Property Type

CBRE Arranges $16.2M Sale of Landmark on 67th Multifamily Property in Peoria, Arizona

by Amy Works October 5, 2023

PEORIA, ARIZ. — CBRE has brokered the sale of Landmark on 67th, a Class A apartment community in Peoria. LM67 LLC acquired the asset from RET3 LLC for $16.23 million, or $289,857 per unit. Brian Smuckler, Jeff Seaman, Derek Smigiel and Bryson Fricke of CBRE in Phoenix represented the seller and buyer in the transaction. Located at 9160 N. 67th Ave., Landmark on 67th features 56 two-bedroom/two-bath apartments, each averaging 1,100 square feet. Units offer stainless steel appliances, white shaker-style cabinetry, quartz countertops and subway tile backsplashes. Situated on 4.1 acres, the residential units are spread across seven two-story buildings. Community amenities include a leasing office, swimming pool and spa, cabana-style seating, fitness center, covered playground and dog park.

October 5, 2023

Affordable Housing Development Loans Multifamily Washington Western

KeyBank Provides $14.6M Construction Loan for New Life Homes Affordable Project in Tacoma, Washington

by Amy Works October 5, 2023

TACOMA, WASH. — KeyBank Community Development Lending and Investment (CDLI) has provided $14.6 million in financing for the construction of New Life Homes, a 60-unit low-income housing project in Hilltop in Tacoma. The community is designated for individuals in recovery for substance abuse, those leaving the criminal justice system, formerly homeless persons, persons with disabilities and veterans earning no more than 30 percent or 50 percent of area median income. Shiloh Baptist Church, with Beacon Development Group as consultant, is sponsoring and developing New Life Homes. Shiloh Baptist Church, a historically Black church, wants to combat gentrification on Tacoma’s Hilltop neighborhood by transforming several of its parcels along the block of South I Street into affordable housing. With the assistance of Tacoma Housing Authority, the church has leveraged several public funding sources along with tax credits and traditional financing to construct New Life Homes. Believing In Myself Again (BIMA) Services will provide supportive services for tenants with a focus on creating opportunities for growth, education and skill development. Veterans Affairs will provide services for the Veterans Affairs Supportive Housing units and coordinate with BIMA. KeyBank CDLI provided a $14.6 million construction loan with LIHTC equity provided by National Equity Fund (NEF). …

October 5, 2023

Loans Multifamily New York Northeast

JLL Arranges $33M Loan for Refinancing of Manhattan Apartment Building

by Taylor Williams October 5, 2023

NEW YORK CITY — JLL has arranged a $33 million loan for the refinancing of 640 Broadway, a 21-unit luxury apartment building that occupies a full city block in Manhattan’s NoHo neighborhood. The nine-story, pre-war building was originally designed and constructed in 1896 and houses 4,241 square feet of retail space that is fully leased. Residential amenities include a fitness center and a rooftop terrace. Stephen Van Leer led the JLL team that arranged the loan through Bridge Investment Group on behalf of the borrower, Acadia Realty Trust.

October 5, 2023

Acquisitions Industrial Maine Northeast Self-Storage

Marcus & Millichap Brokers Sale of 296-Unit Self-Storage Portfolio in Chelsea, Maine

by Taylor Williams October 5, 2023

CHELSEA, MAINE — Marcus & Millichap has brokered the sale of a portfolio of three self-storage facilities totaling 296 units in Chelsea, located just south of Augusta. The properties total 45,690 net rentable square feet of space. Luke Dawley, Nathan Coe, Brett Hatcher and Gabriel Coe of Marcus & Millichap represented the seller, an individual/personal trust, in the transaction. The buyer and sales price were not disclosed. Jim Koury of Marcus & Millichap assisted in closing the deal as the broker of record.

October 5, 2023

Acquisitions Multifamily New York Northeast

Ariel Property Advisors Negotiates $5.1M Sale of Two Brooklyn Apartment Buildings

by Taylor Williams October 5, 2023

NEW YORK CITY — Locally based brokerage firm Ariel Property Advisors has negotiated the $5.1 million sale of two apartment buildings in Brooklyn’s Bushwick neighborhood. The building at 105 Wilson Ave. houses four three-bedroom units and a Japanese restaurant, and the building at 153 Wilson Ave. is home to six residential units and a barbershop. Dov Chein, Benjamin Vago and Victor Sozio of Ariel represented the undisclosed seller in the transaction. The buyer was also not disclosed.

October 5, 2023

Leasing Activity New York Northeast Office

Onyx Renewable Partners Signs 10,760 SF Office Lease Renewal in Midtown Manhattan

by Taylor Williams October 5, 2023

NEW YORK CITY — Onyx Renewable Partners, a provider of clean energy solutions, has signed a 10,760-square-foot office lease renewal at 505 Fifth Avenue in Midtown Manhattan. The 28-story building was built in 2006 and is adjacent to Bryant Park. Onyx plans to relocate from 230 Park Avenue to the entire 14th floor early next year. Paul Glickman, Diana Biasotti, Kristen Morgan and Kyle Young of JLL represented the landlord, Stawski Partners, in the lease negotiations. Clark Finney and T.J. Hochanadel of JLL, along with Brian Goldman, Scott Gutnick and Josh Berg of Newmark, represented the tenant.

October 5, 2023

Development Illinois Midwest Multifamily

Flaherty & Collins Breaks Ground on $65M Luxury Apartment Complex in East Peoria, Illinois

by Kristin Harlow October 5, 2023

EAST PEORIA, ILL. — Flaherty & Collins Properties has broken ground on Blutowne, a $65 million luxury apartment community in the Levee District of East Peoria, a city in central Illinois. The project includes two multifamily buildings that will be centrally located near the municipal building and public library. Plans call for 219 units, 10,000 square feet of commercial space and 276 parking spaces. Merchants Bank of Indiana provided financing for the project, which will be situated at 501 E. Washington St. Units will come in studio, one- and two-bedroom floor plans, with the average unit size being 898 square feet. Amenities will include a fitness facility, meeting space, saltwater pool and rooftop lounge. Flaherty & Collins expects to welcome the first residential and commercial tenants in spring 2025. The full build-out is slated for completion in fall 2025.

October 5, 2023

Acquisitions Healthcare Illinois Midwest

JLL Arranges $59.9M Sale of Loyola University Outpatient Center in Burr Ridge, Illinois

by Kristin Harlow October 5, 2023

BURR RIDGE, ILL. — JLL Capital Markets has arranged the $59.9 million sale of Loyola Medicine Burr Ridge, an outpatient medical center totaling 104,912 square feet in the Chicago suburb of Burr Ridge. Built in 2010, the three-story property is fully leased to Loyola University Medical Center. The Chicago academic medical center is an affiliate of the national health system, Trinity Health. Loyola Burr Ridge is Loyola’s largest ambulatory care location and offers orthopedics, cancer care, neurology, cardiology and dermatology services. Mindy Berman, Sam DiFrancesca, Pat Shields and Matt Sykes of JLL represented the seller, Healthcare Realty Trust, and procured the buyer, Sila Realty Trust.

October 5, 2023

Acquisitions Build-to-Rent Indiana Midwest Single-Family Rental

Cushman & Wakefield Negotiates $21.5M Sale of Avalon Bluffs Build-to-Rent Community in Lafayette, Indiana

by Kristin Harlow October 5, 2023

LAFAYETTE, IND. — Cushman & Wakefield has negotiated the $21.5 million sale of Avalon Bluffs, a single-family build-to-rent community in Lafayette, about 63 miles northwest of Indianapolis. Hannah Ott, George Tikijian, Cameron Benz and Claire Bullard of Cushman & Wakefield represented the seller, Lafayette-based Tempest Homes. Hunter Properties was the buyer. Tempest Homes completed 93 units averaging 1,494 square feet each at Avalon Bluffs.

October 5, 2023

Acquisitions Industrial Midwest Minnesota

Arden Logistics Parks Acquires Three-Building Light Industrial Portfolio in Metro Minneapolis

by Kristin Harlow October 5, 2023

EDEN PRAIRIE AND EAGAN, MINN. — Arden Logistics Parks (ALP) has acquired a three-building light industrial portfolio totaling 361,428 square feet in metro Minneapolis for an undisclosed price. The portfolio consists of the Flying Cloud Business Centre in Eden Prairie and Oakview Business Centre I and II in Eagan. The transaction marks the first acquisition in the Minneapolis market for ALP. The Flying Cloud Business Centre totals 204,000 square feet and is fully leased to four tenants. Oakview Business Centre I and II total 157,428 square feet and are 96 percent leased to 10 tenants. The seller was not released.

October 5, 2023

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