PHILADELPHIA — A partnership between locally based developer Method Co. and an affiliate of Mexican investment firm Cimbra Capital has begun leasing The Driftway, a 142-unit multifamily project in Philadelphia’s East Falls neighborhood. Designed by Morris Adjmi Architects, the property offers one- and two-bedroom units and amenities such as a pool, fitness center, coworking lounge and a pet wash area. Information on starting rents was not disclosed.
LONG BRANCH, N.J. — Locally based brokerage firm The Kislak Co. Inc. has negotiated the $6.4 million sale of Rose Gardens, a 32-unit apartment complex located in the Northern New Jersey community of Long Branch. Built in 1955, the property houses two studios and 30 one-bedroom apartments. Daniel Lanni of Kislak represented the seller, an entity doing business as Rose 3 Holdings LLC, in the transaction. Lanni also procured the undisclosed buyer.
SAN RAFAEL, CALIF. — Ziegler has arranged $61.3 million in bond financing for Aldersly Garden Retirement Community, a continuing care retirement community in San Rafael, a northern suburb of San Francisco. The community was originally founded and incorporated in 1921 by Danish organizations as a retirement home serving the Danish-American communities in California and Nevada. The property is situated on an approximately 3.5-acre campus. Life Care Services LLC has provided management and marketing services since 2004. The borrower will use the proceeds of the bonds, together with an equity contribution, to fund the construction of a 35-unit residential care facility consisting of larger, more marketable apartments, additional common areas and more parking. The bonds were issued through the California Municipal Finance Authority and amortize over a 30-year period.
CHICAGO — The Habitat Co. and P3 Markets have opened Phase I of 43 Green in Chicago’s Bronzeville neighborhood. The 99-unit, mixed-income apartment building is located at 4308 S. Calumet Ave. The project marks the first equitable transit-oriented development (ETOD) on Chicago’s South Side, according to the developers. Since 2013, the City of Chicago has been encouraging transit-oriented development near Chicago Transit Authority and Metra rail stations. In 2020, the city published its ETOD Policy Plan, which aims to drive investment near transit in disinvested communities, preventing displacement in communities facing rising housing costs and promoting affordable housing options near transit in low-affordability communities. Phase I is the largest of three planned buildings within the $100 million 43 Green development. The 10-story building features 5,500 square feet of retail space and amenities such as a fitness center, rooftop terrace, business center, picnic area, community room, laundry facilities and bicycle storage. Half of the units are reserved for households earning up to 60 percent of the area median income, with the remainder leased at market rate. Habitat has also secured construction financing for Phase II, and is expected to break ground on that 80-unit building by the end of June. Completion …
WEST BADEN SPRINGS, IND. — TWG is building West Baden Lofts, a $9 million affordable housing community in West Baden Springs, a town within French Lick Township in southern Indiana. Located at 942 Main St., the 44-unit development will feature two- and three-bedroom layouts. Units will be reserved for households making 30 to 60 percent of the area median income. Amenities will include a free bikeshare program, free Wi-Fi in common areas and units, a meditation area, fitness center, community room, indoor children’s area, playground and community garden beds. Project funding comes from the Indiana Housing and Community Development Authority, Innovative Veteran Affairs Real Estate, Merchants Capital, Cedar Rapids Bank & Trust and the Town of West Baden Springs. Construction is expected to begin this month and be completed in late 2024.
MARSHALL, MICH. — Friedman Real Estate has arranged the $4 million sale of Village Green in Marshall, about 13 miles southeast of Battle Creek. The 54-unit multifamily property is located at 200 W. Drive North. The community was built in 1976, according to Apartments.com. Peter Jankowski of Friedman represented the buyer.
CHARLOTTE, N.C. — Crescent Communities has opened NOVEL University Place, a 308-unit multifamily community located at 5315 Waters Edge Village Drive in the University City neighborhood of Charlotte. The development features carriage homes and apartments in studio, one-, two- and three-bedroom floor plans. Amenities at the property include a fitness center, library, coworking spaces, swimming pool, outdoor kitchen and hammocks. The project team included architect Cline Design Associates, land planner and civil engineer LandDesign, interior designer BB+M and Crescent Communities Construction. Rental rates begin at $1,405, according to the community website.
MOBILE, ALA. — Proveer Senior Living has acquired Vitality Living Regency, a seniors housing community featuring 70 assisted living units and 20 memory care units in Mobile. The community will be rebranded as Proveer at Port City, and the new owner will undertake interior and exterior renovations at the property, which are scheduled for completion by the end of this year. Renovations will include new flooring; fresh colors, furniture and fixtures; a full exterior makeover; and an upgraded technology platform. This acquisition marks the eighth overall for Proveer, its fifth in the state of Alabama and second in Mobile. Blueprint Healthcare Real Estate Advisors brokered the sale.
HOUSTON — JLL has arranged the sale of Vue on MacGregor, a 347-bed student housing community that serves students at the University of Houston. Built in 2014, the community is located about a half mile from campus. Vue on MacGregor offers a mix of fully furnished one-, two-, three-, four- and five-bedroom units that were 96 percent occupied at the time of sale. Amenities include dedicated study rooms, a pool, two fitness centers, business center and a dog park. Teddy Leatherman, Scott Clifton, Kevin Kazlow and Danielle Ric of JLL represented the seller, Trimont, and procured the buyer, Axonic Properties, in the deal.
ADDISON, TEXAS — Locally based developer JPI has begun construction on Jefferson Addison Heights, a 290-unit apartment community located in the northern Dallas metro of Addison. The complex will be situated on a three-acre site and rise five stories. Units will be furnished with stainless steel appliances and stone countertops, and amenities will include a pool, fitness center, clubhouse and a game room. Preleasing is scheduled to commence in October 2024.
