NORWALK AND BRIDGEPORT, CONN. — Regional brokerage firm Northeast Private Client Group (NEPCG) has arranged the $3.6 million sale of two multifamily properties in southern coastal Connecticut. The building at 33 Woodbury Ave. in Norwalk totals eight units, and the building at 1421 Fairfield Ave. in Bridgeport totals 25 units. The buyers and sellers in both deals requested anonymity. Brad Balletto Jeff Wright, Rich Edwards, Bob Paterno, Chris Bierezowiec and Pat Hegarty of NEPCG brokered the deals.
While many cities grapple with a declining population, softening rents and a struggling office market, Miami is riding a wave of population growth and apartment demand. This stems from the usual factors — sun, lifestyle and low taxes — as well as something unprecedented: an influx of large office users. New-to-market office tenants are transforming Miami’s economy and helping offset the challenges of inflation and rising interest rates. Miami multifamily fundamentals remain strong, with plenty of liquidity in the market. Our economy is more diversified than ever, and this has made it one of the most desirable markets in the country. Supply and demand People and businesses fleeing states with higher taxes and longer pandemic restrictions helped fuel Miami’s population surge between 2020 and 2022 and led to record-breaking rent growth during that period. Miami has become a magnet for large financial and tech firms, with well-heeled companies like Starwood Property Trust, Citadel Securities, BlockChain and Blackstone Group taking new office space. All told, a record 57 companies relocated or expanded to Miami-Dade County last year. Between May 2022 and May 2023, Miami added over 83,000 jobs, more than a 4 percent increase. Miami’s unemployment rate as of May 2023 …
ROGERS, ARK. — CBRE has secured an undisclosed amount of construction financing for the development of Pinnacle Springs, a planned mixed-use development located at 1800 S. Osage Springs Drive in Rogers. The project will comprise 362 apartments and 91,000 square feet of retail space, including a 37,000-square-foot Whole Foods Market grocery store. The borrower is SJC Ventures, a mixed-use development firm based in Atlanta. Richard Henry, Mike Ryan, Brian Linnihan and J.P. Cordeiro of CBRE Capital Markets’ Debt & Structured Finance team in Atlanta arranged the financing. Arvest Bank provided uncrossed construction loans for the project, while Dome Equities provided both common and preferred equity investments in the multifamily component. SJC Ventures plans to break ground on Pinnacle Springs by the end of the year, with an expected delivery date of 2025.
SAVANNAH, GA. — The Opus Group has delivered The Helmsman, a 104-unit, five-story apartment building located at 645 E. Broughton St. in downtown Savannah. Situated near the Savannah College of Art and Design (SCAD), the boutique community features studios, one-, two-, three- and four-bedroom apartments, all with private bathrooms for each bedroom. All units are fully furnished, and select apartments have balconies. Amenities include an art studio, private and group study areas, resident lounge, clubroom, spa with sauna and relaxation room, fitness center, outdoor pool, outdoor dining area with grills, outdoor entertainment area, indoor secure bike storage, bike maintenance room and covered parking. Opus recently completed the lease-up of The Helmsman to both SCAD students and non-student renters. The project team included development partner Atlantic American Partners, construction lender Huntington Bank, architect of record Myefski Architects, general contractor Rabren General Contractors, civil engineer Thomas & Hutton, structural engineer LBYD and interior designer Creative License International.
KANSAS CITY, MO. — The Opus Group and Balboa Real Estate Partners have completed The Darby at Briarcliff, a 255-unit luxury apartment complex in Kansas City. Owned by Balboa, the property is situated in the Briarcliff West neighborhood and consists of two buildings. Amenities include a pool, lounge, private event space, fitness center, patio, work-from-home lounge, coffee bar, pet spa and dog run. The development is part of a master-planned community initiated by Charles Garney of Briarcliff Development Co. Over the course of two decades, the firm has revitalized what was once a 400-acre infill site by developing single-family residences, apartments, commercial spaces and hotels. Monthly rents at The Darby at Briarcliff start at $1,203. Residents can now earn one month of free rent, according to the property’s website. Coastal Ridge is the property manager for The Darby at Briarcliff. Opus served as developer, design-builder, interior designer, architect and structural engineer.
LOS ANGELES — Barings Real Estate has received $115 million in financing for The Ventana Luxury Apartments, a low-rise multifamily community within the master-planned community of Playa Vista in Los Angeles. The Ventana Luxury Apartments features 405 studio, one-, two- and three-bedroom units, with an average size of 1,049 square feet. The apartments offer in-unit washers/dryers, granite countertops and ceiling heights ranging from nine to 14 feet. Community amenities include two clubhouses, two swimming pools, a spa, business center and fitness center. Originally built in 2007 in two phases, the property is located at 7225 and 6565 Crescent Park. Chris Drew, Annie Rose, Brandon Smith and Gyasi Edmondson of JLL Capital Markets Debt Advisory secured the cash-neutral, five-year loan, which features full-term interest-only payments. The use of the funds was not disclosed.
MILWAUKEE — NAI Greywolf has brokered the sale of Mayfair Apartments in Milwaukee for $9.3 million. Located on North Lovers Lane Road, the apartment community features 134 units in one- and two-bedroom layouts. Thomas Gale and Katrina Gee of NAI Greywolf represented the seller. Buyer and seller information was not provided.
POMONA, CALIF. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Terramonte at Foothill, a multifamily community in Pomona, approximately 30 miles east of Los Angeles. The asset traded for $35.5 million, or $257,246 per unit. Constructed in 1963 on nine acres, Terramonte at Foothill features 138 one-, two- and three-bedroom apartments spread across 35 residential buildings. Community amenities include two resort-style swimming pools, a picnic area and laundry facilities. Alexander Garcia Jr., Christopher Zorbas, Kevin Green, Joseph Grabiec and Greg Harris of IPA represented the undisclosed seller and procured the undisclosed buyer in the transaction.
SANTA ANA, CALIF. — Los Angeles-based Lowe and Centennial have opened Paloma, a multifamily property in the Orange County city of Santa Ana. The development brings 309 studio, one- and two-bedroom apartments to MainPlace, a shopping center that is being redeveloped into a mixed-use asset. Apartments feature stylish kitchens, bathrooms, flooring and fixtures, as well as in-unit washers and dryers. The five-story community offers two private courtyards; a rooftop deck; central pool and spa; open-air kitchen with screened area; two-story fitness center and yoga room; business center with private offices; and multiple co-working spaces. Additional amenities include a dog run, dog spa, concierge package service, bike repair, bike storage and designated resident parking. Centennial owns MainPlace, which a three-story super-regional shopping center in Santa Ana that is being transformed into a mixed-use environment. Current retail tenants include Macy’s, JCPenney, H&M, Bath & Body Works, Victoria’s Secret, California Pizza Kitchen, Boudin SF, 24 Hour Fitness, T-Mobile, Candeeland, LensCrafters, Picture Show Theater and Round One Bowling & Amusement.
BUFFALO, N.Y. — Chicago-based multifamily developer and manager The Habitat Co. has received approval from the Buffalo Common Council for a $400 million affordable housing redevelopment project. The site at 205 Marine Drive currently houses a seven-building, 616-unit waterfront apartment complex that was originally constructed as affordable housing in 1952. The development team, which includes Duvernay + Brooks and the Buffalo Municipal Housing Authority, plans to convert the property into a 700-unit affordable housing complex. Phase I of the redevelopment includes construction of a mix of new towers on the surface parking lot adjacent to its current buildings. The initial phase will feature low-, mid- and high-rise buildings, a parking garage and commercial space. Construction is expected to begin in late 2024. With approval for planned unit development now secured, the development team is focused on getting final design approval from the city and filing financing applications with the state of New York by the end of 2023. Full completion of the redevelopment is slated for 2029. Financing for the project included Low-Income Housing Tax Credit Equity, tax credits from the New York State Brownfield program and debt from the New York State Housing Finance Agency.