SEATTLE — A partnership between L5 Real Estate Investments and Shuler Architecture has acquired the 31-unit Innsbruck Apartments in Seattle for $2.6 million. The community is located at 3223 S. 160th St. Innsbruck was built in 1967 and renovated in 2007. It will undergo a significant further renovations, according to the buyers. David Massa of Madison Partners Real Estate represented the buyers. The sellers were local private investors. Grandbridge Capital provided the debt.
JERSEY CITY, N.J. — Point Capital Development and Fields Construction Co. have completed the construction of The Baker Building, an apartment building located at 234 Suydam Ave. in Jersey City. Situated in the Lafayette neighborhood, the five-story complex features 83 apartments, a roof deck, courtyard, dog run, parking, lounge and fitness center. Additionally, the property is located in close proximity to the Liberty State Park light rail station. The complex was designed by C+C Architecture with Urban Design Workshop as the architect of record for construction.
WESTWOOD AND SOMERVILLE, MASS. — Cornerstone Realty Capital has arranged $56 million for the acquisition of four multifamily properties totaling 244 units, including 156 units in Westwood and 88 units across three properties in Somerville. The borrower was TrueNorth Capital Partners. The first of the two acquisitions is Westwood Glen, located at 21 Westwood Glen Road in Westwood. Situated on 13.5 acres, the seven-building, 156-unit, age-restricted property was purchased for $34.4 million. The Somerville Squares Portfolio properties were purchased for a total of $27.3 million from a private family. TrueNorth acquired the 63-unit 379-389 Broadway Street for $20 million, the 18-unit 39-49 Bow Street for $4.7 million, and the seven-unit 8-12 Beacon Terrace for $2.6 million. The buyer plans to invest $6 million in improvements to the Westwood property and $4 million on the Somerville properties. Simon Butler and Biria St. John of CBRE/New England represented the undisclosed seller and procured the buyer in both deals.
NEW YORK CITY — Marcus & Millichap has arranged the sale of three adjacent multifamily buildings, totaling 24 units, located at 308-312 W. 113th St. in New York City. The Meshberg Group acquired the eight-unit buildings from Yassky Properties for $8 million. Peter Von Der Ahe, Seth Glasser and Jacob Kahn of Marcus & Millichap’s Manhattan office represented the seller and buyer in the transaction.
RENTON, WASH. — New Standard Equities has purchased The Venue, a 284-unit apartment complex in Renton, for $41.5 million. The community is located at 4455 N.E. 12th St. The Venue will undergo a $2.8 million repositioning that will include improvements to its fitness center and additional carports on the low-density site. This is the third Pacific Northwest acquisition for New Standard since August 2015. The seller was Fowler Property Acquisitions. Regis Metro Associates provided equity, while Freddie Mac provided the financing.
CLEVELAND — KeyBank has provided a $17.7 million loan for Hough Heritage, a 60-unit affordable housing seniors facility in Cleveland. The financing consists of an $8 million construction loan and a $9.7 million Low-Income Housing Tax Credit (LIHTC) investment from Key Community Development Corp. The three-story, garden-style community will target seniors 55 and older with incomes that are 50 to 60 percent of the area’s median household income. Hough Heritage will include 50 one-bedroom and 10 two-bedroom units. Kyle Kolesar and Ryan Olman of KeyBank arranged the financing.
ABILENE, TEXAS — Old Capital has provided a $10 million loan for Cimarron Apartments in Abilene. An out-of-state ownership purchased the 288-unit asset for an undisclosed price. Old Capital provided a five-year, non-recourse bridge loan with 24 months of interest-only payments and a 30-year amortization schedule. The loan features a rehab budget to bring the 1982-era asset up to date.
SAVANNAH, GA. — NXT Capital has provided a $16 million acquisition loan for One West Victory, a newly constructed apartment community located in Savannah. The Class A property is situated in Savannah’s Historic District and features an on-site restaurant and coffee bar, fitness center, media room and community study lounges. Phil Rachels of CBRE’s Jacksonville office arranged the loan on behalf of the undisclosed borrower.
ROCHESTER, N.Y. — WinnDevelopment and GDD Properties, in a public-private partnership with New York State, have broken ground on the $200 million redevelopment of The Sibley Building, located at the intersection of East Avenue and East Main Street in downtown Rochester. The Sibley Building opened in 1868 as the city’s first department store, and earned a spot on the National Register of Historic Places in 1984. The property will be rebranded as Sibley Square, with the name, logo and signage to be changed in the coming weeks. The phased redevelopment will begin with the $100 million construction of 96 modern apartments on the ninth through 12th floors of the building. Phase I will also include the addition of boutique retail, local artisan foodservice tenants, office space and active senior living apartments, as well as a complete rehabilitation of the façade and windows of the property. The residential components of the building will be named The Lofts at Sibley and The Residences at Sibley. Leases for active adult units at The Residences will be available by the end of this year. Redevelopment of the top floor of the building, once home to the Tea Room of the Sibley Department Store, is …
A new report from George Washington University finds that metropolitan areas in the United States are shifting toward developing more walkable areas, reversing a trend that dates back more than half a century. Christopher Leinberger and Michael Rodriguez of The George Washington University School of Business wrote the report, titled “Foot Traffic Ahead, Ranking Walkable Urbanism in America’s Largest Metros.” “The end of sprawl is in sight,” the authors write. “The nation’s largest metropolitan areas are focusing on building walkable urban development.” For what may be the first time in 60 years, the report finds that walkable urban places (WalkUPs) in all 30 of the largest metros are gaining market share over their drivable suburban competition, which is often accessible only by car. This has been coupled in recent years by substantially higher rental premiums in the office and retail sectors. The 30 metro areas measured include 46 percent of the nation’s population (145 million of 314 million) and 54 percent of the national GDP. They were measured based on the current percentage of occupied walkable urban office, retail and multifamily rental square feet in their WalkUPs. The top walkable metro areas are as follows: The study found that walkable …
