BRENTWOOD, N.Y. — CAPREIT has acquired Broadway West, a 114-unit apartment complex in the Long Island community of Brentwood. Built in 2003, Broadway West offers one- and two-bedroom units and amenities such as a resident clubhouse, outdoor grilling and dining stations, a fitness center and onsite laundry facilities. The seller and sales price were not disclosed.
ATHENS, GA. — Stratus Development has broken ground on Phase II of Puritan Mill, which will offer 411 student housing beds near the University of Georgia campus in Athens. The community will feature townhomes in two-, three- and four-bedroom configurations. Shared amenities are set to include a dog park, nature trails, pickleball courts and shuttle service to campus. The development will combine amenity spaces with the existing initial phase of the project, which includes a second dog park, fitness center, clubhouse, study and meeting rooms and a resort-style pool. The development is scheduled for completion in fall 2027.
BOZEMAN, MONT. — Trident Development has completed the sale of Silver Creek Apartments, a 118-unit multifamily community located at 1481 N. 25th Ave. in Bozeman. An undisclosed buyer acquired the asset for $36.3 million. Adam Haydon, Dan Linnell, Mox Gunderson, Devon Dvorak and Drew Jackson of Colliers represented the seller in the deal. Built in 2021, Silver Creek Apartments features 12 studios, 52 one-bedroom units, 50 two-bedroom apartments and three three-bedroom residences. Amenities include a rooftop patio with gas grills and a fire pit, a ground-floor courtyard, a 24-hour fitness center, two community rooms, a dog park and a pet wash station, interior and exterior storage garages and work-from-home office spaces.
NORTHERN CALIFORNIA — PSRS arranged $29.5 million in acquisition financing for an unnamed mobile home park in Northern California. Michael Tanner and David Sarnoff of PSRS arranged the three-year, interest-only acquisition loan through a bridge lender. The borrower was also not disclosed. The 93-site manufactured housing community offers Pacific Ocean views and immediate proximity to state parks, retail and dining. The property features a range of amenities, including pet-friendly spaces, outdoor gathering areas and a resident lounge.
SAN RAMON, CALIF. — An entity doing business as Bollinger Crest Apartment Investors LP has sold 4000 Bollinger Crest Common, a multifamily property in San Ramon, to Pacific Urban Investors for an undisclosed price. Keith Manson, Zach Greenwood, Mac Watson and Tate Eames of Cushman & Wakefield represented the seller in the deal. Built in 2000, the property features 65 two-bedroom, two-bathroom residences averaging approximately 1,100 square feet. Units offer private, oversized individual garages, private balconies and patios and nine-foot ceilings.
CHARLOTTE, N.C. — Midway through a panel discussion comprising apartment operators, moderator Stephanie Garris, director and head of North Carolina at property management firm Arqline, asked the panelists for one thing in multifamily operations that they wish they could stop doing tomorrow. “Offering concessions,” said Dallas Green, regional vice president of RPM Living. “Dallas stole my answer,” said Sherry Yarborough, director of multifamily management Southeast at Drucker & Falk. Editor’s note: InterFace Conference Group, a division of France Media Inc., produces networking and educational conferences for commercial real estate executives. To sign up for email announcements about specific events, visit www.interfaceconferencegroup.com/subscribe. The panelists were part of InterFace Carolinas Multifamily, an annual networking and information conference held on May 21 at the Hilton Charlotte Uptown. The conference, hosted by InterFace Conference Group and Southeast Real Estate Business, brought in 273 attendees. Concessions often take the form of free rent for a set period, typically one or two months. Renters at newly delivered properties can get up to three months of free rent in some markets today, with longer rent-free periods reserved for those who sign longer term leases or for signing a lease within 24 to 48 hours of touring the property. Yarborough said …
MAGNOLIA, TEXAS — Berkadia has brokered the sale of Alders Magnolia, a 184-unit active adult complex located roughly 40 miles northwest of Houston. Built in 2021, the property offers amenities such as a pool, spa, theater, fitness center, demonstration kitchen, coffee bar, private wine lockers, a putting green, bocce ball court and a lounge. Aspens Senior Living acquired the community from Capitol Seniors Housing for an undisclosed price. Cody Tremper, Mike Garbers, Ross Sanders and Dave Fasano of Berkadia brokered the deal.
COLLEGE STATION, TEXAS — LifeCare Development is underway on construction of a 117-unit seniors housing project in College Station. The Blake at College Station will offer 73 assisted living units and 44 memory care units, in addition to various culinary- and wellness-themed amenities. Blake Management Group will operate the property. Completion is scheduled for 2028.
NEW ROCHELLE, N.Y. — Berkadia has provided a $126.4 million Fannie Mae loan for the refinancing of Two Clinton Park, a 28-story apartment building located north of New York City in New Rochelle. Built in 2024, Two Clinton Park houses 390 units in studio, one- and two-bedroom floor plans that range in size from 461 to 1,197 square feet, as well as 7,574 square feet of retail space. Amenities include coworking lounges, a fitness center, spa and sauna, screening room, pet spa and landscaped outdoor terraces with grilling stations and fire pits. Brad Williamson, Chris Ellis, Mitch Sinberg, Scott Wadler, Matthew Robbins, Kevin Batt, Brian Huff and Matt Schildwachter of Berkadia, in conjunction with Paul Patafio of Hudson Realty Capital, originated the loan. The sponsor was a partnership between RXR and Bridge Investment Group.
HILLSDALE, N.J. — A partnership between BNE Real Estate Group, Claremont Development and March Development has begun leasing The Piermont, a 256-unit apartment complex in the Northern New Jersey community of Hillsdale. Designed by Studio Hillier Architects with interiors by Mary Cook Associates, The Piermont offers studio, one- and two-bedroom units, as well as townhomes. Amenities include a pool, fitness center, multiple lounges, outdoor grilling and dining stations, coworking space, coffee bar and indoor and outdoor gaming areas. Rents start at $2,700 per month for a studio apartment.
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