HACKENSACK, N.J. — Locally based developer Garden Communities has opened The Jefferson, a 377-unit apartment community located outside of New York City in Hackensack. Designed by Minno & Wasko Architects & Planners, The Jefferson features one- and two- bedroom units ranging in size from 735 to 1,598 square feet, with most residences offering private balconies/patios. Communal amenities include a pool, fitness center, business center, private bowling alley, a billiards and entertainment room, golf simulator, children’s playroom, outdoor grilling and dining areas and a dog park. Rents start at $2,490 per month for a one-bedroom apartment.
BUFFALO, N.Y. — Community Preservation Partners (CPP) has acquired Ellicott Park Townhomes, a 220-unit affordable housing complex in downtown Buffalo. Built in 1967, the property consists of one-, two- and three-bedroom units that are reserved for households earning 60 percent or less of the area median income. The seller and sales price were not disclosed, but CPP plans to implement a $14.2 million capital improvement program that will be part of a total investment consideration of $54.7 million.
MASON, OHIO — Senior Living Investment Brokerage (SLIB) has brokered the sale of The Landing of Long Cove, an 81-unit assisted living and memory care community in Mason, about 25 miles northeast of Cincinnati. The sales price was undisclosed. Built in 2011, the property features 61 assisted living units and 20 memory care units. Daniel Geraghty and Bradley Clousing of SLIB brokered the sale. According to SLIB, the seller was interested in focusing its attention on communities that more closely align with its current footprint, while the buyer, a Midwest-based owner-operator, was looking to add to its existing footprint throughout the region. The buyer plans to make renovations to the community.
WENTZVILLE, MO. — Marcus & Millichap has arranged the $5 million sale of Heritage Townhomes, a 40-unit multifamily property in the western St. Louis suburb of Wentzville. The seller, a private investor, acquired the property in October 2019 and installed new flooring, kitchen appliances and upgrades to the bathrooms. The improvements resulted in a $200 per unit average increase in value over three years, according to Marcus & Millichap’s Ben Margalski, one of the brokers on the transaction. Margalski and colleague Aaron Kuroiwa represented the seller as well as the buyer, a private investor completing a 1031 exchange.
NEW YORK CITY — Locally based brokerage firm GFI Realty has arranged the $4.1 million sale of a 29-unit multifamily building located at 1342 St. Lawrence Ave. in the Soundview neighborhood of The Bronx. Built in 1928, the five-story building houses 23 one-bedroom units and six two-bedroom units.Zachary Fuchs of GFI Realty represented the seller and procured the buyer, both of which were private investors, in the transaction.
GOODYEAR, ARIZ. — Gantry has arranged a $41.6 million loan to refinance the Lunaire Apartments in Goodyear. The 240-unit community is located at 949 S. Goodyear Blvd. Amenities include modern unit interior finishes, recent landscape and exterior renovations, resort-style pool and spa, 24-hour fitness center, covered parking and EV charging stations. The five-year, fixed-rate loan was placed with Freddie Mac. It features an interest-only period and an interest rate below 5 percent.
TORRANCE, CALIF. — Legacy Partners has purchased Del Amo Village, a development site located in the Los Angeles suburb of Torrance, for $18.3 million. The site comprises 2.8 acres located within Los Angeles County’s South Bay submarket at 1844 Plaza del Amo. The development plan for the project includes entitlements for 200 market-rate apartment units. Kevin Shannon, Ken White, Chris Benton, Michael Moore and Anthony Muhlstein of Newmark represented the sellers, which were PCCP, LaCaze, Muller Co. and Bentall GreenOak.
COLUMBIA FALLS, MONT. — Brinkman Real Estate has acquired The Highline, a 180-unit multifamily property in Columbia Falls, for an undisclosed price. Columbia Falls is located within Montana’s Flathead County in the northwest corner of the state. The Highline was built in 2020. Brinkman plans to renovate the community with new landscaping and signage, smart-home packages and laundry hookups to all units, and amenities such as a grilling area. According to the property website, community amenities currently include a playground, dog park and a clubhouse. Brinkman Real Estate’s capital market team, in partnership Brady O’Donnell, Jeff Halsey, Jill Huang and Alex Scott of CBRE’s Institutional Debt and Restructured Finance team, secured financing through Fannie Mae for the acquisition. Triad Real Estate Partners represented the undisclosed seller in the transaction.
By Willy Walker, CEO of Walker & Dunlop I recently had the pleasure of sitting down to talk with some prominent members of the Walker & Dunlop team, including Kris Mikkelsen, executive vice president of investment sales, Aaron Appel, senior managing director of capital markets, and Ivy Zelman, executive vice president of research and securities. In this episode of the Walker Webcast, “State of CRE,” we covered some of the most prominent issues the commercial real estate industry is facing, as well as some headwinds it will continue to face in the future. Changes in Homebuilding and Consumer Spending Although homebuilders had to offer incentives when rates first started increasing last year, they are still seeing a steady demand for homes, as demand still heavily outpaces supply. This imbalance is seen in the new and existing home market. Single-family homes in many markets across the country are in multiple offer situations, indicating that single-family residential real estate is still strong. This is incredible, given the fact that many existing homeowners are locked into mortgage rates in the 2-5 percent range, giving them little reason to move out of their current home. How Mortgage Deals Are Currently Financed Although we are …
ATLANTA — McShane Construction Co. has completed the construction of Thrive Sweet Auburn, a 117-unit affordable housing development located in Atlanta’s Sweet Auburn district. The developers are Mercy Housing Southeast and Project Community Connections Inc. (PCCI). In addition to apartments in one-, two- and three-bedroom layouts for residents earning 30 to 80 percent of area median income (AMI), the property features 11,400 square feet of ground-floor office space. Designed by Goode Van Slyke Architecture, Thrive Sweet Auburn’s amenities include community rooms, an outdoor pavilion, community garden, coffee shop and wellness rooms. Thrive Sweet Auburn also offers supportive services including a medical clinic, nutrition education and case management. The first floor serves as PCCI’s headquarters and holds offices for First Step Staffing, which provides job coaching and employment opportunities for those experiencing homelessness, previously incarcerated individuals and military veterans.