CHICAGO — Kiser Group has negotiated the sale of a 155-unit luxury apartment property in Chicago’s Andersonville neighborhood for $53.5 million. Named Anderson Point, the property located at 5700 N. Ashland Ave. is the adaptive reuse of the Edgewater Medical Center. The seller, MCZ Edgewater Development LLC, transformed the former hospital into a luxury apartment community. Amenities include indoor parking, in-unit laundry, a fitness center, roof deck, golf simulator, tenant lounges and private workspaces. Lee Kiser, Katie LeGrand and Jacob Price of Kiser brokered the transaction. The buyer, Lake Street Lofts LLC, completed a 1031 exchange.
ST. CHARLES, ILL. — Cushman & Wakefield has brokered the sale of River Glen of St. Charles, located within the former Delnor Hospital, which was built in St. Charles in 1939. Located approximately 35 miles west of Chicago, the senior living community features 106 units of independent living, assisted living and memory care. The original hospital building has been converted into a modern, well-amenitized campus. Bridge Investment Group sold the asset to Citrine Senior Communities, a joint venture between affiliates of Citrine Investment Group and Jaybird Capital, for $20 million. Jaybird Senior Living will take over operations. Cushman & Wakefield’s Rick Swartz, Jay Wagner, Aaron Rosenzweig, Tim Hosmer and Jack Griffin arranged the transaction.
GREER, S.C. — Advenir Oakley Capital LLC has begun site work for LEO Jamestown, a $78 million build-to-rent (BTR) residential community in Greer, part of the Greenville-Spartanburg metropolitan area in Upstate South Carolina. The 296-unit project will span nearly 35 acres at the corner of South Main and Roscoe Drive, about one mile outside of downtown Greer. LEO Jamestown will feature a mix of one-, two- and three-bedroom cottages with nine-to-15-foot ceilings, wood-grain flooring, in-unit washers and dryers, a smart-home technology package, private backyards, on-call maintenance and optional enclosed garage parking. Neighborhood amenities will include courtyards with pavilions and grill stations, a central clubhouse with a resort-style pool, fitness center, dog park and valet trash. One-bedroom homes will average 882 square feet and rent for approximately $1,800 per month; two-bedroom units will average 912 square feet and rent for $2,100; and three-bedrooms will come in 1,510-square-foot floor plans and rent for $2,600. Advenir Oakley expects to fully deliver the property by December 2024, with first deliveries currently scheduled for this October. The design-build team includes Birmingham-based Nequette Architecture & Design and general contractor Capstone Building Corp. Advenir Living will be the property manager.
ALEXANDRIA, VA. — PRP has completed the conversion of an office building at 4900 Seminary Road in Alexandria into a 212-unit apartment tower. The high-rise, dubbed the Sinclaire on Seminary, features apartments averaging 850 square feet in size with ceilings exceeding 10 feet in height. Amenities include ground-level retail space, a dog park, individual storage spaces, indoor parking garage connected by a covered walkway and outdoor lounge areas with firepits, a bocce ball court and outdoor recreational opportunities. Kettler is the property manager of Sinclaire on Seminary. Monthly rental rates range from $1,770 to $3,500, according to the property website.
NEWPORT NEWS, VA. — Cushman & Wakefield has brokered the $25 million sale of Hickory Point, a 175-unit, townhome-style rental community located at 399 Hickory Point Blvd. in Newport News. Jorge Rosa and T.J. Liberto of Cushman & Wakefield represented the seller, AION Partners, in the transaction. The buyer was not disclosed. Hickory Point comprises two- and three-bedroom apartments with private entrances, modern kitchen and bathrooms, built-in microwaves and washer and dryer connections. Amenities include a swimming pool and cabana.
EAST RUTHERFORD, N.J. — Asian-American grocer H Mart has opened a 38,000-square-foot store within American Dream, a megamall and entertainment destination located within the Meadowlands sports complex in Northern New Jersey. Chuck Lanyard of The Goldstein Group and Jeff Chaus of Chaus Realty represented H Mart, which now operates more than 100 stores worldwide, in the lease negotiations. Canadian conglomerate Triple Five Group owns American Dream.
HOUSTON — Berkadia has arranged the sale of Metro Greenway, a 309-unit apartment community in Houston’s Greenway/Upper Kirby neighborhood. Developed in 2008 by The Dinerstein Cos., Metro Greenway is a four-story building that sits on a two-level parking garage. Units come in one- and two-bedroom floor plans and range in size from 709 to 1,272 square feet. Amenities include a pool, fitness center, outdoor kitchen, pet park, coffee bar and a resident lounge. Todd Marix, Chris Curry, Jeffrey Skipworth, Chris Young, Joey Rippel and Kyle Whitney of Berkadia represented the seller, Denver-based Simpson Housing, in the transaction. Dallas-based investment firm Westdale acquired the asset for an undisclosed price.
HOUSTON — Fairstead, an investment firm with three offices along the East Coast, will undertake a $25 million renovation of Coppertree Village Apartments, a 324-unit affordable housing complex in Houston. Matt Napoleon and Joseph Mandeville of Berkadia arranged construction financing for the project, and R4 Capital provided tax credit equity. Renovations will include new kitchens, bathrooms, windows and flooring to all units, as well as upgrades to the HVAC systems, roofing, siding and staircases of the buildings themselves. Lastly, the project team will add a new playground and community garden and redevelop the existing amenity building to support a computer lab, demonstration kitchen and a library.
ATLANTA — The University System of Georgia’s Board of Regents has approved a $117 million residence hall development on the Georgia Tech campus in Midtown Atlanta. The 191,000-square-foot community will offer 850 beds alongside collaborative learning spaces, community lounges and group kitchens. The project is being built to accommodate first-year student enrollment growth over the next 10 years, and to help relocate students during planned renovations to the university’s existing housing. The residence hall will be Georgia Tech’s first new construction since 2005 when 10th and Home opened according to Kasey Helton of Georgia Tech’s Campus Services division. Completion on the project is scheduled for fall 2026.
FAYETTEVILLE, ARK. — The ITEX Group and Time Warp Enterprises have released plans for The Aronson, a build-to-rent (BTR) project in Fayetteville that will be anchored by a new moviegoing concept from Austin, Texas-based theater chain Alamo Drafthouse Cinema. The Aronson’s 214 units will be available as single-family, duplex or triplex configurations. Amenities will include a clubhouse, fitness center, pool, playgrounds, dog parks and bike parking. The project is anticipated to deliver by 2024. The Aronson will be home to Alamo Drafthouse Cinema + Drive-In, developed via a partnership among Catchlight Entertainment, ITEX and Time Warp. In addition to eight indoor movie screens, with a total of 798 reclining theater seats, the concept also includes a permanent outdoor drive-in theater with a beer garden and parking for cars and bikes. The Aronson is named for cinema pioneer and Arkansas native Max Aronson, whose screen name was Gilbert “Bronco Billy” Anderson. Aronson starred in several silent films in the early part of the 20th century as Bronco Billy. He also was a producer on “The Tramp,” a film released in 1915 and recognized as one of Charlie Chaplin’s first well-known performances.