VANCOUVER, WASH. — Vista Residential Partners, along with PCCP and Principal Asset Management, has broken ground on One26 Vista, an apartment community in Vancouver, just across the Columbia River from Portland, Oregon. Situated on nine acres on NE 72nd Avenue, One26 Vista will feature 238 one-, two- and three-bedroom apartments, averaging approximately 920 square feet. LSW Architects designed the garden-style apartment property, which will offer secure access entries, stainless steel appliances, quartz countertops, kitchen tile backsplashes, laminate cabinets and flooring, roller shades and air conditioning. Community amenities will include a clubhouse, fitness center, pool, hot tub, enclosed dog park and package concierge. Krevolin & Horst of Atlanta represented Vista Residential Partners.
SAN BERNARDINO, CALIF. — Overton Moore Properties has acquired 19949 Kendall Drive, a Class A industrial building in the Inland Empire city of San Bernardino. Bixby Land Co. and a global investment manager sold the asset for an undisclosed price. Built in 2008 on five acres, the 104,500-square-foot property was fully leased to a single tenant at the time of sale. The asset features 30-foot clear heights, 15 dock-high doors, four grade-level doors, an ESFR sprinkler system and a fully secured, 140-foot truck court with multiple points of access. Mark Detmer, Patrick Nally, Ryan Sitov, Evan Moran, Kevin Mackenzie, Brian Torp, Mike McCrary, Patrick Wood, Ruben Goodsell and Jeff Bellitti of JLL represented the sellers and procured the buyer in the transaction.
JLL Hotels & Hospitality Negotiates Sale of Home2 Suites by Hilton North Scottsdale Hotel in Arizona
SCOTTSDALE, ARIZ. — JLL Hotels & Hospitality has arranged the sale and financing of Home2 Suites by Hilton North Scottsdale located at 20001 N. Scottsdale Road in Scottsdale. Terms of the transaction were not released. Built in December 2022, the hotel features 130 guest rooms, a fitness center, outdoor pool, complimentary high-speed Wi-Fi, business center, electric vehicle charging, pet-friendly accommodations and 500 square feet of flexible meeting space. The guest rooms offer separate living and sleeping areas, functional living space, in-room flat-screen TVs and high-speed internet access. Ketan Patel and Melvin Chu of JLL’s investment sales and advisory team represented the seller, while Adrienne Andrews spearheaded the JLL debt advisory team that procured acquisition financing for the buyer from a regional credit union.
PHOENIX — PSRS has arranged $12 million in refinancing for an industrial warehouse on 29th Drive in Phoenix. The property is a multi-tenant facility totaling more than 250,000 square feet. Jacob Lee and Thomas Rudinsky of PSRS secured the non-recourse, fixed-rate, five-year loan, which features a step-down prepayment. A correspondent life insurance company provided the funds.
NEW YORK CITY — Locally based brokerage firm Rosewood Realty Group has arranged the $36 million sale of a 112,000-square-foot mixed-use building located at 65 W. 55th St. in Midtown Manhattan. The sales price translates to a cap rate of 5.2 percent. The 13-story, elevator-served building was originally constructed in 1962 and consists of 70 apartments, 20 office suites and three retail spaces. Aaron Jungreis, Ben Khakshoor and Alex Fuchs of Rosewood represented both the seller, Sachs Cos., and the buyer, private investor John Choi, in the transaction.
NEW YORK CITY — A developer doing business as Bronx 161 LLC has completed Bronx Vibe, a 155-unit mixed-income housing project in the borough’s Concourse Village area. Residences come in studio, one- and two-bedroom floor plans, with 30 percent of the units reserved as affordable housing. Amenities include a pool, fitness center, coworking lounge, game roof and a rooftop terrace. IMC Architecture designed the project. Classic Image handled interior design, and Ray Builders served as the general contractor. Information on starting rents was not disclosed.
LIVINGSTON, N.J. — Marcus & Millichap has brokered the $13.5 million sale of a 34,599-square-foot medical office building located in the Northern New Jersey community of Livingston. The three-story building at 315 E. Northfield Road is home to several medical practices across a variety of specialty fields. Alan Cafiero, Brian Kaplan, David Cafiero and Dean Matuszewicz of Marcus & Millichap represented the seller, a New Jersey-based partnership, in the transaction. Cafiero and Joe Koicim, also with Marcus & Millichap, procured the buyer, a New York-based limited liability company.
FLEMINGTON, N.J. — Locally based developer Larken Associates has broken ground on Flemington Junction Business Center II, a 50,000-square-foot industrial flex project that will be located about 60 miles southwest of Manhattan. The building will feature a clear height of 32 feet, and units can be subdivided to spaces as small as 3,125 square feet. Core Enterprises is providing construction management services for the project, which is slated for a fourth-quarter delivery.
NEW YORK CITY — Rooftop Hospitality Group has signed a 12-year retail lease extension at 230 Fifth Ave. in Manhattan. The tenant occupies the roof of the New York Market Center building, where it operates the 230 Fifth Avenue Rooftop Bar concept. The bar originally opened in 2006 and comprises 32,050 square feet of indoor and outdoor space. Jane Gural-Senders, David Kaye and Harvey Richer internally represented the landlord, GFP Real Estate, which has owned the building since 1958, in the lease negotiations.
By Sonya Haffey, CEO of V Starr In today’s bustling real estate landscape, the multifamily sector holds as a beacon of opportunity amid the evolving demands of modern living. As urban areas continue to expand and diversify, the need for appealing residential spaces becomes more critical. However, with competition at its peak, developers and their design partners face the challenge of distinguishing their offerings in a crowded market. To thrive in this environment, those groups must adopt innovative strategies that captivate potential residents. The key? Thoughtful, strategic branding that distinguishes our properties, promising a realm of elevated modern living. To craft a distinctive brand identity tailored to each property, our team at V Starr undertakes a meticulous analysis of the desires, needs and lifestyles of the target demographics. By crafting detailed personas representing a spectrum of tenants — from recent graduates seeking their first studio apartments to young, growing families occupying two- to three-bedroom units — we gain invaluable insight into their daily lives. This foresight allows us to anticipate their needs and sensibilities, ensuring that our properties exceed their expectations of urban living. This approach allows us to deliver sharp aesthetics and tailored amenities that resonate deeply with residents. …