CHICAGO — Marcus & Millichap has arranged the sale of a 25-unit multifamily property in Chicago for nearly $3 million. Built in 1928, the property is located at 2253 W. 111th St. in the city’s Morgan Park neighborhood. There are 25 two-bedroom floor plans across 31,185 rentable square feet. Jack Stanton and Kyle Stengle of Marcus & Millichap’s Stengle Stanton Group represented the seller, a longtime local investor. Buyer information was not provided.
COLLEGE PARK, MD. — Landmark Properties, a student housing owner-operator based in Athens, Ga., has unveiled plans for The Mark College Park, a 2,079-bed project that will be located adjacent to the University of Maryland’s campus. The 4.5-acre site currently houses two condo buildings that are known as College Park Towers. Landmark plans to acquire the condo buildings and land for the development in 2026. Completion of the new student housing community is slated for fall 2029. WDG Architecture is designing The Mark, and Landmark’s construction arm (Landmark Construction) is serving as the general contractor. Plans currently call for two 10-story buildings totaling 601 units that will come in studio to five-bedroom floor plans. Residences will feature stainless steel appliances, quartz countertops, hardwood-style floors and in-unit washers and dryers. Additionally, residents at The Mark will have access to covered garage parking and reserved parking for an additional charge. Amenities will include three quad-like open green spaces on the ground floor, as well as a fitness center and a paseo with tree coverage and green space. This feature will bisect the property north to south to improve pedestrian connectivity. In addition, an amenity deck atop the parking garage will offer …
NEW BRAUNFELS, TEXAS — AOG Living, the Houston-based developer and operator formerly known as Allied Orion Group, has begun leasing The Sophie, a 282-unit multifamily project in the northeastern San Antonio suburb of New Braunfels. The Sophie features one-, two- and three-bedroom units. The amenity package comprises a pool, fitness center, business center/cyber lounge, clubhouse with a gaming area, outdoor grilling stations, dog park, courtyard biergarten, sky lounge and package lockers. Rents start at $1,365 per month for a one-bedroom apartment.
NEW YORK CITY — Private equity firm Kriss Capital and New York-based investment group Corigin have provided $205 million in construction financing for a multifamily project that will be located at 26 E. 35th St. in Manhattan’s Nomad neighborhood. The building will rise 18 stories and house 137 condos. The financing consists of a $180 million senior loan from Kriss Capital and its Israeli partner, Klirmark Capital, and a $25 million mezzanine loan from Corigin. Max Hulsh, Max Herzog, Marko Kazanjian and Andrew Cohen of Institutional Property Advisors, a division of Marcus & Millichap, arranged the financing on behalf of the borrower, The Continuum Co. Completion is slated for 2027.
BRIDGEPORT, CONN. — Regional brokerage firm Northeast Private Client Group (NEPCG) has arranged the $9.9 million sale of Bridgeport Commons Apartments, an 86-unit multifamily property in southern coastal Connecticut. The two-building property was originally built between 1967 and 1970 and is located directly across the street from Bridgeport Hospital. The unit mix comprises nine studios, 73 one-bedroom apartments and four two-bedroom residences. Brad Balletto, Rich Edwards and Robert Paterno of NEPCG represented the seller and procured the buyer, both of which requested anonymity, in the transaction.
PETOSKEY, MICH. — Merchants Capital has provided $66.3 million in financing for the construction of Maple Block Lofts, a 204-unit workforce housing property in Petoskey, a growing vacation destination in northern Michigan. Merchants Capital provided a $29.6 million Freddie Mac Unfunded Non-LIHTC Forward permanent loan for the development, and its parent company, Merchants Bank, provided a $36.7 million construction loan. Maple Block Lofts is the first project in Michigan to receive the Michigan State Housing Development Authority’s Affordable Housing Tax Increment Financing, which accounts for $6 million of the $14 million in tax-increment financing being granted for the development. More than $12 million was provided in state grants and loans, with strong support from Michigan Economic Development Corp.; the Michigan Department of Environment, Great Lakes and Energy; the City of Petoskey; the Emmet County Brownfield Redevelopment Authority; and numerous local businesses. The project will feature seven garden-style apartment buildings with 18 studios, 72 one-bedroom units and 114 two-bedroom units. Fifty percent of the units will be restricted to residents who earn between 60 percent and 120 percent of the area median income (AMI). Ten percent of the residences will be income- and rent-restricted for those making less than 80 percent …
CHICAGO — Chicago-based Harrison Street has sold three senior living properties to Inland Real Estate Group for an undisclosed price. The assets include Clarendale of St. Peters in St. Peters, Mo.; Clarendale of Chandler in Chandler, Ariz.; and Clarendale at Indian Lake in Hendersonville, Tenn. Harrison Street developed the properties in a joint venture with Ryan Cos. and Life Care Services. The communities comprise 635 senior living units, and the portfolio was 92 percent leased at the time of sale.
WAIKOLOA, HAWAII — A joint venture between Pacific Retail Capital Partners, Starwood Property Trust and Taconic Capital Advisors has purchased Kings’ Shops, a retail property in Waikoloa. Terms of the transaction were not released. Tenants at the nearly 70,000-square-foot Kings’ Shops include Tiffany & Co., Tommy Bahama, Tori Richard, Travis Matthews, Lululemon, Kahala, Roy’s Waikoloa Bar & Grill by Chef Roy Yamaguchi, Foster’s Kitchen and A-Bay’s Island Grill. The property also offers venues for live entertainment, including music and fire dancing, weekly farmers markets and monthly night market events.
GREELEY AND GRAND JUNCTION, COLO. — Bow River Capital has completed the disposition of a two-property seniors housing portfolio in Colorado. An undisclosed buyer acquired the 140-unit, fully private-pay seniors housing portfolio for $30 million. Completed in 2020, the two-story The Lodge at Greeley, located at 4430 24th St. in Greeley, offers 92 units in a mix of 20 independent living, 48 assisted living and 24 memory care units within studio and one-bedroom layouts. At the time of sale, the property was fully occupied. The pet-friendly community offers a beauty salon, library, fitness center, private event rooms, an outdoor dining area and restaurant-style dining. Completed in 2019, The Lodge at Grand Junction offers 48-unit, 50-bed assisted living and memory care units in studio and one-bedroom layouts. The pet-friendly community offers a beauty salon, media room, therapy and exercise room, a chapel and restaurant-style dining. The JLL Seniors Housing Capital Markets team represented the seller in the deal.
LOUISVILLE, KY. — Cushman & Wakefield|Commercial Kentucky and Cushman & Wakefield have brokered the sale of a five-property multifamily portfolio totaling 1,460 units. MF Capital purchased the portfolio from Brown Capital for an undisclosed price. The properties include Boulder Creek Apartments, Eagles Eyrie Apartments, Lyndon Crossings, Devonshire Apartments and Partridge Meadows. The portfolio sale represents the largest real estate transaction in Kentucky this year and is also one of the largest transactions in the history of multifamily sales in the state, according to Commercial Kentucky. Craig Collins and Austin English of Commercial Kentucky, along with Mike Kemether and James Wilber of Cushman & Wakefield, represented the seller in the transaction.
