AURORA, COLO. — Pinnacle Real Estate Advisors has arranged the sale of a residential property located at 15500 E. 13th Ave. in Aurora. Hosler Holdings sold the asset for $4 million, or $144,643 per unit. Built in 1972, the 30,132-square-foot property features 28 units. Barton Thompson of Pinnacle Real Estate Advisors represented the seller in the deal. The buyer was not disclosed.
LELAND, N.C. — Cushman & Wakefield has arranged $62 million in construction financing for The Village at Compass Pointe, a 268-unit multifamily development coming to a 25-acre site in Leland, about 10 miles west of Wilmington, N.C. The property will feature 140 single-family rental townhomes and 128 traditional apartments in two four-story, elevator-serviced buildings. Gideon Gil, Zachary Kraft, Sebastian Sanchez and Dale Braverman of Cushman & Wakefield originated the loan through Dwight Mortgage Trust on behalf of the borrowers, SR Real Estate Partners and Circle Squared Alternative Investments. Upon completion, Village at Compass Pointe will feature two clubhouses, cabana pools and pickleball courts. The first units are expected to be delivered in January 2025.
NEW YORK CITY — JLL has arranged a $233 million construction loan for the ground-up development of a 569-unit multifamily project in Brooklyn. The site is located at 54 Crown St. in the borough’s Crown Heights neighborhood. Christopher Peck, Geoff Goldstein, Nicco Lupo and Rob Hinckley of JLL arranged the floating-rate loan through Goldman Sachs Asset Management. According to Crain’s New York Business, the borrower was San Francisco-based Carmel Partners. Information on floor plans, amenities and a construction timeline was not disclosed.
CHATHAM, N.J. — New Jersey-based developer Walters has broken ground on Cornerstone at Chatham, a 63-unit affordable housing complex in Northern New Jersey. The 3.2-acre site formerly housed a restaurant that is now defunct. Units will come in one-, two- and three-bedroom formats and range in size from 807 to 1,343 square feet. Residences will be reserved for renters earning 60 percent or less of the area median income. Amenities will include a fitness center, community room and outdoor grilling and dining stations. Walters is developing the project in partnership with Chatham Township. Completion is slated for late 2024.
CHICAGO — Luxury Living has begun leasing efforts for The Medallion, a newly redeveloped boutique apartment building in Chicago’s Lakeview neighborhood. JSM Venture owns the property, which is located at 3121 N. Broadway St. JSM Venture implemented a two-story addition and rooftop deck on top of a five-story parking garage. The building now features 72 apartment units. The property is also home to Intelligentsia Coffee. Monthly rents start at $1,875 for studios and $2,195 for one-bedroom floor plans. Select units are available in accordance with the City of Chicago’s Affordable Requirements Ordinance.
DICKINSON, N.D. — Friedman Real Estate has arranged the sale of West River Apartments in Dickinson, a city in western North Dakota. The sales price was undisclosed. The multifamily property features 234 units. Rich Deptula and Steven Silverman of Friedman brokered the transaction, further details of which were not provided.
ATLANTA — CA Ventures, a Chicago-based real estate investment and development firm, has opened 903 Peachtree, a 33-story apartment tower in Midtown Atlanta. The high-rise comprises 427 luxury apartments, high-end amenities and 9,000 square feet of retail space. “We are thrilled to celebrate the grand opening of 903 Peachtree, a landmark achievement for CA Ventures as our first residential building in Georgia,” says Jack Duncan, executive vice president of operations for CA Ventures. “This luxury building embodies our commitment to delivering exceptional living spaces and amenities that enhance the lives of our residents. We are excited to introduce this remarkable community to the vibrant neighborhood of Midtown Atlanta.” The development team includes Diamond Realty Investments Inc., a capital investor with offices in metro Dallas and Los Angeles, and Cartel Properties, an Atlanta-based urban development firm. Cartel is both a development partner and is leading the retail leasing assignment on behalf of the ownership group. Lincoln Property Co. is the property manager. 903 Peachtree features studios, one-, two- and three-bedroom apartments. According to the property website, units range in size from 300 to 1,884 square feet and monthly rental rates range from $1,410 to $8,192. The website also says renters can …
Day-to day life as a property manager in both a conventional multifamily building and student housing can be unpredictable. Hiring and staffing issues can plague many operators, resulting in the need to wear many different hats. These different hats can make it difficult for staff to fully address all of the residents’ needs. Managing a Wi-Fi system — perhaps the most crucial technology platform at any community — is one duty that the onsite team can happily offload to a third-party provider. Reliable Managed Wi-Fi Systems Roxann Campbell, vice president of regional sales at Pavlov Media, says today’s Internet-connected culture has increased the need for residents to have an absolutely reliable managed Wi-Fi system. Pavlov Media (which provides Wi-Fi & fiber services to multifamily and student properties) is an Internet service provider (ISP) that can establish connectivity throughout entire buildings while managing Internet for all of a property’s residents. This managed Wi-Fi approach benefits the buildings’ owner-operators because it offers a planned strategy for wiring and Wi-Fi signals. Routers aren’t competing against each other, as they can in communities that give their residents the option to sign up with any number of competing Internet providers. “Bulk managed Wi-Fi provides residents …
BROOKSVILLE, LAKE PLACID AND SPRING HILL, FLA. — Grandbridge Real Estate Capital has arranged the sale of three seniors housing communities in Florida on behalf of a national REIT. Florida-based TJM Properties Inc. acquired two of the properties: The Grande, a 144-unit independent living, assisted living and memory care community in Brooksville, and Balmoral, a 125-unit assisted living and memory care community in Lake Placid. An undisclosed, Florida-based buyer purchased the third property — Forest Oaks, an 80-unit assisted living and memory care community in Spring Hill. This sale completes the disposition of a portfolio totaling eight properties that Grandbridge arranged for the seller. Dave Kliewer and Jay Jordan led the Grandbridge team in selling the communities.
MIDDLEBURG, FLA. — Housing Trust Group (HTG) has completed the development of the Apartments at Bryce Landing, a $21.9 million affordable housing project in Middleburg, roughly 30 miles outside of Jacksonville. Located at 1914 Bryce Landing Way, the community features one-, two- and three-bedroom apartments across four buildings. Apartments range from 717 to 1,191 square feet, and amenities include a fitness center, media center, swimming pool, playground, picnic pavilion and a 15,000-square-foot park. Units will be reserved for residents earning at or below 30 and 60 percent of the area median income (AMI), and residents will have access to literacy training, financial assistance and employment assistance services. JPMorgan Chase provided a $16.5 million construction loan and a $6.3 million permanent loan for the project. Funding also included $1.7 million in annual low-income housing tax credits (LIHTC) provided by Florida Housing Finance Corp. through Raymond James Tax Credit Funds. Kellogg & Kimsey was the general contractor for the development, and Fugleberg Koch was the architect. Landscape architect Wood and Partners and engineering firm CHW Consultants were also part of the project team.
