EVERETT, WASH. — A private investor has acquired Park Place Townhomes in Everett, a suburb north of Seattle, for $5.7 million. Located at 1225 W. Casino Road, Park Place Townhomes features 28 two- and three-bedroom townhome-style apartments, with an average size of 1,027 square feet. At the time of sale, the property was fully occupied. Zachary Mazzuca, Ryan Dinius and Sidney Warsinske of Marcus & Millichap’s Seattle office represented the seller, a private investor. Tanner Fogle, Dinius and Warsinske of Marcus & Millichap secured and represented the buyer in the deal.
Multifamily
FORT WORTH, TEXAS — The Fort Worth City Council has approved a $630 million proposal to expand the historic Stockyards District, according to reports from multiple local news sources such as The Dallas Morning News, Fox4 KDFW and The Texan. According to the local Fox News affiliate, the proposal represents part of a larger, $1 billion expansion and would include both multifamily and hospitality components, as well as onsite parking. Axios Dallas reports that on a more specific level, the next phase of expansion will feature 500 hotel rooms, 300,000 square feet of commercial space and a 295-unit multifamily property. The Texan reports that the expansion would be led by Fort Worth Heritage LLC, which is a joint venture between California-based Majestic Realty Co. and Hickman Cos, with North Texas-based M2G Ventures also serving as a development partner. Multiple news outlets reported that the City of Fort Worth expects the expansion of the Stockyards District, which will include some public funding and is expected to be fully complete by 2032, to ultimately generate more than $400 million in fresh tax revenue.
HOUSTON — Hamilton Point Investments, a real estate private equity firm based in Connecticut, has acquired a portfolio of four apartment communities in the Houston area for $195 million. The portfolio totals 1,174 units and consists of Prose Champions in Houston (360 units); Prose Copperfield in Houston (361 units); Prose Cypress Creek in Cypress (240 units); and Prose Franz in Katy (213 units). The properties were all constructed within the last three years. The seller was not disclosed, but Prose is the workforce housing brand of Alliance Residential. No third-party brokers were involved in the transaction.
DALLAS — Metro Philadelphia-based developer Toll Brothers (NYSE: TOL) has completed Lyle, a 334-unit apartment community in North Dallas. Toll Brothers developed the property in partnership with Chicago-based Equity Residential as part of a trio of multifamily developments in the Dallas-Fort Worth metroplex. Units come in studio, one-, two- and three-bedroom floor plans and are furnished with quartz countertops, tile backsplashes and keyless entry mechanisms. Select residences also offer private balconies/patios. Amenities include a pool, game lawn, fitness center, coworking lounge and a coffee bar. Santander Bank financed construction of the project. Rents start at $1,675 per month for a studio apartment.
NEW YORK CITY — A partnership between locally based developer BFC Partners, CB Emmanuel, nonprofit organization Catholic Homes, Pinnacle City Living and the New York City Housing Authority (NYHCA) has received $332.3 million in financing for the redevelopment of West Brighton I and II on Staten Island. The project, which is being carried out through the NYHCA’s Permanent Affordability Commitment Together (PACT) program will rehabilitate 574 affordable housing units that are home to more than 1,300 residents. The development team will also reactivate 24 vacant units, with 12 restored as permanently affordable residential units and 12 converted into a new senior center. The financing consists of a combination of debt provided by Freddie Mac and the New York City Housing Development Corp. (HDC), as well as a bridge loan provided by Wells Fargo, historic tax credits, city subsidies and sponsor equity. Buildings will receive both interior and exterior renovations, including façade restorations, roof repairs, new security systems, ventilation improvements and refurnished heating and water systems. In addition, the partnership will undertake comprehensive upgrades to the bathrooms and kitchens with new appliances, fixtures and countertops. Lastly, the grounds will be revitalized with new landscaping, lighting, play equipment, seating, walkways and community …
NEW YORK CITY — A partnership between locally based firm Douglaston Development, Asland Capital Partners, nonprofit organization Breaking Ground and the New York City Housing Authority (NYHCA) will undertake a $275 million renovation of Sack Wern Houses in The Bronx. The seven-building affordable housing property is located in the borough’s Soundview neighborhood and is home to more than 800 residents. The rehabilitation, which is being carried out through the NYHCA’s Permanent Affordability Commitment Together (PACT) program, will cover more than 400 apartments, as well as common areas and building infrastructure and utility systems. All apartments will receive new doors, closets, windows and paint, as well as comprehensive upgrades to bathrooms and kitchens, including new appliances, fixtures, countertops, cabinets, lighting, flooring and showers. Sack Wern buildings will also receive sustainable heat pump technology, façade repairs, ventilation improvements, roof replacements, new solar panels and new security installations such as cameras and improved lighting. Additionally, common areas — entrances, lobbies, mail areas, hallways, stairways, laundry rooms and the community room — will be fully renovated. Lastly, development grounds will be revitalized with new landscaping, children’s play equipment and seating, as well as repaved walkways, more accessible ramps and stairs and an upgraded basketball …
NEW YORK CITY — TYKO Capital, a locally based real estate private equity firm, has provided a $140 million construction loan for a 348-unit multifamily project in Brooklyn. The site at 310 Nevins St. is located in the Gowanus neighborhood. Designed by Fogarty Finger Architects, the project will be a sister building of the 320-unit property at 340 Nevins St. Both properties will feature a mix of floor plans and Class A amenities, as well as a 25 percent affordable housing component for renters earning 60 percent or less of the area median income. Jordan Roeschlaub, Chris Kramer and Michael Dorfman of Newmark arranged the loan on behalf of the borrower, a partnership between Tavros Holdings and Charney Cos. Completion is slated for mid-2027.
Vista Residential Breaks Ground on 277-Unit Mixed-Use Apartment Community in Holly Springs, North Carolina
by John Nelson
HOLLY SPRINGS, N.C. — Vista Residential Partners has broken ground on Main Street Vista, a 277-unit mixed-use apartment community in Holly Springs, a southwest suburb of Raleigh. The 11.7-acre development site is located at the corner of North Main Street and Holly Springs Road. Main Street Vista will feature a mix of one-, two- and three-bedroom apartments averaging almost 1,050 square feet, as well as 19,000 square feet of retail space and 11,000 square feet of live-work space. Select apartments will have a ground-floor office space available for lease to prospective tenants who desire to work from home. Designed by Niles Bolton, Main Street Vista will feature a clubhouse, resort-style swimming pool, fitness center, central green area, pet park and 24/7 package concierge services. Dome Equities and two Ohio-based life insurance companies provided financing for the project. The construction timeline was not disclosed.
DOVER, N.J. — A joint venture between Crossroads Cos. and CrownPoint Group Inc. has broken ground on a 90-unit multifamily project at 80 E. McFarlan St. in Dover, about 30 miles west of New York City. The six-story building will house a mix of studio, one- and two-bedroom units, with nine residences to be set aside as affordable housing. Amenities will include a fitness center, rooftop deck and an entertainment lounge. Minno & Wasko Architects and Planners designed the community, and L2i Construction is the general contractor. Columbia Bank provided construction financing. Delivery is slated for late 2025.
Berkadia Arranges $39.9M Acquisition Loan for Brantley Pines Apartments in Fort Myers, Florida
by John Nelson
FORT MYERS, FLA. — Berkadia has arranged a $39.9 million acquisition loan for Brantley Pines Apartments, a 296-unit multifamily community located at 1801 Brantley Road in Fort Myers. Mitch Sinberg, Michael Basinski, Brad Williamson and Scott Wadler of Berkadia’s South Florida office arranged the five-year, fixed-rate Freddie Mac loan on behalf of the borrower, Boca Raton, Fla.-based Interface Properties. The seller was not disclosed. Built in two phases between 1988 and 1997, Brantley Pines is situated near Southwest Florida International Airport. The property features one-, two- and three-bedroom floor plans, as well as a 24-hour fitness center, pool, grills, business center, pickleball court and a pet park. Interface Properties plans to complete a light value-add program at the community during its ownership.