Northeast

HFF Negotiates Sale of 240-Unit Apartment Community in New Jersey

by David Cohen October 5, 2018

LAWRENCEVILLE, N.J. — HFF has negotiated the sale of Steward’s Crossing, a 240-unit apartment community in Lawrenceville. The sales price was undisclosed. Located at 1000 Stewards Crossing Way, the 12-building property is spread across 12 acres. Amenities include a clubhouse, 24-hour fitness center, swimming pool with sundeck, grilling areas, dog park, walking paths and covered parking. HFF represented the seller, Merion Realty Partners and a joint venture partner, in the transaction. Berkshire Group purchased the property.

October 5, 2018

Development Massachusetts Multifamily Northeast Seniors Housing

JCHE Plans 62-Unit Affordable Senior Housing Community Near Boston

by David Cohen October 5, 2018

BROOKLINE, MASS. — Jewish Community Housing for the Elderly (JCHE) has announced plans for a 62-unit affordable seniors housing community in Brookline, a town just southwest of downtown Boston. The community, which has not yet been named, will be located in the densely populated neighborhood of Coolidge Corner. Construction is scheduled to begin in the first quarter of 2019 for completion in summer 2020. JCHE and synagogue Congregation Kehillath Israel (KI) are working together to create a multi-generational village center that simultaneously addresses the issues of social isolation and housing affordability. KI will lease space on its Harvard Street campus to JCHE to develop the property, which will be connected both physically and programmatically to the synagogue. The community, located on a half-acre site, will also offer 1,000 square feet of retail space and a public pocket park. Although the property features no parking, the transit-oriented development is near to the MBTA Green Line and bus line, and also offers transportation via Zip Car, Brookline’s ElderBus service and JCHE’s van service.

October 5, 2018

Acquisitions Hospitality Northeast Vermont

RLJ Lodging Trust Sells DoubleTree Burlington Vermont for $35M

by David Cohen October 4, 2018

BURLINGTON, VT. — RLJ Lodging Trust (NYSE: RLJ) has sold the 309-room DoubleTree by Hilton Burlington Vermont in Burlington for $35 million. The sales price represents a 4.5 percent capitalization rate. The buyer was not disclosed. Located at 870 Williston Road, the property features a fitness room, indoor pool, business center and meeting rooms. The hotel is located nearby the University of Vermont and Champlain College.

October 4, 2018

Acquisitions Multifamily Northeast Pennsylvania

FPA Multifamily Acquires Apartment Community in Suburban Philadelphia for $42.5M

by David Cohen October 4, 2018

GLENMOORE, PA. — FPA Multifamily LLC has acquired Stone Rise, a 216-unit apartment community in Glenmoore for $42.5 million. Glenmoore is approximately 41 miles northwest of Philadelphia. Located 900 Selwyn Place, the eight-building property is set on 21 acres and features a unit mix of one- and two-bedroom apartment homes. Mark Thomson, Ed Coco, Carl Fiebig and Fran Coyne of HFF represented the seller, a subsidiary of Preferred Apartment Communities Inc., in the transaction.

October 4, 2018

Development Mixed-Use Northeast Pennsylvania

RAL Development Services Breaks Ground on 624,575 SF Mixed-Use Property in Philadelphia

by David Cohen October 4, 2018

PHILADELPHIA — RAL Development Services has broken ground on 1300 Fairmount, a 14-story, 624,575-square-foot mixed-use property in Philadelphia. The project will include 478 apartment units as well as 58,759 square feet of retail space. Cope Linder Associates is serving as designer on 1300 Fairmont. RAL Development is the developer. Nobel Learning Communities Inc., a national network of 200 private schools throughout the country, has pre-leased 12,488 square feet at the property and plans to open a Chesterbrook Academy Preschool there. Supermarket chain Aldi has also pre-leased 25,427 square feet of space.

October 4, 2018

Acquisitions New Jersey Northeast Retail

Marcus & Millichap Negotiates $4.2M Sale of Retail Property in New Jersey

by David Cohen October 4, 2018

NEPTUNE, N.J. — Marcus & Millichap has negotiated the $4.2 million sale of an 18,150-square-foot retail property in Neptune. Located at 36 State Route 35, the property is currently occupied by a Family Dollar and a Bubbakoo’s Burritos. Alan Cafiero, David Cafiero and Ben Sgambati of Marcus & Millichap represented the seller, a developer, in the transaction. The buyer was undisclosed.

October 4, 2018

Acquisitions Industrial Northeast Rhode Island

Sweeney Real Estate Brokers $1.7M Sale of Industrial Building in Rhode Island

by David Cohen October 4, 2018

CRANSTON, R.I. — Sweeney Real Estate has brokered the $1.7 million sale of a 25,548-square-foot industrial building in Cranston. Located at 25 Slater Road inside the Howard Industrial Park, the property sits on nearly two acres. Thomas O. Sweeney and Kevin Casey of Sweeney Real Estate represented the seller, Alves Properties LLC, in the transaction. The buyer was G3 Slater Road LLC.

October 4, 2018

Acquisitions Massachusetts Multifamily Northeast

CBRE Brokers Sale of 230-Unit Multifamily Community in Metro Boston

by David Cohen October 3, 2018

REVERE, MASS. — CBRE/New England has brokered the sale of Ocean 650, a 230-unit multifamily community in Revere. The sales price was undisclosed. Opened in 2017, the community consists of a seven-story building with amenity space and a parking garage on the first two stories. Amenities include two elevated courtyards, a resort-style pool deck, fire pit lounge area and roof deck. CBRE represented the seller, a fund advised by Boston-based TA Realty, in the transaction. The buyer was a fund advised by Greystar.

October 3, 2018

Loans Mixed-Use Northeast Pennsylvania

UC Funds Provides $20.5M Construction Loan for Mixed-Use Project in Philadelphia

by David Cohen October 3, 2018

PHILADELPHIA — UC Funds has provided a $20.5 million construction loan for Phase II of Liberty Square, a mixed-use project in Philadelphia. Located at 236 W. Thompson St., the full build-out will include 191 residential units and 6,700 square feet of ground-floor retail space. The loan will fund the construction of 89 of the residential units and all of the retail space. Amenities will include an underground parking garage, fitness center and a landscaped plaza with dog park. The borrower was undisclosed.

October 3, 2018

Acquisitions Massachusetts Multifamily Northeast

John M. Corcoran & Co. Acquires Apartment Community Near Boston

by David Cohen October 3, 2018

CHELSEA, MASS. — Property management firm John M. Corcoran & Co. has acquired Chelsea Place, an apartment community located four miles northeast of Boston in Chelsea. Built in 2013, the community is currently 98 percent occupied and offers units that average 909 square feet each. Amenities include a resident lounge, coffee bar, fitness center, garage parking, stainless steel appliances, walk-in closets and en-suite laundry. Adam Dunn and Chris Phaneuf of HFF represented the seller, Federal Realty Investment Trust, in the transaction.

October 3, 2018

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