WEST WINDSOR, N.J. — New Jersey-based developer Woodmont Properties has completed the lease-up of Woodmont Way, a 443-unit apartment community in West Windsor, located outside of Trenton in Mercer County. The property offers one-, two- and three-bedroom units and amenities such as a pool, fitness center, pickleball and bocce ball courts, a golf simulator, theater room, game room and a dog park. Woodmont Way is now fully occupied. Information on starting rents was not disclosed.
PASSAIC, N.J. — Locally based brokerage firm Gebroe-Hammer Associates has negotiated the $4.5 million sale of a 23-unit apartment complex located in the Northern New Jersey community of Passaic. The four-story building at 82 Paulison Ave. was constructed in the early 20th century and exclusively houses one-bedroom units. Debbie Pomerantz of Gebroe-Hammer represented the seller and procured the buyer, both of which requested anonymity, in the transaction.
LOS ANGELES — CIM Group has broken ground on a 168-unit mixed-income multifamily development with 40,000 square feet of ground-floor retail space in Los Angeles. The project at 3045 Crenshaw Blvd. is located on the former north campus of the West Angeles Church of God in Christ. The six-story apartment community will offer 17 affordable housing units. Floor plans will consist of studios, one- and two-bedroom units. Amenities will include a courtyard, pool, fitness center, clubroom and two outdoor sky decks on the fifth level. The development offers convenient access to the Metro E Line light rail station on Crenshaw Boulevard, which connects east to downtown Los Angeles and west to Santa Monica. After 43 years at its north campus location, West Angeles Church has consolidated its facilities and now operates from its south campus location at 3600 Crenshaw Blvd. West Angeles Church’s sale of the property at 3045 Crenshaw Blvd. to CIM Group took place in March and was part of the church’s long-planned property dispositions announced in 2019 to bring new community-serving developments to the neighborhood. The church used the sale proceeds to fund various church programs and initiatives, including the construction of a Family Life Center that …
WASHINGTON, D.C. — The District of Columbia Housing Finance Agency (DCHFA) has provided $63.2 million in tax-exempt bonds for the rehabilitation of Worthington Woods Apartments in the Washington Highlands neighborhood of Washington, D.C. Originally built in 1944 and renovated in 2002, the property comprises 394 affordable housing apartments. The Worthington Woods Tenants Association acquired the building and selected Montgomery Housing Partnership Inc. and the Anacostia Economic Development Corp. to oversee the $133.6 million overhaul. The DCHFA also underwrote $45.5 million and $9.1 million in federal and local Low Income Housing Tax Credit (LIHTC) equity for the preservation of the affordable apartments. Additionally, the D.C. Department of Housing and Community Development is providing a $38.8 million loan from the Section 108 Loan Guarantee Program for this project. Following the redevelopment, Worthington Woods will feature units in one-, two- and three-bedroom layouts reserved for residents earning 30, 50 and 60 percent of the area median income (AMI). Amenities will include a playground, community room, laundry facilities, onsite tenant services and 156 parking spaces. Communities Together Inc. will provide resident services to tenants.
GAINESVILLE, FLA. — Walker & Dunlop Inc. has arranged a $58.8 million loan for the construction of Celebration Pointe Apartments, a 239-unit multifamily community to be located within the Celebration Pointe mixed-use development in Gainesville. Jeremy Pino, Livingston Hessam, Carl Passmore and Kyle Miller of Walker & Dunlop originated the non-recourse financing through an undisclosed life insurance company on behalf of the borrower and developer, Viking Cos. Combined with a mezzanine loan from an unnamed debt and equity fund, the developer’s total debt capitalization on the project represents and 85 percent loan-to-cost ratio. A construction timeline for the project was not disclosed.
MERIDIAN TOWNSHIP, MICH. — Woda Cooper Cos. Inc. has opened Woodward Way Apartments in Meridian Township, just east of Lansing. The 49-unit affordable housing community is comprised of two buildings and features amenities such as a multipurpose room, laundry facility, playground and picnic area. Units are reserved for those who earn 30 to 80 percent of the area median income. There are five units for residents with physical disabilities and one unit for sight and hearing disabilities. Eight units have rental assistance through project-based vouchers awarded by the Lansing Housing Commission. Monthly rents range from $391 to $1,175, depending on income restriction and size of unit. Financing for the $13.9 million development came from Low-Income Housing Tax Credits allocated by Michigan State Housing Development Authority through its Qualified Allocation Plan, which aims to identify where affordable housing is most needed in the state. Syndicator Marble Cliff Capital provided equity financing by purchasing the tax credits. Cedar Rapids Bank & Trust provided a permanent mortgage, and First National Bank of America provided a construction loan. Hooker DeJong Inc. was the architect, and Woda Construction Inc. served as general contractor. Woda Management & Real Estate is providing onsite management and maintenance as …
NEW YORK CITY — Locally based brokerage firm Rosewood Realty Group has arranged the $86.7 million sale of Dunbar Apartments, a 538-unit historic apartment community in Harlem. The 10-building complex was constructed in 1928 and occupies a full city block. Locally based developer Fairstead sold the asset to private investor Isaac Herskovitz. Aaron Jungreis, Ben Khakshoor and Alex Fuchs of Rosewood, along with Steven Vegh of Westwood Realty Associates, brokered the deal, which traded at a cap rate of 7.67 percent. MF1 Capital provided $83 million in acquisition financing.
WEST SACRAMENTO, CALIF. — Avanath Capital Management LLC has acquired Rivers Senior, a 120-unit affordable seniors housing community in West Sacramento, for $19 million. Constructed in 2008, Rivers Senior was built utilizing the California Tax Credit Allocation Committee’s Low-Income Housing Tax Credits (LIHTCs) along with bond financing via multiple agencies. Additionally, the asset benefits from the State of California’s Welfare Tax Exemption. The community features 96 one-bedroom and 24 two-bedroom units, 60 of which are reserved for residents earning up to 50 percent of area median income (AMI) and 59 units of which are reserved for residents at 60 percent of AMI. The property consists of nine two-story buildings situated on 4.8 acres, located approximately 2.5 miles west of downtown Sacramento, the main employment center for the city of Sacramento. The property, Avanath’s 19th acquisition in Northern California and its 13th in the greater Sacramento area, was purchased in an off-market transaction with the seller, from which Avanath has previously purchased numerous Sacramento-based multifamily assets. Avanath will manage the property internally and plans to implement several capital improvements at the property, including replacing the roofs and boilers. The firm will also incorporate ESG principles aligned with its mission, including upgrading …
WESTMINSTER, CALIF. — CBRE arranged the sale of Courtyard Apartments at La Pat Place, a 30-unit community in Westminster. A private investor purchased the property for $10 million. Courtyard Apartments at La Pat Place was built in 1963 and offers a mix of studio, one-, two- and three-bedroom floor plans. All 30 units were remodeled as part of the $1 million in renovations completed by the seller. Dan Blackwell and Andrew Boukather represented the buyer and undisclosed seller in this transaction.
HAVERHILL, MASS. — Locally based owner-operator The Procopio Cos. is underway on construction of The Beck, a 290-unit, transit-served multifamily project that will be located in the northern Boston suburb of Haverhill. The Beck will consist of two five-story residential buildings and more than 6,000 square feet of retail space. The development also includes the construction of a 1.4-acre public waterfront park with an amphitheater. Dellbrook | JKS is the construction manager of the project, and CUBE3 is the architect. Needham Bank provided construction financing. Completion is slated for spring 2025.
