REBusinessOnline

JBG Smith Begins Construction on Two Apartment Towers in Metro DC’s National Landing District

ARLINGTON, VA. — JBG Smith (NYSE: JBGS), an owner and developer of mixed-use properties in the greater Washington, D.C. market, has begun construction on a pair of multifamily towers at 2000 and 2001 South Bell Street in Arlington.The development is expected to bring 775 apartments and nearly 27,000 square feet of retail space to National Landing, a neighborhood anchored by Amazon’s HQ2 campus and the Virginia Tech Innovation Campus, both of which JBG Smith is developing.“The …

IPA Negotiates Sale of 240-Unit Apartment Community in Metro Austin

LEANDER, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of 22 North, a 240-unit apartment community located in the northern Austin suburb of Leander. Built in 2018, the property offers one-, two- and three-bedroom units with an average size of 1,090 square feet. Amenities include a pool, fitness center, business center, grilling area and a media/game room. Will Balthrope, Kent Myers and Jordan Featherston of IPA represented the …

Emmut Properties Acquires Excelsior Hotel in Manhattan for $80M, Plans Multifamily Conversion

NEW YORK CITY — Locally based investment firm Emmut Properties has acquired the 126-room Excelsior Hotel, located at 45 W. 81st St. in Manhattan, for $80 million. The new ownership plans to convert the property, which was built in the 1920s but has been closed since April 2020, into a 134-unit multifamily building. Chinmay Bhatt, Noam Franklin and Cody Kirkpatrick of Berkadia arranged acquisition financing through Franklin BSP Realty Trust for the

NRP Group Opens 131-Unit Sawyer Apartments in Jersey City

JERSEY CITY, N.J. — Cleveland-based developer The NRP Group has opened The Sawyer, a 131-unit apartment complex in Jersey City. Units come in studio, one- and two-bedroom formats. Amenities include a fitness center, rooftop terrace, a children’s playroom, outdoor grilling and dining areas and a pet spa. NRP Group developed the project in partnership with Hoboken Brownstone Co. Monthly rents start at approximately $2,150 for a studio

Davlyn Investments Acquires The Boulevard Multifamily Community in Phoenix for $112.5M

PHOENIX — Davlyn Investments has purchased The Boulevard, an apartment property in Phoenix, for $112.5 million. The California-based buyer plans to rebrand the 294-unit community as Boulders at Lookout Mountain.Built in 1994 on 16.7 acres, the property features central heating and air conditioning, in-unit laundry, wood-burning fireplaces, walk-in closets with built-in shelving, arid landscaping, parking and an expansive community amenity package.Steve Gebing and Cliff David of …

PCCP Provides $75M Acquisition, Repositioning Loan for The Post Apartments in Downtown Seattle

SEATTLE — PCCP has provided a $75 million senior loan to Griffis Residential for the acquisition and repositioning of The Post, a 16-story multifamily community located at 888 Western Ave. in downtown Seattle.Situated in the Seattle Central Business District, Waterfront and Pioneer Square submarkets, The Post features 208 apartments with quartz countertops, vinyl-plank flooring, steel appliances, floor-to-ceiling windows and views of downtown Seattle, Elliott Bay and the Olympic …

Lument Funds $25.1M in Fannie Mae Financing for Affordable Housing Portfolio in Colorado

LAKEWOOD, ARVADA, DENVER AND FOUNTAIN, COLO. — Lument has closed five Fannie Mae conventional multifamily housing loans totaling $25.1 million to refinance the Archway Portfolio, five affordable housing communities near Denver and Colorado Springs. The borrower is Archway Communities, which manages the portfolio.Andrew Ellis of Lument led the transactions.Fountain Ridge, the largest of the portfolio, received a 10-year loan with a fixed interest rate and a 30-year amortization …

CBRE Arranges Refinancing for 216-Unit Seniors Housing Property in Lake Oswego, Oregon

LAKE OSWEGO, ORE. — CBRE National Senior Housing has arranged a refinancing for The Springs at Lake Oswego, a 216-unit independent living, assisted living and memory care community in Lake Oswego.The borrower is a joint venture between Harrison Street and The Springs Living.Aron Will, Austin Sacco and Tim Root arranged the non-recourse, four-year, floating-rate loan with three years of interest-only payments through a national bank. CBRE previously arranged construction financing for …

BHW Capital Sells 241-Unit Park at Tour 18 Apartments in Northeast Houston

HOUSTON — Houston-based developer BHW Capital has sold The Park at Tour 18, a 241-unit apartment community located on the city’s northeast side. Units at the property come in one- and two-bedroom floor plans that, according to Apartments.com, range in size from 700 to 1,198 square feet. Amenities include two pools, a fitness center, game room, dog park, indoor and outdoor grilling stations and a conference room. Dallas-based Civitas Capital acquired the asset for an undisclosed …

Bristol Development, Hallmark Sell Vista Brooklyn Apartments in Jacksonville for $126.3M

JACKSONVILLE, FLA. — An affiliate of Bristol Development Group and Hallmark Partners have sold Vista Brooklyn, 308-unit multifamily property in Jacksonville. The buyer, an entity known as CS 1031 Vista Brooklyn Apartments DST, an affiliate of Capital Square, purchased the property for $126.3 million.Built in 2021, Vista Brooklyn is a 10-story apartment community offering studio, one-, two- and three-bedroom floorplans, as well as 12,687 square feet of ground floor commercial and retail …

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