MOUNT VERNON, N.Y. — A partnership between Simone Development Cos. and Stagg Group is nearing completion of Qwest Towers, a $158 million workforce housing project in Mount Vernon, located north of New York City. Qwest Towers will consist of two buildings that will rise 15 and 12 stories and will house a combined 228 residences. The unit mix will comprise 58 studios, 91 one-bedroom units, 78 two-bedroom apartments and one three-bedroom unit, as well as a separate residence for the building superintendent. Information on income restrictions was not disclosed. The first building is scheduled to be complete before the end of the year, with the second to follow a few months later.
NEW BRUNSWICK, N.J. — The Community Builders (TCB) has completed Stirlingside Residences, a 53-unit affordable housing building in New Brunswick, located in Central New Jersey. Specific income restrictions were not announced, but the building includes six units for families and individuals who have previously experienced homelessness. A ribbon-cutting ceremony took place in late May.
NEW YORK CITY — Affinius Capital has provided a $40.7 million construction loan for an 84-unit multifamily project in Upper Manhattan. The borrower is Haussmann Development. The site is located within a Qualified Opportunity Zone at 16–20 Convent Ave., adjacent to Columbia University’s campus, and the mixed-income project will be developed pursuant to New York City’s 485-x tax abatement program. Information on floor plans, income restrictions and amenities was not disclosed. NDKazalas Architecture PC is designing the project, which is slated for an early 2028 completion.
TUSTIN, CALIF. — USA Properties Fund, in partnership with Irvine Co., has broken ground on Terracina at Tustin Legacy, a 338-unit affordable housing community located southeast of Anaheim in Tustin. The community sits within a 1,600-acre master-planned development that is a redevelopment of a former Marine Corps Air Station. Terracina at Tustin Legacy will feature two four-level buildings at 2265 Airship Ave. and 16055 Compass Ave., each featuring one-, two- and three-bedroom apartments, as well as a clubhouse, pool and parking garage. Completion is slated for the second quarter of 2029.
NEW YORRK CITY — Local owner-operator Tredway has purchased Restore Housing, a 138-unit affordable housing property in Brooklyn’s Bedford-Stuyvesant neighborhood, for $41.5 million with plans to implement renovations. Units at the property are reserved for households earning 60 percent or less of the area median income. Capital improvements, which will serve to preserve the property’s affordability status, will cover units’ kitchens, bathrooms, appliances and flooring, as well as the building’s common spaces. Merchants Capital provided financing for both the purchase and renovations.
ATLANTA — JLL’s National Seniors Housing Capital Markets team has brokered the $147 million sale of a five-property seniors housing portfolio in submarkets north of Atlanta. The properties include Brickmont at Woodstock in Woodstock, Brickmont at Acworth in Acworth, Brickmont at Johns Creek in Cumming, Brickmont at West Cobb in Marietta and Brickmont at Roswell in Alpharetta. The portfolio comprises 611 units and 701 beds of assisted living and memory care, as well as amenity packages including theaters, restaurant-style dining, bistros, bars, art studios, game rooms and landscaped courtyards. An institutional investor acquired the portfolio in an all-cash transaction from a joint venture between Centric Development and Sage Equities. Centric Development developed the properties between 2018 and 2022. Jay Wagner, Rick Swartz, Aaron Rosenzweig, Tim Hosmer, Erik Von Hamm, Anthony Fertitta, Joel Mendes and Peter Yorck of JLL represented the seller in the transaction. The new ownership has retained Claiborne Senior Living to continue to operate the communities post-acquisition.
ATLANTA — A partnership between Pennrose, Radiant Development Partners and public partners including Atlanta Beltline Inc. has broken ground on Overlook at Garson, a 130-unit affordable housing community in Atlanta’s Buckhead district. The development is situated along the Beltline’s Northeast Trail at the intersection of Garson Drive and Piedmont Road, which is near the Lindbergh MARTA Station. Atlanta Mayor Andre Dickens attended the groundbreaking ceremony on Tuesday, Aug. 4 along with the development partners. Atlanta Beltline Inc. purchased the development site in 2021 from Wells Fargo with plans to add more affordable housing on land in immediate vicinity of the popular urban trail. The development partners expect to deliver Overlook at Garson in 2028. The property will offer efficiency, one- and two-bedroom apartments reserved for households earning 50, 60 and 80 percent of the area median income (AMI). Capital sources for Overlook at Garson include Bank of America, Advantage Capital, Atlanta Housing, Atlanta Beltline Inc., Invest Atlanta, the Community Foundation for Greater Atlanta and Merchants Capital. Public partners include Atlanta Beltline Inc., Invest Atlanta, Atlanta Housing and Georgia’s Department of Community Affairs. The design-build team includes Smith Dalia Architects, McShane Construction and Thompson Ehle Co.
RANDOLPH, N.J. — LJS Development has broken ground on Sussex Woods, a 25-unit affordable housing project in the Northern New Jersey community of Randolph. Sussex Woods will feature five one-bedroom units, 12 two-bedroom residences and eight three-bedroom apartments. All units will be reserved for households earning between 20 and 60 percent of the area median income. Inglese Architecture is designing Sussex Woods, and LeChase Construction is the general contractor. Completion is slated for next summer.
KERRVILLE, TEXAS — PNC Bank has provided financing for Heritage Oaks, The Meadows and Paseo de Paz, three affordable housing properties totaling 224 units in Kerrville, about 65 miles northwest of San Antonio. The financing will be disbursed as part of PNC’s $251 million fund to support new construction, rehabilitation and preservation of 16 affordable housing properties totaling approximately 1,700 units across the country. The owner of the Kerrville properties was not disclosed.
LA MESA, CALIF. — Marcus & Millichap has arranged the $12.5 million sale of Guava Gardens, an affordable seniors housing community in La Mesa, located in San Diego County. Los Angeles-based Positive Investments was the buyer. Built in 1986, the property totals 81 units, with 40 studio apartments and 41 one-bedroom apartments. Residences are reserved for seniors age 62 and older. Amenities at the community include a pool, spa, recreation room, outdoor gathering areas, laundry facilities and dedicated parking. Christopher Zorbas, Graeme Henderson and Austin Huffman of Marcus & Millichap represented the undisclosed seller in the transaction.
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