SALEM, MASS. — MassDevelopment has provided $45 million in tax-exempt bond financing for the redevelopment of Leefort Terrace, an affordable housing complex in Salem, located north of Boston. Leefort Terrace was originally built in 1958 and houses 50 one-bedroom units across eight buildings. The borrower, an affiliate of nonprofit owner-operator Beacon Communities, has entered into a 99-year ground lease with the Salem Housing Authority and demolished the existing buildings. The redeveloped property will feature 124 units in one-, two- and three-bedroom floor plans that will be reserved for renters earning between 30 and 60 percent of the area median income. Delivery is scheduled for summer 2026.
DENVER — High Street Residential, the residential subsidiary of Trammell Crow Co., and its joint venture partner PGIM Real Estate have completed Elevon, a multifamily property in Denver’s Central Park master-planned community. Located at 3650 Uinta St., Elevon offers 301 studio, one- and two-bedroom apartments with 10-foot ceilings, private balconies, smart unit technology, wood-plank style flooring, stainless steel Energy Star appliances and quartz countertops. Bathrooms include tile flooring, tile shower surrounds and quartz vanities. Community amenities include two courtyards, one of which features a pool, deck, hot tub, cabanas, loungers, an outdoor bar and grilling area. The second courtyard features green space and contemplative zones. Other amenities include reserved garage parking, a fitness center, onsite coworking space, pet spa, bike storage, outdoor paseo, dog park, storage lockers, leasing lobby, ride-share lounge, clubroom and a business center. KTGY Architects designed the property, while Martines Palmieri Construction served as general contractor. Greystar is overseeing leasing and property management for the community. Monthly rental rates at Elevon range from $1,760 to $3,710, according to Apartments.com.
SANTA CRUZ, CALIF. — Marcus & Millichap has arranged the sale of Seaside Apartments, an 84-unit affordable housing property in Santa Cruz. The asset traded for $45 million, or $535,714 per unit. Comprising five two-story residential buildings and one single-story office and amenities building, Seaside Apartments offers 16 one-bedroom units, 52 two-bedroom apartments and 16 three-bedroom townhome units. Community amenities include a children’s playground, barbecue and picnic area, laundry facilities and carports. Mitchell Zurich, Kirk Trammell, David Cutler and Joshua Johnson of Marcus & Millichap represented the seller and procured the buyer in the deal. The names of the seller and buyer were not released.
CHASKA, MINN. — Trident Development is set to open The Plaza at Hazeltine on Wednesday, Oct. 30. The four-story, 112-unit apartment complex is located at 1130 Hazeltine Blvd. in the Minneapolis suburb of Chaska. Amenities include an outdoor patio, walking trails, children’s play area, putting green, dog park, pet wash, community room, coffee bar, package room, fitness room, golf simulator and rooftop patio. The property is situated near a retail area with Kohl’s, McDonald’s, Aldi, Chipotle and Starbucks. Lyon Contracting was the general contractor, and Village Green is the property manager. Residents can now receive 1.5 months of free rent, according to the property’s website. Monthly rents start at $1,334 for one-bedroom units.
PEORIA, ILL. — Marcus & Millichap has brokered the $4.4 million sale of Oakridge Apartments in Peoria. Built in 1990 and 2013 by previous ownership, the 48-unit multifamily property consists of four 12-unit buildings. The asset is located at 2700 W. Willowlake Drive near I-74 and Illinois Route 6. David Tarnoff, Patrick Suffield and Yianni Mouflouzelis of Marcus & Millichap represented the seller, an Illinois-based limited liability company. Christopher Malay and Eric Bell of Marcus & Millichap represented the buyer, a California-based investment group.
WASHINGTON, D.C. — All indices in the National Multifamily Housing Council’s (NMHC) October 2024 Quarterly Survey of Apartment Market Conditions showed more favorable conditions this quarter, except for the Market Tightness (37) index. The survey’s Sales Volume (67), Equity Financing (63) and Debt Financing (77) indices all came in above the breakeven level of 50. “The 10-year Treasury yield fell 28 basis points over the past three months as the Federal Reserve enacted its first 50-basis-point cut to short-term rates,” says Chris Bruen, NMHC economist and senior director of research. “Survey respondents, in turn, reported more favorable conditions for debt financing for the third straight quarter and more available equity financing for the first time in two-and-a-half years.” However, elevated levels of multifamily deliveries resulted in the ninth consecutive quarter of “looser” conditions, especially in the South and Sun Belt markets, says Bruen. “Still, strong demand for apartments has meant that much of this new supply is getting absorbed,” he states. While close to half of respondents (46 percent) thought market conditions were unchanged relative to three months ago, 40 percent indicated markets have become looser, up from 27 percent in July. Fifteen percent of respondents reported tighter markets than …
NEW YORK CITY — Rabina, along with general contractor Suffolk Construction, has topped out 520 Fifth Avenue, an approximately 1,000-foot-tall high-rise development situated at the intersection of Fifth Avenue and West 43rd Street in the Midtown neighborhood of Manhattan. Once completed in 2025, the tower will rise 88 stories and feature 100 condominiums and 25 floors of office space, as well as a social club called Moss. In March 2022, Rabina secured $540 million in construction financing for 520 Fifth Avenue that comprised a $410 million senior loan from Bank OZK and $130 million in mezzanine financing from Carlyle. The residential component of the project is called Five Twenty Fifth Residences. Condos will come in one- through four-bedroom layouts. Residents will have access to amenities such as a library, game room with billiards, private dining rooms and a solarium. Seventy percent of the condos have already been sold since sales launched in April. The mixed-use tower will also offer office space from floors 10 to 34. Office spaces will range from 500 to 12,000 square feet and feature 12-foot tall ceilings, private terraces and open-air covered corridors. The office component has been dubbed 520 Offices. Corcoran Sunshine Marketing Group is …
PEARLAND, TEXAS — Locally based developer Sueba USA has completed Ivy Lofts, a 335-unit apartment community in the southern Houston suburb of Pearland. The property offers studio, one-, two- and three-bedroom floor plans ranging in size from 480 to 1,280 square feet. Amenities include a pool, fitness center, coffee bar, multimedia center, catering kitchen and package lockers, as well as 10,707 square feet of retail space. Rents start at $1,275 per month for a studio apartment. Construction began in December 2022.
NEW YORK CITY — Marcus & Millichap has brokered the sale of a portfolio of six multifamily buildings totaling 56 units in Manhattan’s East Village area. The portfolio features units with floor plans that range from one to six bedrooms, with 70 percent of the residences rented at market rates, as well as commercial spaces. Joe Koicim, Logan Markley, Matt Berger and Zan Colin represented the seller, Kushner Cos., in the transaction. The team also procured the buyer, a partnership between Edifice Real Estate Partners, Holliswood Development and JSB Capital Group.
ANNAPOLIS, MD. — Berkadia’s Seniors Housing & Healthcare team has brokered the sale of Gardens of Annapolis, a 106-unit active adult community. A joint venture between Corten Real Estate and Real Asset Industries purchased the property from Crow Holdings, a Texas-based real estate investment and development firm. Cody Tremper, Dave Fasano, Ross Sanders and Mike Garbers of Berkadia Seniors Housing & Healthcare represented Crow Holdings in the transaction. Berkadia also provided $17.4 million in Fannie Mae acquisition financing on behalf of the buyer. The seven-year, fixed-rate acquisition loan features both an attractive interest rate and interest-only period, according to Berkadia. Austin Sacco, Steve Muth and Alec Rosenfeld of Berkadia originated the acquisition financing. Built in 2002, Gardens of Annapolis is located near historic downtown Annapolis and the U.S. Naval Academy. The property features a mix of 42 one-bedroom, one-bathroom units; 23 two-bedroom, one-bathroom units; and 41 two-bedroom, two-bathroom units.