WEST NEW YORK, N.J. — Locally based brokerage firm Gebroe-Hammer Associates has negotiated the $4 million sale of 5414 Park Avenue Apartments, a 22-unit apartment building in West New York, located just outside Manhattan. The five-story, transit-served building consists of 13 one-bedroom units and nine two-bedroom units. David Betesh of Gebroe-Hammer represented the buyer and seller, both of which requested anonymity, in the transaction.
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Multifamily Operators Adopt Property-Wide Internet Access as New Standard Amenity
Multifamily residents want to take their internet connections with them beyond their unit’s four walls and throughout the complex. The National Multifamily Housing Council has found for years that 90 percent of renters say good internet access is a necessity. But the meaning of good connectivity has changed. “Ten, fifteen or twenty years ago, the most popular trend was cocooning — where people would go to work, come home and run into their apartment. They’d close the door, and you wouldn’t hear or see from them again until the next day,” says Bryan Rader, president of MDU at internet service provider Pavlov Media. “Today, multifamily renters spend more time around the community,” he continues. “Developers are playing to that lifestyle change by building amenities and encouraging residents to spend time together. Having a really strong managed Wi-Fi network that is safe, secure and authenticates the user is very valuable.” Put more simply, Wi-Fi within amenities is important to renters. Take fitness centers, for example. When was the last time you saw anyone on a treadmill without headphones relaying music from the internet through a phone or tablet? The move toward property-wide internet demand started in universities as students needed internet …
WILMINGTON, N.C. — Woodfield Development has begun leasing The Cordelia, a new 426-unit apartment community underway in the coastal North Carolina city of Wilmington. Situated between Wrightsville and Carolina Beach at 4711 Azalea Landing Drive, the development will feature a mix of studio, one-, two- and three-bedroom apartments designed by Shelton Taylor. Amenities will include a resort-style pool with poolside cabanas and lap lanes, an indoor-outdoor fitness center, dog park and dog spa, coworking space, game room, pickleball courts, local coffee and cold brew on tap, community walking trail, resident lounge, gas grills and outdoor dining spaces. Rental rates range from $1,515 to $2,514 per month, according to the property website.
TAMPA, FLA. — Berkadia has brokered the sale of Berkshires at Citrus Park, a 264-unit apartment community located at 6201 Gunn Highway in Tampa’s Citrus Park submarket. Boston-based Berkshire Residential sold the property to Nuveen Real Estate for an undisclosed price. Matt Mitchell, Jason Stanton and Bailey Smith of Berkadia represented the seller in the transaction. Built in 2000, amenities at the garden-style property include a resort-style swimming pool with a sun deck, fitness and cardio center, clubhouse with business center, gated access, lake with fountain and fishing pier, two dog parks and a picnic area.
JERSEY CITY, N.J. — CBRE and Cushman & Wakefield have brokered the $58 million sale of Harborside 4, a 1.3-acre multifamily development site located at 20 Christopher Columbus Drive in Jersey City. Veris Residential sold the lot to Related Cos., which plans to develop a luxury rental tower with approximately 800 units. Jeff Dunne, Bill Shanahan and Roland Merchant of CBRE co-brokered the deal in coordination with Cushman & Wakefield’s Andy Merin, David Bernhaut, Gary Gabriel, Frank DiTommaso, Ryan Dowd and Brian Whitmer. Additional details about the development were not disclosed.
HOBOKEN, N.J. — JLL has arranged a $27 million acquisition loan for Edge Lofts, an apartment complex located in the Northern New Jersey community of Hoboken. Edge Lofts comprises 69 units across two five-story buildings located at 1405 Clinton and 1405 Adams St. that were constructed in 2013 and 2019, respectively. Units come in one-, two- and three-bedroom floor plans and average 975 feet. Amenities include a package room, resident lounge with a bar and TV, fitness center and a common terrace with grilling stations. Jim Cadranell, Greg Nalbandian, Salvatore Buzzerio and John Cumming of JLL arranged the 10-year, fixed-rate loan through an unnamed life insurance company. The borrower was also not disclosed. In addition, a JLL team of Jose Cruz, Steve Simonelli, Michael Oliver, Elizabeth DeVesty and Austin Pierce represented the seller, Bijou Properties, in the disposition of Edge Lofts.
SAN DIEGO — Pierce Education Properties has completed Topaz Apartments, a 169-bed student housing development located near San Diego State University. The property offers a mix of one-, three- and four-bedroom, fully furnished units with bed-to-bath parity. Shared amenities include study rooms, a game room, vertical tanning bed, spa and fitness center. The community also features ground-floor retail space, which is currently leased to McDonald’s, Handel’s Ice Cream, Jimmy John’s, Dunkin and The Alley.
INDIANA, KENTUCKY AND OHIO — Merchants Capital has provided $184 million in separate seven-year loans for the refinancing of seven workforce housing properties in Indiana, Kentucky and Ohio. Zidan Management Group, a Midwest-based multifamily owner and developer, was the borrower. The properties include: Barton Farms Apartment Homes in Greenwood, Ind.; Bexley Village in Greenwood, Ind.; Creekside at Meadowbrook in Lowell, Ind.; Tymberwood Trace Apartments in Louisville, Ky.; Crestview Apartments in Louisville, Ky.; Camelot East Apartments in Fairfield, Ohio; and Meadow View Apartments & Townhomes in Springboro, Ohio. There are more than 1,500 units across the portfolio. The communities offer naturally occurring affordable housing with rent pricing affordable to households earning at or below 80 percent of the area median income.
WEST LAFAYETTE, IND. — Subtext has broken ground on its second property at Purdue University in West Lafayette. Brinkmann Constructors is the general contractor for the 449-bed, 245,700-square-foot student housing community. Completion is slated for August 2025. The development will offer a mix of studio, one-, two-, three- and four-bedroom units. All of the units will be fully furnished. Designed by ESG Architecture and Design, the project will feature more than 15,000 square feet of amenity spaces, including a coffee bar, clubroom, study rooms, fitness center, pet grooming area, pool, spa and dog run. This fall, total enrollment reached a record 52,211 students at Purdue.
ORLANDO, FLA. — Toll Brothers Campus Living and The Davis Cos. have unveiled plans to develop Aperture, a 680-bed student housing community situated adjacent to the University of Central Florida (UCF) in Orlando. The project will encompass two buildings and rise five stories. Located at 12727 E. Colonial Drive, Aperture will feature a fitness center, e-sports gaming center, computer lounge, content creation studio, LuxerOne package locker system, courtyard and resort-style pool. Residents will have access to a private shuttle to campus, as well as a parking garage with electric vehicle charging stations. Completion is slated for fall 2025. TD Bank provided a $50 million construction loan for the project. Toll Brothers’ in-house finance department arranged the equity and debt. According to the developers, UCF has the second largest on-campus enrollment of any public university in the U.S. with almost 70,000 students enrolled in the 2022-2023 academic year. “Demand for elevated student housing continues to rise across the country as highly amenitized offerings gain prevalence in the market, especially in the Sun Belt region,” says Jerry Murphy, managing director of investments at Davis. Toll Brothers Campus Living will manage the property’s development, construction and asset management, as well as handle marketing …