NEW YORK CITY — Locally based brokerage firm GFI Realty Services has arranged the $5.1 million sale of a 36-unit multifamily property located at 86-21 112th St. in the Richmond Hill area of Queens. The property was built in 1952 and comprises 18 one-bedroom units and 18 two-bedroom units. Ohad Babo and Yosef Magarefteh of GFI Realty represented the seller and procured the buyer, both of which were private investors, in the deal.
DECATUR, GA. — Edens plans to transform North DeKalb Mall, an enclosed regional shopping mall in the Atlanta suburb of Decatur, into a 2.5 million-square-foot mixed-use development called Lulah Hills. Edens acquired the 622,297-square-foot mall in 2021 and rezoned the 73-acre site in 2022 to allow for mixed-use development. At its full build-out, Lulah Hills will feature 320,000 square feet of retail and restaurant space, 1,700 multifamily units, 100 townhomes, a 150-room hotel and a Path Foundation trail connection to nearby Emory University. North DeKalb Mall opened in 1965 and served as the first fully enclosed mall in metro Atlanta. Demolition of the mall is expected to begin later this year, with initial phases of the project to be completed by 2025. Edens owns and operates 1.5 million square feet of retail space in metro Atlanta, including Toco Hills, Merchants Walk, Andrews Square, Buckhead Marketplace, Moores Mill and Park Place.
CHARLOTTE, N.C. — Swinerton has topped out the second phase of The Joinery, which comprises two seven-story apartment buildings in Charlotte’s Optimist Park neighborhood totaling 360 units and 30,000 square feet of commercial space. The developer, Space Craft, expects to deliver the first building located at 420 E. 22nd St. by the end of the year and the second building located at 1816 N. Brevard St. by summer 2024. Phase II of The Joinery’s construction costs total $80 million, according to Swinerton. The project comprises two two- story concrete podiums with five levels of apartments atop wrapped in a hybrid cross-laminated timber system provided by Timberlab, an affiliate of Swinerton. Phase I of The Joinery, which was also constructed by Swinerton, is a six-story building totaling 83 apartments and 2,000 square feet of ground-floor retail space.
CHESTER, VA. — Breeden Construction has completed The Station at Chester, a 201-unit multifamily development in Chester. The developer, Schell Brothers, began the $27.5 million project in March 2021. The five-building development houses 65 one-bedroom units, 126 two-bedroom apartments and 10 three-bedroom units that range in size from 650 to 1,300 square feet. Rental rates range from $1,825 to $2,045 per month, according to Apartments.com. Amenities include a 4,000-square-foot clubhouse, pool with cabanas, an outdoor fireplace and a grilling station. Breeden Construction is set to break ground on several new developments in the area by late 2023.
DALLAS — A partnership between German investment firm MEAG and CBRE Investment Management has acquired Laurel Preston Hollow, a 159-unit apartment complex in North Dallas. The property offers one-, two- and three-bedroom units that are furnished with stainless steel appliances, granite countertops and individual washers and dryers. Amenities include a pool, fitness center, clubhouse, business center, dog park and multiple courtyards. The seller and sales price were not disclosed.
BALTIMORE — MCB Real Estate has broken ground on Flats at the Markley, a 146-unit student housing development in the Beverly Hills neighborhood of northeast Baltimore. Situated along Harford Road, the off-campus property will serve students attending nearby Morgan State University. MCB says the five-story development will feature apartments with in-unit washers and dryers, study rooms, game rooms, onsite parking and an outdoor courtyard. MCB expects to complete Flats at the Markley in summer 2025.
PENSACOLA, FLA. — Greystone has provided a $34 million Fannie Mae loan for the refinancing of The Lakes at Nottingham, a 268-unit apartment community in Pensacola. Built in 2002, the property spans 17 buildings housing one-, two- and three-bedroom apartments. Carter King of Greystone originated the non-recourse, fixed-rate loan on behalf of the borrower, an affiliate of The Hallmark Cos. Inc. The five-year loan features a 30-year amortization schedule and two years of interest-only payments.
MILWAUKIE, ORE. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Clackamas View, an independent living, assisted living and memory care facility in Milwaukie, just south of Portland. The facility consists of 25 units and was built in 2012. The property totals 15,132 square feet on approximately 1.42 acres of land. The buyer was a private investor that will lease the community to a local operator. The buyer plans to spend money on capital improvements and focus on private pay residents. Jason Punzel, Brad Goodsell, Vince Viverito and Jake Anderson of SLIB handled the transaction. The seller and price were not disclosed.
CLEVELAND HEIGHTS, OHIO — Flaherty & Collins Properties has broken ground on The Marquee at Cedar Lee, a $60 million luxury apartment complex in Cleveland Heights, an eastern suburb of Cleveland. Plans call for 204 units and 8,534 square feet of retail space. The parking garage will hold 225 parking spaces and there will be 42 surface lot spaces surrounding the property. Amenities will include a saltwater pool, courtyard, outdoor sky lounge, pet spa, bark park, fitness center, coworking suites and a 24-hour market. Completion is slated for spring 2025. Flaherty & Collins is developing the project as a public-private partnership with the City of Cleveland Heights. First National Bank of Omaha provided a construction loan. The project team includes general contractor Snavely Group as well as City Architecture and Project Management Consultants.
READINGTON, N.J. — New Jersey-based developer Larken Associates has completed The Ridge at Readington, a 254-unit multifamily project located about 50 miles southwest of Manhattan. The Ridge at Readington features a mix of market-rate and affordable units in one- and two-bedroom formats across nine buildings. Residences are furnished with stainless steel appliances and quartz countertops. Amenities include a pool, fitness center, lounge and wet bar, outdoor pavilion, dog park and walking trails. Rents start at $1,950 per month for a one-bedroom apartment.