FORT LEE, N.J. — JLL has arranged an undisclosed amount of joint venture equity for Modera Fort Lee, a 253-unit multifamily project in Northern New Jersey. The building, construction of which will begin before the end of the year, will rise 19 stories and offer studio, one-, two- and three-bedroom units with an average size of 972 square feet. Amenities will include a pool, fitness center, work pods, a rooftop terrace and various social gathering spaces. Jose Cruz and Ryan Robertson of JLL worked on behalf of the developer, Mill Creek Residential, to secure the equity investment with Kayne Anderson Real Estate.
COMMACK, N.Y. — New York-based B2K Development has completed Sutton Landing, a 65-unit active adult community in the Long Island hamlet of Commack. Sutton Landing is a resort-style property in the community’s downtown area that is reserved for renters age 55 and over. The property exclusively offers two-bedroom units and amenities such as a pool, fitness center and a game room. The first move-ins are now underway, and rents start at $4,500 per month.
The investment market for seniors housing is in a favorable position heading into the new year thanks to a confluence of factors, says Scott Corbin, director at Boston-based AEW Capital Management. The firm has roughly $3 billion in assets under management within this niche property type. “We’ve seen a full rebound in recovery. We’re not necessarily back to pre-pandemic [profit] margins, but we are getting close. We are seeing outsized NOI growth and outsized rent growth when you compare it to other asset classes. We have the demographic tailwinds. In addition, you have muted supply [growth],” explained Corbin, a panelist at the InterFace Seniors Housing Northeast conference, which took place Dec. 4-5 in Philadelphia. Editor’s note: InterFace Conference Group, a division of France Media Inc., produces networking and educational conferences for commercial real estate executives. To sign up for email announcements about specific events, visit www.interfaceconferencegroup.com/subscribe. Joining Corbin on stage at Live! Casino & Hotel Philadelphia were moderator Kory Buzin, director, Blueprint Healthcare Real Estate Advisors; and panelists Curtis King, executive vice president, HJ Sims; Dennis Murphy, chief investment officer, Priority Life Care; Rick Swartz, senior managing director, JLL; and Shani Walter, managing director, Omega Healthcare Investors. The daylong conference, …
NEW YORK CITY — Investcorp has purchased three student housing properties totaling 1,962 beds in Central Texas and Oklahoma. The unnamed assets include a 792-bed community that serves students at Texas A&M University in College Station; a 486-bed complex for students at Texas State University in San Marcos; and a 684-bed property that houses students at the University of Oklahoma in Norman. Investcorp acquired the properties, all of which were nearly fully occupied at the time of sale, as part of a portfolio deal that included a 699-bed community for students at the University of Kentucky in Lexington. The seller and sales price were not disclosed.
SAN DIEGO — Chicago-based financial services firm Mesirow has purchased Preserve at Melrose, a 410-unit multifamily property located in the Vista neighborhood of San Diego, for $185 million. Built in 2015, Preserve at Melrose offers one-, two- and three-bedroom floor plans. According to Apartments.com, the garden-style community features amenities such as a business center, clubhouse, lounge, fitness center, pool, playground and courtyard. Hunter Combs of Walker & Dunlop represented the seller, a locally based group, and the buyer in the deal.
BROOMFIELD AND LOVELAND, COLO. — Prism Places has partnered with McWhinney to develop two separate commercial districts in Northern Colorado’s Broomfield and Loveland. The first project, Center Street, is slated to serve as the business district for Baseline, an 1,100-acre master-planned community in Broomfield. The walkable 312,000-square-foot commercial center will include 80,000 square feet of office space, 116,00 square feet of retail space, 37,000 square feet of grocery space and 78,000 square feet of restaurant space. Additionally, Center Street will offer more than 400 residential units. Michael Hsu Office of Architecture has designed the project, which already has an organic grocer preleased. The second project, Avenue South, will be the business and commercial hub for Centerra, a 3,000-acre master-planned community in Loveland. Totaling 360,000 square feet, Avenue South will include a 128,000-square-foot retail component, a 127,000-square-foot Class A office portion and 1,750 residential units. Architects Orange is designing Avenue South, which has a 37,000-square-foot lease signed with an organic grocer. Center Street is slated to break ground in September 2026, and Avenue South is scheduled to break ground in November 2025.
ST. CHARLES, ILL. — Marquette Cos. has acquired Ascend St. Charles, a 400-unit apartment community in the western Chicago suburb of St. Charles. The seller and sales price were undisclosed. Located at 100 Lakeside Drive, the property offers a mix of one-, two- and three-bedroom units with monthly rents starting around $1,600. Amenities include a 4,838-square-foot clubhouse that was recently renovated and includes remote workspaces, an upgraded fitness center, a residents’ lounge and game room, swimming pool and sundeck. Marquette plans to reposition the property by renovating residences with modern finishes and adding upgrades to the clubhouse and amenities.
HACKENSACK, N.J. — Northwestern Mutual Life Insurance Co. has provided a $115 million loan for the refinancing of Ivy & Green, a 389-unit apartment community in Hackensack. Ivy & Green was developed in phases over the last several years, with Phase I totaling 221 units and Phase II totaling 168 units. Residences come in studio, one- and two-bedroom floor plans and are furnished with stainless steel appliances, quartz countertops and individual washers and dryers. Select units have private balconies. Amenities include a pool, fitness center, coworking space, lounge, theater and music studio and a pet spa. Michael Klein, Thomas Didio, Thomas Didio Jr. and John Cumming of JLL arranged the eight-year, fixed-rate loan on behalf of the borrower, a partnership between Hornrock Properties and GTIS Partners.
TAMPA, FLA. — Alliance Residential Co. has opened Prose Park View, a 336-unit apartment community located at 10881 Caladesi Ave. in Tampa. The property features a mix of one- and two-bedroom units, with monthly rental rates ranging from $1,700 to $2,160, according to Apartments.com. Prose Park View is situated near several top employers in the Tampa Bay area, including Coca-Cola, Citicorp, Chase Bank, USAA and Progressive Insurance. Amenities include a 24/7 fitness center, coworking spaces, pool, fenced-in pet park and direct access to a public park via Estevez Lane.
FORKS TOWNSHIP, PA. — New Jersey-based developer Larken Associates has broken ground on Trailside Village, a 420-unit multifamily project in the Lehigh Valley community of Forks Township. Situated on 37 acres, the community will consist of 21 buildings, including 12 garden-style apartment buildings with one- and two-bedroom units, seven garage buildings and two mixed-use buildings with 26,795 square feet of retail space. Tenants will have access to indoor amenities such as a clubhouse with game room, lounge, work pods, fitness center, pet spa, mailroom package concierge and storage space. Outdoor amenities will include a pool with a tanning ledge and lounge seating, barbecue grilling stations, a fire pit, children’s playground, dog park and walking and biking trails. Completion is slated for 2026.