Tuesday, July 22, 2025
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DevelopmentMultifamilyNorth CarolinaSoutheast

Alliance Residential Opens 344-Unit Prose New Hope Apartments in Raleigh

by John Nelson

RALEIGH, N.C. — Alliance Residential has opened Prose New Hope, a 344-unit apartment community located in northeast Raleigh. The property features residences in one- and two-bedroom layouts with an average size of 1,012 square feet. Amenities at the community include a clubroom with an entertainment kitchen, saltwater pool with sun shelf seating and two outdoor grill stations, a business center, fitness center and a Luxer package system. The project team for the development included Cline Design Associates and engineer McAdams, both of which are based in Raleigh. Leasing rates begin at $1,395 per month, according to the property website.

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DevelopmentLoansMultifamilySouth CarolinaSoutheast

Forum Capital Provides $10.4M Equity Investment for Multifamily Development in Beaufort, South Carolina

by John Nelson

BEAUFORT, S.C. — Denver-based Forum Capital Advisors LLC has provided a $10.4 million preferred equity investment for the development of a 264-unit multifamily community in Beaufort. Located on Grober Hill Road, the property will be situated within a larger, master-planned community. A construction timeline for the project was not disclosed. 

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AcquisitionsNorth CarolinaRetailSoutheast

Marcus & Millichap Arranges Sale of 210,482 SF Shopping Center in Rocky Mount, North Carolina

by John Nelson

ROCKY MOUNT, N.C. — Marcus & Millichap has arranged the $11.8 million sale of Sutter’s Creek Plaza, a 210,482-square-foot shopping center located at 506 Sutter’s Creek Blvd. in Rocky Mount. Tenants at the property include Big Lots, Tractor Supply Co., Jo-Ann Fabrics and Harbor Freight Tools. French Traver and Kodi Traver of Marcus & Millichap represented the seller, a Florida-based private investor, in the transaction. Ben Yelm assisted in closing the sale as Marcus & Millichap’s North Carolina broker of record. A New York-based private investor acquired the center.

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AcquisitionsAffordable HousingMultifamilySoutheastTennessee

Blue Vista Capital Partners Acquires 88-Unit Multifamily Community in Eastern Tennessee

by John Nelson

JOHNSON CITY, TENN. — Blue Vista Capital Partners has acquired Stoneybrook Heights Apartments, an 88-unit multifamily community located in Johnson City. Blue Vista purchased the mixed-income property in partnership with Standifer Capital. Built in 1998, Stoneybrook Heights comprises 11 two-story buildings and a single-story leasing office, with apartments averaging 1,032 square feet in two-, three- and four-bedroom layouts. Originally constructed as affordable housing, the community will become a fully market-rate property in the second half of 2024. Amenities at the property include a clubhouse and green space for pets. The seller and sales price were not disclosed.

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AcquisitionsMultifamilyNew YorkNortheast

Marcus & Millichap Brokers $14.5M Sale of Multifamily Property in Queens

by Taylor Williams

NEW YORK CITY — Marcus & Millichap has brokered the $14.5 million sale of a 103-unit multifamily property located in the Jackson Heights area of Queens. Shaun Riney, Seth Glasser, Sean Fopeano and Louis Zarif of Marcus & Millichap represented the seller and procured the buyer in the transaction. Both parties were individuals/personal trusts who requested anonymity.

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AcquisitionsCaliforniaRetailWestern

Hanley Brokers $15.8M Sale of Ash Tree Square Retail Center in Fresno, California

by Jeff Shaw

FRESNO, CALIF. — Hanley Investment Group Real Estate Advisors has brokered the $15.8 million sale of Ash Tree Square, a retail center in Fresno.  Tenants at the property, which totals 80,877 square feet situated on 7.5 acres, include Ross Dress for Less, Starbucks Coffee, Wing Stop and Mountain Mike’s Pizza.  Alexander Moore, Sean Cox and Kevin Fryman of Hanley represented the private, California-based seller in the transaction. A California-based private investor acquired the property. 

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AlaskaDevelopmentHospitalityLoansWestern

PACE Loan Group Arranges $5.5M in Financing for Aviator Hotel in Anchorage, Alaska

by Jeff Shaw

ANCHORAGE, ALASKA — PACE Loan Group (PLG) has arranged $5.5 million in Commercial Property Assessed Clean Energy & Resilience (C-PACER) financing for the Aviator Hotel in Anchorage. The historic hotel, located at 239 W. 4th Ave., is undergoing renovations. Once renovation is complete in 2024, the Aviator Hotel will be a high-end boutique hotel with 252 rooms and suites, a retail store, coffee shop, brewery and a bar and restaurant that will feature a year-round outdoor deck with views of Denali. The C-PACER financing is the largest of its kind to date in Alaska, according to PLG. The loan funds the renovations at the 1970s-era, three-story hotel, including energy conservation measures such as HVAC upgrades, building envelope, water fixtures, lighting and energy-efficient heating.  The municipality of Anchorage launched C-PACER in May of 2021, with the first loan closing in August 2022. 

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AcquisitionsArizonaIndustrialWestern

Matthews Real Estate Negotiates $5.2M Sale of Industrial Building in Chandler, Arizona

by Jeff Shaw

CHANDLER, ARIZ.  — Matthews Real Estate Investment Services has arranged the sale of a freestanding, single-tenant industrial building in Chandler for $5.2 million. The property is located at 590 E. Pecos Road.  Erik Manarino and John Stroud facilitated a 1031 exchange for the seller into a more profitable asset. The pair sourced the buyer, Sunbelt Rentals, through Matthews’ database.  This sale marks the highest comparable price achieved in the surrounding area for an owner-user transaction, according to the brokers.

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CaliforniaLeasing ActivityMultifamilySeniors HousingWestern

Agemark Takes Over Management of Three Seniors Housing Communities in California

by Jeff Shaw

GLENDALE, THOUSAND OAKS AND FRESNO, CALIF. — Agemark Senior Living has taken over management at three seniors housing communities in California: Sage Glendale in Glendale, Sage Mountain in Thousand Oaks and Kingston Bay in Fresno.  Ownership of these three communities is a joint venture between Mountain Capital Partners, Dekel Capital and Willis Development. Sophos Equities was the consulting asset manager for the transition.  Agemark now operates 29 communities. Agemark’s brands include Astoria, CountryHouse, Kensington-Evergreen, Holland Farms, Serra Sol, Symphony Pointe and TreVista.

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CaliforniaLeasing ActivityRetailWestern

UFC GYM to Open 30,000 SF Location in Brea, California

by Jeff Shaw

BREA, CALIF. — Wood Investments Cos. has signed UFC GYM to open within a 30,000-square-foot retail property formerly occupied by Tower Records in Brea, roughly 30 miles southeast of Los Angeles.  Scheduled to open in the third quarter of this year, UFC GYM will fully occupy the two-story, single-tenant building.  Jim Manarino and Tracey Zimmerman of Manarino & Associates represented Wood Investments in the leasing negotiation.

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