Wednesday, June 25, 2025
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Multifamily

MidwestSeniors Housing

73-UNIT SENIOR-LIVING COMPLEX NEARING COMPLETION IN CHICAGO

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CHICAGO — McShane Construction Co. is nearing the completion of Casa Maravilla, a five-story, 70,000-square-foot senior-living project in the Pilsen neighborhood of Chicago. Located at 2021 S. Morgan St., the 73-unit complex will offer studio, one- and two-bedroom affordable rental units, a dining area, a community room, a therapy room, a library and a recreation room. Weese Langley Weese provided architectural services for the project, which is slated for completion in June. The Resurrection Project is developing the property.

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MidwestMultifamily

166-UNIT MULTIFAMILY PROPERTY SELLS IN INDIANAPOLIS

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INDIANAPOLIS — An affiliate of Chicago-based LT Group has purchased CityView of Meridian, formerly known as Summit House Apartments, in Indianapolis. The 20-story, high-rise property offers 166 residential units. Located at the corner of 38th and Meridian streets, the complex features a rooftop swimming pool and skyline views. The buyer plans to upgrade many of the apartments, renovate the lobby, tenant amenity center and coffee bar, and replace the windows and redesign the canopy. The Indianapolis-Cincinnati Multi-Housing group of CB Richard Ellis negotiated the transaction. The property fell into receivership last year and was listed at $6.95 million. Additional terms of the sale were not disclosed.

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MultifamilyNortheast

GEBROE-HAMMER CLOSES THREE MULTIFAMILY DEALS IN NEW JERSEY

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ELIZABETH, N.J. — Livingston, N.J.-based Gebroe-Hammer Associates has recently completed three multifamily transactions totaling 105 units in Elizabeth. In the most recent transaction, Gebroe-Hammer’s Stephen Tragash brokered the sale of 204 Westfield Avenue, a 21-unit apartment property, to an undisclosed buyer for $1.55 million. In the second transaction, the 62-unit multifamily property at 516 Cherry St. sold in an all-cash transaction for $4.8 million. Joel Schwartz of Gebroe-Hammer represented the private buyer in the transaction. Finally, Tragash and Schwartz represented the sellers in the disposition of a 22-unit residential property located at 511 North Ave. The mid-rise building sold to an undisclosed buyer for $1.54 million.

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MultifamilySoutheast

NC STATE TO CREATE $104 MILLION GREEK VILLAGE

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RALEIGH, N.C. — North Carolina State University is in the midst of a 10-year project that will transform its on-campus fraternity and sorority houses. As part of a five-phase plan known as Greek Village, the current 1960s-era houses will be demolished and replaced with updated structures. Twenty new chapter houses will be built. NC State will also construct a 206-bed townhome and apartment community for the Greek organizations that do not need a full chapter house. The townhome and apartment community is scheduled for a fall 2013 completion. Phase I of the Greek Village project is currently under way, and vertical construction will begin in the next 8 to 10 months for the first four chapter houses. The $104 million project is anticipated to be complete by 2020.

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MultifamilyNortheast

APARTMENT BUILDING TRADES IN NEW JERSEY

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JERSEY CITY, N.J. — Marcus & Millichap has arranges the sale of a nine-unit apartment building located in Jersey City for $595,000. The property was vacant at the time of closing. Maz Radwan, Steven Matovski and Christopher Rizzolo of Marcus & Millichap's New Jersey office represented the seller, a private investor. The trio also secured the buyer, a New Jersey-based investor/developer.

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Seniors HousingSoutheast

UNIVERSITY OF ALABAMA RETIREMENT COMMUNITY SOLD

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TUSCALOOSA, ALA. — Capstone Village Inc. has sold the 159-unit Capstone Village retirement community to a private party for an undisclosed price. The property, which was completed in 2006, is located on 24 acres on the University of Alabama campus in Tuscaloosa. Capstone Village encompasses 22 independent living homes, a 29-unit health center and 108 apartments. CLW Health Care Services Group represented the seller.

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MultifamilyWestern

HENDRICKS & PARTNERS NEGOTIATES $12.8 MILLION LUXURY APTS. SALE

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LOS ANGELES — Hendricks & Partners has closed the $12.8 million sale of the 56-unit Terraces at the Grove, a luxury apartment complex located in the Beverly Grove area of Los Angeles. Built in 1985, the property offers a mix of one- and two-bedroom units. Hendricks & Partners’ Robin Ossenbeck and Karoline Sauls represented the undisclosed seller in the disposition of the property to west L.A. private investors.

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MultifamilySoutheast

LOFTS AT PARK CREST CHANGES HANDS

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TYSONS CORNER, VA. — Behringer Harvard has purchased The Lofts at Park Crest, which consists of a 131-unit apartment complex and a 66,600-square-foot Harris Teeter, from a private party for an undisclosed price. Located at 8210 Crestwood Heights Drive in Tysons Corner, the 2-year-old property sits on 2.7 acres of land. Complex features include a 3,000-square-foot athletic club and a rooftop pool.

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