NEW YORK CITY — Marcus & Millichap has brokered the $48 million sale of Fannwood Estates, a 312-unit apartment complex in Queens. The six-story, rent-stabilized building occupies a full city block within the borough’s Rego Park neighborhood. Shaun Riney, Seth Glasser, Joe Koicim, Louis Zarif and Sean Fopeano of Marcus & Millichap represented the seller and procured the buyer in the transaction. Both parties were private investors that requested anonymity.
NEW YORK CITY — Dallas-based JSC Realty & Investment Services has purchased a multifamily development site in Brooklyn’s Boerum Hill neighborhood with plans to construct a 154-unit project. The 113,000-square-foot site at 540 Atlantic Ave. currently houses a five-story office building that was originally constructed in 1924 and will be demolished. Stephen Palmese, Brendan Maddigan, Michael Mazzara, Ethan Stanton and Winfield Clifford of JLL represented the seller, locally based firm DMA Associates, in the land sale. A construction timeline for the project was not disclosed.
ROCHELLE PARK, N.J. — Locally based developer Tulfra Real Estate has begun leasing The Delford at Village Center, a 160-unit apartment complex in the Northern New Jersey community of Rochelle Park. The site is adjacent to Westfield Garden State Plaza Mall. The six-story building houses one- and two-bedroom units and amenities such as a pool, fitness center, coworking lounge and outdoor grilling and dining areas. Full completion is slated for March. Rents start at $2,400 per month for a one-bedroom apartment.
DEPEW, N.Y. — Locally based financial intermediary Largo Capital has arranged a $10.5 million loan for the refinancing of a 70-unit multifamily property in Depew, an eastern suburb of Buffalo. Units at the newly developed property, the name of which was not disclosed, feature stainless steel appliances, quartz countertops and modern finishes. Kevin Coscia led the Largo Capital team in the debt placement. The direct lender and borrower were also not disclosed.
ATLANTA — Developers PMG and Greybrook have completed the vertical construction of Society Atlanta, a 31-story mixed-use tower situated at 811 Peachtree St. NE in the Midtown district of Atlanta. Upon completion, the development will feature 460 apartments, 87,000 square feet of office space and 14,500 square feet of ground-floor retail space. Amenities at the property will include a sky pool deck, coworking lab, fitness studio, entertainment lounges, yoga lawn and smart package lockers. Juneau Construction Co. is the general contractor for the project, which is scheduled for completion in fall 2024. Cooper Carry is the architect. Cushman & Wakefield and Bridger Properties will handle leasing for the office and retail spaces, respectively. PMG launched the Society Living multifamily brand, which includes more than 8,500 planned units, in 2019.
SAN DIEGO — Sudberry Properties has broken ground on The Brynn, its fourth apartment property in the 230-acre, master-planned Civita community in San Diego’s Mission Valley neighborhood. Located on 3.3 acres at 2525 Via Alta, The Brynn is slated to open in 2025 and overlook the 14.3-acre Civita Park. The five-story property will feature 200 one-, two- and three-bedroom apartments, ranging in size from 613 square feet to 1,448 square feet. Units will include nine-foot ceilings, hardwood-style flooring, carpeting, and kitchens with Energy Star stainless steel appliances, quartz countertops and full-size washers and dryers. Additionally, some layouts offer patios or decks. Community amenities include a 360-space parking structure, clubroom, pool, spa, barbecues, lounges, firepits, TVs, an indoor/outdoor fitness area, shuffleboard, an indoor/outdoor bar, a pool table and lounge area with couches. Residents at The Brynn will also have access to the recreational amenities at the three existing apartment neighborhoods in Civita – Circa 37, West Park and Purl.
TUCSON, ARIZ. — Cushman & Wakefield | PICOR has arranged the sale of 10th Street Apartments, a residential property in Tucson. 804 E 10th LLC acquired the asset from 10th Street 12 LLC for $1.6 million. Located at 804, 814 and 858-870 E. 10th St., the 9,180-square-foot property features 12 apartments. Allan Mendelsberg and Joey Martinez of Cushman & Wakefield | PICOR represented both parties in the transaction.
NEW YORK CITY — A partnership between two locally based developers, Fetner Properties and Lions Group, has topped out The Italic, a 50-story apartment building located at 26-32 Jackson Ave. in the Long Island City area of Queens. Designed by SLCE Architects and built by Hunter Roberts, the building will ultimately house a mix of 365 market-rate and affordable units. Information on floor plans and amenities, as well as a tentative completion date, was not disclosed.
NEW ROCHELLE, N.Y. — Cappelli Development Co. has begun leasing Encore, a 241-unit apartment building in New Rochelle, a northern suburb of New York City. The 28-story building offers studio, one- and two-bedroom units that are furnished with stainless steel appliances, quartz countertops, walk-in closets and individual washers and dryers. Amenities include a pool, fitness center, children’s playroom, multi-sport simulator, coworking lounge and a catering kitchen. Rents start at roughly $1,900 per month for a studio apartment.
FORKS TOWNSHIP, PA. — A joint venture between Ashley Development Corp. and Black Bear Asset Management (BBAM) has sold Sullivan Parke, a 102-unit apartment complex in the Lehigh Valley community of Forks Township, for $35.5 million. Sullivan Parke consists of four buildings on seven acres and features amenities such as multiple fitness centers, lounges and outdoor recreation areas. Emil DePasquale and Brandon Harris of Black Bear Capital Partners, a subsidiary of BBAM, arranged $19.2 million in acquisition financing on behalf of the undisclosed buyer.