PHILADELPHIA — A partnership between owner-operator Pennrose and the Wynnefield Overbrook Revitalization Corp. (WORC) has completed Good Shepherd, a 55-unit affordable seniors housing complex in Philadelphia’s Overbrook area that is a redevelopment of the former Good Shepherd Presbyterian Church, which was destroyed by fire in 2016. Good Shepherd’s one-bedroom units have an average size of 605 square feet and are reserved for renters age 62 and above who earn between 20 and 60 percent of the area median income. Amenities include a fitness center, multi-purpose room and flex space, and residents also have access to social, health and other educational support programs and services.
CHICAGO — Associated Bank has provided a $28.3 million loan to a joint venture between North Park Ventures and SNS Realty Group for the development of a transit-oriented apartment property on North Sheffield Avenue in Chicago. The loan included funds for the acquisition of the former Tortenson Glass Co., which consists of nearly 30,000 square feet of urban infill land. The five-story, 99-unit apartment building will offer 84 market-rate units and 15 affordable housing units. There will be four studios averaging 500 square feet, 46 one-bedroom units averaging 750 square feet and 49 two-bedroom units averaging 1,150 square feet. Amenities will include a clubroom with coworking space, a wellness center with a sauna, a rooftop deck with a dog run and a bike room. There will be parking for 25 cars at the back of the site. Demolition of the existing structures will begin shortly, with completion of the new building planned for 2027. Daniel Barrins of Associated Bank managed the loan arrangements and closing.
MERRILLVILLE, IND. — Colliers has arranged the sale of The Ridge Apartments in Merrillville within Northwest Indiana. Bryce Wetzel, Tyler Hague, Lauren Stoliar and Ryan Roegner of Colliers represented the owner, Parkmont Group, a real estate investment and operating firm based in New York. Originally developed between 1970 and 1981 and renovated in 2024, the property features a variety of one- and two-bedroom floor plans. Amenities include a sundeck, landscaped courtyards and onsite laundry facilities. Morgan Properties was the buyer.
CHICAGO — Kiser Group has brokered the $16.3 million sale of a 65-unit apartment building located at 4601-17 N. Dover St. in Chicago’s Sheridan Park neighborhood. The transaction marks the fifth consecutive sale of the property within a brokerage history spanning nearly three decades involving Kiser brokers. The property first traded for $1.9 million in 1998, followed by sales in 2000 ($3.2 million), 2007 ($7.4 million) and 2020 ($12.5 million). Kiser’s Jacob Price and Katie LeGrand brokered the latest sale. The property sold to a 1031 exchange buyer. The courtyard building features three studios, 45 one-bedroom units, 14 two-bedroom units and three three-bedroom residences. The asset was fully occupied at the time of sale. Approximately 75 percent of the apartments include private balconies. Amenities include a fitness center, landscaped courtyard and individual storage lockers.
ATLANTA — A joint venture between Radnor Property Group and the Madrone Community Development Foundation is set to break ground on a 793-bed student housing development located at 850 West End Ave. in Atlanta. The project, which is scheduled for completion in fall 2028, will serve students attending Morehouse and Spelman colleges. The community will offer 305 units in studio, one-, two- and four-bedroom configurations upon completion. Shared amenities are set to include a 24-hour staffed lobby, outdoor recreation space, a fitness center, community lounges, bike storage, dog park and study rooms. The partnership recently reached financial close for the project through the sale of $146.8 million in tax-exempt and taxable bonds issued by the Development Authority of Fulton County, which will loan the proceed of the bonds to Madrone-MS Student Housing, a subsidiary of the Madrone Community Development Foundation. West End Avenue P3 LLC — a joint venture between Morehouse and Spelman colleges — has entered into a 50-year lease agreement with Madrone as part of the transaction. The development team for the project includes Clark Construction, CD Moody Construction, Moody Nolan and Pape-Dawson. Raymond James and Loop Capital Markets served as underwriter for the bond financing. Brailsford & Dunlavey …
ORLANDO, FLA. — Capstone Building Corp. has begun construction on The Gateway, a 270-unit luxury apartment community located at 7250 Shadowridge Drive in Orlando. The design-build team includes developer JBL Development LLC and architect Baker Barrios Architects. Located near Airport Lakes Park, the five-story, gated community features smart studio, junior one-bedroom, and one-, two- and three-bedroom floorplans. Amenities will include a heated saltwater pool with private cabanas, outdoor kitchens and fire pits, indoor and outdoor coworking lounges, a fitness center with outdoor fitness equipment, pickleball court, bark park, pet spa and a clubhouse featuring a restaurant and bar, market, tenant kitchen and leisure spaces. The development team expects to deliver The Gateway in late 2027.
OXNARD, CALIF. — Harrison Street Asset Management has sold Clearwater at Riverpark, a 136-unit independent senior living community in Oxnard. The buyer was an undisclosed S&P 500 company focused on seniors housing. Terms of the transaction were not released. Aaron Rosenzweig and Dan Baker of JLL Capital Markets Sales and Advisory team represented the seller in the deal. Built in 2018 on 3.8 acres, residences in the 153,297-square-foot community feature full kitchens, in-unit washers/dryers and private patios. Community amenities include multiple dining venues, a pool, fitness center, theater, salon and spa, putting green and dog park.
SANTA MONICA, CALIF. — CBRE has negotiated the $25.9 million sale of a multifamily property along Santa Monica’s Ocean Avenue corridor. The property at 901 Ocean Ave. sold for $23.5 million, with the buyer assuming approximately $2.4 million in transaction-related obligations. A local private investor acquired the asset in an all-cash transaction. The sale was completed through a court-supervised receivership overseen by the Superior Court of California, County of Los Angeles. Priscilla Nee and Dan Blackwell of CBRE represented the court-appointed receiver. Originally constructed in phases between 1961 and 1970, the three-story, 30,954-square-foot building features 28 apartments in an mix of one- and two-bedroom layouts. Multiple residences offer ocean views and private balconies. Community amenities include a rooftop deck, gated garage parking, a pool, controlled access and multiple lounge areas.
ATHENS, GA. — Core Spaces has broken ground on Hub Athens Dougherty, a 1,656-bed student housing development located near the University of Georgia campus in Athens. The community will offer 536 units in studio through five-bedroom configurations. Shared amenities will include study lounges, group study rooms, fitness and wellness areas and a resort-style rooftop pool. Core Spaces is partnering with Athens-Clarke County on several public benefit initiatives as part of the development, including a 400-space public parking deck; 16,000 square feet of retail space; the addition of water/sewer infrastructure that will facilitate new affordable housing development; enhanced streetscapes; the preservation and revitalization of the existing historic Foundry building; the relocation and reconstruction of the historic Hoyt House; and the addition of a new public plaza. The development team for the project — which is scheduled for completion in 2028 — includes Mallory & Evans, JNS Realty, Northworks Architects, Studio BNA and Harken Interiors. Construction is being led by a joint venture between Core Spaces and Juneau Construction Co. TSB Capital Partners arranged an undisclosed amount of construction financing for Core Spaces through Affinius Capital.
NORMAN, OKLA. — Gilbane Development has broken ground on a 756-bed student housing project in Norman, home of the University of Oklahoma. The 33-acre site is located less than a mile from the university’s campus, and the community will feature 298 units in addition to a landscaped open-space amenity area and onsite parking. Gilbane is developing the project in partnership with California-based Coleraine Capital Group. Santander Bank and Fifth Third Bank are financing construction, which is expected to be complete in time for the fall 2028 semester.