REVERE, MASS. — MassDevelopment has provided $23.5 million in tax-exempt bond financing for a 56-unit affordable housing project in Revere, located just east of Boston. The building at 110 Ocean Ave. will have 32 units for households earning 50 percent or less of the area median income (AMI) and 24 units for households earning 30 percent or less of AMI. In addition to 48 one-, two- and three-bedroom units, the building will also have eight group living units. The borrower is an affiliate of local owner-operator The Neighborhood Developers.Construction is underway and is expected to be complete in fall 2027. TD Bank purchased the bond.
TUCKER, GA. — Charlotte-based Crescent Communities has begun construction on RENDER Tucker, a 312-unit apartment community in Tucker, about 20 miles northeast of Atlanta. Chuo Nittochi Group is serving as the equity partner on the project, and Santander Bank is providing debt financing. Set for completion in summer 2027, the 13-acre development will include an entry park and arrival lawn, clubhouse, hammock zones and swings, a pool, fireplace, fire pit, dog park, grills and a community garden. The design-build team includes Focus Design Interiors (interior design), Hensley Lamkin Rachel (architect), Kimley-Horn (civil engineer) and MSD (landscape architecture).
CHATTANOOGA, TENN. — A public-private partnership between The Atlantic Cos., the City of Chattanooga and American South Capital Partners has broken ground on 702 Manufacturers Road, a 278-unit mixed-income residential development along the Tennessee River in Chattanooga. The project is the first to utilize the City of Chattanooga’s affordable housing PILOT program, which ensures that 15 percent of the units (42 in total) will have income restrictions affordable to the city’s workforce housing residents. Ameris Bank and American South Capital Partners are providing construction financing for the development, which Patterson Real Estate Advisory Group arranged. Set for completion in late 2027, 702 Manufacturers Road will offer a mix of studio, one- and two-bedroom floorplans, as well as a sky lounge and terrace and direct access to the river. The project team includes Brock Hudgins Architects, Kimley-Horn and McShane Construction Co.
SAN DIEGO — Arka Properties and Black Equities have completed the disposition of Lakeshore Villa Apartments, an affordable seniors housing property in San Diego’s San Carlos nieghborhood, to an undisclosed buyer for $47 million. Otto Ozen, Shawn Bolour and Jordan Pakzad of The Mogharebi Group represented the seller in the deal. Located at 6888 Golfcrest Drive, Lakeshore Villa features two three-story buildings offering 126 one-bedroom/one-bath floor plans with an average unit size of 520 square feet. Lakeshore Villa Apartments benefits from a 100 percent Senior HUD HAP Contract, ensuring stable income and long-term occupancy. The buyer plans to invest capital into the property and has committed to extending the affordability of the asset.
LONGMONT, COLO. — Thompson Thrift has completed the sale of Notch66, a 336-unit apartment property in Longmont. Scottsdale, Ariz.-based The Wolff Co., through its core-plus acquisition vehicle, purchased the asset for an undisclosed price. Developed with equity from Watermark 2021 Development Fund III, Notch66 features one-, two- and three-bedroom apartments with quartz countertops, stainless steel appliances, hardwood-style flooring, full-size washers/dryers, walk-in closets and private yards and detached garages in select units. Community amenities include a clubhouse with resident gathering spaces, a heated resort-style swimming pool, a fully equipped fitness center, community-wide Wi-Fi and a dog park. At the time of sale, the property was 93 percent leased. Situated on 18.4 acres at 2514 Main St., Notch66 was completed in June 2024. Shane Ozment, Terrance Hunt, Chris Hart and Brad Schafer of CBRE represented the seller in the deal.
BOLINGBROOK, ILL. — SVN Chicago Commercial has arranged the sale of McKenzie Falls, a 105-unit seniors housing community located at 265 Lakeshore Drive in Bolingbrook. Reid Bennett and Dan Short of SVN Chicago served as the sole advisors on the transaction. The asset sold for $6.7 million. Buyer and seller information was not provided.
ATLANTA — A joint venture between ECI Group and Marcus Partners has acquired Riverside Parc Apartments, a 280-unit complex located at 1925 Waycrest Drive SW in west Atlanta. ECI plans to renovate the property with an updated clubhouse and refreshed apartment interior finishes, including new plumbing fixtures, paint and washer/dryer combinations. The garden-style community spans seven buildings and offers one, two- and three-bedroom floorplans ranging in size from 795 to 1,350 square feet, according to Apartments.com. Amenities at the property include an onsite clubhouse with a dart board and movie theater seating, swimming pool, car care center, fitness center, playground and an electronic lounge that features computers, a printer, Wi-Fi and a coffee bar.
FRISCO, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Stonebrook Village, a 216-unit apartment complex in Frisco. Built on 14 acres in 1994, Stonebrook Village offers one-, two- and three-bedroom units with an average size of 899 square feet. Amenities include a pool, clubhouse, basketball court and a playground. Joey Tumminello, Taylor Hill, Michael Ware and William Hubbard of IPA represented the seller, New Jersey-based Strata Capital, in the transaction and procured the buyer, California-based Paskin Group.
EVERETT, MASS. — South Carolina-based developer Greystar has topped out a 416-unit multifamily project in the eastern Boston suburb of Everett. The project represents the second phase of a larger development at 1690 Revere Beach Parkway, the first phase of which totals 325 units and is known as Jade. Phase II is known as Juniper and will offer amenities such as courtyards, a fitness center and a lounge with a golf simulator. CUBE3 Architects designed both properties, which between them will include 850 parking spaces and 10,500 square feet of retail space. Juniper is expected to be complete before the end of the year. Construction of Juniper began in summer 2024.
PORT CHESTER, N.Y. — JLL has brokered the $30.7 million sale of an apartment complex at 1 N. Main St. in Port Chester, located along the New York-Connecticut border, that was built in 2022 and includes 7,630 square feet of retail space. According to Apartments.com, the building totals 79 units. Residences come in studio, one- and two-bedroom floor plans. Jose Cruz, Jeffrey Julien, Steve Simonelli and Austin Pierce of JLL represented the seller and original developer, a partnership between an affiliate of G&S Investors and Robert Martin Co., in the deal. The buyer was regional development and investment firm KABR Group.