURMOUNT, a commercial real estate services company focused on net-leased assets, will relocate from 275 Madison Avenue to the entire 30th floor of the building. David Falk, Jason Greenstein and Justin Pollner of Newmark represented the tenant in the lease negotiations. Newmark’s Brian Waterman, Scott Klau, Brent Ozarowski, Kevin Sullivan and David Waterman, alongside internal agents Howard Tenenbaum and Gary Rosen, represented the landlord, SL Green.
TEANECK, N.J. — Locally based firm Malas Development will build a 248-unit apartment complex in the Northern New Jersey community of Teaneck. The project represents Phase II of The Marq, the first phase of which comprised 256 units that are now 80 percent occupied. Designed by CPA Architecture, the second phase will offer studio, one-, two- and three-bedroom apartments and amenities such as a sauna and massage rooms, coworking areas, a sport simulator, landscaped courtyard with a pool and a rooftop terrace. Completion is slated for the fourth quarter of 2026.
NEWARK, N.J. — CBRE has negotiated the $37.5 million sale of Springfield Avenue Marketplace, a 110,551-square-foot shopping center in Newark. A 71,000-square-foot Shoprite grocery store anchors the property, which was completed in 2016 and was 97 percent leased at the time of sale. Additional tenants include McDonald’s, Taco Bell, Popeyes and T-Mobile. Jeffrey Dunne, David Gavin, Chris Munley, Colin Behr and Travis Langer of CBRE represented the seller, Goldman Sachs Alternatives, in the transaction. The team also procured the buyer, Medipower, a publicly traded Israeli investment firm. Jim Cadranell, Jon Mikula and Christian Badalamenti of JLL arranged $24.4 million in fixed-rate acquisition financing for the deal through Protective Life Corp.
BOSTON — Marcus & Millichap Capital Corp. (MMCC) has arranged $18.7 million in financing across three loans for a trio of multifamily properties in Boston. The properties include the 31-unit Heywood Apartments in Worcester, the 36-unit Eames Apartments in Framingham, a western suburb of Boston, and the 29-unit Summer Street Apartments in Waltham, also located west of the state capital. All three loans carried 6.5 percent interest rates. Robert Damigella of MMCC arranged the loans. The direct lenders and borrowers were not disclosed.
GROTON, MASS. — Gilbane Building Co. has completed the Florence Roche Elementary School in Groton, located northwest of Boston. The 110,000-square-foot academic facility serves 645 students in grades kindergarten through fourth and features a dedicated project area that offers opportunities for breakout spaces and a zone for non-classroom-based activities. In addition, the school features a media center, STEM lab with an outdoor patio, spaces for music and art and a theater area, as well as advanced security and energy-efficient utility systems.