NEW YORK CITY — Locally based brokerage firm Ariel Property Advisors has arranged the $20 million sale of a multifamily development site in the Prospect Lefferts Gardens neighborhood of Brooklyn. The site at 224-240 Clarkson Ave. is located within an Opportunity Zone and can support up to 150,000 buildable square feet of new development. Sean Kelly, Shimon Shkury and Lawrence Sarn of Ariel Property Advisors represented the seller, private investor Albert Rabizadeh, in the transaction. The buyer was not disclosed.
Partnership Breaks Ground on 66-Unit Affordable Seniors Housing Project in New Brunswick, New Jersey
NEW BRUNSWICK, N.J. — A partnership between Pennrose and The New Brunswick Housing & Redevelopment Authority has broken ground on Hildebrand Commons, 66-unit affordable seniors housing project that will be located in Central New Jersey. The six-story building will offer one- and two-bedroom apartments that will be reserved for households earning 20 to 60 percent of the area median income. Five apartments will be set aside for formerly homeless individuals. Amenities will include a community room, fitness center and an outdoor courtyard. The first move-ins are expected to begin in fall 2026.
DECATUR, GA. — Northwood Ravin plans to develop Halo, a 370-unit luxury apartment community in Decatur. The Charlotte-based developer plans to deliver first units next April and fully finish the five-story development by January 2027. Situated in the city’s East Decatur neighborhood, Halo will offer a mix of one-, two- and three-bedroom apartments, as well as retail and plaza space and live-work units with street-level entrances. Northwood Ravin is partnering with Eric Carlton of Oakhurst Realty Partners on the retail tenant mix. The first confirmed retail tenant is Galore Market, a neighborhood market concept from the creators of O4W Market near Krog Street Market. Planned amenities at Halo include a rooftop pool, more than 3,000 square feet of fitness space, including a private yoga studio and exercise room, gaming lawn, pergola with covered seating, outdoor movie projector, fire pit, a hidden bar with full service and surprise cocktail events, sports bar, golf simulator, pet spa and a community coworking club with an embedded coffee shop.
SAN DIEGO — Holland Partner Group has completed the sale of Folia, an apartment community located at 12520 Camino Del Sur in San Diego, to an undisclosed buyer in an off-market transaction. Rachel Parsons, Derrek Ostrzyzek, Mike Murphy and Kenji Thomas of CBRE represented the seller in the transaction. Built in 2024, Folia offers 342 one-, two- and three-bedroom apartments with stainless steel appliances, hardwood floors and in-unit washers/dryers. The community features a resort-style pool and space, a fitness center, resident clubhouse, playground and grilling and picnic areas.
LAPEER, MICH. — Bernard Financial Group (BFG) has arranged a $16.9 million loan for the refinancing of a 152-unit multifamily property in Lapeer, about 60 miles north of Detroit. Dan Duggan of BFG arranged the loan on behalf of the borrower, Selective Real Estate LLC. Fannie Mae provided the loan.
ABILENE, TEXAS — Florida-based commercial brokerage firm Franklin Street has arranged the sale of The Windsor Hotel Apartments in the West Texas city of Abilene. The number of units was not disclosed, but the 10-story, 110,000-square-foot building was originally constructed in 1926 as a Hilton hotel. Franklin Street represented the seller, North Management LLC, in the sale of the property to Utah-based Studio 168 Productions. Occupancy at the time of sale was roughly 95 percent.
WALTHAM, MASS. — Brandeis University is underway on construction of a five-story, 631-bed residence hall project on the university’s campus in Waltham, located west of Boston. The development team for the project includes William Rawn Associates and Dimeo Construction. MassDevelopment issued a $134.6 million tax-exempt bond for the development, alongside other miscellaneous projects on the university’s campus. The bond was sold through a public offering underwritten by Barclays Capital Inc. Completion is slated for spring 2027.
GLEN ALLEN, VA. — Foxfield has purchased Metropolis at Innsbrook, a 402-unit apartment community in the northern Richmond suburb of Glen Allen. Built in 2023, the property was 96 percent occupied at the time of sale. The seller and sales price were not disclosed. Charles Wentworth, Victoria Pickett, Garrison Gore and Eric DeStefano of Newmark brokered the transaction. Situated within Innsbrook Office Park, Metropolis at Innsbrook offers studio, one-, two- and three-bedroom apartments, according to the property website. Amenities include outdoor grilling and entertainment areas, a 24-hour fitness center, golf simulator, rooftop deck and lounge, resort-style swimming pool, community kitchen, dog spa, dog parks, rentable storage units and electric vehicle charging stations.
WILMINGTON, DEL. — An affiliate of Community Preservation Corp. (CPC) and Pennrose has received a $6.8 million Freddie Mac loan for Imani Village Phase IV, an affordable housing project in northeast Wilmington. Phase IV of the eight-phase project, which will eventually add more than 700 units to the local supply, totals 84 units that will be subject to a range of income restrictions. In addition, nine units will be set aside for renters with special needs. Construction is scheduled to begin before the end of the year and to be complete in 2027.
MONROVIA, CALIF. — IPA Capital Markets, a division of Marcus & Millichap, has arranged $76 million in construction financing for The Monroe, a Class A multifamily and retail development in Monrovia. The project is currently under construction and scheduled for completion in September. Located at 127 W. Pomona Ave., The Monroe will feature 232 apartments and 7,050 square feet of ground-floor commercial space. Apartments will range from studios to three-bedroom units, with 25 of the units designated affordable for low- and moderate-income households. Additionally, the property will have 302 residential parking spaces and 85 public parking spaces. Community amenities will include a gym, swimming pool, clubhouse, barbecue area, rooftop patio and conference/meeting rooms. Stefen Chraghchian of IPA Capital Markets secured the financing with Affinius Capital on behalf of Adept Urban Development.