NEW YORK CITY — Charlotte, N.C.-based Grubb Properties will develop 8 Carlisle, a 50-story apartment building that will be located in Manhattan’s Financial District. Grubb Properties acquired the site from New York-based Pink Stone Capital Group, which purchased it in 2011 and helped assemble the air rights and construction permits as Grubb’s development service partner. In addition to 22,000 square feet of retail space, the property will feature 400 units that will be operated under Grubb’s Link brand, which provides housing geared to renters earning between 60 and 140 percent of area median income (AMI). A construction timeline has not yet been finalized.
RUTHERFORD, N.J. — Vango Development has received site plan approval from the planning board of the Borough of Rutherford, located in the northern part of the Garden State, for a new 60-unit multifamily project. The property, which will be located in the downtown area, represents the second phase of The Parker, a 52-unit complex completed by Vango in 2019. The new four-story building will house a mix of studio, one- and two-bedroom units, as well as 3,000 square feet of ground-floor retail space. Minno & Wasko Architects & Planners is designing the project, completion of which is slated for spring 2023.
RIDGEWOOD, N.J. — CBRE has arranged the $14.3 million sale of The Schoolhouse, a 31-unit apartment complex in the Northern New Jersey community of Ridgewood. The sales price equates to approximately $462,000 per unit. The property was built in stages between 1960 and 1980. Nat Gambuzza and Spencer Beriont of CBRE represented the seller, 158-174 Union Street LLC, in the transaction.
ORLANDO, FLA. — Newmark has brokered the sale of Alta Headwaters, a 328-unit multifamily community located at 4000 Headwaters Way in Orlando that will be rebranded as Luma Headwaters. Wood Partners sold the property to Waypoint Residential for $95.5 million. Scott Ramey, Patrick Dufour and Brad Downing of Newmark represented the seller in the transaction. Matthew Williams and Kyle Schlitt of Newmark arranged a $41.3 million Freddie Mac acquisition loan for Waypoint Residential. Built in 2020, Luma Headwaters is a four-story, 314,583-square-foot apartment community. The units include stainless steel appliances, soft-close kitchen cabinetry with under-cabinet lighting, full-sized washers and dryers, quartz countertops and wood-style planking. Community amenities include a saltwater pool with sundeck and private cabanas, a covered poolside pavilion, a 24/7 fitness center, clubhouse and game room with billiards lounge and an elevator. Luma Headwaters is located about 16 miles from downtown Orlando and approximately 7.8 miles from Walt Disney World.
DECATUR, GA. — Nicholas Residential via the fund, Nicholas SunTx RE Partners II, and in cooperation with Hughes Capital Partners, has acquired Bellevue at Avondale, a 270-unit apartment community in Decatur. The seller and sales price were not disclosed. Built in 2020, Bellevue at Avondale was previously named Alexan Avondale. The property features studio, one- and two-bedroom apartment homes. Community amenities include a swimming pool, fitness facility, podcast studio and maker’s studio. Nicholas Residential’s subsidiary, Bellevue Living, will manage the community.
OAK BROOK, ILL. — Architect Antunovich Associates and developer Hines have revealed the amenity renderings for One Oak Brook Commons, a 17-story luxury apartment building in Oak Brook. Amenities will include a pool deck, fitness center, library, rooftop, social lounge and sports simulator. The 250 units will range in size from studios to three-bedroom penthouses. Pre-leasing is slated to begin later this year with first move-ins anticipated in January 2022. Monthly rents for one-bedrooms will start at $2,395. Luxury Living Chicago Realty is completing marketing and leasing for the property, which is part of the larger Oak Brook Commons, a mixed-use development with restaurants, retail, creative office space and a new park entitled The Pitch.
PHOENIX — Virtú Investments has completed the sale of Peak 16, an apartment community located in Phoenix, to an institutional investment manager for $81.3 million, or $349,142 per unit. Built in 2018 on four acres, Peak 16 features 233 apartments, a heated and chilled swimming pool, media room, dry cleaning service, fitness center and guest apartment. Steve Gebing and Cliff David of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the deal.
MESA, ARIZ. — Irvine, Calif.-based SB Real Estate Partners has acquired ReNew 3030, a Class B apartment community in Mesa. An undisclosed seller sold the property for $24.3 million. SB Real Estate renamed the asset Portola East Mesa and will implement a capital improvement program. Located at 3030 E. Broadway Road, Portola East Mesa features 126 garden-style apartments in a mix of one- and two-bedroom units ranging from 580 square feet to 805 square feet with walk-in closets, in-unit washers/dryers and high-speed internet. On-site amenities include a swimming pool, picnic area with grill, fitness center and bark park. Chris Canter, Brad Goff and Brett Polacheck of Newmark represented the seller the transaction. Chinmay Bhatt, Noam Franklin and Cody Kirkpatrick of Berkadia JV Equity & Structured Capital arranged joint venture equity as part of a larger program, as the buyer plans to close on more than $150 million of multifamily acquisitions during third-quarter 2021 across Arizona, California and Nevada.
BRIGHTON, COLO. — CP Capital US has partnered with Greystar to develop Brighton Park, a multifamily property located at the intersection of Longs Peak Street and North 42nd Avenue in Brighton, a northeast suburb of Denver. Situated on 13 acres, the three-story, garden-style property will feature 288 apartments with stainless steel appliances and stone-surface countertops. Community amenities will include a fitness center, resort-style swimming pool, dog park, detached garages and surface parking spots. Groundbreaking is slated for the fourth quarter of 2021, with the first units scheduled for delivery in early 2023. Total build out is scheduled for the second quarter of 2023. CP Capital, formerly known as HQ Capital Real Estate, has partnered with Greystar on four development projects, with the most recently projects being The Gabriel in North Pomona, Calif., and Monty in North Charleston, S.C.
KATY, TEXAS — A joint venture between global investment firm AXA IM Alts and RPM Living has acquired Grand at LaCenterra, a 271-unit apartment complex in the western Houston suburb of Katy. The Class A property was built in 2016 and offers studio, one-, two- and three-bedroom units that are furnished with stainless steel appliances, quartz countertops, walk-in closets and private balconies/patios. Amenities include a pool, fitness center, game room, conference facilities, library, outdoor kitchen and a package locker system. The seller and sales price were not disclosed.