NEW YORK CITY — Hawkins Way Capital, a California-based private equity firm, has completed a 1,355-bed student housing redevelopment project at 525 Lexington Ave. in Manhattan’s Midtown East neighborhood. Designed by Empire State Building architect Arthur Loomis Harmon, the 34-story building was originally constructed in 1923. Hawkins Way purchased the building in 2020, at which time it housed a Marriott-branded hotel that had recently ceased operations. The student housing community now offers 30,000 square feet of amenities, including a fitness center, laundry room, game room, performing arts studio, study rooms, community kitchen and lounges. FOUND Study, an affiliate of Hawkins Way Capital, operates the property as FOUND Study Turtle Bay. BDB Construction Enterprise served as a project partner on this conversion.
CHESHIRE, CONN. — Chicago-based investment firm Blue Vista Capital Management has acquired a multifamily development site in Cheshire, about 15 miles north of New Haven, that is fully approved for the construction of 300 units. The garden-style development, which is situated within the Stone Bridge Crossing master-planned community, will consist of eight three-story and one four-story building. Units will come in studio, one-, two- and three-bedroom floor plans, and amenities will include a pool, clubhouse, fitness center, coworking spaces, dog park and a guest suite. Construction is set to begin by the end of the month. A tentative completion date was not disclosed.
NEW YORK CITY — Locally based development and construction management firm New Empire Corp. has broken ground on a 12-story apartment building at 58-01 Queens Blvd. Designed by Tang Studio Architect and Whitehall Interiors, the building will offer amenities such as a children’s playroom, indoor lounge, outdoor terrace and a fitness center. The number of units, types of floor plans and expected completion date were not disclosed.
BELLINGHAM, WASH. — 11 Capital has completed the sale of WWU – Living Portfolio and The U, two student housing communities near Western Washington University (WVU) in Bellingham. PTLA Corp. acquired the assets for a total of $35.4 million. Kevin Larimer and Brandon Buell of Berkadia Student Housing, along with Steven Chattin, Mitchell Belcher, Jay Timpani, Chad Blenz and Brandon Lawler of Berkadia’s Seattle office, represented the seller in both transactions. The WWU – Living Portfolio sold for $29.2 million and consists of 145 units spread across three student housing properties that were 87 percent occupied at the time of sale: — University Heights, a 78-unit/114-bed community at 2110 Bill McDonald Parkway — Taylor Heights, a 16-unit/64-bed property at 2115 Taylor Ave. — Viking Gardens Apartments, a 33-unit/132-bed community at 2300 Bill McDonald Parkway The U, which sold for $6.2 million, features 18 units/61 beds. The property was 97 percent occupied at the time of sale.
LAKEWOOD, COLO. — Pinnacle Real Estate Advisors has arranged the purchase of an eight-unit apartment building located at 8447-8449 W. Dakota Ave. in Lakewood. An undisclosed buyer acquired the asset for $2.1 million, or $262,000 per unit, in an all-cash transaction. The name of the seller was also not released. Josh Newell, Connor Knutson and Jake Waxter of Pinnacle Real Estate Advisors represented the buyer in the deal.
COLUMBUS, OHIO — The NRP Group has opened The Sinclair Apartment Homes, a $40 million affordable housing community in Columbus. The 180-unit property is located at 5075 Sinclair Ave. and features units for those who earn 30 to 80 percent of the area median income. The project site was the former home of live music venue Alrosa Villa, which closed in early 2020. The community consists of three four-story buildings with one, two-, three- and four-bedroom units. The Columbus Metropolitan Housing Authority helped fund the development by issuing $27.7 million in tax-exempt and taxable bonds. Tax-credit funding support from the Ohio Housing Finance Agency and Huntington National Bank also helped fund the transit-oriented project.
LANSING, MICH. — Eastham Capital has partnered with Bender Cos. on the acquisition of Briarcliffe Apartments and Townhomes in Lansing. The 308-unit multifamily property was nearly 95 percent occupied at the time of acquisition. Monthly rents average $1,071. The new owners plan to invest $4 million in renovations, including upgrades to the interiors of the apartment units, improvements to common areas and the building exteriors. Built in 1976, the property consists of 48 one-bedroom units and 260 two-bedroom units. Amenities include a pool, fitness center, sauna, garden, playground, dog park, business center and bike share program. Eastham Capital invested in the deal through its current fund, Eastham Capital Fund VI LP. Bender will oversee the day-to-day management. The acquisition marks the sixth joint venture between the two firms.
JACKSONVILLE, FLA. — The KABR Group and The Klotz Group of Cos. have opened The Reef, a multifamily development in Jacksonville comprising 456 apartments and 30,000 square feet of dining and retail space. The property is located at 2753 Mayport Road, near Atlantic Beach, the Mayport Naval Station and Kathryn Abbey Hanna Park. The Reef comprises one-, two- and three-bedroom apartments that range in size from 690 to 1,242 square feet. Rental rates start at $1,575 per month for one-bedroom units, and the property is more than 50 percent leased. The Reef features a 13,000-square-foot, two-story glass and steel clubhouse that has a rooftop terrace, resort-style pool, espresso bar and lounge, bike parking station and a fitness center with a rock climbing wall and Peloton bikes. Other amenities include electric vehicle charging stations and a large dog park.
CHARLOTTE, N.C. — Embrey plans to develop North Tryon, a 403-unit apartment community in Charlotte. The San Antonio-based developer recently acquired a seven-acre site in the city’s NoDa district for the development, its fourth in the Charlotte market. Embrey expects the clubhouse and first units at North Tryon to be available for occupancy in third-quarter 2025, with full completion slated for 2026. Amenities will include a clubhouse, game room, business center, micro-offices, conference room, fitness studio, outdoor grilling areas, outdoor gas fireplace, landscaped courtyard and a resort-style pool.
ATLANTA — A partnership between PeakMade Real Estate and Blue Vista Capital Management has opened Theory Interlock, a 674-bed student housing community located near the Georgia Tech campus in Atlanta’s West Midtown neighborhood. The property offers fully furnished apartments and townhomes in studio through five-bedroom configurations. Shared amenities include a rooftop swimming pool and fitness center with an outdoor jumbotron theater; an academic lounge with group and individual study spaces; podcast rooms; a large club room; two outdoor courtyards; and structured parking. Theory Interlock is part of the second phase of development at Interlock Tower, a larger mixed-use project. The development is also home to 200,000 square feet of office space, 100,000 square feet of retail and restaurants, 349 traditional multifamily units, 70 townhomes and a 161-room hotel. Atlanta-based SJC Ventures is the master developer of The Interlock.