BRIDGEWATER, MASS. — Capstone Communities and MPZ Development have completed The McElwain School Apartments, an adaptive reuse project in Bridgewater, about 25 miles south of Boston, that converted a former school building into a 57-unit mixed-income complex. The building had been vacant for the past 20 years. The majority (51) of the units are reserved for households earning 60 percent or less of the area median income. Amenities include a dog park, playground, community room and a wildflower bee meadow. The development was funded through a mix of state, local and low-income housing tax credit funding sources, as well as Community Preservation Corp. funding and a $15 million construction bridge loan from the Massachusetts Housing Investment Corp. The Massachusetts Housing Partnership also provided a $5.3 million permanent loan for the project.
TUCSON, ARIZ. — Greenlight Communities and MEB Management, as property manager, have opened Cabana Bridges, a multifamily community located at 1102 E. 36th St. in South Tucson. The 170,784-square-foot property features studio, one- and two-bedroom apartments. Community amenities include a 24/7 fitness center, outdoor fitness circuit, yoga yard, swimming pool, clubhouse, shared spaces, a community garden and electric vehicle charging stations.
PHILADELPHIA — A partnership between two Philadelphia-based development and investment firms, McGovern Holdings and Saxum Real Estate, has opened Hagert + York, a 294-unit apartment community in Philadelphia’s Fishtown/East Kensington area. Hagert + York offers studio, one- and two-bedroom units and amenities such as a fitness center, resident lounge, coworking space, package room, rooftop lounge, community kitchen and a café. Rents start at $1,280 per month for a one-bedroom apartment.
NEW YORK CITY — Long Island-based investment firm Barberry Rose Management has sold a 32-unit apartment building located at 720 W. 172nd St. in Manhattan’s Washington Heights neighborhood. The sales price was $7 million. The building was originally constructed in 1918. Aaron Jungreis, Ben Khakshoor and Alex Fuchs of locally based brokerage firm Rosewood Realty Group represented both Barberry Rose and the buyer, an entity doing business as Two80 Real Estate Ventures, in the transaction.
DURHAM, N.C. — Marcus & Millichap has brokered the $84.8 million sale of Kelby Farms, a 277-unit apartment community situated on 10 acres in Durham. John Daly of Marcus & Millichap’s Raleigh office represented the buyer, King Properties Inc., a privately held multifamily owner and operator. The seller is a partnership that includes Raleigh-based Woodfield Development. Kelby Farms, which is set for completion next month, was more than 70 percent occupied at the time of sale. Built in 2022, the property comprises studio, one-, two- and three-bedroom apartments with an average unit size of 1,001 square feet. Rental rates range from $1,442 to $3,034 per month, according to Apartments.com. Amenities include a resort-style swimming pool, fitness center, workstations, study areas and a game lounge.
ATLANTA — McShane Construction Co. plans to build the second phase of Ashley at Scholars Landing, a mixed-income apartment development located at 680 Atlanta Student Movement Blvd. in Atlanta. The developer is The Integral Group. Phase II will comprise three- and four-story buildings spanning 212 affordable housing and market-rate apartments, as well as a clubroom, fitness center, micro-offices and an activity space. Designed by JHP Architecture, Ashley at Scholars Landing II is set for completion in July 2025. Phase I comprised 135 apartments and opened in 2020.
DALLAS — Locally based developer StreetLights Residential has broken ground on The Galatyn, a 20-story apartment building that will be located in the Upper McKinney District of Dallas. The Galatyn will house 56 units in two- and three-bedroom formats with an average size of 2,700 square feet. Amenities will include a pool, fitness center, concierge services, a coffee bar, catering kitchen, dog wash and a landscaped courtyard. StreetLights Creative Studio is the architect for the project, and SLR Construction LLC is the general contractor. Both entities are affiliates of the developer. Delivery is slated for 2025.
NEW YORK CITY — Hawkins Way Capital, a California-based private equity firm, has completed a 1,355-bed student housing redevelopment project at 525 Lexington Ave. in Manhattan’s Midtown East neighborhood. Designed by Empire State Building architect Arthur Loomis Harmon, the 34-story building was originally constructed in 1923. Hawkins Way purchased the building in 2020, at which time it housed a Marriott-branded hotel that had recently ceased operations. The student housing community now offers 30,000 square feet of amenities, including a fitness center, laundry room, game room, performing arts studio, study rooms, community kitchen and lounges. FOUND Study, an affiliate of Hawkins Way Capital, operates the property as FOUND Study Turtle Bay. BDB Construction Enterprise served as a project partner on this conversion.
CHESHIRE, CONN. — Chicago-based investment firm Blue Vista Capital Management has acquired a multifamily development site in Cheshire, about 15 miles north of New Haven, that is fully approved for the construction of 300 units. The garden-style development, which is situated within the Stone Bridge Crossing master-planned community, will consist of eight three-story and one four-story building. Units will come in studio, one-, two- and three-bedroom floor plans, and amenities will include a pool, clubhouse, fitness center, coworking spaces, dog park and a guest suite. Construction is set to begin by the end of the month. A tentative completion date was not disclosed.
NEW YORK CITY — Locally based development and construction management firm New Empire Corp. has broken ground on a 12-story apartment building at 58-01 Queens Blvd. Designed by Tang Studio Architect and Whitehall Interiors, the building will offer amenities such as a children’s playroom, indoor lounge, outdoor terrace and a fitness center. The number of units, types of floor plans and expected completion date were not disclosed.