WEST PALM BEACH, FLA. — Centennial Bank has provided a $117 million senior construction loan for The District at Northwood, a 382-unit multifamily community underway at 2484 Pinewood Ave. in West Palm Beach. The borrower is Immocorp Ventures LLC, a joint venture between Gilbert Benhamou of Immocorp Capital and Gideon Friedman of Beachwold Residential. The financing will cover the remaining vertical construction of The District at Northwood, as well as reserves and closing costs for the project, which broke ground in February 2024 and is now approximately 30 percent complete. Construction is scheduled for full completion in the fourth quarter of 2026. The development is situated near Currie Park, where the City of West Palm Beach is investing $35 million for a major renovation. The District at Northwood will offer coworking spaces, an indoor/outdoor fitness studio, padel courts, rooftop entertainment complex with poolside cabanas, outdoor kitchen and dining areas, a pet park, approximately 61,000 square feet of ground-level retail space and 22,131 square feet for either a grocery store or another anchor tenant.
Multifamily
NEW ROCHELLE, N.Y. — Regional developer Allstate Ventures has begun leasing The Alary, a 28-story apartment building located north of New York City in New Rochelle. Designed by Fogarty Finger Architects, The Alary represents the final phase of a three-building development known as Westchester Place and offers 315 units in studio, one- and two-bedroom floor plans. Indoor amenities include a fitness center, coworking spaces with private pods and conference rooms, a game room with a wet bar, sports simulator, children’s playroom and a sky lounge with a full-service bar. Outside, residents have access to a rooftop area with a pool, outdoor cinema, barbecue kitchens, fire pits and a dog park. Rents start at $2,150 per month for a studio apartment, and the first move-ins are scheduled to begin in July.
Transwestern Arranges $26.3M Sale of Student Housing Community Near East Tennessee State University
by John Nelson
JOHNSON CITY, TENN. — Transwestern Real Estate Services has arranged the $26.3 million sale of Monarch 815, a 576-bed student housing property located at 1109 University Parkway near the East Tennessee State University campus in Johnson City. Mike McGaughy, Jon Kleinberg and Bradley Fulkerson of the firm’s National Student Housing team represented the seller, an entity doing business as 1109 University Parkway Holdings, in the disposition. Logen Capital acquired the property via commercial real estate auction platform RI Marketplace. Built in 2014, the community consists of four residential buildings offering 176 fully furnished units. Shared amenities include a resort-style pool, fitness center, private yoga studio, billiards room and a dog park.
NEW HAVEN, CONN. — A partnership between two affordable housing development and management companies, Community Preservation Partners (CPP) and Beacon Communities, has acquired the 104-unit Brewery Square Apartments in New Haven. The new ownership plans to invest about $43 million in the rehabilitation of the two-building complex, which was originally constructed in 1896 as a brewery and converted to housing in the 1980s. The partnership will upgrade units’ appliances, bathrooms, countertops, windows and floors, as well as enhance the landscaping and security systems. Renovations will serve to extend the affordability status of the property, which houses 41 one-bedroom units, 55 two-bedroom residences and six three-bedroom units. The renovation will transition 84 of the 104 units into the Low-Income Housing Tax Credit program, with affordability levels ranging from 30 to 80 percent of the area median income.
Affinius Capital Provides $54.7M Preferred Equity for Multifamily Project in Southern California
by Amy Works
THOUSAND OAKS, CALIF. — Affinius Capital has provided $54.7 million of preferred equity for the ground-up development of Hillcrest Apartments, a project The Latigo Group is developing in Thousand Oaks. The four-story property will feature ground-floor retail space and 333 units in a mix of one-, two- and three-bedroom floor plans. Amenities will include a rooftop terrace, pool, fitness center, coworking spaces, a multi-sport simulator and wellness center with a sauna and cold plunge. Latigo estimates the project will be complete by the first quarter of 2028. Bercut Smith of JLL arranged the financing.
ANAHEIM HILLS, CALIF. — JCH Senior Housing Investment Brokerage has arranged the sale of an assisted living and memory care facility located in the Inland Empire region of Southern California. A local operator acquired the property for $14.1 million. Licensed for 100 beds, the facility features 86 units. Cindy Hazzard and Jim Hazzard of Anaheim, Calif.-based JCH represented both the buyer and seller in the transaction.
HUDSON, WIS. — Marcus & Millichap has brokered the $6.3 million sale of a 38-unit multifamily portfolio in Hudson, about 30 miles east of Minneapolis. The portfolio consists of 34 two-bedroom units and four one-bedroom units, with assigned garages for 10 residents. Scott Anderson of Marcus & Millichap represented the seller, a Wisconsin-based investment group, and procured the buyer, a Wisconsin-based syndication. The City of Hudson continues to command the highest rents in western Wisconsin due to its proximity to the Twin Cities and its favorable cost-to-value position compared with the Minnesota side of the border, according to Anderson.
BELMONT, MASS. — The Hamilton Co., a privately held real estate investment and management firm based in Boston, has acquired Hill Estates, a 396-unit apartment community in Belmont. The original developer, the DiGiovanni family, sold the market-rate community for $175 million. Built by the DiGiovanni brothers — Silvio, Rocco, Joseph and Charles — in the 1960s, Hill Estates had been owned and managed by the family since its inception and hit the market for the first time as part of this transaction. Simon Butler, Biria St. John, John McLaughlin and Brian Bowler of CBRE represented the DiGiovanni family and procured The Hamilton Co. in the transaction. KeyBank Real Estate Capital provided an undisclosed amount of acquisition financing. “For over 50 years, the DiGiovanni family had been great stewards of this legacy asset in one of the most desirable towns in the Boston metro,” says St. John. “While the DiGiovanni family has taken great care and pride in this asset, we anticipate that The Hamilton Co. will make substantial investments in the asset to modernize and amenitize the community.” Hill Estates is situated on a 14.7-acre site off Brighton Street in Belmont, which is located on the western border of Cambridge, …
High Street Residential Breaks Ground on Two Multifamily Projects Totaling 536 Units in Allen, Texas
ALLEN, TEXAS — High Street Residential has broken ground on two multifamily projects totaling 536 units in Allen, a northeastern suburb of Dallas. Crestview Apartments will be a 434-unit community with one-, two- and three-bedroom units that will range in size from 512 to 1,820 square feet. Amenities will include a pool with cabanas, grilling area, fitness center, office lounge, clubroom, coffee bar, courtyards and a dog park station. Crestview Townhomes will have 102 units on an 8.8-acre site that will feature two- and three-bedroom floor plans ranging in size from 1,325 to 2,123 square feet. This property’s amenity package will consist of a resort-style pool with cabanas and grills, a fitness center, clubroom and entertainment room, courtyards and a dog park. High Street is developing Crestview Apartments and Crestview Townhomes in partnership with Abington Properties and MetLife Investment Management, respectively. The first units at Crestview Apartments are expected to be available for occupancy in the third quarter of 2026. At Crestview Townhomes, the first units should be move-in ready by early- to mid-2026. ESG Architecture & Design and Andres Construction Management are leading the design and construction aspects, respectively, for both projects.
LYNBROOK, N.Y. — Breslin Realty Development Corp. has begun leasing The Langdon, a 201-unit multifamily project in the Long Island community of Lynbrook. Located at 47 Broadway, The Langdon is a redevelopment of the former Mangrove Feather factory and consists of 55 studios, 111 one-bedroom units and 35 two-bedroom apartments, as well as 2,000 square feet of ground-floor retail space. Amenities include a lobby café, concierge services, rooftop terrace with skyline views, landscaped courtyard, resident lounge with billiards, a fitness center and work-from-home stations. Breslin developed the property in partnership with Fields Grade Development. Construction began in spring 2022. Rents start at approximately $3,000 per month for a studio apartment.