LANSING, MICH. — Eastham Capital has partnered with Bender Cos. on the acquisition of Briarcliffe Apartments and Townhomes in Lansing. The 308-unit multifamily property was nearly 95 percent occupied at the time of acquisition. Monthly rents average $1,071. The new owners plan to invest $4 million in renovations, including upgrades to the interiors of the apartment units, improvements to common areas and the building exteriors. Built in 1976, the property consists of 48 one-bedroom units and 260 two-bedroom units. Amenities include a pool, fitness center, sauna, garden, playground, dog park, business center and bike share program. Eastham Capital invested in the deal through its current fund, Eastham Capital Fund VI LP. Bender will oversee the day-to-day management. The acquisition marks the sixth joint venture between the two firms.
JACKSONVILLE, FLA. — The KABR Group and The Klotz Group of Cos. have opened The Reef, a multifamily development in Jacksonville comprising 456 apartments and 30,000 square feet of dining and retail space. The property is located at 2753 Mayport Road, near Atlantic Beach, the Mayport Naval Station and Kathryn Abbey Hanna Park. The Reef comprises one-, two- and three-bedroom apartments that range in size from 690 to 1,242 square feet. Rental rates start at $1,575 per month for one-bedroom units, and the property is more than 50 percent leased. The Reef features a 13,000-square-foot, two-story glass and steel clubhouse that has a rooftop terrace, resort-style pool, espresso bar and lounge, bike parking station and a fitness center with a rock climbing wall and Peloton bikes. Other amenities include electric vehicle charging stations and a large dog park.
CHARLOTTE, N.C. — Embrey plans to develop North Tryon, a 403-unit apartment community in Charlotte. The San Antonio-based developer recently acquired a seven-acre site in the city’s NoDa district for the development, its fourth in the Charlotte market. Embrey expects the clubhouse and first units at North Tryon to be available for occupancy in third-quarter 2025, with full completion slated for 2026. Amenities will include a clubhouse, game room, business center, micro-offices, conference room, fitness studio, outdoor grilling areas, outdoor gas fireplace, landscaped courtyard and a resort-style pool.
ATLANTA — A partnership between PeakMade Real Estate and Blue Vista Capital Management has opened Theory Interlock, a 674-bed student housing community located near the Georgia Tech campus in Atlanta’s West Midtown neighborhood. The property offers fully furnished apartments and townhomes in studio through five-bedroom configurations. Shared amenities include a rooftop swimming pool and fitness center with an outdoor jumbotron theater; an academic lounge with group and individual study spaces; podcast rooms; a large club room; two outdoor courtyards; and structured parking. Theory Interlock is part of the second phase of development at Interlock Tower, a larger mixed-use project. The development is also home to 200,000 square feet of office space, 100,000 square feet of retail and restaurants, 349 traditional multifamily units, 70 townhomes and a 161-room hotel. Atlanta-based SJC Ventures is the master developer of The Interlock.
ENGLEWOOD, FLA. — Kaplan Residential plans to develop Generation Englewood, a 306-unit apartment community in Southwest Florida. The Bay Harbor Islands, Fla.-based developer purchased the nearly 20-acre site at 201 Pine St. in Englewood from a private investor for $5.2 million. Hunter McCarthy of SVN Commercial Partners brokered the land transaction. Kaplan plans to break ground on Generation Englewood in the first quarter of 2024. Designed by CID Design Group, the development will include a 10,000-square-foot clubhouse, including a dog park that offers outdoor TVs, lounge seating areas and a bar. Architecture Alliance, the project’s landscape architect, is designing walking trails, seating areas, benches and outdoor grilling stations at the community. Monthly rental rates will range from $2,000 to $3,500, according to Kaplan Residential, which plans to deliver Generation Englewood in early 2026.
NEW YORK CITY — Locally based brokerage firm Ariel Property Advisors has negotiated the $29.5 million sale of a multifamily development site in the Gowanus area of Brooklyn. The site at 125 Third St. can support 101,852 buildable square feet, and the buyer plans to construct a 14-story, 130-unit building with ground-floor commercial space. Sean Kelly, Stephen Vorvolakos and Nicole Daniggelis of Ariel Property Advisors represented the undisclosed seller in the transaction. Daniel O’Brien and Caroline Hodes of Cushman & Wakefield represented the buyer.
PHOENIX — Greenlight Communities has completed the disposition of Cabana Happy Valley, a multifamily community in Phoenix, to Ideal Capital Group for $79.2 million, or $271,404 per unit. Built in 2023 on nine acres, Cabana Happy Valley features 292 apartments with eight-foot keyless entry doors, European wood-style cabinetry, smart thermostats and full-size washers/dryers. Community amenities include a two-story leasing office and clubhouse, fitness center, lounge, coworking space, swimming pool, car charging stations, bike storage, mail room and covered parking. Steve Gebing and Cliff David of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the transaction.
GREENFIELD, CALIF. — KeyBank Community Development Lending and Investment (CDLI) and KeyBanc Capital Markets have provided a $71.8 million financing package for the construction of Greenfield Commons Phase I in the Salinas Valley city of Greenfield. EAH Housing Inc. is developing the community, which will feature 99 affordable family units and one manager unit. Twenty-seven units with project-based vouchers will be set aside for families and farmworkers. Nashua, an off-site modular manufacturer in Boise, Idaho, is building the residential units, and Swinerton is serving as general contractor. KeyBank CDLI provided a $15.9 million taxable construction loan to collateralize a Fannie Mae forward MBS Tax-Exempt Bond (MTEB) public bond offering and $55.4 million tax-exempt direct purchase loan to bridge California Accelerator program funds. KeyBanc Capital Markets purchased $55.4 million of 501(c)(3) bonds and provided a floating-to-fix interest rate swap derivative on both loans. EAH also received $51.3 million in California HCD Accelerator funds with an additional $4.6 million in California Accelerator Supplement funds. The California Accelerator funds are from federal COVID relief money in lieu of tax credits. Tax credits and bond allocations were insufficient to fulfill California’s affordable housing development demand, and these funds are California’s solution for priority projects. Other …
FEDERAL WAY, WASH. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale Trellis, a multifamily property in Federal Way, just north of Tacoma. An investment fund sponsored by Prime Residential acquired the asset from CEP Multifamily for $32.4 million, or $291,892 per unit. Built in 1985 on 8.6 acres, Trellis features 33 one- and two-story duplexes and fourplexes. The community offers 111 two- and three-bedroom apartments with large windows, wood-burning fireplaces, washers/dryers and private decks or patios. Ryan Harmon, Giovanni Napoli, Philip Assouad and Nicholas Ruggiero of IPA represented the seller and procured the buyer in the deal. Brian Eisendrath, Cameron Chalfant and Jake Vitta of IPA Capital Markets arranged $21.1 million of interest-only acquisition financing for the buyer.
JACKSONVILLE, FLA. — Gateway Jax has acquired 22 acres within Jacksonville’s downtown area to develop a $2 billion mixed-use project aimed at revitalizing the city’s urban core. The first phase of the project is called the Pearl Street District. Plans for Pearl Street District include three buildings in the North Core area of Jacksonville’s downtown, which will offer more than 1,000 multifamily units and 120,000 square feet of grocery-anchored retail space. The cost of Phase I is expected to be approximately $500 million. The Jacksonville Downtown Development Review Board has approved the conceptual plan for Pearl Street District, and Gateway Jax plans to break ground midway through 2024. The developer expects that construction on the full project will continue over the next decade. At full build-out, the project will span 20 city blocks and offer public spaces, courtyards and sidewalk cafes, according to the developer. In addition to multifamily and retail space, Gateway Jax plans to include office, hotel and green corridors complementing the city’s 30-mile Emerald Trail in future phases of the project’s development. “We plan to create thriving, walkable neighborhoods that create a sense of place, attracting residents and workers who’ll be able to find everything they need …