HONDO, TEXAS — Northmarq has arranged the sale of Las Palomas Apartments, a 108-unit multifamily property located in the western San Antonio suburb of Hondo. Built in 1995, the property offers two- and three-bedroom units and amenities such as a playground, dog park and onsite laundry facilities. Zar Haro, Moses Siller, Bryan VanCura, Phil Grafe and Brian Booth of Northmarq represented the seller, Lonestar Springs, in the transaction and procured the buyer, Revive Real Estate. Cheryl Higley of Northmarq also arranged acquisition financing on behalf of Revive Real Estate.
NEW YORK CITY — Developer Lendlease has broken ground on 1 Java Street, an 834-unit waterfront multifamily project in Brooklyn’s Greenpoint neighborhood. Designed by architecture firm Marvel, the development will comprise five interconnected buildings across a full city block. In addition, 1 Java Street will house 13,000 square feet of retail and restaurant space, and 30 percent of the units will be reserved as affordable housing. A syndicate of lenders led by Bank of America provided $360 million in construction financing for the project, which Lendlease is developing in partnership with Australian pension fund Aware Super. Completion is slated for late 2025.
SIDNEY, N.Y. — Houlihan-Parnes Realtors has negotiated the sale of Hidden Hollows, a 50-unit apartment complex in Sidney, a village in upstate New York’s Delaware County. The garden-style complex consists of five two-story buildings on a 5.1-acre site. The unit mix comprises 32 three-bedroom apartments and 18 four-bedroom residences, and the property also includes 50 covered parking spaces. Ed Graf and Ted Sannella of Houlihan-Parnes brokered the deal. The buyer and seller were not disclosed.
NEWTON AND KINGSTON, N.H. — Regional brokerage firm Northeast Private Client Group (NEPCG) has arranged the $3.8 million sale of a portfolio of six multifamily buildings totaling 24 units in the southern New Hampshire communities of Newton and Kingston. Drew Kirkland, Francis Saenz and Jim Casey of NEPCG represented the seller and procured the buyer, both of which requested anonymity, in the transaction. The names of the properties were also not disclosed.
PEMBROKE PINES, FLA. — Miami Jewish Health (MJH) and McDowell Housing Partners have broken ground on Douglas Gardens Residences, a 410-unit affordable seniors housing community in Pembroke Pines, approximately 20 miles north of Miami. Development costs for the project, which will combine healthcare and housing, are estimated at $137 million. Of the total units, 390 will be reserved for age- and income-qualified residents, while the remaining 20 will be market rate. The project team includes general contractor ANF Group; engineer and landscape designer Keith & Associates; REPRTWAR Architecture and Design; interior designer Jewel Toned Interiors; and law firm Nelson Mullins. Douglas Gardens Residences is scheduled for completion in late 2024. Financing for the project includes $77 million in tax-exempt bonds issued by Broward County Housing Finance Authority (HFA) via Citi Community Capital Bank, $50 million syndicated through affordable housing investment company CREA, a $14 million subordinate loan from Broward County’s Housing Trust Fund, $12 million in seller take-back financing from MJH and $12 million in developer equity contributions.
RICHMOND HILL, GA. — Novare Group and Batson-Cook Development Co. (BCDC) have broken ground on a 302-unit apartment community in Richmond Hill, roughly 20 miles outside of Savannah. Upon completion, the property will form the multifamily component of the 7,000-acre master-planned, mixed-use development Heartwood at Richmond Hill. Designed by Humphreys & Partners Architects, the community will feature amenities including a swimming pool with cabanas, an outdoor deck with kitchen space, a fire pit, fitness center, flexible workspace, dog park, detached parking garages and carports. Classic Plains is the general contractor, and Trustmark National Bank and Atlantic Union Bank are providing financing for the project. Delivery of the first units is scheduled for the third quarter of 2024.
ATLANTA — Portman and National Real Estate Advisors have topped out Sora at Spring Quarter, a 370-unit residential tower located at the corner of Spring and 10th streets in Atlanta’s Midtown neighborhood. Upon completion, the property will feature 11,000 square feet of ground-floor retail space, an infrared sauna, fitness centers, golf simulators, outdoor lawn areas, party rooms, coworking spaces, a pet run and spa, sky lounge, swimming pool and a media room. Sora is the first phase of Portman’s larger Spring Quarter mixed-use development, which will be anchored by The Patterson, an existing funeral home that will be preserved, as well as a 525,000-square-foot office tower called 1020 Spring and 40,000 square feet of retail space. The first units of Sora are scheduled for delivery this summer.
LOS ANGELES — Kidder Mathews has arranged the sale of The Mint, a 42-unit multifamily property in downtown Los Angeles. A local investor acquired the asset for $17.5 million. The community is located at 1136 W. 6th St. Originally constructed in 1923 as an office building, it underwent a $12 million renovation in 2016. The project included structural upgrades, seismic retrofit work, and significant building system upgrades to electrical, elevators, and plumbing. Kidder Mathews’ Janet Neman and Angelica Gotzev represented the seller, a real estate investment firm managing assets throughout the U.S. and Europe. Jason Aftalion of Teva Properties was an advisor to the seller and provided management services for the asset.
HAYWARD, CALIF. — EAH Housing has broken ground on Mission Paradise, an affordable seniors housing community in the Bay Area city of Hayward. DAHLIN Group designed the property, which J.H. Fitzmaurice Inc. is building. The two-tower Mission Paradise is an apartment community for seniors with income levels ranging from 20 percent to 80 percent of the area median income (AMI). The property will include a total of 76 apartments, with 15 units specifically reserved for formerly homeless individuals and families, 11 of which are designated ‘No Place Like Home’ units reserved for households with an individual with a severe mental illness. Financing participants include Chase, City of Hayward, County of Alameda, CA Department of Housing and Community Development – Accelerator, and MHP.
MEMPHIS, TENN. — Rosewood Realty Group has brokered the $33.1 million sale of a three-property multifamily portfolio in Memphis totaling 802 units. Aaron Jungrels of Rosewood represented both the seller, The Chetrit Group, and the buyer, Capstone Realty and Management. The portfolio includes The Lakes at Ridgeway, a 374-unit community at 5995 Waterstone Oak Way; the 208-unit Stonegate Apartments at 4500 Stonegate Drive; and the 220-unit Reserve at Mount Moriah at 2778 Pickering Drive. Amenities at the communities include swimming pools, picnic areas with grills, dog parks, clubhouses and green spaces. Each property was built in the 1970s and comprises two stories.