GOODYEAR, ARIZ. — UrbanStreet Group has purchased a nearly 17-acre land parcel at the Douglas at Goodyear Airport Commons in Goodyear for $14.5 million. The parcel comes with fully approved plans for a 307-unit build-to-rent (BTR) townhome community. ABI Multifamily’s Patrick Burch and John Klocek represented the seller, Blueprint Capital, in this transaction.
NEW YORK CITY — The Durst Organization has completed the lease-up of SVEN, a 70-story apartment tower in Queens. Designed by Handel Architects, the building is the borough’s second tallest and houses 958 units, including 288 income-restricted residences, as well as 50,000 square feet of amenities. Leasing began in January 2021, and the building’s market-rate residences are now fully occupied. Finback Brewery will also open a microbrewery and taproom at SVEN later this year.
STAMFORD, CONN. — Urby, a joint venture between Ironstate Development and Brookfield Properties, has delivered the final phase of Stamford Urby, a 641-unit apartment community located in southern coastal Connecticut. Designed by Concrete Amsterdam, the latest phase of the project added 176 units to the 11-building development. Residences are available in studio, one- and two-bedroom formats, with rents starting at approximately $2,075 per month for a studio. Amenities include a pool, outdoor grilling and dining areas, a fitness center, dog park, central courtyard and a coworking lounge.
NEW FREEDOM, PA. — Burkentine, a Pennsylvania-based residential developer, has opened Franklin Square, a 134-unit multifamily complex in New Freedom, located along the Maryland-Pennsylvania border. Franklin Square consists of 62 for-rent townhomes with one- to four-bedroom floor plans and 72 garden-style apartments, all on a six-acre site. Vortex Brewing Co. anchors the complex’s retail component. Information on starting rents was not disclosed.
BOSTON — MassDevelopment, Massachusetts’ state development finance agency and land bank, has issued $151.7 million in tax-exempt bonds to public housing authorities in the Boston suburbs of Brookline, Cambridge, Framingham and Medford. The proceeds will be used to renovate and preserve 368 units of housing for families, seniors, individuals living with disabilities and people experiencing homelessness. Additionally, the bonds will be used to create 46 new affordable apartments as well as to upgrade common areas, infrastructure, safety systems and landscaping. Brookline Housing Authority will use $40 million in proceeds to renovate the Sussman House Apartments in the southwest Boston suburb of Brookline. The community is a 100-unit complex that was built in 1969. Renovations include installing a new roof, windows and exterior cladding system; replacing the central heating and cooling system; upgrading elevators and unit interiors; and a new community room. Cambridge Housing Authority will use $21 million in proceeds to renovate and expand its building at 116 Norfolk St. in Cambridge, which is across the Charles River from Boston. The property, which was built in 1920, will be converted from 38 single-room units into studio apartments with their own kitchens and full bathrooms. Additionally, the project calls for 24 …
ATLANTA — Santander Bank and TD Bank have provided a $100 million construction loan to The Allen Morris Co. for Stella at Star Metals, a 21-story multifamily high-rise development in Atlanta’s West Midtown district. The 327-unit tower is the latest phase for Allen Morris Co.’s Star Metals District, a mixed-use development straddling Howell Mill Road that includes the Sentral at Star Metals apartments and Star Metals Offices. Brasfield & Gorrie constructed the other two properties and will serve as general contractor for Stella at Star Metals. The property will feature units with floor-to-ceiling windows, 10-foot ceiling heights, Italian cabinetry, stone countertops and outdoor balconies. Amenities will include a two-story, full-service bar and green roof terrace on the 17th floor; infinity pool, cabana and grilling stations on the seventh floor; an indoor/outdoor fitness center; dog spa; and a theater-style screening room. Additionally, Stella’s ground level will house 25,000 square feet of retail space anchored by chef-driven restaurants from the restaurateurs at Grass Fed Culture and Fishmonger. Stella residents are expected to move-in by mid-2025. Allen Morris Co. recently acquired 3.3 acres that will house fourth, fifth and sixth phases of Star Metals District.
MEMPHIS, TENN. — Home Communities Co. has delivered Brightmore of East Memphis, a 180-unit seniors housing development in Memphis. The property comprises 122 independent living apartments and 34 assisted living units in the main building, 24 memory care units in an adjoining single-story building, multiple outdoor spaces and dining options. The design-build team includes architect and landscape architect Baker Barrios and general contractor Montgomery Martin Contractors. Liberty Senior Living is the operator of Brightmore of East Memphis.
BATON ROUGE, LA. — Hunt Capital Partners has provided $6.2 million in LIHTC equity for Government Corridor, a 103-year-old affordable housing redevelopment in Baton Rouge. The project will renovate 34 detached single-family and duplex homes that are reserved for families earning up to 30, 50 and 60 percent of the area median income (AMI). Additionally, 30 percent of all homes at Government Corridor will be set aside for special needs households. Originally built in 1920, the campus comprises three clusters that are situated within short distance of the recently overhauled Government Street. Only 15 percent of Government Corridor is occupied, and residents of the occupied units will be relocated until the first phase of the project is complete. The development team for Government Corridor includes general contractor Ethridge Construction; architect Erick Parnell, owner of ArchBoutant; and property manager GHCP Management LLC, an affiliate of nonprofit partner Gulf Coast Housing Partnership (GHCP). Rehabilitation work is underway and scheduled for completion in February 2024. Other capital partners include United Bank, the State of Louisiana Division of Administration Office of Community Development and GCHP.
SHAWNEE, OKLA. — Marcus & Millichap has brokered the sale of Belfair of Shawnee, a 60-bed seniors housing property located on the eastern outskirts of Oklahoma City. The 31,000-square-foot property was built in 2013 and offers memory care services. Rod Llanos of Marcus & Millichap represented the seller and procured the buyer, both of which were limited liability companies that requested anonymity, in the transaction. Steve Greer of Marcus & Millichap assisted in closing the deal as the broker of record .
LAFAYETTE, IND. — JLL Capital Markets has provided an $18.2 million Freddie Mac loan for the acquisition of Cambridge Estates, a 358-unit affordable housing community in Lafayette. About 41 percent of the units are covered by a long-term, project-based Section 8 Housing Assistance Payments contract. Constructed between 1973 and 1977, Cambridge Estates includes 40 buildings and is located at 3605 Brandywine Court. Brock Yaffe, Tony Nargi and Nelson Almond of JLL originated the fixed-rate loan on behalf of the borrower, Brikwell.
