TUCSON, ARIZ. — EMZ Equity Group has completed the sale of Alvernon Apartments, a multifamily community in Tucson, to Alvernon Coyote LLC for $1.8 million. Located at 2053 and 2099 N. Alvernon Way, the 13,200-square-foot complex features 24 apartments. Allan Mendelsberg and Joey Martinez of Cushman & Wakefield | PICOR represented the seller and buyer in the deal.
GLENDALE HEIGHTS, ILL. — Eastham Capital has acquired The Flats at Gladstone in the Chicago suburb of Glendale Heights with its operating partner Bender Cos. The purchase price was $24.1 million. The 168-unit, garden-style community was 96 percent leased at the time of sale. Rents average $1,690 per month. Built in 1977, The Flats at Gladstone consists of 31 buildings. A renovation plan calls for more than $2.5 million in exterior building improvements and interior unit upgrades, complemented by the construction of a new clubhouse with a fitness center, leasing office and maintenance shop. To date, Eastham and Bender have co-invested in 12 projects.
STATE COLLEGE, PA. — An affiliate of New Jersey-based intermediary Cronheim Mortgage has arranged a $40 million construction loan for a 70-room hotel and condo project in State College. The site is located at the gateway to Penn State University’s campus, and the building will include ground-floor retail space. Residences/hotel rooms will feature premium finishes, and residents will have access to 24/7 security, concierge and housekeeping services, as well as use of a fitness center. An undisclosed national lender provided the nonrecourse loan to the borrower, which also requested anonymity.
PARAMUS, N.J. — Regional brokerage firm Hudson Atlantic Realty has negotiated the $9.2 million sale of a multifamily development site in the Northern New Jersey community of Paramus. The 9.9-acre site at 731 Pascack Road is fully approved for the development of a 162-unit, age-restricted project that will be known as The Residences at Joy Farms. Units will come in one- and two-bedroom floor plans, and amenities will include a fitness center, bar/kitchen area and indoor/outdoor social spaces. Adam Zweibel of Hudson Atlantic brokered the deal. The buyer and seller were not disclosed.
TEMPLE, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Summit Ridge, a 216-unit apartment complex in the Central Texas city of Temple. Summit Ridge offers one-, two- and three-bedroom units with an average size of 956 square feet and amenities such as a pool, dog park, clubhouse, business center and a fitness center. Will Balthrope of IPA, in conjunction with Tommy Lovell III and Richard Robson of Marcus & Millichap, represented the seller, a private investor, in the transaction. The trio also procured the buyer, Ilan Investments LLC.
NEW YORK CITY — Lendlease has welcomed the first residents to The Riverie, an 834-unit apartment community in the Greenpoint neighborhood of Brooklyn. Spanning an entire city block along the East River, The Riverie comprises two towers that rise 37 and 20 stories, as well as a mid-rise podium with frontages along India, West and Java streets. Residences range from studios to three bedrooms, including select penthouses and townhomes. Of the total unit count, 30 percent of residences are designated as affordable housing. The development also features 13,000 square feet of retail and restaurant space, Class A amenities and new public green space. Marvel was the project architect. Rents start at roughly $3,800 per month for a studio apartment. The Riverie was capitalized in late 2022. Construction began in spring 2023 and topped out in fall 2024, at which point the project was known as 1 Java Street.
DORAL, FLA. — Ascentris, in partnership with Highline Real Estate Capital and Square2 Capital, has completed a multi-phase repositioning of Westside Plaza, a three-building, 382,637-square-foot office complex in Doral, a western suburb of Miami. As a result of the project completion, Miami-based COFE Properties purchased two office buildings within Westside Plaza totaling 276,637 square feet at 8200 and 8400 N.W. 33rd St. for $63 million, according to South Florida Business Journal. Westside I and II were 98 percent leased following a renovation, including upgraded lobbies, common areas and tenant amenities, as well as the addition of two spec suites. Tenants in the office buildings include Guidewell Sanitas, US Med, LLC, Inktel Contact Center Solutions and Venture X. Chris Lee, Sean Kelly, Tom Rappa and Matthew Lee of CBRE brokered the sale. Parallel to the transaction, a joint venture between the Ascentris-led partnership and multifamily developer ZOM Living acquired Westside Plaza II, a 106,000-square-foot office building that will be transformed into a 380-unit multifamily community under Florida’s Live Local Act, a strategy designed to provide more affordable housing opportunities. Robert Given, Brad Capas and Troy Ballard of CBRE brokered the sale of Westside Plaza II.
WASHINGTON, D.C. — The District of Columbia Housing Finance Agency (DCHFA) has provided financing to rehabilitate Henson Ridge II, a 178-unit affordable housing community located in the Douglass neighborhood of Ward 8 in Washington, D.C. DCHFA issued $40 million in tax exempt bonds, along with $37.5 million in federal Low Income Housing Tax Credit (LIHTC) equity and $9.3 million in District of Columbia LIHTC equity. Urban Atlantic Development LLC and Capitol Housing Partners LLC (a subsidiary of the DCHA) are the developers planning to rehabilitate Henson Ridge II. The proposed $103 million rehabilitation is made up of 64 LIHTC units and 114 project-based voucher (PBV) units. The scope of work for the rehabilitation includes replacement of roofs, windows, doors, kitchens and bathrooms, as well as improvements to modernize the HVAC/mechanical systems. The mix of units consists of 52 one-bedroom, 28 two-bedroom, 50 three-bedroom, 38 four-bedroom and 10 five-bedroom units. All units will be reserved for residents earning 30 and 60 percent or less of the area median income (AMI). The 30 percent AMI units will benefit from PBV operating subsidies.
TUCSON, ARIZ. — BWE has arranged $28.8 million to refinance Cabana Bridges, a garden-style apartment property in Tucson. The financing was arranged on behalf of Greenlight Communities, a Scottsdale, Ariz.-based developer, and Holualoa Cos., a Tucson-based real estate investor and developer. Matt Terpstra and Charlie Williams of BWE’s Phoenix office originated the seven-year Freddie Mac loan, which features a flexible prepayment option and a favorable interest rate. Located at 1102 E. 36th St., Cabana Bridges features 288 studio, one- and two-bedroom apartments with stainless steel appliances, wood-style plank flooring, in-unit washers/dryers, controlled access entries, pre-installed Wi-Fi and workstation desks in studio and one-bedroom units. Community amenities include outdoor courtyards with citrus trees, barbecue and seating areas, a two-story clubhouse with a coworking lounge and coffee bar, covered parking, a 24/7 fitness center and a swimming pool with lounge seating. Cabana Bridges was built in 2023.
WILSONVILLE, ORE. — Capstone Partners has secured a $27.9 million construction loan from U.S. Bank to develop Villebois Village Center Apartments, a three-building multifamily community in Wilsonville. David Schaffer and John Petersen of Melvin Mark Capital Group originated the financing. Construction began in December 2025, with completion slated for mid-2027. Portland, Ore.-based C2K Architecture is serving as architect and Essex General Construction is the general contractor for the project. Located within the Villebois master-planned community, the project will feature 143 studio, one-, two- and three-bedroom apartments with quartz countertops, stainless steel appliances, 9-foot ceilings and air conditioning in larger units. The community also features 2,460 square feet of ground-floor commercial space, a fitness center, library/game room, top-floor lounge, bike center and pet-friendly features, including a dog wash station. The three buildings will surround a large public piazza with bocce courts, landscaping and heritage trees.