Multifamily

JLL Brokers $3.6M Sale of Historic Apartment Building in Duluth, Minnesota

by Kristin Harlow June 23, 2023

DULUTH, MINN. — JLL Capital Markets has brokered the $3.6 million sale of Irving School Apartments in Duluth, a city located along Lake Superior. The property was originally built in 1895 as a school and was placed on Minnesota’s National Register of Historic Places and converted into apartments in 1978. The building features 44 units that average 980 square feet. Devon Dvorak, Mox Gunderson, Dan Linnell, Josh Talberg and Adam Haydon of JLL represented the seller, Sherman Associates. The buyer was High Point Holdings LLC.

June 23, 2023

Acquisitions Multifamily Seniors Housing Texas

Blueprint Negotiates Sale of Seniors Housing Community in Dallas

by Taylor Williams June 23, 2023

DALLAS — Investment sales brokerage firm Blueprint Healthcare Real Estate Advisors has negotiated the sale of an unnamed seniors housing community in Dallas. Built in 1996 and renovated in 2020, the facility offers assisted living and memory care services. The undisclosed buyer plans to convert the property into a behavioral health facility. The seller was also not disclosed.

June 23, 2023

Acquisitions Multifamily New Jersey Northeast

Pomeranc Group Acquires 465-Unit Apartment Community in Wayne, New Jersey

by Taylor Williams June 23, 2023

WAYNE, N.J. — The Pomeranc Group, a hospitality-oriented investment firm, has acquired Mountain View Crossing, a 465-unit apartment community located in the Northern New Jersey community of Wayne. The property’s unit mix consists of eight studios, 309 one-bedroom apartments, 141 two-bedroom units and seven three-bedroom units. Residences feature private patios/balconies, stainless steel appliances, hardwood flooring and stone countertops. Amenities include a pool, tennis and basketball courts, fitness center, clubroom, dog park and outdoor grilling and dining areas. Niko Nicolaou, Ryan Dowd, Peter Welch and Brian Whitmer of Cushman & Wakefield represented the seller, UBS Realty Investors, in the transaction and procured The Pomeranc Group as the buyer. John Alascio, T.J. Sullivan, Chuck Kohaut, John Spreitzer, Jason Blankfein and Mitch Rothstein of Cushman & Wakefield arranged $97.7 million in acquisition financing through Greystone for the deal.

June 23, 2023

Acquisitions Affordable Housing Multifamily New York Northeast

Ariel Property Advisors Negotiates $39.3M Sale of Bronx, Harlem Affordable Housing Portfolio

by Taylor Williams June 23, 2023

NEW YORK CITY — Locally based brokerage firm Ariel Property Advisors has negotiated the $39.3 million sale of a portfolio of nine affordable housing properties totaling 309 units in New York City. Two of the properties are located in the Morrisania neighborhood of The Bronx, and the remainder are in Harlem. The portfolio also includes four commercial spaces. Victor Sozio, Shimon Shkury and Michael Tortorici of Ariel Property Advisors represented the undisclosed seller in the transaction. The buyer and property addresses were also not disclosed.

June 23, 2023

Acquisitions Illinois Midwest Multifamily Top Stories

Crescent Heights Buys North Water Apartments in Downtown Chicago for $173M

by Jeff Shaw June 23, 2023

CHICAGO — Crescent Heights has acquired North Water Apartments, a 398-unit multifamily property in downtown Chicago’s Streeterville neighborhood. Invesco Real Estate sold the asset for $173 million, according to real estate data firm CoStar. North Water Apartments is the multifamily portion of a 50-story building located at 340 E. North Water St. Built in 2015, the community offers studio, one-, two- and three-bedroom floor plans. According to the property website, amenities include electric vehicle charging stations, a rooftop lounge with a pool, outdoor plaza, fitness center, business center with a conference room, onsite dry cleaning, pet spa, package lockers and bike storage. Monthly rents range from $2,705 for a studio up to $8,379 for a three-bedroom, according to Apartments.com. North Water Apartments is situated atop the Loews Chicago Hotel, which was not included in the sale. The Loews Chicago hotel offers 400 rooms and suites, and includes a restaurant, rooftop bar, lobby lounge and coffee shop, as well as 31,000 square feet of indoor and outdoor meeting space. The building is located less than a mile from Chicago’s Magnificent Mile commercial district, the lakefront Navy Pier and the Museum of Contemporary Art Chicago. Grand Avenue Station on Chicago’s Red Line is located …

June 23, 2023

Development Multifamily Texas

Empira Group to Develop 375-Unit Multifamily Project Near Dallas Arts District

by Taylor Williams June 22, 2023

DALLAS — Swiss developer Empira Group has acquired a 1.1-acre site at 711 N. Pearl St. near the Dallas Arts District for the development of a 375-unit multifamily project. Designed by GFF Architects, the building will rise 37 stories and house a 3,700-square-foot restaurant space with patio seating, as well as 2,500 square feet of outdoor seating space overlooking Celebration of Life Park. Residential amenities will include a pool, fitness center, coworking spaces and a pet park. A construction timeline has not yet been established.

June 22, 2023

Development Multifamily Texas

Pacific Elm, Mintwood Begin Leasing 228-Unit Peridot Apartments in Downtown Dallas

by Taylor Williams June 22, 2023

DALLAS — A partnership between Pacific Elm Properties and Mintwood Real Estate has begun leasing Peridot, a 228-unit apartment property located within the 1.3 million-square-foot Santander Tower mixed-use development in downtown Dallas. Peridot occupies 11 of Santander Tower’s 50 floors and offers one- and two-bedroom units ranging in size from 700 to 1,300 square feet. Residential amenities include a pool, dog park, fitness center, lounges and two lobby restaurants. Peridot’s grand opening is slated for July. Rents start at roughly $2,000 per month for a one-bedroom apartment. Santander Tower also houses a boutique hotel and Class A offices.

June 22, 2023

Affordable Housing Development Midwest Minnesota Multifamily

Woda Cooper Breaks Ground on Shelby Commons Affordable Housing Community in Downtown Minneapolis

by Kristin Harlow June 22, 2023

MINNEAPOLIS — Woda Cooper Cos. Inc. has broken ground on Shelby Commons in the North Loop neighborhood of downtown Minneapolis. The development will offer 46 affordable and supportive housing units, with 12 units dedicated to those experiencing housing insecurity. Woda Cooper is co-developing the project with Project for Pride in Living. Shelby Commons marks the first community that Woda Cooper has developed in Minnesota. Amenities at the property will include a community room, underground parking, second-floor rooftop terrace, playground and community gardens. There will also be more than 2,000 square feet of public art across two large-scale exterior murals commissioned by Juxtaposition Arts. All of the units will be designated for households earning 30 to 80 percent of the area median income. The Minnesota Public Housing Authority is providing 12 project-based vouchers for rental assistance, and Hennepin County is providing five Housing Supports for subsidizing rents and supportive services. Primary financing for Shelby Commons comes from Low-Income Housing Tax Credits allocated by the Minnesota Housing Finance Agency and the City of Minneapolis. Merchants Capital is providing equity financing. Security Bank & Trust is providing a first mortgage, and Hennepin County Accelerator is providing a second soft mortgage. Huntington National Bank …

June 22, 2023

Acquisitions Midwest Minnesota Multifamily

JLL Brokers $8M Sale of Highland Chateau Multifamily Property in Duluth, Minnesota

by Kristin Harlow June 22, 2023

DULUTH, MINN. — JLL Capital Markets has brokered the $8 million sale of Highland Chateau in Duluth, a Minnesota city located along Lake Superior. The 60-unit multifamily property was built in 1972. Floor plans average 814 square feet. Amenities include garage parking, onsite laundry facilities, a 24-hour fitness center and a courtyard with a grilling and picnic area. Devon Dvorak, Mox Gunderson, Dan Linnell, Josh Talberg and Adam Haydon of JLL represented the seller, Sherman Associates. Encompass Real Estate Investment Services represented the buyer, PLB Highland Chateau LLC.

June 22, 2023

Acquisitions Illinois Midwest Multifamily

Interra Realty Negotiates $5.4M Sale of Apartment Building in Chicago’s Lakeview Neighborhood

by Kristin Harlow June 22, 2023

CHICAGO — Interra Realty has negotiated the $5.4 million sale of a 10-unit apartment building in Chicago’s Lakeview neighborhood near Wrigley Field. The boutique property features nine three-bedroom units and one commercial space that is currently leased to Jennivee’s Bakery. Located at 3301 N. Sheffield Ave., the building was constructed in 2014 and was fully occupied at the time of sale. Joe Smazal of Interra represented the buyer, Chicago-based HP Ventures Group. Smazal also represented the seller, a local private developer.

June 22, 2023

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